How to Buy NFTs Without Owning Crypto

While most kids were busy learning not to trip on their shoe laces, London-born 12-year-old Benyamin Ahmed was making his first $1 million. One pixelated brushstroke at a time creating a piece of art called the ‘Weird Whales’. The Whale collection was not just any piece of art, a painting or a sculpture – The Whales Collection was an NFT.

An NFT or Non-fungible token is a digital representation of objects with real-world value. Such as pixelated artwork, a virtual real estate or digital land. NFTS are not only a valuable commodity of exchange in crypto marketplaces, but also make up 1 of the 7 layers of the metaverse. i.e. people in the metaverse will need digital representations of their assets, be it land, houses or avatars – and these representations will be non-fungible tokens. In this article, we will discuss how to buy NFTs without owning crypto.

People have come to us saying they would want to buy NFTs but without encountering the volatile crypto market. Our recommendation? Oh, it’s simple! Just follow this article, which is practically a guide on acquiring NFTs using every method except carrier pigeons and smoke signals.

We’re talking stable coins, credit cards, debit cards – you know, those little pieces of plastic that miraculously turn into digital collectibles. If you’re feeling adventurous, try the peer-to-peer route; who knows, you might make an NFT buddy for life! And hey, if you’re feeling really bold, you could even convince your friends to sell you their NFTs – friendship and blockchain, what a combo! And if all else fails, there’s always the option of involving third-party payment gateways, because why limit yourself to just one way of making things complicated, right?

Step 1: Acquire crypto, a stable coin like USDT or BUSD

Cryptocurrency is like your eccentric friend who insists on paying for pizza with invisible gold coins that only computer wizards on the blockchain can see. Stable coin, on the other hand, is that one friend who always carries around a tiny scale just to make sure their wallet never gains/losses an ounce.

You must have a digital wallet for purchasing stablecoins. Our top recommendations for acquiring crypto and then purchasing NFTs include MetaMask, Wallet Connect, Binance Exchange Wallet, Trust Wallet and Coinbase Wallet.

Step 2: Connect to an Exchange

The next step is simply connecting to an exchange. If you have none, choose a suitable one and sign up. Some well-known exchanges and marketplaces for buying NFTs include Binance Exchange, OpenSea, CryptoPunks and Rarible.

Because you want to buy NFTs without crypto, your kind of exchange is the one supporting crypto-less transactions. Perhaps one that combines the reliability of cash, the flexibility of crypto and durability of a stablecoin. At this point, think of a stablecoin like that one pair of socks you’ve had since high school. Tips for choosing a suitable exchange for buying and owning cryptocurrency NFTs include:

Security and privacy
User Interface (UI) and User Experience (UX)
24/7 reliable and responsive customer support
Reputation and liquidity volumes
Regulatory framework and compliance
Education resources
Mobile payment gateways.

The last step is like Arsenal destroying Man City for the community shield. But not in the essence of buying an NFT for $30 and selling it for $1 M. That rarely happens. In 2020, a guy called Sina Estavi bought a digital representation or NFT of Twitter Founder Jack Dorsey’s first tweet for $2.9 million. Today, the highest bid he’s got is less than $500 despite relisting the NFT for sale at $48 million. This is why you have to be careful with the NFT market, just as you would with any other investment.

As always, investing more than you can afford to lose is like giving your last penalty shot to SpongeBob. Yes, he’s great under the sea, but for the crypto arena. Oh NO!

Step 3: Purchase NFTs

People like Benyamin Ahmed make a living from creating NFTs. The process of creating an NFT is called minting, and could involve designing a piece of pixelated art, paying some gas fees and then listing it for sale. Once listed, interested buyers place bids in the same way it happens in an art auction house. However, this one now happens online, on a marketplace.

There are also entities who create NFTs and give them out for free. Some of these entities may require you to pay the minting gas fees to own that NFT or they may pay the gas costs for you.

The process of buying NFTs without cash involves loading your wallet with either stable coins or logging into your Binance NFT account/ OpenSea account and purchasing the NFT using your debit/credit card. However, always take care of your wallet, add security level by activating 2-FA to limit chances of unauthorized sign ins. Remember to take good care of your seed phrase and keep it private. Trust me, your friend getting hold of your seed phrase is like Cambridge Analytica having your Facebook Account. None the better. Tips for smoothly buying NFTs:

Set your budget. Do not overspend on NFTs , or invest more than you can afford. Losing $2.9 million through NFTs is worse than France losing in the 2022 World cup. As with anything involving trading cryptocurrencies or trading NFTs, there is a level of risk.
Research and understand what you are getting into when NFT investing.
Consider regulations, compliance and the legality of owning NFTs in your locality.
Choose a well-known and reputable NFT marketplace. People have lost money to dubious marketplaces, some promoted by con-artists on Instagram. They tell you how you can mint an NFT through marketplace X, and promise to buy your minted NFT 10-times their value. Too good for a deal, but you go ahead and once you pay $500 for minting the NFTs, they disappear, never to be heard off again.
Consider whether the NFT has a community behind it for engagement. A good NFT has community, and instant liquidity. The rare the NFT, the less instant its liquidity. But it doesn’t happen always. Majority of Ethereum-based NFTs have high liquidity and a good community.
Evaluate the artistic value of the NFT.
Plan and strategy in case you want to build a diversified NFT portfolio of NFT assets, digital assets and crypto assets.

To Sum Things Up

One minute you’re ready to buy an NFT, and the next minute you’re frantically checking your digital wallet, hoping it’s not just a mirage.

And speaking of crypto, let’s not forget those charming acronyms – BTC, ETH, and MATIC. It’s like trying to decode a secret language while juggling a Rubik’s cube. Just remember, when you’re buying NFTs without crypto, you might as well be paying in unicorn tears because those third-party payment gateways are all about making your wallet feel a little lighter.

But hey! Choose the right platforms, and you’ll be navigating the NFT world like a boss. Just think of it as finding the perfect balance between a high-stakes poker game and a secret agent mission. Liquidity, security, privacy, and speed – it’s like assembling your very own team of superhero traits. That’s all you need.

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.

How to Buy NFTs Without Owning Crypto