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1. Shard Calculation

Query:

Response:

Calculated Shard: 156 (from laksa005)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa156.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-nfts/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-nfts/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/how-to-buy-nfts\/","crawl_time":1776519857,"first_indexed_time":1660317571,"http_code":200,"src_unparsed":"com,forbes!www,\/advisor\/investing\/cryptocurrency\/how-to-buy-nfts\/ s443","src_root_hash":"7074450602188365556","history_drop_reason":null,"meta_title":"How To Buy NFTs – Forbes Advisor","meta_descriptions":["An NFT is a digital asset that can represent real-world objects. These cryptographic assets are bought and sold online, frequently with cryptocurrency, and the ownership information is secured and stored on a blockchain."],"attrs_boilerpipe_text":"A non-fungible token, or NFT, is a digital asset that can represent real-world objects, such as artwork or even digital land in the metaverse. These cryptographic assets are bought and sold online, frequently with cryptocurrency. The ownership information is secured and stored on a blockchain, a type of distributed ledger.\nWith all the buzz over NFTs in the crypto world, you might wonder if NFTs are a good investment. So, let’s take a closer look at how you can buy an NFT.\nWhat Is an NFT?\nWhat exactly is an NFT? Perhaps the first thing to understand is how an NFT differs from a fungible token.\nIf you think about two separate $1 bills, they’re the same. If I take your dollar and give you my dollar, we both still have the same thing. This means a $1 bill is a fungible asset.\nOn the other hand, if you have a portrait painted by Pablo Picasso, exchanging that artist’s work for a picture drawn by a 3-year-old isn’t the same. That’s the basic premise behind NFTs.\nThe concept of fungible versus non-fungible has been in our lives for centuries.\n– Merav Ozair, blockchain expert and fintech professor at Wake Forest University in Winston-Salem, North Carolina.\nA fungible object is something interchangeable or indistinguishable from something else, whereas a non-fungible one is the opposite.\nSince NFT transactions are recorded on a blockchain network, their ownership is verifiable. But just like physical art, collectors still face counterfeit issues, too.\nQuick History of NFTs\nThe concept of NFTs began in the early 2010s and was rooted in the idea that blockchains could represent unique, noninterchangeable digital objects.\nNFTs first entered the mainstream when Ethereum-backed crypto collectibles, like CryptoPunks and CryptoKitties, came onto the scene in 2017. Popularity and interest in NFTs caused the market to mushroom during the Covid-19 era. At its peak in April 2022, the NFT market was valued at over $16.8 billion.\nBy late 2022, the NFT market started to slide from boom to bust. NFT-related scams, such as fake marketplaces and phishing attacks, eroded trust and caused many to lose money, too. As of December 2025, the NFT market is valued at around $3 billion.\nBut NFTs still hold their place in the world of art and collectibles. Today, there’s a lot more focus on NFTs having practical or utility-driven applications. These include real-world asset tokenization (such as real estate deeds), digital identity and authentication (like KYC) and brand-driven membership, to name a few examples. NFTs were even used at some European music festivals in 2025 to reduce counterfeit tickets and scalping.\nHow an NFT Works\nMinting is the creation of the NFT. A creator mints an NFT, such as turning a digital file (such as digital art or collectible clips) into a digital asset. Typically, a smart contract must already exist since minting is a function of the smart contract.\nWith a smart contract, the terms of the agreement are written in code. This type of digital contract removes the intermediary. So, when the conditions for the agreement are met, the contract automatically runs.\nSome marketplaces also allow creators to use a shared smart contract, so they don’t need to create one themselves.\nWhen the token is minted, it’s placed on a supported blockchain network. \nEthereum\n (ETH) is a popular blockchain for creating and supporting NFTs. But there are other networks, too, such as cardano (ADA), \nsolana\n (SOL), polygon (MATIC), tezos (XTZ) and avalanche (AVAX).\nThe token record of an NFT is effectively immutable on the blockchain, and difficult to alter. This helps preserve both uniqueness and authenticity. NFTs are typically supported on transparent chains, like Ethereum, tezos and polygon.\nHow To Buy and Store NFTs\nOnce an NFT is minted, users can list the NFT for sale on the marketplace of their choice, trade it to someone else or give it away for free. Minting involves the process of linking metadata to the token (the metadata can be on or off chain).\nSome NFTs are nontransferable, with smart contract restrictions. This is referred to as being “soulbound,” although this practice is somewhat rare in the NFT world.\nOf course, buying an NFT isn’t like buying a stock or putting cash into an account protected by the Federal Deposit Insurance Corporation (FDIC). FDIC-protected accounts include checking, savings and other deposit accounts if held by an FDIC-insured financial institution.\nThere are no guarantees that the price of an NFT will go up. That means you need to take time to understand what you’re buying.\nFind an NFT You Like\nThere are many popular NFT types to choose from. You can view the table below to see examples of well-known NFT projects, most of which run on Ethereum, flow or solana.\nPopular Types of NFTs To Buy\nType of NFT\nDescription\nExamples of collections, projects and artists\nArt NFTs\nDigital artworks minted on blockchain that can be limited editions or one of a kind\nBeeple\nSnowfro\nCollectible NFTs\nOften produced in large collections, with certain NFTs within the collection valued higher for their rarity\nCryptoPunks\nBored Ape Yacht Club\nNBA Top Shot\nProfile Picture NFTs (PFPs)\nCollectibles that are relevant to social avatars\nDoodles\nCryptoPunks\nGaming NFTs\nAssets used in blockchain games that might represent characters, items of utility or land\nAxie Infinity\nGods Unchained\nMetaverse NFTs\nDigital real estate in the metaverse\nDecentraland\nThe Sandbox\nNFTs have evolved far beyond the early days of CryptoPunks and the Bored Ape Yacht Club. While those collections helped push NFTs into the mainstream, many other types now exist. For example, utility NFTs aren’t tied to art, but they can provide a functional benefit, such as membership access or governance rights.\nPhotography has even become an area for NFTs, with artists Dave Krugman and Justin Aversano leading the way. Both of them have collections that are sold on the NFT marketplace, OpenSea.\nBut this barely scratches the surface. We haven’t even begun to touch on AI-generated NFTs or other types of NFTs with emerging formats that might be applied to other real-world applications.\nOnce you find an NFT you want to purchase, you’ll need to follow these steps:\n1. Set Up a Crypto Wallet\nOn any platform, you’ll need a crypto wallet to get started buying NFTs.\nA crypto wallet is where the keys to your NFT will be stored once the NFT is purchased. These wallets can be stored either online or offline. Offline storage is usually recommended since it’s considered more secure. Here are some key terms to also understand when choosing a crypto wallet for your NFT:\nCustodial wallets:\n A crypto wallet platform that holds your keys.\nNoncustodial wallets:\n A wallet in which you hold the keys.\nPro Tip\nAn offline, noncustodial hardware wallet is generally recommended as a secure option for stashing NFTs.\n2. Buy Cryptocurrency\nSome NFT marketplaces, such as Nifty Gateway and NBA Top Shot, accept credit cards for NFT payments. But many other NFT marketplaces may require \ncryptocurrency\n (like ether) to make purchases.\nWhen you do your research, you’ll want to make sure you understand how to fund your crypto wallet as well as the types of crypto that back up a particular NFT project. For example, Bored Ape Yacht Club collectibles are supported on Ethereum.\n3. Choose an NFT Marketplace\nMost likely, when you’re looking at an NFT marketplace, you’ll already have a type of NFT in mind that you intend to purchase.\nThe NFT marketplace is often an intermediary that can collect funds for the purchase and integrate with \ncrypto wallets\n for storage. So, you’ll want to access a marketplace based on the following: tokens available, fees, wallet connectivity (if applicable) and type of payment needed, such as credit card, solana, ether or other \ncryptocurrencies\n.\nNFT Fees and NFT Marketplace Fees\nIf you’re buying NFTs with cryptos, it may also require on-chain fees, depending on the blockchain. For instance, if you’re buying an Ethereum-based NFT, you’ll fork over money for network fees, or “gas fees.”\nYou might also have to pay marketplace fees. There is typically a payment processor fee if you’re paying with MoonPay or via credit card. You may even have to pay a platform fee, too.\nExample: \nLet’s walk through the process of how to buy NFTs on OpenSea as an example. That marketplace has a special feature called MoonPay at the checkout window that converts the ETH amount into a credit card payment. You’ll also pay the network fee, plus the processing fee associated with the transaction(s).\nWith your OpenSea account, you can also link multiple crypto wallets to store your digital assets.\nOf course, OpenSea isn’t the only NFT marketplace around. Other popular NFTs marketplaces are:\nMagic Eden\nRarible\nSuperrare\nBlur\nMinted\n4. Store Your NFT Securely\nOnce the NFT is either minted, purchased from the marketplace or transferred to you by the NFT’s current owner, it will appear in your wallet.\nIt’s important to remember that when you buy an NFT, “you’re buying a token ID where that token is actually stored,” says Anthony Georgiades, co-founder of layer one blockchain Pastel Network. So, you’re now the proud owner of the token and its token ID.\nOf course, if your NFT is a piece of art, you can print physical copies of it or store the digital image, but the NFT you own is only the token ID. You don’t own the rights to the image or the original image itself unless those ownership rights are specified in your contractor via a license.\nWhat Is the Value of an NFT?\nLike many things in this world, the value of an NFT is in the eye of the beholder.\nThis doesn’t mean that NFTs can’t fetch a hefty price. For example, “The Merge” has a $91.8 million price tag, and Beeple’s “Everydays: The First 5,000 Days” sold at auction for $69.3 million. It should also be noted that the eye-popping figure that “The Merge” sold for was a fractional sale, split among over 28,000 buyers.\nThe value extends from authentication and uniqueness, but not all NFTs come with a heavy price tag. Some are valued at less than $1.\nAs with a painting, the market itself will decide the final value. Obviously, not every painting sells for millions of dollars. But some people believe some paintings might be worth that much. So, they’re willing to pay that price.\nOf course, NFTs don’t have to be art. There are also collectible NFTs, which include digital variations of trading cards and highlight reels. For example, a dunk shot moment of LeBron James sold at auction in 2021 for more than $380,000.\nAre NFTs a Good Investment?\nWhether or not investing in NFTs is a good idea depends on the types of NFTs that you purchase, your investment goals and risk tolerance. It’s worth noting, though, that since the early 2020s, the NFT marketplace has simmered down. The average price of an NFT sold on Magic Eden is roughly $240, and around $50 on OpenSea.\nEven if you’re taking a “buy and hold” approach with your NFT investments, counting on the appreciation of your token(s), you should be aware that:\nNFT sales sold with an appreciation are subject to capital gains\nFew NFTs appreciate in value\nCommon Mistakes To Avoid When Buying NFTs\nCommon mistakes when buying NFTs are related to rushed purchases without prior research. When you decide you want to own an NFT, you’ll need to:\nAvoid making an impulse purchase\nVerify the authenticity of the NFT project\nAccount for gas fees\nUnderstand the platform or blockchain that the NFT is using (and other possible fees)\nLastly, like any investment, you’ll want to diversify your portfolio of digital assets. A common mistake is failing to diversify by allocating too much money into one single NFT project.\nFor as diverse as the NFT market is, you can expect the motivations for buying an NFT to be as assorted as a “variety pack.” There is no typical buyer in this sphere. NFT buyers range from digital art and collectible enthusiasts to speculative investors and even metaverse users—so it’s extremely varied based on interest.\nFrequently Asked Questions (FAQs)\nThe NFT market is relatively new and not very regulated, leaving the door open for potential scams. For this reason, it’s a good idea to purchase NFTs from reputable NFT platforms.\nHere are a few common NFT scams to be aware of:\nRug pull:\nCybercriminals promote an NFT project with false promises about future potential value. As these NFTs are unloaded, NFT scammers disappear and the value of the promoted NFTs drops.\nAirdrop scams:\nThis is when hackers promise to deposit free NFTs into a cyber wallet. Scams typically involve phishing for approvals, where users are tricked into harmful transactions.\nWhen you buy an NFT, you are typically receiving the token on the blockchain for your respective NFT and possibly a license to view. You typically don’t receive a copyright transfer unless the creator explicitly transfers it to you in an agreement, such as a legal contract, terms of sale or via the terms built into the smart contract.\nIn short, income from a digital asset is taxable.\nThe rules that apply to cryptocurrency are the same for NFTs. The selling or trading of an NFT can trigger a taxable event, meaning you could be on the hook for capital gains tax. Some NFTs might even be considered “collectibles” by the IRS, carrying an even higher tax burden.\nThere is even a question on the federal income tax form that reads: “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”\nYes, some platforms like Nifty Gateway, Rarible and NBA Top Shot will allow you to make purchases via credit card.\nSome NFT sell for as little as a few dollars. There are also free mint NFT projects where you only pay the network and platform fees. These NFT “thrift store” moments sometimes appear on Magic Eden with solana and polygon-based projects, and on OpenSea with polygon-supported NFTs.","attrs_markdown":"[Subscribe To Newsletters](https:\/\/account.forbes.com\/newsletters)\n\n- [Subscribe To Newsletters](https:\/\/account.forbes.com\/newsletters)\n- [Trump Tracker](https:\/\/www.forbes.com\/trump\/)\n- [Billionaires](https:\/\/www.forbes.com\/worlds-billionaires\/)\n  Billionaires\n  \n  - [View All Billionaires](https:\/\/www.forbes.com\/worlds-billionaires\/)\n  - [World's Billionaires](https:\/\/www.forbes.com\/billionaires\/)\n  - [Forbes 400](https:\/\/www.forbes.com\/forbes-400\/)\n  - [America's Richest Self-Made Women](https:\/\/www.forbes.com\/self-made-women\/)\n  - [China's Richest](https:\/\/www.forbes.com\/china-billionaires\/)\n  - [India's Richest](https:\/\/www.forbes.com\/india-billionaires\/)\n  - [Indonesia's Richest](https:\/\/www.forbes.com\/indonesia-billionaires\/)\n  - [Korea's Richest](https:\/\/www.forbes.com\/korea-billionaires\/list\/)\n  - 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She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Farran Powell](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/Farran-Powell_headshot-88x88.jpeg)\n\n[Farran Powell](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)Staff Editor\n\nFarran Powell is the managing editor of investing at Forbes Advisor. She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)\n\nWritten By\n\n[Farran Powell](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)\n\n![Farran Powell](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/Farran-Powell_headshot-88x88.jpeg)\n\n[Farran Powell](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)Staff Editor\n\nFarran Powell is the managing editor of investing at Forbes Advisor. She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Farran Powell](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/Farran-Powell_headshot-88x88.jpeg)\n\n[Farran Powell](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)Staff Editor\n\nFarran Powell is the managing editor of investing at Forbes Advisor. She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN...\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/fpowell\/)\n\nStaff Editor\n\n[![Mike Cetera](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/05\/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg)](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)\n\n![Mike Cetera](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/05\/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg)\n\nFact Checked by\n\n[Mike Cetera](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)Staff Editor\n\nMike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/mikecetera\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Mike Cetera](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/05\/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg)\n\nFact Checked by\n\n[Mike Cetera](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)Staff Editor\n\nMike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/mikecetera\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)\n\nFact Checked\n\n[Mike Cetera](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)\n\n![Mike Cetera](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/05\/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg)\n\nFact Checked by\n\n[Mike Cetera](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)Staff Editor\n\nMike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/mikecetera\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)\n\n![close icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-close-icon.svg)\n\n![Mike Cetera](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/05\/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg)\n\nFact Checked by\n\n[Mike Cetera](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)Staff Editor\n\nMike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The...\n\n- [![Linkedin icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/forbes-media-linkedin-icon.svg)](https:\/\/www.linkedin.com\/in\/mikecetera\/)\n\n[Read Full Bio![See Full Bio](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/social-icons\/read-full-bio.svg)](https:\/\/www.forbes.com\/advisor\/author\/mcetera\/)\n\nStaff Editor\n\n& 1 other\n\nHave a question we may not have answered?\n\nAsk our editors here\n\nHave a question for Farran Powell or our other editors?\n\nAsk here for a chance to be featured in a story.\n\nThis form is protected by reCAPTCHA Enterprise and the Google [Privacy Policy](https:\/\/policies.google.com\/privacy)and [Terms of Service](https:\/\/policies.google.com\/terms)apply.\n\n![Farran Powell](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/04\/Farran-Powell_headshot-88x88.jpeg)\n\n![Mike Cetera](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/05\/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg)\n\nSend a note to Farran Powell, Mike Cetera and our other editors. We read every email.\n\nBy submitting this form, you agree to allow us to collect, store, and potentially publish your provided information, including name and question, in the article or any related content. You confirm that the submitted content is original, accurate, and non-infringing on any third-party rights. We may contact you via the email address provided for follow-up questions or to notify you if your question is selected for publication. See our [Terms of Use](https:\/\/www.forbes.com\/terms-and-conditions\/#5cc91797193f)and our [Privacy Policy](https:\/\/www.forbes.com\/advisor\/privacy-policy\/).\n\nThank you for submitting your question.\n\nKeep reading Forbes Advisor for the chance to see the answer to your question in one of our upcoming stories. Our editors also may be in touch with follow-up questions.\n\nContinue reading\n\n![How To Buy NFTs](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/900x510\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/08\/nft_getty.jpeg.jpg) Getty\n\nA non-fungible token, or NFT, is a digital asset that can represent real-world objects, such as artwork or even digital land in the metaverse. These cryptographic assets are bought and sold online, frequently with cryptocurrency. The ownership information is secured and stored on a blockchain, a type of distributed ledger.\n\nWith all the buzz over NFTs in the crypto world, you might wonder if NFTs are a good investment. So, let’s take a closer look at how you can buy an NFT.\n\nFEATURED PARTNER OFFER\n\n### Crypto.com\n[![Crypto.com](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/09\/crypto.com_logo.png)](https:\/\/cryptocom.sjv.io\/c\/1955282\/2107455\/25666?sharedid=sponsored)\n\nFees (Maker\/Taker)\n\n0\\.8% trading fee, can be reduced by joining level-up.\n\nOther fees and spreads apply.\n\nCryptocurrencies Available for Trade\n\n400+ cryptocurrencies available\n\n[![Crypto.com](https:\/\/thumbor.forbes.com\/thumbor\/fit-in\/150x\/https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2022\/09\/crypto.com_logo.png)](https:\/\/cryptocom.sjv.io\/c\/1955282\/2107455\/25666?sharedid=sponsored)\n\n[Trade Now ![Arrow](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/right-arrow.svg)](https:\/\/cryptocom.sjv.io\/c\/1955282\/2107455\/25666?sharedid=sponsored)\n\nOn Crypto.com's Website\n\n0\\.8% trading fee, can be reduced by joining level-up.\n\nOther fees and spreads apply.\n\n400+ cryptocurrencies available\n## What Is an NFT?\nWhat exactly is an NFT? Perhaps the first thing to understand is how an NFT differs from a fungible token.\n\nIf you think about two separate \\$1 bills, they’re the same. If I take your dollar and give you my dollar, we both still have the same thing. This means a \\$1 bill is a fungible asset.\n\nOn the other hand, if you have a portrait painted by Pablo Picasso, exchanging that artist’s work for a picture drawn by a 3-year-old isn’t the same. That’s the basic premise behind NFTs.\n\nThe concept of fungible versus non-fungible has been in our lives for centuries.\n\n*– Merav Ozair, blockchain expert and fintech professor at Wake Forest University in Winston-Salem, North Carolina.*\n\nA fungible object is something interchangeable or indistinguishable from something else, whereas a non-fungible one is the opposite.\n\nSince NFT transactions are recorded on a blockchain network, their ownership is verifiable. But just like physical art, collectors still face counterfeit issues, too.\n\n## Quick History of NFTs\nThe concept of NFTs began in the early 2010s and was rooted in the idea that blockchains could represent unique, noninterchangeable digital objects.\n\nNFTs first entered the mainstream when Ethereum-backed crypto collectibles, like CryptoPunks and CryptoKitties, came onto the scene in 2017. Popularity and interest in NFTs caused the market to mushroom during the Covid-19 era. At its peak in April 2022, the NFT market was valued at over \\$16.8 billion.\n\nBy late 2022, the NFT market started to slide from boom to bust. NFT-related scams, such as fake marketplaces and phishing attacks, eroded trust and caused many to lose money, too. As of December 2025, the NFT market is valued at around \\$3 billion.\n\nBut NFTs still hold their place in the world of art and collectibles. Today, there’s a lot more focus on NFTs having practical or utility-driven applications. These include real-world asset tokenization (such as real estate deeds), digital identity and authentication (like KYC) and brand-driven membership, to name a few examples. NFTs were even used at some European music festivals in 2025 to reduce counterfeit tickets and scalping.\n\n## How an NFT Works\nMinting is the creation of the NFT. A creator mints an NFT, such as turning a digital file (such as digital art or collectible clips) into a digital asset. Typically, a smart contract must already exist since minting is a function of the smart contract.\n\nWith a smart contract, the terms of the agreement are written in code. This type of digital contract removes the intermediary. So, when the conditions for the agreement are met, the contract automatically runs.\n\nSome marketplaces also allow creators to use a shared smart contract, so they don’t need to create one themselves.\n\nWhen the token is minted, it’s placed on a supported blockchain network. [Ethereum](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/what-is-ethereum-ether\/) (ETH) is a popular blockchain for creating and supporting NFTs. But there are other networks, too, such as cardano (ADA), [solana](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/what-is-solana\/) (SOL), polygon (MATIC), tezos (XTZ) and avalanche (AVAX).\n\nThe token record of an NFT is effectively immutable on the blockchain, and difficult to alter. This helps preserve both uniqueness and authenticity. NFTs are typically supported on transparent chains, like Ethereum, tezos and polygon.\n\n## How To Buy and Store NFTs\nOnce an NFT is minted, users can list the NFT for sale on the marketplace of their choice, trade it to someone else or give it away for free. Minting involves the process of linking metadata to the token (the metadata can be on or off chain).\n\nSome NFTs are nontransferable, with smart contract restrictions. This is referred to as being “soulbound,” although this practice is somewhat rare in the NFT world.\n\nOf course, buying an NFT isn’t like buying a stock or putting cash into an account protected by the Federal Deposit Insurance Corporation (FDIC). FDIC-protected accounts include checking, savings and other deposit accounts if held by an FDIC-insured financial institution.\n\nThere are no guarantees that the price of an NFT will go up. That means you need to take time to understand what you’re buying.\n\n### Find an NFT You Like\nThere are many popular NFT types to choose from. You can view the table below to see examples of well-known NFT projects, most of which run on Ethereum, flow or solana.\n\n#### Popular Types of NFTs To Buy\n| Type of NFT | Description | Examples of collections, projects and artists |\n|---|---|---|\n| Art NFTs | Digital artworks minted on blockchain that can be limited editions or one of a kind | Beeple   Snowfro |\n| Collectible NFTs | Often produced in large collections, with certain NFTs within the collection valued higher for their rarity | CryptoPunks   Bored Ape Yacht Club   NBA Top Shot |\n| Profile Picture NFTs (PFPs) | Collectibles that are relevant to social avatars | Doodles   CryptoPunks |\n| Gaming NFTs | Assets used in blockchain games that might represent characters, items of utility or land | Axie Infinity   Gods Unchained |\n| Metaverse NFTs | Digital real estate in the metaverse | Decentraland   The Sandbox |\n\n![Left Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f\/\/dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W\/rr+9crY6HxEgcwCBeuD+yQFCyPsH\/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o\/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=)\n\n![Right Arrow](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41\/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9\/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC)\n\nSee More\n\nSee Less\n\nNFTs have evolved far beyond the early days of CryptoPunks and the Bored Ape Yacht Club. While those collections helped push NFTs into the mainstream, many other types now exist. For example, utility NFTs aren’t tied to art, but they can provide a functional benefit, such as membership access or governance rights.\n\nPhotography has even become an area for NFTs, with artists Dave Krugman and Justin Aversano leading the way. Both of them have collections that are sold on the NFT marketplace, OpenSea.\n\nBut this barely scratches the surface. We haven’t even begun to touch on AI-generated NFTs or other types of NFTs with emerging formats that might be applied to other real-world applications.\n\nOnce you find an NFT you want to purchase, you’ll need to follow these steps:\n\n### 1\\. Set Up a Crypto Wallet\nOn any platform, you’ll need a crypto wallet to get started buying NFTs.\n\nA crypto wallet is where the keys to your NFT will be stored once the NFT is purchased. These wallets can be stored either online or offline. Offline storage is usually recommended since it’s considered more secure. Here are some key terms to also understand when choosing a crypto wallet for your NFT:\n\n**Custodial wallets:** A crypto wallet platform that holds your keys.\n\n**Noncustodial wallets:** A wallet in which you hold the keys.\n\nPro Tip\n\nAn offline, noncustodial hardware wallet is generally recommended as a secure option for stashing NFTs.\n### 2\\. Buy Cryptocurrency\nSome NFT marketplaces, such as Nifty Gateway and NBA Top Shot, accept credit cards for NFT payments. But many other NFT marketplaces may require [cryptocurrency](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/top-10-cryptocurrencies\/) (like ether) to make purchases.\n\nWhen you do your research, you’ll want to make sure you understand how to fund your crypto wallet as well as the types of crypto that back up a particular NFT project. For example, Bored Ape Yacht Club collectibles are supported on Ethereum.\n\n### 3\\. Choose an NFT Marketplace\nMost likely, when you’re looking at an NFT marketplace, you’ll already have a type of NFT in mind that you intend to purchase.\n\nThe NFT marketplace is often an intermediary that can collect funds for the purchase and integrate with [crypto wallets](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/best-crypto-wallets\/) for storage. So, you’ll want to access a marketplace based on the following: tokens available, fees, wallet connectivity (if applicable) and type of payment needed, such as credit card, solana, ether or other [cryptocurrencies](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/how-to-buy-cryptocurrency\/).\n\n#### NFT Fees and NFT Marketplace Fees\nIf you’re buying NFTs with cryptos, it may also require on-chain fees, depending on the blockchain. For instance, if you’re buying an Ethereum-based NFT, you’ll fork over money for network fees, or “gas fees.”\n\nYou might also have to pay marketplace fees. There is typically a payment processor fee if you’re paying with MoonPay or via credit card. You may even have to pay a platform fee, too.\n\n**Example:** Let’s walk through the process of how to buy NFTs on OpenSea as an example. That marketplace has a special feature called MoonPay at the checkout window that converts the ETH amount into a credit card payment. You’ll also pay the network fee, plus the processing fee associated with the transaction(s).\n\nWith your OpenSea account, you can also link multiple crypto wallets to store your digital assets.\n\nOf course, OpenSea isn’t the only NFT marketplace around. Other popular NFTs marketplaces are:\n\n- Magic Eden\n- Rarible\n- Superrare\n- Blur\n- Minted\n### 4\\. Store Your NFT Securely\nOnce the NFT is either minted, purchased from the marketplace or transferred to you by the NFT’s current owner, it will appear in your wallet.\n\nIt’s important to remember that when you buy an NFT, “you’re buying a token ID where that token is actually stored,” says Anthony Georgiades, co-founder of layer one blockchain Pastel Network. So, you’re now the proud owner of the token and its token ID.\n\nOf course, if your NFT is a piece of art, you can print physical copies of it or store the digital image, but the NFT you own is only the token ID. You don’t own the rights to the image or the original image itself unless those ownership rights are specified in your contractor via a license.\n\n## What Is the Value of an NFT?\nLike many things in this world, the value of an NFT is in the eye of the beholder.\n\nThis doesn’t mean that NFTs can’t fetch a hefty price. For example, “The Merge” has a \\$91.8 million price tag, and Beeple’s “Everydays: The First 5,000 Days” sold at auction for \\$69.3 million. It should also be noted that the eye-popping figure that “The Merge” sold for was a fractional sale, split among over 28,000 buyers.\n\nThe value extends from authentication and uniqueness, but not all NFTs come with a heavy price tag. Some are valued at less than \\$1.\n\nAs with a painting, the market itself will decide the final value. Obviously, not every painting sells for millions of dollars. But some people believe some paintings might be worth that much. So, they’re willing to pay that price.\n\nOf course, NFTs don’t have to be art. There are also collectible NFTs, which include digital variations of trading cards and highlight reels. For example, a dunk shot moment of LeBron James sold at auction in 2021 for more than \\$380,000.\n\n## Are NFTs a Good Investment?\nWhether or not investing in NFTs is a good idea depends on the types of NFTs that you purchase, your investment goals and risk tolerance. It’s worth noting, though, that since the early 2020s, the NFT marketplace has simmered down. The average price of an NFT sold on Magic Eden is roughly \\$240, and around \\$50 on OpenSea.\n\nEven if you’re taking a “buy and hold” approach with your NFT investments, counting on the appreciation of your token(s), you should be aware that:\n\n- NFT sales sold with an appreciation are subject to capital gains\n- Few NFTs appreciate in value\n## Common Mistakes To Avoid When Buying NFTs\nCommon mistakes when buying NFTs are related to rushed purchases without prior research. When you decide you want to own an NFT, you’ll need to:\n\n- Avoid making an impulse purchase\n- Verify the authenticity of the NFT project\n- Account for gas fees\n- Understand the platform or blockchain that the NFT is using (and other possible fees)\n\nLastly, like any investment, you’ll want to diversify your portfolio of digital assets. A common mistake is failing to diversify by allocating too much money into one single NFT project.\n\nFor as diverse as the NFT market is, you can expect the motivations for buying an NFT to be as assorted as a “variety pack.” There is no typical buyer in this sphere. NFT buyers range from digital art and collectible enthusiasts to speculative investors and even metaverse users—so it’s extremely varied based on interest.\n\n## Frequently Asked Questions (FAQs)\n### How do I know if an NFT is real or a scam?\nThe NFT market is relatively new and not very regulated, leaving the door open for potential scams. For this reason, it’s a good idea to purchase NFTs from reputable NFT platforms.\n\nHere are a few common NFT scams to be aware of:\n\n**Rug pull:** Cybercriminals promote an NFT project with false promises about future potential value. As these NFTs are unloaded, NFT scammers disappear and the value of the promoted NFTs drops.\n\n**Airdrop scams:** This is when hackers promise to deposit free NFTs into a cyber wallet. Scams typically involve phishing for approvals, where users are tricked into harmful transactions.\n\n### Do I own copyright when I buy an NFT?\nWhen you buy an NFT, you are typically receiving the token on the blockchain for your respective NFT and possibly a license to view. You typically don’t receive a copyright transfer unless the creator explicitly transfers it to you in an agreement, such as a legal contract, terms of sale or via the terms built into the smart contract.\n\n### Are there taxes on NFT purchases?\nIn short, income from a digital asset is taxable.\n\nThe rules that apply to cryptocurrency are the same for NFTs. The selling or trading of an NFT can trigger a taxable event, meaning you could be on the hook for capital gains tax. Some NFTs might even be considered “collectibles” by the IRS, carrying an even higher tax burden.\n\nThere is even a question on the federal income tax form that reads: “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”\n\n### Can I buy NFTs without using cryptocurrency?\nYes, some platforms like Nifty Gateway, Rarible and NBA Top Shot will allow you to make purchases via credit card.\n\n### What’s the cheapest way to buy an NFT?\nSome NFT sell for as little as a few dollars. There are also free mint NFT projects where you only pay the network and platform fees. These NFT “thrift store” moments sometimes appear on Magic Eden with solana and polygon-based projects, and on OpenSea with polygon-supported NFTs.\n\nWas this article helpful?\n\nShare your feedback\n\nSend feedback to the editorial team\n\n![User Form](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/user-form-icon.svg)\n\n![Success Icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/success-icon.svg)\n\nThank You for your feedback\\!\n\n![Error Icon](https:\/\/www.forbes.com\/advisor\/wp-content\/themes\/fadv\/assets\/img\/user-feedback-form\/error-icon.svg)\n\nSomething went wrong. 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Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.  \n   \n Forbes Advisor adheres to strict [editorial integrity standards](https:\/\/www.forbes.com\/advisor\/about-us\/). To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. 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She holds a BSc from the London School of Economics and an MA from the University of Texas at Austin.\n\n© 2026 Forbes Media LLC. 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To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. **First**, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. **Second,** we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our [partners](https:\/\/www.forbes.com\/advisor\/advertiser-disclosure\/) who offer products that we have affiliate links for.","attrs_readable_markdown":"A non-fungible token, or NFT, is a digital asset that can represent real-world objects, such as artwork or even digital land in the metaverse. These cryptographic assets are bought and sold online, frequently with cryptocurrency. The ownership information is secured and stored on a blockchain, a type of distributed ledger.\n\nWith all the buzz over NFTs in the crypto world, you might wonder if NFTs are a good investment. So, let’s take a closer look at how you can buy an NFT.\n\n## What Is an NFT?\nWhat exactly is an NFT? Perhaps the first thing to understand is how an NFT differs from a fungible token.\n\nIf you think about two separate \\$1 bills, they’re the same. If I take your dollar and give you my dollar, we both still have the same thing. This means a \\$1 bill is a fungible asset.\n\nOn the other hand, if you have a portrait painted by Pablo Picasso, exchanging that artist’s work for a picture drawn by a 3-year-old isn’t the same. That’s the basic premise behind NFTs.\n\nThe concept of fungible versus non-fungible has been in our lives for centuries.\n\n*– Merav Ozair, blockchain expert and fintech professor at Wake Forest University in Winston-Salem, North Carolina.*\n\nA fungible object is something interchangeable or indistinguishable from something else, whereas a non-fungible one is the opposite.\n\nSince NFT transactions are recorded on a blockchain network, their ownership is verifiable. But just like physical art, collectors still face counterfeit issues, too.\n\n## Quick History of NFTs\nThe concept of NFTs began in the early 2010s and was rooted in the idea that blockchains could represent unique, noninterchangeable digital objects.\n\nNFTs first entered the mainstream when Ethereum-backed crypto collectibles, like CryptoPunks and CryptoKitties, came onto the scene in 2017. Popularity and interest in NFTs caused the market to mushroom during the Covid-19 era. At its peak in April 2022, the NFT market was valued at over \\$16.8 billion.\n\nBy late 2022, the NFT market started to slide from boom to bust. NFT-related scams, such as fake marketplaces and phishing attacks, eroded trust and caused many to lose money, too. As of December 2025, the NFT market is valued at around \\$3 billion.\n\nBut NFTs still hold their place in the world of art and collectibles. Today, there’s a lot more focus on NFTs having practical or utility-driven applications. These include real-world asset tokenization (such as real estate deeds), digital identity and authentication (like KYC) and brand-driven membership, to name a few examples. NFTs were even used at some European music festivals in 2025 to reduce counterfeit tickets and scalping.\n\n## How an NFT Works\nMinting is the creation of the NFT. A creator mints an NFT, such as turning a digital file (such as digital art or collectible clips) into a digital asset. Typically, a smart contract must already exist since minting is a function of the smart contract.\n\nWith a smart contract, the terms of the agreement are written in code. This type of digital contract removes the intermediary. So, when the conditions for the agreement are met, the contract automatically runs.\n\nSome marketplaces also allow creators to use a shared smart contract, so they don’t need to create one themselves.\n\nWhen the token is minted, it’s placed on a supported blockchain network. [Ethereum](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/what-is-ethereum-ether\/) (ETH) is a popular blockchain for creating and supporting NFTs. But there are other networks, too, such as cardano (ADA), [solana](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/what-is-solana\/) (SOL), polygon (MATIC), tezos (XTZ) and avalanche (AVAX).\n\nThe token record of an NFT is effectively immutable on the blockchain, and difficult to alter. This helps preserve both uniqueness and authenticity. NFTs are typically supported on transparent chains, like Ethereum, tezos and polygon.\n\n## How To Buy and Store NFTs\nOnce an NFT is minted, users can list the NFT for sale on the marketplace of their choice, trade it to someone else or give it away for free. Minting involves the process of linking metadata to the token (the metadata can be on or off chain).\n\nSome NFTs are nontransferable, with smart contract restrictions. This is referred to as being “soulbound,” although this practice is somewhat rare in the NFT world.\n\nOf course, buying an NFT isn’t like buying a stock or putting cash into an account protected by the Federal Deposit Insurance Corporation (FDIC). FDIC-protected accounts include checking, savings and other deposit accounts if held by an FDIC-insured financial institution.\n\nThere are no guarantees that the price of an NFT will go up. That means you need to take time to understand what you’re buying.\n\n### Find an NFT You Like\nThere are many popular NFT types to choose from. You can view the table below to see examples of well-known NFT projects, most of which run on Ethereum, flow or solana.\n\n#### Popular Types of NFTs To Buy\n| Type of NFT | Description | Examples of collections, projects and artists |\n|---|---|---|\n| Art NFTs | Digital artworks minted on blockchain that can be limited editions or one of a kind | Beeple   Snowfro |\n| Collectible NFTs | Often produced in large collections, with certain NFTs within the collection valued higher for their rarity | CryptoPunks   Bored Ape Yacht Club   NBA Top Shot |\n| Profile Picture NFTs (PFPs) | Collectibles that are relevant to social avatars | Doodles   CryptoPunks |\n| Gaming NFTs | Assets used in blockchain games that might represent characters, items of utility or land | Axie Infinity   Gods Unchained |\n| Metaverse NFTs | Digital real estate in the metaverse | Decentraland   The Sandbox |\n\nNFTs have evolved far beyond the early days of CryptoPunks and the Bored Ape Yacht Club. While those collections helped push NFTs into the mainstream, many other types now exist. For example, utility NFTs aren’t tied to art, but they can provide a functional benefit, such as membership access or governance rights.\n\nPhotography has even become an area for NFTs, with artists Dave Krugman and Justin Aversano leading the way. Both of them have collections that are sold on the NFT marketplace, OpenSea.\n\nBut this barely scratches the surface. We haven’t even begun to touch on AI-generated NFTs or other types of NFTs with emerging formats that might be applied to other real-world applications.\n\nOnce you find an NFT you want to purchase, you’ll need to follow these steps:\n\n### 1\\. Set Up a Crypto Wallet\nOn any platform, you’ll need a crypto wallet to get started buying NFTs.\n\nA crypto wallet is where the keys to your NFT will be stored once the NFT is purchased. These wallets can be stored either online or offline. Offline storage is usually recommended since it’s considered more secure. Here are some key terms to also understand when choosing a crypto wallet for your NFT:\n\n**Custodial wallets:** A crypto wallet platform that holds your keys.\n\n**Noncustodial wallets:** A wallet in which you hold the keys.\n\nPro Tip\n\nAn offline, noncustodial hardware wallet is generally recommended as a secure option for stashing NFTs.\n### 2\\. Buy Cryptocurrency\nSome NFT marketplaces, such as Nifty Gateway and NBA Top Shot, accept credit cards for NFT payments. But many other NFT marketplaces may require [cryptocurrency](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/top-10-cryptocurrencies\/) (like ether) to make purchases.\n\nWhen you do your research, you’ll want to make sure you understand how to fund your crypto wallet as well as the types of crypto that back up a particular NFT project. For example, Bored Ape Yacht Club collectibles are supported on Ethereum.\n\n### 3\\. Choose an NFT Marketplace\nMost likely, when you’re looking at an NFT marketplace, you’ll already have a type of NFT in mind that you intend to purchase.\n\nThe NFT marketplace is often an intermediary that can collect funds for the purchase and integrate with [crypto wallets](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/best-crypto-wallets\/) for storage. So, you’ll want to access a marketplace based on the following: tokens available, fees, wallet connectivity (if applicable) and type of payment needed, such as credit card, solana, ether or other [cryptocurrencies](https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/how-to-buy-cryptocurrency\/).\n\n#### NFT Fees and NFT Marketplace Fees\nIf you’re buying NFTs with cryptos, it may also require on-chain fees, depending on the blockchain. For instance, if you’re buying an Ethereum-based NFT, you’ll fork over money for network fees, or “gas fees.”\n\nYou might also have to pay marketplace fees. There is typically a payment processor fee if you’re paying with MoonPay or via credit card. You may even have to pay a platform fee, too.\n\n**Example:** Let’s walk through the process of how to buy NFTs on OpenSea as an example. That marketplace has a special feature called MoonPay at the checkout window that converts the ETH amount into a credit card payment. You’ll also pay the network fee, plus the processing fee associated with the transaction(s).\n\nWith your OpenSea account, you can also link multiple crypto wallets to store your digital assets.\n\nOf course, OpenSea isn’t the only NFT marketplace around. Other popular NFTs marketplaces are:\n\n- Magic Eden\n- Rarible\n- Superrare\n- Blur\n- Minted\n### 4\\. Store Your NFT Securely\nOnce the NFT is either minted, purchased from the marketplace or transferred to you by the NFT’s current owner, it will appear in your wallet.\n\nIt’s important to remember that when you buy an NFT, “you’re buying a token ID where that token is actually stored,” says Anthony Georgiades, co-founder of layer one blockchain Pastel Network. So, you’re now the proud owner of the token and its token ID.\n\nOf course, if your NFT is a piece of art, you can print physical copies of it or store the digital image, but the NFT you own is only the token ID. You don’t own the rights to the image or the original image itself unless those ownership rights are specified in your contractor via a license.\n\n## What Is the Value of an NFT?\nLike many things in this world, the value of an NFT is in the eye of the beholder.\n\nThis doesn’t mean that NFTs can’t fetch a hefty price. For example, “The Merge” has a \\$91.8 million price tag, and Beeple’s “Everydays: The First 5,000 Days” sold at auction for \\$69.3 million. It should also be noted that the eye-popping figure that “The Merge” sold for was a fractional sale, split among over 28,000 buyers.\n\nThe value extends from authentication and uniqueness, but not all NFTs come with a heavy price tag. Some are valued at less than \\$1.\n\nAs with a painting, the market itself will decide the final value. Obviously, not every painting sells for millions of dollars. But some people believe some paintings might be worth that much. So, they’re willing to pay that price.\n\nOf course, NFTs don’t have to be art. There are also collectible NFTs, which include digital variations of trading cards and highlight reels. For example, a dunk shot moment of LeBron James sold at auction in 2021 for more than \\$380,000.\n\n## Are NFTs a Good Investment?\nWhether or not investing in NFTs is a good idea depends on the types of NFTs that you purchase, your investment goals and risk tolerance. It’s worth noting, though, that since the early 2020s, the NFT marketplace has simmered down. The average price of an NFT sold on Magic Eden is roughly \\$240, and around \\$50 on OpenSea.\n\nEven if you’re taking a “buy and hold” approach with your NFT investments, counting on the appreciation of your token(s), you should be aware that:\n\n- NFT sales sold with an appreciation are subject to capital gains\n- Few NFTs appreciate in value\n## Common Mistakes To Avoid When Buying NFTs\nCommon mistakes when buying NFTs are related to rushed purchases without prior research. When you decide you want to own an NFT, you’ll need to:\n\n- Avoid making an impulse purchase\n- Verify the authenticity of the NFT project\n- Account for gas fees\n- Understand the platform or blockchain that the NFT is using (and other possible fees)\n\nLastly, like any investment, you’ll want to diversify your portfolio of digital assets. A common mistake is failing to diversify by allocating too much money into one single NFT project.\n\nFor as diverse as the NFT market is, you can expect the motivations for buying an NFT to be as assorted as a “variety pack.” There is no typical buyer in this sphere. NFT buyers range from digital art and collectible enthusiasts to speculative investors and even metaverse users—so it’s extremely varied based on interest.\n\n## Frequently Asked Questions (FAQs)\nThe NFT market is relatively new and not very regulated, leaving the door open for potential scams. For this reason, it’s a good idea to purchase NFTs from reputable NFT platforms.\n\nHere are a few common NFT scams to be aware of:\n\n**Rug pull:** Cybercriminals promote an NFT project with false promises about future potential value. As these NFTs are unloaded, NFT scammers disappear and the value of the promoted NFTs drops.\n\n**Airdrop scams:** This is when hackers promise to deposit free NFTs into a cyber wallet. Scams typically involve phishing for approvals, where users are tricked into harmful transactions.\n\nWhen you buy an NFT, you are typically receiving the token on the blockchain for your respective NFT and possibly a license to view. You typically don’t receive a copyright transfer unless the creator explicitly transfers it to you in an agreement, such as a legal contract, terms of sale or via the terms built into the smart contract.\n\nIn short, income from a digital asset is taxable.\n\nThe rules that apply to cryptocurrency are the same for NFTs. The selling or trading of an NFT can trigger a taxable event, meaning you could be on the hook for capital gains tax. Some NFTs might even be considered “collectibles” by the IRS, carrying an even higher tax burden.\n\nThere is even a question on the federal income tax form that reads: “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”\n\nYes, some platforms like Nifty Gateway, Rarible and NBA Top Shot will allow you to make purchases via credit card.\n\nSome NFT sell for as little as a few dollars. There are also free mint NFT projects where you only pay the network and platform fees. These NFT “thrift store” moments sometimes appear on Magic Eden with solana and polygon-based projects, and on OpenSea with polygon-supported NFTs.","meta_canonical":null}

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Boilerpipe Text	A non-fungible token, or NFT, is a digital asset that can represent real-world objects, such as artwork or even digital land in the metaverse. These cryptographic assets are bought and sold online, frequently with cryptocurrency. The ownership information is secured and stored on a blockchain, a type of distributed ledger. With all the buzz over NFTs in the crypto world, you might wonder if NFTs are a good investment. So, let’s take a closer look at how you can buy an NFT. What Is an NFT? What exactly is an NFT? Perhaps the first thing to understand is how an NFT differs from a fungible token. If you think about two separate $1 bills, they’re the same. If I take your dollar and give you my dollar, we both still have the same thing. This means a $1 bill is a fungible asset. On the other hand, if you have a portrait painted by Pablo Picasso, exchanging that artist’s work for a picture drawn by a 3-year-old isn’t the same. That’s the basic premise behind NFTs. The concept of fungible versus non-fungible has been in our lives for centuries. – Merav Ozair, blockchain expert and fintech professor at Wake Forest University in Winston-Salem, North Carolina. A fungible object is something interchangeable or indistinguishable from something else, whereas a non-fungible one is the opposite. Since NFT transactions are recorded on a blockchain network, their ownership is verifiable. But just like physical art, collectors still face counterfeit issues, too. Quick History of NFTs The concept of NFTs began in the early 2010s and was rooted in the idea that blockchains could represent unique, noninterchangeable digital objects. NFTs first entered the mainstream when Ethereum-backed crypto collectibles, like CryptoPunks and CryptoKitties, came onto the scene in 2017. Popularity and interest in NFTs caused the market to mushroom during the Covid-19 era. At its peak in April 2022, the NFT market was valued at over $16.8 billion. By late 2022, the NFT market started to slide from boom to bust. NFT-related scams, such as fake marketplaces and phishing attacks, eroded trust and caused many to lose money, too. As of December 2025, the NFT market is valued at around $3 billion. But NFTs still hold their place in the world of art and collectibles. Today, there’s a lot more focus on NFTs having practical or utility-driven applications. These include real-world asset tokenization (such as real estate deeds), digital identity and authentication (like KYC) and brand-driven membership, to name a few examples. NFTs were even used at some European music festivals in 2025 to reduce counterfeit tickets and scalping. How an NFT Works Minting is the creation of the NFT. A creator mints an NFT, such as turning a digital file (such as digital art or collectible clips) into a digital asset. Typically, a smart contract must already exist since minting is a function of the smart contract. With a smart contract, the terms of the agreement are written in code. This type of digital contract removes the intermediary. So, when the conditions for the agreement are met, the contract automatically runs. Some marketplaces also allow creators to use a shared smart contract, so they don’t need to create one themselves. When the token is minted, it’s placed on a supported blockchain network. Ethereum (ETH) is a popular blockchain for creating and supporting NFTs. But there are other networks, too, such as cardano (ADA), solana (SOL), polygon (MATIC), tezos (XTZ) and avalanche (AVAX). The token record of an NFT is effectively immutable on the blockchain, and difficult to alter. This helps preserve both uniqueness and authenticity. NFTs are typically supported on transparent chains, like Ethereum, tezos and polygon. How To Buy and Store NFTs Once an NFT is minted, users can list the NFT for sale on the marketplace of their choice, trade it to someone else or give it away for free. Minting involves the process of linking metadata to the token (the metadata can be on or off chain). Some NFTs are nontransferable, with smart contract restrictions. This is referred to as being “soulbound,” although this practice is somewhat rare in the NFT world. Of course, buying an NFT isn’t like buying a stock or putting cash into an account protected by the Federal Deposit Insurance Corporation (FDIC). FDIC-protected accounts include checking, savings and other deposit accounts if held by an FDIC-insured financial institution. There are no guarantees that the price of an NFT will go up. That means you need to take time to understand what you’re buying. Find an NFT You Like There are many popular NFT types to choose from. You can view the table below to see examples of well-known NFT projects, most of which run on Ethereum, flow or solana. Popular Types of NFTs To Buy Type of NFT Description Examples of collections, projects and artists Art NFTs Digital artworks minted on blockchain that can be limited editions or one of a kind Beeple Snowfro Collectible NFTs Often produced in large collections, with certain NFTs within the collection valued higher for their rarity CryptoPunks Bored Ape Yacht Club NBA Top Shot Profile Picture NFTs (PFPs) Collectibles that are relevant to social avatars Doodles CryptoPunks Gaming NFTs Assets used in blockchain games that might represent characters, items of utility or land Axie Infinity Gods Unchained Metaverse NFTs Digital real estate in the metaverse Decentraland The Sandbox NFTs have evolved far beyond the early days of CryptoPunks and the Bored Ape Yacht Club. While those collections helped push NFTs into the mainstream, many other types now exist. For example, utility NFTs aren’t tied to art, but they can provide a functional benefit, such as membership access or governance rights. Photography has even become an area for NFTs, with artists Dave Krugman and Justin Aversano leading the way. Both of them have collections that are sold on the NFT marketplace, OpenSea. But this barely scratches the surface. We haven’t even begun to touch on AI-generated NFTs or other types of NFTs with emerging formats that might be applied to other real-world applications. Once you find an NFT you want to purchase, you’ll need to follow these steps: 1. Set Up a Crypto Wallet On any platform, you’ll need a crypto wallet to get started buying NFTs. A crypto wallet is where the keys to your NFT will be stored once the NFT is purchased. These wallets can be stored either online or offline. Offline storage is usually recommended since it’s considered more secure. Here are some key terms to also understand when choosing a crypto wallet for your NFT: Custodial wallets: A crypto wallet platform that holds your keys. Noncustodial wallets: A wallet in which you hold the keys. Pro Tip An offline, noncustodial hardware wallet is generally recommended as a secure option for stashing NFTs. 2. Buy Cryptocurrency Some NFT marketplaces, such as Nifty Gateway and NBA Top Shot, accept credit cards for NFT payments. But many other NFT marketplaces may require cryptocurrency (like ether) to make purchases. When you do your research, you’ll want to make sure you understand how to fund your crypto wallet as well as the types of crypto that back up a particular NFT project. For example, Bored Ape Yacht Club collectibles are supported on Ethereum. 3. Choose an NFT Marketplace Most likely, when you’re looking at an NFT marketplace, you’ll already have a type of NFT in mind that you intend to purchase. The NFT marketplace is often an intermediary that can collect funds for the purchase and integrate with crypto wallets for storage. So, you’ll want to access a marketplace based on the following: tokens available, fees, wallet connectivity (if applicable) and type of payment needed, such as credit card, solana, ether or other cryptocurrencies . NFT Fees and NFT Marketplace Fees If you’re buying NFTs with cryptos, it may also require on-chain fees, depending on the blockchain. For instance, if you’re buying an Ethereum-based NFT, you’ll fork over money for network fees, or “gas fees.” You might also have to pay marketplace fees. There is typically a payment processor fee if you’re paying with MoonPay or via credit card. You may even have to pay a platform fee, too. Example: Let’s walk through the process of how to buy NFTs on OpenSea as an example. That marketplace has a special feature called MoonPay at the checkout window that converts the ETH amount into a credit card payment. You’ll also pay the network fee, plus the processing fee associated with the transaction(s). With your OpenSea account, you can also link multiple crypto wallets to store your digital assets. Of course, OpenSea isn’t the only NFT marketplace around. Other popular NFTs marketplaces are: Magic Eden Rarible Superrare Blur Minted 4. Store Your NFT Securely Once the NFT is either minted, purchased from the marketplace or transferred to you by the NFT’s current owner, it will appear in your wallet. It’s important to remember that when you buy an NFT, “you’re buying a token ID where that token is actually stored,” says Anthony Georgiades, co-founder of layer one blockchain Pastel Network. So, you’re now the proud owner of the token and its token ID. Of course, if your NFT is a piece of art, you can print physical copies of it or store the digital image, but the NFT you own is only the token ID. You don’t own the rights to the image or the original image itself unless those ownership rights are specified in your contractor via a license. What Is the Value of an NFT? Like many things in this world, the value of an NFT is in the eye of the beholder. This doesn’t mean that NFTs can’t fetch a hefty price. For example, “The Merge” has a $91.8 million price tag, and Beeple’s “Everydays: The First 5,000 Days” sold at auction for $69.3 million. It should also be noted that the eye-popping figure that “The Merge” sold for was a fractional sale, split among over 28,000 buyers. The value extends from authentication and uniqueness, but not all NFTs come with a heavy price tag. Some are valued at less than $1. As with a painting, the market itself will decide the final value. Obviously, not every painting sells for millions of dollars. But some people believe some paintings might be worth that much. So, they’re willing to pay that price. Of course, NFTs don’t have to be art. There are also collectible NFTs, which include digital variations of trading cards and highlight reels. For example, a dunk shot moment of LeBron James sold at auction in 2021 for more than $380,000. Are NFTs a Good Investment? Whether or not investing in NFTs is a good idea depends on the types of NFTs that you purchase, your investment goals and risk tolerance. It’s worth noting, though, that since the early 2020s, the NFT marketplace has simmered down. The average price of an NFT sold on Magic Eden is roughly $240, and around $50 on OpenSea. Even if you’re taking a “buy and hold” approach with your NFT investments, counting on the appreciation of your token(s), you should be aware that: NFT sales sold with an appreciation are subject to capital gains Few NFTs appreciate in value Common Mistakes To Avoid When Buying NFTs Common mistakes when buying NFTs are related to rushed purchases without prior research. When you decide you want to own an NFT, you’ll need to: Avoid making an impulse purchase Verify the authenticity of the NFT project Account for gas fees Understand the platform or blockchain that the NFT is using (and other possible fees) Lastly, like any investment, you’ll want to diversify your portfolio of digital assets. A common mistake is failing to diversify by allocating too much money into one single NFT project. For as diverse as the NFT market is, you can expect the motivations for buying an NFT to be as assorted as a “variety pack.” There is no typical buyer in this sphere. NFT buyers range from digital art and collectible enthusiasts to speculative investors and even metaverse users—so it’s extremely varied based on interest. Frequently Asked Questions (FAQs) The NFT market is relatively new and not very regulated, leaving the door open for potential scams. For this reason, it’s a good idea to purchase NFTs from reputable NFT platforms. Here are a few common NFT scams to be aware of: Rug pull: Cybercriminals promote an NFT project with false promises about future potential value. As these NFTs are unloaded, NFT scammers disappear and the value of the promoted NFTs drops. Airdrop scams: This is when hackers promise to deposit free NFTs into a cyber wallet. Scams typically involve phishing for approvals, where users are tricked into harmful transactions. When you buy an NFT, you are typically receiving the token on the blockchain for your respective NFT and possibly a license to view. You typically don’t receive a copyright transfer unless the creator explicitly transfers it to you in an agreement, such as a legal contract, terms of sale or via the terms built into the smart contract. In short, income from a digital asset is taxable. The rules that apply to cryptocurrency are the same for NFTs. The selling or trading of an NFT can trigger a taxable event, meaning you could be on the hook for capital gains tax. Some NFTs might even be considered “collectibles” by the IRS, carrying an even higher tax burden. There is even a question on the federal income tax form that reads: “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” Yes, some platforms like Nifty Gateway, Rarible and NBA Top Shot will allow you to make purchases via credit card. Some NFT sell for as little as a few dollars. There are also free mint NFT projects where you only pay the network and platform fees. These NFT “thrift store” moments sometimes appear on Magic Eden with solana and polygon-based projects, and on OpenSea with polygon-supported NFTs.
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Advertiser Disclosure - [Advisor](https://www.forbes.com/advisor) - [Investing](https://www.forbes.com/advisor/investing/) - [Cryptocurrency](https://www.forbes.com/advisor/investing/cryptocurrency/) # How To Buy NFTs Audited & Verified: Dec 4, 2025, 10:18am [![Farran Powell](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot-88x88.jpeg)](https://www.forbes.com/advisor/author/fpowell/) ![Farran Powell](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot-88x88.jpeg) [Farran Powell](https://www.forbes.com/advisor/author/fpowell/)Staff Editor Farran Powell is the managing editor of investing at Forbes Advisor. She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN... [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/fpowell/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Farran Powell](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot-88x88.jpeg) [Farran Powell](https://www.forbes.com/advisor/author/fpowell/)Staff Editor Farran Powell is the managing editor of investing at Forbes Advisor. She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN... [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/fpowell/) Written By [Farran Powell](https://www.forbes.com/advisor/author/fpowell/) ![Farran Powell](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot-88x88.jpeg) [Farran Powell](https://www.forbes.com/advisor/author/fpowell/)Staff Editor Farran Powell is the managing editor of investing at Forbes Advisor. She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN... [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/fpowell/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Farran Powell](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2022/04/Farran-Powell_headshot-88x88.jpeg) [Farran Powell](https://www.forbes.com/advisor/author/fpowell/)Staff Editor Farran Powell is the managing editor of investing at Forbes Advisor. She was previously the assistant managing editor of investing at U.S. News & World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CN... [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/fpowell/) Staff Editor [![Mike Cetera](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/05/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg)](https://www.forbes.com/advisor/author/mcetera/) ![Mike Cetera](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/05/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg) Fact Checked by [Mike Cetera](https://www.forbes.com/advisor/author/mcetera/)Staff Editor Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/mikecetera/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mcetera/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Mike Cetera](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/05/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg) Fact Checked by [Mike Cetera](https://www.forbes.com/advisor/author/mcetera/)Staff Editor Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/mikecetera/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mcetera/) Fact Checked [Mike Cetera](https://www.forbes.com/advisor/author/mcetera/) ![Mike Cetera](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/05/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg) Fact Checked by [Mike Cetera](https://www.forbes.com/advisor/author/mcetera/)Staff Editor Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/mikecetera/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mcetera/) ![close icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-close-icon.svg) ![Mike Cetera](https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2021/05/TDGSJ6TJN-U013LKMQ05T-9b0fec45f9ec-512-88x88.jpg) Fact Checked by [Mike Cetera](https://www.forbes.com/advisor/author/mcetera/)Staff Editor Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The... - [![Linkedin icon](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/forbes-media-linkedin-icon.svg)](https://www.linkedin.com/in/mikecetera/) [Read Full Bio![See Full Bio](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/social-icons/read-full-bio.svg)](https://www.forbes.com/advisor/author/mcetera/) Staff Editor & 1 other Have a question we may not have answered? Ask our editors here Have a question for Farran Powell or our other editors? Ask here for a chance to be featured in a story. 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We may contact you via the email address provided for follow-up questions or to notify you if your question is selected for publication. See our [Terms of Use](https://www.forbes.com/terms-and-conditions/#5cc91797193f)and our [Privacy Policy](https://www.forbes.com/advisor/privacy-policy/). Thank you for submitting your question. Keep reading Forbes Advisor for the chance to see the answer to your question in one of our upcoming stories. Our editors also may be in touch with follow-up questions. Continue reading ![How To Buy NFTs](https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2022/08/nft_getty.jpeg.jpg) Getty A non-fungible token, or NFT, is a digital asset that can represent real-world objects, such as artwork or even digital land in the metaverse. These cryptographic assets are bought and sold online, frequently with cryptocurrency. The ownership information is secured and stored on a blockchain, a type of distributed ledger. With all the buzz over NFTs in the crypto world, you might wonder if NFTs are a good investment. So, let’s take a closer look at how you can buy an NFT. FEATURED PARTNER OFFER ### Crypto.com [![Crypto.com](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2022/09/crypto.com_logo.png)](https://cryptocom.sjv.io/c/1955282/2107455/25666?sharedid=sponsored) Fees (Maker/Taker) 0\.8% trading fee, can be reduced by joining level-up. Other fees and spreads apply. Cryptocurrencies Available for Trade 400+ cryptocurrencies available [![Crypto.com](https://thumbor.forbes.com/thumbor/fit-in/150x/https://www.forbes.com/advisor/wp-content/uploads/2022/09/crypto.com_logo.png)](https://cryptocom.sjv.io/c/1955282/2107455/25666?sharedid=sponsored) [Trade Now ![Arrow](https://www.forbes.com/advisor/wp-content/themes/fadv/assets/img/right-arrow.svg)](https://cryptocom.sjv.io/c/1955282/2107455/25666?sharedid=sponsored) On Crypto.com's Website 0\.8% trading fee, can be reduced by joining level-up. Other fees and spreads apply. 400+ cryptocurrencies available ## What Is an NFT? What exactly is an NFT? Perhaps the first thing to understand is how an NFT differs from a fungible token. If you think about two separate \$1 bills, they’re the same. If I take your dollar and give you my dollar, we both still have the same thing. This means a \$1 bill is a fungible asset. On the other hand, if you have a portrait painted by Pablo Picasso, exchanging that artist’s work for a picture drawn by a 3-year-old isn’t the same. That’s the basic premise behind NFTs. The concept of fungible versus non-fungible has been in our lives for centuries. – Merav Ozair, blockchain expert and fintech professor at Wake Forest University in Winston-Salem, North Carolina. A fungible object is something interchangeable or indistinguishable from something else, whereas a non-fungible one is the opposite. Since NFT transactions are recorded on a blockchain network, their ownership is verifiable. But just like physical art, collectors still face counterfeit issues, too. ## Quick History of NFTs The concept of NFTs began in the early 2010s and was rooted in the idea that blockchains could represent unique, noninterchangeable digital objects. NFTs first entered the mainstream when Ethereum-backed crypto collectibles, like CryptoPunks and CryptoKitties, came onto the scene in 2017. Popularity and interest in NFTs caused the market to mushroom during the Covid-19 era. At its peak in April 2022, the NFT market was valued at over \$16.8 billion. By late 2022, the NFT market started to slide from boom to bust. NFT-related scams, such as fake marketplaces and phishing attacks, eroded trust and caused many to lose money, too. As of December 2025, the NFT market is valued at around \$3 billion. But NFTs still hold their place in the world of art and collectibles. Today, there’s a lot more focus on NFTs having practical or utility-driven applications. These include real-world asset tokenization (such as real estate deeds), digital identity and authentication (like KYC) and brand-driven membership, to name a few examples. NFTs were even used at some European music festivals in 2025 to reduce counterfeit tickets and scalping. ## How an NFT Works Minting is the creation of the NFT. A creator mints an NFT, such as turning a digital file (such as digital art or collectible clips) into a digital asset. Typically, a smart contract must already exist since minting is a function of the smart contract. With a smart contract, the terms of the agreement are written in code. This type of digital contract removes the intermediary. So, when the conditions for the agreement are met, the contract automatically runs. Some marketplaces also allow creators to use a shared smart contract, so they don’t need to create one themselves. When the token is minted, it’s placed on a supported blockchain network. [Ethereum](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-ethereum-ether/) (ETH) is a popular blockchain for creating and supporting NFTs. But there are other networks, too, such as cardano (ADA), [solana](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-solana/) (SOL), polygon (MATIC), tezos (XTZ) and avalanche (AVAX). The token record of an NFT is effectively immutable on the blockchain, and difficult to alter. This helps preserve both uniqueness and authenticity. NFTs are typically supported on transparent chains, like Ethereum, tezos and polygon. ## How To Buy and Store NFTs Once an NFT is minted, users can list the NFT for sale on the marketplace of their choice, trade it to someone else or give it away for free. Minting involves the process of linking metadata to the token (the metadata can be on or off chain). Some NFTs are nontransferable, with smart contract restrictions. This is referred to as being “soulbound,” although this practice is somewhat rare in the NFT world. Of course, buying an NFT isn’t like buying a stock or putting cash into an account protected by the Federal Deposit Insurance Corporation (FDIC). FDIC-protected accounts include checking, savings and other deposit accounts if held by an FDIC-insured financial institution. There are no guarantees that the price of an NFT will go up. That means you need to take time to understand what you’re buying. ### Find an NFT You Like There are many popular NFT types to choose from. You can view the table below to see examples of well-known NFT projects, most of which run on Ethereum, flow or solana. #### Popular Types of NFTs To Buy \| Type of NFT \| Description \| Examples of collections, projects and artists \| \|---\|---\|---\| \| Art NFTs \| Digital artworks minted on blockchain that can be limited editions or one of a kind \| Beeple Snowfro \| \| Collectible NFTs \| Often produced in large collections, with certain NFTs within the collection valued higher for their rarity \| CryptoPunks Bored Ape Yacht Club NBA Top Shot \| \| Profile Picture NFTs (PFPs) \| Collectibles that are relevant to social avatars \| Doodles CryptoPunks \| \| Gaming NFTs \| Assets used in blockchain games that might represent characters, items of utility or land \| Axie Infinity Gods Unchained \| \| Metaverse NFTs \| Digital real estate in the metaverse \| Decentraland The Sandbox \| ![Left Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADJSURBVHgBXZCxDcIwEEXvLrbTMgIjeAQXQB0aUiBENgAmIBswQkJJg6iQaGAF2CBskBY5wbEjWXLiwjr73f//dAijo5JiEse01Zrd2BhwgS8DIDnXcgBFjAUASltWkeY5eTBPSwcSW9ZMM3W/rr+9crY6HxEgcwCBeuD+yQFCyPsH/pePy+bj3YiCzLaNTDgDumuRlidb7o2BmpCUV2M4EAJmrqFtmHzaXAxtfAOAqRrNVRgJ+mcOFryt4dQuIR8o/ZaEoB1rWNkBtuxEvL1bUnQAAAAASUVORK5CYII=) ![Right Arrow](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAcAAAAMCAYAAACulacQAAAACXBIWXMAAAsTAAALEwEAmpwYAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAADQSURBVHgBdVC5DcJAENw53pAS6AA6wAlPCAGCDLsSoAJEBXwJEDk0JrA7wCW4BMeH5GXP2MggscHenEYzNzew5rt2PVULrdNt6DoJlUY1GEsCrWp1BNZ41/oiAV7LGQPo1hrYlEmYNRLrlNVDYIuJ9/eL7WRKs7yzE4OUJTABwR7M9puPspj+9NiD4tDglGml6M8YolJchrNTh8CewCaJyr8u1plt9tc8ECTQLQ+EN4FAYJuIXf9iTwq3qimBhWDm6KnZKb9bzUpgRFrz4be+FwjJTXtIGD7JAAAAAElFTkSuQmCC) See More See Less NFTs have evolved far beyond the early days of CryptoPunks and the Bored Ape Yacht Club. While those collections helped push NFTs into the mainstream, many other types now exist. For example, utility NFTs aren’t tied to art, but they can provide a functional benefit, such as membership access or governance rights. Photography has even become an area for NFTs, with artists Dave Krugman and Justin Aversano leading the way. Both of them have collections that are sold on the NFT marketplace, OpenSea. But this barely scratches the surface. We haven’t even begun to touch on AI-generated NFTs or other types of NFTs with emerging formats that might be applied to other real-world applications. Once you find an NFT you want to purchase, you’ll need to follow these steps: ### 1\. Set Up a Crypto Wallet On any platform, you’ll need a crypto wallet to get started buying NFTs. A crypto wallet is where the keys to your NFT will be stored once the NFT is purchased. These wallets can be stored either online or offline. Offline storage is usually recommended since it’s considered more secure. Here are some key terms to also understand when choosing a crypto wallet for your NFT: Custodial wallets: A crypto wallet platform that holds your keys. Noncustodial wallets: A wallet in which you hold the keys. Pro Tip An offline, noncustodial hardware wallet is generally recommended as a secure option for stashing NFTs. ### 2\. Buy Cryptocurrency Some NFT marketplaces, such as Nifty Gateway and NBA Top Shot, accept credit cards for NFT payments. But many other NFT marketplaces may require [cryptocurrency](https://www.forbes.com/advisor/investing/cryptocurrency/top-10-cryptocurrencies/) (like ether) to make purchases. When you do your research, you’ll want to make sure you understand how to fund your crypto wallet as well as the types of crypto that back up a particular NFT project. For example, Bored Ape Yacht Club collectibles are supported on Ethereum. ### 3\. Choose an NFT Marketplace Most likely, when you’re looking at an NFT marketplace, you’ll already have a type of NFT in mind that you intend to purchase. The NFT marketplace is often an intermediary that can collect funds for the purchase and integrate with [crypto wallets](https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-wallets/) for storage. So, you’ll want to access a marketplace based on the following: tokens available, fees, wallet connectivity (if applicable) and type of payment needed, such as credit card, solana, ether or other [cryptocurrencies](https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-cryptocurrency/). #### NFT Fees and NFT Marketplace Fees If you’re buying NFTs with cryptos, it may also require on-chain fees, depending on the blockchain. For instance, if you’re buying an Ethereum-based NFT, you’ll fork over money for network fees, or “gas fees.” You might also have to pay marketplace fees. There is typically a payment processor fee if you’re paying with MoonPay or via credit card. You may even have to pay a platform fee, too. Example: Let’s walk through the process of how to buy NFTs on OpenSea as an example. That marketplace has a special feature called MoonPay at the checkout window that converts the ETH amount into a credit card payment. You’ll also pay the network fee, plus the processing fee associated with the transaction(s). With your OpenSea account, you can also link multiple crypto wallets to store your digital assets. Of course, OpenSea isn’t the only NFT marketplace around. Other popular NFTs marketplaces are: - Magic Eden - Rarible - Superrare - Blur - Minted ### 4\. Store Your NFT Securely Once the NFT is either minted, purchased from the marketplace or transferred to you by the NFT’s current owner, it will appear in your wallet. It’s important to remember that when you buy an NFT, “you’re buying a token ID where that token is actually stored,” says Anthony Georgiades, co-founder of layer one blockchain Pastel Network. So, you’re now the proud owner of the token and its token ID. Of course, if your NFT is a piece of art, you can print physical copies of it or store the digital image, but the NFT you own is only the token ID. You don’t own the rights to the image or the original image itself unless those ownership rights are specified in your contractor via a license. ## What Is the Value of an NFT? Like many things in this world, the value of an NFT is in the eye of the beholder. This doesn’t mean that NFTs can’t fetch a hefty price. For example, “The Merge” has a \$91.8 million price tag, and Beeple’s “Everydays: The First 5,000 Days” sold at auction for \$69.3 million. It should also be noted that the eye-popping figure that “The Merge” sold for was a fractional sale, split among over 28,000 buyers. The value extends from authentication and uniqueness, but not all NFTs come with a heavy price tag. Some are valued at less than \$1. As with a painting, the market itself will decide the final value. Obviously, not every painting sells for millions of dollars. But some people believe some paintings might be worth that much. So, they’re willing to pay that price. Of course, NFTs don’t have to be art. There are also collectible NFTs, which include digital variations of trading cards and highlight reels. For example, a dunk shot moment of LeBron James sold at auction in 2021 for more than \$380,000. ## Are NFTs a Good Investment? Whether or not investing in NFTs is a good idea depends on the types of NFTs that you purchase, your investment goals and risk tolerance. It’s worth noting, though, that since the early 2020s, the NFT marketplace has simmered down. The average price of an NFT sold on Magic Eden is roughly \$240, and around \$50 on OpenSea. Even if you’re taking a “buy and hold” approach with your NFT investments, counting on the appreciation of your token(s), you should be aware that: - NFT sales sold with an appreciation are subject to capital gains - Few NFTs appreciate in value ## Common Mistakes To Avoid When Buying NFTs Common mistakes when buying NFTs are related to rushed purchases without prior research. When you decide you want to own an NFT, you’ll need to: - Avoid making an impulse purchase - Verify the authenticity of the NFT project - Account for gas fees - Understand the platform or blockchain that the NFT is using (and other possible fees) Lastly, like any investment, you’ll want to diversify your portfolio of digital assets. A common mistake is failing to diversify by allocating too much money into one single NFT project. For as diverse as the NFT market is, you can expect the motivations for buying an NFT to be as assorted as a “variety pack.” There is no typical buyer in this sphere. NFT buyers range from digital art and collectible enthusiasts to speculative investors and even metaverse users—so it’s extremely varied based on interest. ## Frequently Asked Questions (FAQs) ### How do I know if an NFT is real or a scam? The NFT market is relatively new and not very regulated, leaving the door open for potential scams. For this reason, it’s a good idea to purchase NFTs from reputable NFT platforms. Here are a few common NFT scams to be aware of: Rug pull: Cybercriminals promote an NFT project with false promises about future potential value. As these NFTs are unloaded, NFT scammers disappear and the value of the promoted NFTs drops. Airdrop scams: This is when hackers promise to deposit free NFTs into a cyber wallet. Scams typically involve phishing for approvals, where users are tricked into harmful transactions. ### Do I own copyright when I buy an NFT? When you buy an NFT, you are typically receiving the token on the blockchain for your respective NFT and possibly a license to view. You typically don’t receive a copyright transfer unless the creator explicitly transfers it to you in an agreement, such as a legal contract, terms of sale or via the terms built into the smart contract. ### Are there taxes on NFT purchases? In short, income from a digital asset is taxable. The rules that apply to cryptocurrency are the same for NFTs. The selling or trading of an NFT can trigger a taxable event, meaning you could be on the hook for capital gains tax. Some NFTs might even be considered “collectibles” by the IRS, carrying an even higher tax burden. There is even a question on the federal income tax form that reads: “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” ### Can I buy NFTs without using cryptocurrency? Yes, some platforms like Nifty Gateway, Rarible and NBA Top Shot will allow you to make purchases via credit card. ### What’s the cheapest way to buy an NFT? Some NFT sell for as little as a few dollars. There are also free mint NFT projects where you only pay the network and platform fees. These NFT “thrift store” moments sometimes appear on Magic Eden with solana and polygon-based projects, and on OpenSea with polygon-supported NFTs. Was this article helpful? 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Readable Markdown	A non-fungible token, or NFT, is a digital asset that can represent real-world objects, such as artwork or even digital land in the metaverse. These cryptographic assets are bought and sold online, frequently with cryptocurrency. The ownership information is secured and stored on a blockchain, a type of distributed ledger. With all the buzz over NFTs in the crypto world, you might wonder if NFTs are a good investment. So, let’s take a closer look at how you can buy an NFT. ## What Is an NFT? What exactly is an NFT? Perhaps the first thing to understand is how an NFT differs from a fungible token. If you think about two separate \$1 bills, they’re the same. If I take your dollar and give you my dollar, we both still have the same thing. This means a \$1 bill is a fungible asset. On the other hand, if you have a portrait painted by Pablo Picasso, exchanging that artist’s work for a picture drawn by a 3-year-old isn’t the same. That’s the basic premise behind NFTs. The concept of fungible versus non-fungible has been in our lives for centuries. – Merav Ozair, blockchain expert and fintech professor at Wake Forest University in Winston-Salem, North Carolina. A fungible object is something interchangeable or indistinguishable from something else, whereas a non-fungible one is the opposite. Since NFT transactions are recorded on a blockchain network, their ownership is verifiable. But just like physical art, collectors still face counterfeit issues, too. ## Quick History of NFTs The concept of NFTs began in the early 2010s and was rooted in the idea that blockchains could represent unique, noninterchangeable digital objects. NFTs first entered the mainstream when Ethereum-backed crypto collectibles, like CryptoPunks and CryptoKitties, came onto the scene in 2017. Popularity and interest in NFTs caused the market to mushroom during the Covid-19 era. At its peak in April 2022, the NFT market was valued at over \$16.8 billion. By late 2022, the NFT market started to slide from boom to bust. NFT-related scams, such as fake marketplaces and phishing attacks, eroded trust and caused many to lose money, too. As of December 2025, the NFT market is valued at around \$3 billion. But NFTs still hold their place in the world of art and collectibles. Today, there’s a lot more focus on NFTs having practical or utility-driven applications. These include real-world asset tokenization (such as real estate deeds), digital identity and authentication (like KYC) and brand-driven membership, to name a few examples. NFTs were even used at some European music festivals in 2025 to reduce counterfeit tickets and scalping. ## How an NFT Works Minting is the creation of the NFT. A creator mints an NFT, such as turning a digital file (such as digital art or collectible clips) into a digital asset. Typically, a smart contract must already exist since minting is a function of the smart contract. With a smart contract, the terms of the agreement are written in code. This type of digital contract removes the intermediary. So, when the conditions for the agreement are met, the contract automatically runs. Some marketplaces also allow creators to use a shared smart contract, so they don’t need to create one themselves. When the token is minted, it’s placed on a supported blockchain network. [Ethereum](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-ethereum-ether/) (ETH) is a popular blockchain for creating and supporting NFTs. But there are other networks, too, such as cardano (ADA), [solana](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-solana/) (SOL), polygon (MATIC), tezos (XTZ) and avalanche (AVAX). The token record of an NFT is effectively immutable on the blockchain, and difficult to alter. This helps preserve both uniqueness and authenticity. NFTs are typically supported on transparent chains, like Ethereum, tezos and polygon. ## How To Buy and Store NFTs Once an NFT is minted, users can list the NFT for sale on the marketplace of their choice, trade it to someone else or give it away for free. Minting involves the process of linking metadata to the token (the metadata can be on or off chain). Some NFTs are nontransferable, with smart contract restrictions. This is referred to as being “soulbound,” although this practice is somewhat rare in the NFT world. Of course, buying an NFT isn’t like buying a stock or putting cash into an account protected by the Federal Deposit Insurance Corporation (FDIC). FDIC-protected accounts include checking, savings and other deposit accounts if held by an FDIC-insured financial institution. There are no guarantees that the price of an NFT will go up. That means you need to take time to understand what you’re buying. ### Find an NFT You Like There are many popular NFT types to choose from. You can view the table below to see examples of well-known NFT projects, most of which run on Ethereum, flow or solana. #### Popular Types of NFTs To Buy \| Type of NFT \| Description \| Examples of collections, projects and artists \| \|---\|---\|---\| \| Art NFTs \| Digital artworks minted on blockchain that can be limited editions or one of a kind \| Beeple Snowfro \| \| Collectible NFTs \| Often produced in large collections, with certain NFTs within the collection valued higher for their rarity \| CryptoPunks Bored Ape Yacht Club NBA Top Shot \| \| Profile Picture NFTs (PFPs) \| Collectibles that are relevant to social avatars \| Doodles CryptoPunks \| \| Gaming NFTs \| Assets used in blockchain games that might represent characters, items of utility or land \| Axie Infinity Gods Unchained \| \| Metaverse NFTs \| Digital real estate in the metaverse \| Decentraland The Sandbox \| NFTs have evolved far beyond the early days of CryptoPunks and the Bored Ape Yacht Club. While those collections helped push NFTs into the mainstream, many other types now exist. For example, utility NFTs aren’t tied to art, but they can provide a functional benefit, such as membership access or governance rights. Photography has even become an area for NFTs, with artists Dave Krugman and Justin Aversano leading the way. Both of them have collections that are sold on the NFT marketplace, OpenSea. But this barely scratches the surface. We haven’t even begun to touch on AI-generated NFTs or other types of NFTs with emerging formats that might be applied to other real-world applications. Once you find an NFT you want to purchase, you’ll need to follow these steps: ### 1\. Set Up a Crypto Wallet On any platform, you’ll need a crypto wallet to get started buying NFTs. A crypto wallet is where the keys to your NFT will be stored once the NFT is purchased. These wallets can be stored either online or offline. Offline storage is usually recommended since it’s considered more secure. Here are some key terms to also understand when choosing a crypto wallet for your NFT: Custodial wallets: A crypto wallet platform that holds your keys. Noncustodial wallets: A wallet in which you hold the keys. Pro Tip An offline, noncustodial hardware wallet is generally recommended as a secure option for stashing NFTs. ### 2\. Buy Cryptocurrency Some NFT marketplaces, such as Nifty Gateway and NBA Top Shot, accept credit cards for NFT payments. But many other NFT marketplaces may require [cryptocurrency](https://www.forbes.com/advisor/investing/cryptocurrency/top-10-cryptocurrencies/) (like ether) to make purchases. When you do your research, you’ll want to make sure you understand how to fund your crypto wallet as well as the types of crypto that back up a particular NFT project. For example, Bored Ape Yacht Club collectibles are supported on Ethereum. ### 3\. Choose an NFT Marketplace Most likely, when you’re looking at an NFT marketplace, you’ll already have a type of NFT in mind that you intend to purchase. The NFT marketplace is often an intermediary that can collect funds for the purchase and integrate with [crypto wallets](https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-wallets/) for storage. So, you’ll want to access a marketplace based on the following: tokens available, fees, wallet connectivity (if applicable) and type of payment needed, such as credit card, solana, ether or other [cryptocurrencies](https://www.forbes.com/advisor/investing/cryptocurrency/how-to-buy-cryptocurrency/). #### NFT Fees and NFT Marketplace Fees If you’re buying NFTs with cryptos, it may also require on-chain fees, depending on the blockchain. For instance, if you’re buying an Ethereum-based NFT, you’ll fork over money for network fees, or “gas fees.” You might also have to pay marketplace fees. There is typically a payment processor fee if you’re paying with MoonPay or via credit card. You may even have to pay a platform fee, too. Example: Let’s walk through the process of how to buy NFTs on OpenSea as an example. That marketplace has a special feature called MoonPay at the checkout window that converts the ETH amount into a credit card payment. You’ll also pay the network fee, plus the processing fee associated with the transaction(s). With your OpenSea account, you can also link multiple crypto wallets to store your digital assets. Of course, OpenSea isn’t the only NFT marketplace around. Other popular NFTs marketplaces are: - Magic Eden - Rarible - Superrare - Blur - Minted ### 4\. Store Your NFT Securely Once the NFT is either minted, purchased from the marketplace or transferred to you by the NFT’s current owner, it will appear in your wallet. It’s important to remember that when you buy an NFT, “you’re buying a token ID where that token is actually stored,” says Anthony Georgiades, co-founder of layer one blockchain Pastel Network. So, you’re now the proud owner of the token and its token ID. Of course, if your NFT is a piece of art, you can print physical copies of it or store the digital image, but the NFT you own is only the token ID. You don’t own the rights to the image or the original image itself unless those ownership rights are specified in your contractor via a license. ## What Is the Value of an NFT? Like many things in this world, the value of an NFT is in the eye of the beholder. This doesn’t mean that NFTs can’t fetch a hefty price. For example, “The Merge” has a \$91.8 million price tag, and Beeple’s “Everydays: The First 5,000 Days” sold at auction for \$69.3 million. It should also be noted that the eye-popping figure that “The Merge” sold for was a fractional sale, split among over 28,000 buyers. The value extends from authentication and uniqueness, but not all NFTs come with a heavy price tag. Some are valued at less than \$1. As with a painting, the market itself will decide the final value. Obviously, not every painting sells for millions of dollars. But some people believe some paintings might be worth that much. So, they’re willing to pay that price. Of course, NFTs don’t have to be art. There are also collectible NFTs, which include digital variations of trading cards and highlight reels. For example, a dunk shot moment of LeBron James sold at auction in 2021 for more than \$380,000. ## Are NFTs a Good Investment? Whether or not investing in NFTs is a good idea depends on the types of NFTs that you purchase, your investment goals and risk tolerance. It’s worth noting, though, that since the early 2020s, the NFT marketplace has simmered down. The average price of an NFT sold on Magic Eden is roughly \$240, and around \$50 on OpenSea. Even if you’re taking a “buy and hold” approach with your NFT investments, counting on the appreciation of your token(s), you should be aware that: - NFT sales sold with an appreciation are subject to capital gains - Few NFTs appreciate in value ## Common Mistakes To Avoid When Buying NFTs Common mistakes when buying NFTs are related to rushed purchases without prior research. When you decide you want to own an NFT, you’ll need to: - Avoid making an impulse purchase - Verify the authenticity of the NFT project - Account for gas fees - Understand the platform or blockchain that the NFT is using (and other possible fees) Lastly, like any investment, you’ll want to diversify your portfolio of digital assets. A common mistake is failing to diversify by allocating too much money into one single NFT project. For as diverse as the NFT market is, you can expect the motivations for buying an NFT to be as assorted as a “variety pack.” There is no typical buyer in this sphere. NFT buyers range from digital art and collectible enthusiasts to speculative investors and even metaverse users—so it’s extremely varied based on interest. ## Frequently Asked Questions (FAQs) The NFT market is relatively new and not very regulated, leaving the door open for potential scams. For this reason, it’s a good idea to purchase NFTs from reputable NFT platforms. Here are a few common NFT scams to be aware of: Rug pull: Cybercriminals promote an NFT project with false promises about future potential value. As these NFTs are unloaded, NFT scammers disappear and the value of the promoted NFTs drops. Airdrop scams: This is when hackers promise to deposit free NFTs into a cyber wallet. Scams typically involve phishing for approvals, where users are tricked into harmful transactions. When you buy an NFT, you are typically receiving the token on the blockchain for your respective NFT and possibly a license to view. You typically don’t receive a copyright transfer unless the creator explicitly transfers it to you in an agreement, such as a legal contract, terms of sale or via the terms built into the smart contract. In short, income from a digital asset is taxable. The rules that apply to cryptocurrency are the same for NFTs. The selling or trading of an NFT can trigger a taxable event, meaning you could be on the hook for capital gains tax. Some NFTs might even be considered “collectibles” by the IRS, carrying an even higher tax burden. There is even a question on the federal income tax form that reads: “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” Yes, some platforms like Nifty Gateway, Rarible and NBA Top Shot will allow you to make purchases via credit card. Some NFT sell for as little as a few dollars. There are also free mint NFT projects where you only pay the network and platform fees. These NFT “thrift store” moments sometimes appear on Magic Eden with solana and polygon-based projects, and on OpenSea with polygon-supported NFTs.
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