Today, there are NFTs of all types cropping up faster than anyone can understand their full function and value. While it can be tempting to begin buying NFTs at random, it helps to get some understanding of this type of investment.

The first thing you should know is how to choose and use your crypto wallet. A crypto wallet is a digital wallet that allows you to hold your cryptocurrencies and is an essential step in amassing your wealth in NFT space.

Let’s begin with a breakdown of the important steps in buying NFTs:

  • Select a crypto wallet carefully and create an account
  • Buy Cryptocurrency
  • Transfer Cryptocurrency
  • Create NFT marketplace account and Buy NFT
  • Understanding Cryptocurrencies like Ethereum

Choosing the best crypto wallet

Since there are so many options available, it is important to choose your crypto wallet after examining some criteria. Here are some important things to look for when you are choosing the right crypto wallet.

Friendly user interface

You don’t want to spend all your time trying to figure out some complex platform, especially if you are new. Choose a wallet that provides a simplistic and intuitive UI. An intuitive UI is an important feature of any crypto wallet, for beginners or advanced users alike.

High security

Because you will be using your crypto wallet to hold your valuable digital assets, you want this to be safe from hackers and digital thieves. Whether you will be storing $100 dollars or $100,000 in NFTs, you will want to rest assured that your fortune is safe. Check for things like two-factor authentication to improve your security.

Cross-chain compatibility

Most NFTs will be operating on the Ethereum Network, which means that they will be compatible with ERC-721 token standards. Nevertheless, if you will be buying NFTs that operate on different blockchains, look for something that offers cross-chain tech. Furthermore, you will need to have a proper “bridge” when you send NFT from one blockchain to another, or you could quite possibly lose everything in one fell swoop.

Support many devices

Another attractive quality of a crypto wallet is the capacity to be used on different devices. Some wallets are only available as mobile or desktop apps and others have a variety of web extensions as well. If you will be managing your NFTs on many devices, this is something to look for.

Crypto-Wallets and NFTs: Choose a crypto wallet and create an account

Now that you know what you are looking for in your crypto wallet, you can choose the one you like the most. So long as you have checked off the aforementioned features, crypto wallets are pretty much cut from the same cloth.

Here are some of the more popular options available as well as the steps you will need to complete to create an account:

1. MetaMask

MetaMask is one of the more commonly chosen crypto wallets for NFT investors. Initially, this was only available as a browser extension, but it has since been offered as a mobile app as well. The app has a very simple interface for collecting and storing NFTs.

Furthermore, MetaMask is very easy to set up and comes with some first-rate security features, like a key vault and secure login. As an Ethereum based wallet, MetaMask will also allow you to connect easily to all Ethereum platforms.

MetaMask homepage

Your MetaMask account can be set up completely for free. It also supports all the Ethereum based tokens. It even supports some of the side chains like Binance Smart Chain *BSC), and Polygon. If you will be buying NFT from across many different blockchains, you may find that MetaMask doesn’t fit your needs, since it is an Ethereum based wallet.

Crypto-Wallets and NFTs can be stored in metamask

To create your account, begin by visiting the MetaMask site and installing the app on your app or browser. Once it has been installed, you will be directed to the ‘Get Started’ Option, which will allow you to open a new wallet. Now you will need to apply a strong password and a backup phrase to protect your account. Do not share these passwords or keys with anyone. Once these steps are completed, your wallet is ready for use.

2. Trust Wallet

Trust Wallet is another crypto wallet that has many recommendations for experienced users and beginners alike. It is very simple to use and provides quick access to your NFTs. Included in this wallet are MyCrypto Heroes, Axie Infinity, OpenSea, and many more. Other blockchains that are included in this crypto wallet are Ethereum Classic, Binance Smart Chain, TomoChain, and Calisto. It also comes complete with a built in Crypto Exchange Feature

The only setback back, it is not currently available as a mobile application. Additionally, this wallet will only allow you to store and manage NFTs, transferals are not available.

To create your TrustWallet account, simply download the app from a trusted source and install it on your device. As soon as you have launched the app, you will be invited to create a new wallet. Simply accept the terms and conditions, choose a recovery phrase, and you are ready to begin.

3. Enjin

Enjin is another crypto wallet that operates with Binance Coin, Litecoin, Bitcoin, and Ethereum. Additionally, it offers support for Dogecoin, Kusama, Polkadot, ERC-721, ERC20, and ERC-1155 blockchain. In addition to an easy-to-operate user interface, there are also many state-of-the-art security measures to protect your investments.

There is also a built-in exchange to trade NFTs with the native token used by Enjin, ENJ. There is fast access to Ethereum decentralization apps. Finally, one thing we really like about this crypto wallet is that, unlike most other crypto wallets, it offers a support desk.

Much like Trust Wallet, creating an Enjin wallet is very simple. Just download the app on your mobile device and launch when ready. Once it is opened for the first time, you will be given the option to “Create a Wallet”. Once you have accepted the terms, create your wallet, confirm your password, and you are all set to begin.

Other Wallets

Then there are other options that you can consider as well. AlphaWallet, Coinbase Wallet, Pillar Wallet, and Math wallet are all respectable and recommendable wallets.

These are called software or ‘hot’ wallets, but there are also cold wallets or hardware wallets like a disc drive or a USB that can be used to safely store your digital currencies. These wallets are especially appealing to those who wish to keep their keys off the internet and away from the threat of hackers. Some options of cold wallets include Ledger Nano S and Nano X.

Buy crypto from an exchange

Now that you have selected a good crypto wallet you have somewhere to store your NFTs. So, let’s go buy some. The next step will be to buy some crypto currencies from your crypto exchange. There is a wide range of exchanges that will allow you to convert your fiat currency into crypto.

According to CoinMarketCap, Binance holds the first place in crypto exchanges based on the amount of traffic, trading volumes, and liquidity, at the time of writing. Finance allows the exchange of 372 different NFTs and 46 fiat currencies. The second position based on the same metrics is occupied by Huobai Global, which exchanges 331 NFTs and 50 fiat currencies. At the time of writing, Binance held a 24-hour trade volume of over $16 billion USD and Huobi 24-hour-trade volume was $4 billion.

The third place on the list was held by the equally admirable Coinbase Exchange that holds a 24-hour trade volume of $2 billion. 73 coins and 3 fiat currencies are exchanged here — the Euro, USD and British Pound. Then there is Kraken ($878 million) and Bitfinex ($779 million) which are also very advantageous marketplaces.

Crypto spot exchanges rankings by CoinMarketCap

Once you have selected the crypto-currency exchange you favor, you can then go through the list of coins they offer and choose which you would like to buy. You can choose the payment method you would like to use to purchase the coin you want. Some payment methods accepted by these exchanges include PayPal, credit, wire transfers, and debit card payments. Just be sure to check the cost of transaction fees before you make the purchase. Various funding options may cost more for this action and your winnings will come down to those nickels and pennies.

If you have already chosen the NFT you wish to buy, you will want to see which cryptocurrencies the NFT marketplace accepts.

Additionally, many of the crypto wallet options mentioned here will also allow you to purchase cryptocurrency. MetaMask allows you to buy ETH with Wyre. Payment methods include Apple Pay and Credit Card.

Transfer the crypto to your wallet

Now that you have purchased a cryptocurrency you will need to make the transfer to your crypto wallet. There should be an integrated wallet connected to each exchange where you are allowed to store your purchased crypto. This may also be done by a partner company. To make the transfer, simply click on ‘Withdraw’, ‘Send’, or ‘Transfer’ icon found on this exchange.

On the page that opens up after this, you will have the chance to enter the amount that you would like to transfer to your wallet. You will need to send it to the wallet’s ‘address’ which can be found in the wallet itself. In the case of MetaMask, this information is in the account details section.

After the transfer is complete, it may take some time before the funds show up in the wallet. The amount of time it takes for the funds to clear will depend on the cryptocurrency being transferred. Remember, that you will also be charged some additional fees, called ‘gas’ fees for this transaction. The gas depends on the workload of the network and goes to support the work of the miners.

Set up an NFT marketplace account and buy NFTs

Now that your wallet has been set up properly, and all the funds have been transferred, you are set to begin your adventures in NFTs. To do this the first thing you will have to do is choose a suitable marketplace and create an account.

Depending on your interests in the NFT market, you can choose from a wide variety of different marketplaces. Some of the most popular marketplaces include OpenSea, Ethereum, SuperRare.co, and Rarible.

OpenSea is the first peer-to-peer NFT marketplace and offers a variety of virtual goods including music, game items, collectibles and trading cards. OpenSea also supports Polygon, but you will need to bridge Eth to Polygon on this site.

OpenSea’s NFT marketplace homepage

While it is still new, Atomic Market is another promising NFT market. It is based on the Wax blockchain. Then there is Hic Et Nunc, a Tezos-based marketplace that is rapidly receiving fame for its curated collection.

You can browse for NFTs on any of these marketplaces and it is highly recommended that you do. The key will be to choose the quality of the network and the credibility of the artist before you begin spending on any of these assets. You will also be able to see the bidding history and the asking price for all items to help you make your final decision.

And then when it comes to making your choice of NFT, you will find there are plenty. Whether your interests lie in art, sports, or music, there is an NFT for you. Many of these NFT projects have even sold for millions of dollars. A CryptoPunk collection was recently sold on Sotherbys for a whopping $11 million USD.