How to Buy NFTs
How to Buy NFTs
Each day NFTs become more mainstream. It’s never too late to get started on your collection, so let’s walk through everything you need to know about buying NFTs. NFTs can be purchased in two ways: in an initial drop or on the secondary market.
The initial sale of a NFT collection is often referred to as a drop. In some instances, the creator will mint the entire collection before any NFTs are sold in an initial drop. Minting is buying an NFT directly from the creator and becoming the first owner. The process is usually part of a larger drop where a collection of NFTs is minted together at one time. However, some creators do not pre-mint their collection and instead offer on-demand minting. With on-demand minting, the creator avoids paying gas fees to mint a NFT collection and instead allows the buyer to mint each NFT when they choose to purchase it. To buy a NFT in an initial drop, you’ll first need to do some research to figure out what NFT you want to purchase and when the drop will be.
On many NFT marketplaces, the second step is ensuring that you have enough of the applicable cryptocurrency in your crypto wallet to purchase the NFT. For those NFTs that are minted on-demand, in addition to the listed price, you will need to have extra crypto in your wallet for the gas fee to mint the NFT. Gas fees are a service fee that users must pay to perform any functions on a specific blockchain. Gas fees tend to fluctuate based on supply and demand for the blockchain network. So they could rise if the collection is popular with a lot of people competing to mint before the project runs out.
On DraftKings Marketplace, NFTs in our drops are already minted before they drop, and you can purchase them with regular currency. There’s no need to worry about having enough crypto or gas fees to pay for minting.
Once you successfully purchase the NFT, it will appear in your wallet or profile.
If a drop for an NFT collection is sold out, the only way to buy NFTs from this collection is from someone else via the secondary market. This is different from on-demand minting. Minting only happens for new NFTs with no transaction history.
If you have a specific NFT in mind that you want to add to your collection, you’ll need to head to the specific marketplace where that NFT is available.
On many NFT marketplaces, NFTs will often have a “Buy Now” option, which allows you to instantly purchase it. If the price is higher than you believe the collectible is worth or there is no set “Buy Now” price, you can make an offer on it. You’ll need to make sure you have a crypto wallet set up and make sure you have enough funds to purchase the NFT. While purchasing the NFT, you will likely have to pay a variety of small fees as the marketplace takes a cut from the transaction.
On DraftKings Marketplace, all NFTs on our secondary market have a “Buy Now” option to allow you to instantly purchase the NFT you want. There’s no need to worry about setting up a crypto wallet or making sure you have enough crypto to cover the price. Just find the NFT you want and purchase with regular currency.