Mar 2, 2021
Where To Buy Your First NFT
Nothing in this post and or newsletter is to be considered financial advice. All the content here is just a representation of the author’s opinions and views.
Navigating the NFT world for the first time can be a little bit confusing.
If you don’t know how to work with a MetaMask wallet and how to buy ether and send it to your wallet clearly, that limits the places where you can acquire your first NFT.
As this is a beginner friendly article, let’s start with places where you don’t need to use MetaMask.
Beginner Friendly
Currently, the beginner friendly places are Nifty Gateway and MakersPlace. Both of them have reasonable sales volume with $75M and $3M respectively for February.
The only constrain is that you are limited to buy crypto art. Collectibles are not sold on that platform, they are sold in Rarible or OpenSea, but those are most advanced as you need to learn how to use a MetaMask wallet and pay gas (Ethereum fees) on every transaction.
To keep things easy, let’s go with Nifty Gateway as it’s the one with the most liquidity currently and is owned by the Gemini exchange.
Buying In Nifty Gateway For The First Time
It’s pretty easy to create an account with Nifty Gateway; click on signup and follow the steps.
After that, you should set 2fa to secure your account and connect your bank account and or Gemini account to retire cash from your sales.
To pay for your purchases, you can use credit cards or ETH.
Tips For Nifty Gateway
- You can buy open collections (this is where you get cheap pieces but with a pretty high supply)
- If you cannot buy when the collection drops, you can grab them in the secondary market the next day for a 10–20% premium.
- If the artist is not well known, the pieces usually go back to the base price for a while before going higher (so don’t rush during the drop)
- Nifty Gateway vets their artist beforehand but always do your individual research.
This is the easiest and quickest way to get started. You are limited to buying crypto art, but in future articles, I will explain how to buy in more complex platforms like Rarible and OpenSea, where you can collect and buy almost any type of NFT.
