How to Buy an NFT in Four Steps
The NFT space has captured the spotlight in recent times. Interested in taking the first step but not sure where to start?
Don’t sweat it. This article outlines the four steps to getting an NFT. Here are the main points we cover:
- How to Get Started
- Connecting the Crypto.com App With the NFT Platform
- Navigating the Platform
- Buying an NFT
Step 1: How to Get Started
Buying an NFT with Fiat Money
There are two ways in which an NFT can be purchased. Both methods require a Crypto.com NFT account. The first way is to simply create an account. Once that is done, users will be able to unlock the features of the NFT platform by verifying the account with a phone number. The first option allows users to purchase an NFT directly from the platform with a credit/debit card — great for beginners interested in NFTs who do not have a crypto wallet yet.
Buying an NFT with Cryptocurrency
The other option is to purchase NFTs with crypto. For this, download the Crypto.com App. Once that’s complete, connect it with your NFT platform account. Connecting them allows users to have the two accounts synced up seamlessly. If connected to the app, users can purchase NFTs the same way as the first option or choose to use crypto stored on their Crypto.com App.
For more details, check out this link for instructions. In the following step, this article breaks down how to get the Crypto.com App connected with the NFT platform.
Step 2: Connecting the Crypto.com App with the NFT Platform
If users have chosen option two, this step will outline connecting the Crypto.com NFT platform with the Crypto.com App. Since the NFT platform account was already created in step one, users will now have to complete registration with the Crypto.com App.
First, create an account with the Crypto.com App if one has not yet been created. Once that’s complete, the app can link to the original Crypto.com NFT platform account. Navigate to the NFT section within the app, as shown in the above image.
Once completed, the two accounts will connect, and users can browse the NFT platform for an NFT to purchase.
Need some assistance? Check out the video tutorial:
Step 3: Navigating the Platform
The Crypto.com NFT platform is straightforward to navigate.
When looking to buy an NFT on the platform, here’s a breakdown of the three options:
- ‘Buy for’ — Allows for immediate purchase of an NFT
- ‘Make an Offer’ — Buyer selects a price they are willing to pay, and the seller decides to accept or reject it
- ‘Place a Bid’ — Like auctions on eBay, bids are placed on an NFT, and the highest bidder gets the NFT at the end of the auction time
For more information on the ins and outs of the Crypto.com NFT platform, see here.
On the NFT platform homepage, users can see the upcoming ‘Drops’ that Crypto.com offers. These are scheduled releases for upcoming projects. Users can also navigate to the NFT platform page to explore and see the current top collections. The brand page shows NFTs created in partnership with famous brands, such as the UFC and the Philadelphia 76ers.
When searching for listings, it’s helpful to get a broader picture of an NFT by checking out its collection page. The Crypto.com collection page holds detailed stats of the collection, including floor price (the lowest entry price into the collection), the number of owners, collection size, and the volume traded in total.
These details give a great insight into the collection and show what different options there are when buying.
Step 4: Buying an NFT
On Crypto.com, buying an NFT is quick and easy. Three options, as mentioned above, are available when purchasing an NFT — ‘Buy For’, ‘Make an Offer’, and ‘Place a bid’. To buy an NFT, purchasers can use a balance on the NFT platform (this requires a previous sale on the platform), a credit/debit card, or cryptocurrencies, such as USDC, USDT, CRO, ETH, and BTC.
Need more information? Check out this tutorial:
If interested in buying an NFT with cryptocurrency, users can load their Crypto.com App and use that. To do so, select the ‘Trade’ button on the homepage of the Crypto.com App. Select ‘Buy’, and an option to pick a cryptocurrency will appear. It is recommended to buy one accepted on the NFT platform, such as USDC, USDT, CRO, ETH, and BTC. Follow the prompts and complete your purchase. Now, your cryptocurrency will be available for purchasing an NFT. For more information on how to load your account, visit here.
What’s Next? Finding the Right NFT for You
Now that buying an NFT is covered, it’s all about how to buy the right NFT. Whether it’s a beautiful digital art piece or something the user connects with personally, it’s essential to figure out what gives NFTs meaning. With the amount of NFT art coming out daily, it’s an important skill to sift through everything and find the art that interests you. Learn the three dimensions that make an NFT popular here.
Due Diligence and Do Your Own Research
All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, or offer by Crypto.com to invest, buy, or sell any NFTs. Returns on the buying and selling of NFTs may be subject to tax, including capital gains tax, in your jurisdiction.
Past performance is not a guarantee or predictor of future performance. The value of NFTs can decrease as well as increase, and you could lose all or a substantial amount of your purchase price. When assessing an NFT, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
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