How to Buy NFTs
How to Buy NFTs
Paying for Your Purchase: Using Crypto vs. Regular Currency
Most NFT marketplaces require purchases of NFTs to be made by cryptocurrency stored in a crypto wallet and purchased from a crypto exchange. This process can be a bit complicated, especially since multiple types of crypto are used for different NFTs and marketplaces. However, DraftKings keeps the process simple by allowing the use of regular US dollars, instead of having to own a crypto wallet.
What is a crypto wallet?
A crypto wallet is where you keep your cryptocurrency, and the private key it comes with is what gives you secure access to the NFTs you’ve purchased. If you forget or lose your key code, there’s no possible way of retrieving it, and you’ll no longer have access to your money or your NFTs. Store it somewhere safe.
How to set up a crypto wallet
Setting up a crypto wallet is fairly simple, no matter where you get it from. Simply go to the website, download the wallet, and set up your account. However, crypto wallets don’t come without risks. Viruses and malware are concerns to navigate. And if someone gets ahold of your private key, everything will be lost with zero repercussions and little recourse for tracking down the thief. If you’d rather save yourself the stress, DraftKings allows you to buy your NFTs with regular money.
If you’ve gone the crypto wallet route, now it’s time to fill your wallet with cryptocurrency from an exchange.
What is a crypto exchange vs. a crypto wallet?
A crypto wallet is just like a real wallet you keep in your purse or pocket, except it’s located in cyberspace. A crypto exchange is like a bank, except it’s online and deals in cryptocurrencies.
Just as a bank charges a fee for exchanging physical currencies, crypto exchanges charge fees for turning cash into crypto. Compare the benefits and fees of different crypto exchanges to choose the one that’s right for you.
One major benefit of using the DraftKings Marketplace is the bypassing of these fees. Since there’s no need for cryptocurrency to make a purchase, there are zero cryptocurrency exchange fees!
Crypto wallet to hold your digital assets? Check. Crypto exchange to buy cryptocurrency? Also check. Here’s how to choose and purchase your cryptocurrency of choice.
What are the most common cryptocurrencies?
Bitcoin (BTC) is the first cryptocurrency ever, and it’s the largest crypto by market cap. The second largest crypto by a wide margin is Ethereum (ETH), which is the most popular among the NFT community. But there are a multitude of others, including Solana (SOL), Dogecoin (DOGE), and Polygon (MATIC).
DraftKings uses Polygon to mint, or publish, NFTs. However, unlike many other marketplaces, DraftKings Marketplace transactions don’t happen on the blockchain, keeping things simpler for you.
Which crypto should I buy?
All cryptocurrencies are distinctly different from one another, so how do you know which crypto you should use to buy NFTs? Since the vast majority of NFTs are hosted on the same blockchain as ETH, that’s probably the one you’ll want to use. If you don’t know what kind of NFT you want or what marketplace you want to use to search for it, you may want to pick the NFT you want and then buy your crypto, just to be sure you’ve got the right currency for the blockchain hosting your NFT.
Can you buy NFTs without cryptocurrency?
Yes—in fact, you don’t need crypto to purchase NFTs on DraftKings. In many ways, this is the easiest way to buy NFTs, but many NFT marketplaces don’t allow credit card transactions for NFT purchases.
Join an NFT Marketplace
Now that you’ve got crypto burning a hole in your crypto wallet, it’s time to go shopping for your NFT, which you’ll find on one of many online marketplaces.
Where to buy NFTs
An NFT marketplace is an online store where you can browse and buy NFTs. Some are enormous and sell nearly any kind of NFT you can imagine, while others are smaller and more niche.
It’s important to choose a reputable marketplace that’s been around for a while and has many users — or one backed by an organization you’re familiar with, such as the NBA.
DraftKings Marketplace mints its sports- and gaming-related NFT collections on Polygon, an Ethereum blockchain featuring Ethereum’s powerful security — but with lower transaction fees. DraftKings marketplace keeps things safe, secure, and regulated while allowing you to pay with normal currency. Find exclusive content and new collectibles weekly, and access everything with a single login using your DraftKings account.
Buy Your First NFT
Armed with this knowledge, you’re ready to purchase your first NFT. But which one should you buy?
Types of NFTs
The NFT space is wide-ranging. Just a few types of NFTs include artwork, music, videos, collectibles, event tickets, gaming items, clips of amazing sports moments — even deeds to real-life items!
How to choose the right NFT
The first NFT you choose is like picking the color of your living room walls — it’s a very personal decision.
First, determine why you’re buying an NFT. Maybe you’re looking to invest in NFTs, or maybe you want to enjoy building your personal collection — and the metaverse cred that comes with it. Either way, purchase an NFT you’re drawn to. This is a speculative space, so why not buy something that sparks joy?
Then, set a budget, and stick with it. Buying, selling, and collecting NFTs is a lot of fun, and it’s easy to get carried away.
What is an initial drop?
You may have seen this term in the online NFT community. An NFT drop is the initial offering of an NFT for sale. The drop is usually well-promoted ahead of time to entice buyers to attend the drop at the specified date and time. The NFTs are sold on a first-come basis and usually have a set initial price. At DraftKings, new drops are going on almost daily!
Attending drops and buying the first wave of an NFT collection or edition is a great way to get in on the action early and at the starting price. If the NFT increases in value, you’ll enjoy better returns on your investment. And if not, at least you can say you bought one of the first. You can also wait around for a while after the drop and buy on the secondary market. But you could be missing out on a bargain if you do.
The DraftKings Marketplace is the best place to buy NFTs related to sports. Check out upcoming drops and auctions and browse NFT collectibles. Have a favorite sport or athlete? A search bar allows you to easily find the perfect NFT for you.
How to purchase an NFT on DraftKings Marketplace
Unlike other NFT marketplaces, DraftKings deals in US dollars, so you won’t need to track down the right crypto for your purchase. Here’s the process for buying an NFT on DraftKings.
- Create a DraftKings account if you don’t already have one, or sign in if you do.
- Go to the DraftKings Marketplace and shop for the perfect NFT. Once you find it, check the list price, and click “Deposit” to add the funds you need to your wallet.
- Click “Select and Buy.” If there is more than one edition, pick the one you’d like to purchase.
- Click “Buy Now.” Congratulations! You’re now the proud owner of an NFT.
How to buy Reignmakers NFTs
Reignmakers combines the exciting new world of NFT-collecting with the traditional thrills of fantasy sports contests. Play Reignmakers, and build the ultimate fantasy franchise by collecting NFT Player Cards. There are a few ways to get Player Cards:
- Take advantage of onboarding offers — like claiming your free starter pack and ripping it open.
- Join pack drops.
- Bid on cards at auction.
- Win them via Reignmakers contests.
- Purchase them on the secondary marketplace.
- Watch for opportunities to win Reignmakers cards across daily fantasy, sports betting, and casino products