Complete Guide: Buying & Selling NFTs Step-by-Step
Written by  Daisie Team
Published on 9 min read


  1. What are NFTs?
  2. How to setup a digital wallet
  3. How to buy Ethereum
  4. How to buy NFTs
  5. How to sell NFTs
  6. How to mint NFTs
  7. How to price NFTs
  8. How to avoid NFT scams
  9. How to track NFT trends
  10. How to protect NFT investments

Let's take a journey through the digital realm and learn how to buy and sell NFTs in a step-by-step guide. Yes, you read that right. We're diving into the world of non-fungible tokens (NFTs) today — the latest buzz in the online art and collectibles scene. Whether you're looking to purchase, sell, or just understand this new phenomenon, this guide will help you navigate through it all.

What are NFTs?

So, what's the big deal about NFTs? Well, NFTs, or non-fungible tokens, are a type of digital asset. They exist on a blockchain — the same technology that powers cryptocurrencies like Bitcoin and Ethereum. But unlike Bitcoin or Ethereum, which are fungible (meaning they can be swapped on a one-for-one basis), NFTs are unique. Each one has special attributes that make them different from the others.

Think of them as digital collectibles. Just like you'd treasure a signed baseball card or a limited-edition comic book, NFTs are valued for their rarity and uniqueness. But instead of sitting on a shelf, they exist in your digital wallet. Cool, right?

Here's the fun part: NFTs aren't just limited to digital art or collectibles. They can be anything digital — music, memes, tweets, virtual real estate, and even virtual pets! The possibilities are endless. So, now that you're up to speed on what NFTs are, let's move on to the next step: setting up a digital wallet and buying some Ethereum to get started on your journey of how to buy and sell NFTs.

How to setup a digital wallet

Alright, now we're getting to the meaty stuff. Your digital wallet is like your personal bank account in the virtual world. It's the place where you'll store any NFTs you buy, and from where you'll sell them. It's also where you'll keep the Ethereum you'll need to carry out these transactions. Why Ethereum, you ask? Well, most NFTs are based on the Ethereum blockchain, so you'll need some to trade in NFTs. But we'll get to that in just a bit. For now, let's focus on setting up your digital wallet.

There are several digital wallets you can choose from, like MetaMask, Trust Wallet, and Coinbase Wallet. These wallets are free to use and come with their own security measures to keep your digital assets safe. So, how do you set one up? Here's a simple, step-by-step guide:

  1. Choose your wallet: Look at the features each wallet offers and pick the one that suits you best. Remember, you'll be storing your precious NFTs and Ethereum in there, so choose wisely!
  2. Create an account: Just like with any online service, you'll need to create an account. You'll have to come up with a strong password — and don't forget it! If you lose it, you might lose access to your digital riches.
  3. Set up security measures: Most wallets will give you a seed phrase. This is a set of words that can be used to recover your account in case you forget your password or lose access to your wallet. Keep it safe and secret!

And there you have it! You now have your very own digital wallet. But it's feeling a bit empty, isn't it? Let's move on to the next step of our guide on how to buy and sell NFTs: buying Ethereum.

How to buy Ethereum

Just as you can't enter a theme park without a ticket, you can't buy NFTs without some Ethereum. Ethereum is the currency of choice in the NFT world, so you'll need some to get started. So, how do you buy Ethereum? Here's what you need to do:

  1. Find a cryptocurrency exchange: This is a platform where you can buy and sell different types of cryptocurrencies, including Ethereum. Some popular ones to consider are Coinbase, Binance, and Kraken.
  2. Create an account: Once again, you need to create an account with your chosen exchange. You'll need to provide some personal information and go through a verification process. Don't worry, these platforms use stringent security measures to keep your information safe.
  3. Buy Ethereum: After you've set up your account, you can buy Ethereum. You can use your credit or debit card, or even link your bank account. Once your purchase is complete, the Ethereum will appear in your exchange account.
  4. Transfer to your digital wallet: To use your Ethereum for buying NFTs, you need to transfer it to your digital wallet. This process varies between wallets and exchanges, but generally, you'll need to select 'Send' or 'Transfer', enter your wallet's address, and confirm the transaction.

There you have it! Now you're not just a proud digital wallet owner, but also an Ethereum holder. You're now one step closer to owning your first NFT. Up next in our step-by-step guide: how to buy and sell NFTs, we'll look at how to buy your first NFT.

How to buy NFTs

Now that you have Ethereum in your digital wallet, you're all set to dive into the exciting world of NFTs. But how exactly do you buy an NFT? Let's break it down:

  1. Choose an NFT marketplace: Just like traditional art pieces, NFTs are sold in marketplaces. Some of the most popular ones are OpenSea, Rarible, and Mintable. Pick the one that suits you best.
  2. Connect your wallet: To start buying, you'll need to connect your digital wallet to the marketplace. This is usually as simple as clicking "Connect Wallet" and following the prompts.
  3. Browse for NFTs: Here comes the fun part — browsing through the myriad of NFTs available. Whether it's digital art, music, or virtual real estate, there's bound to be something that catches your eye. Remember, NFTs are unique, so take your time to find one that you truly love.
  4. Click 'Buy Now': Once you've found your perfect NFT, it's time to make the purchase. Just hit 'Buy Now', confirm your payment with Ethereum, and voila — you're now the proud owner of an NFT!

And that's about it. You've officially joined the NFT club. But don't stop here. There's still more to learn in our guide on how to buy and sell NFTs. Up next: how to sell your newly acquired NFT.

How to sell NFTs

Selling NFTs is just as straightforward as buying them. Here's a step-by-step guide on how to do it:

  1. List your NFT for sale: On the NFT marketplace where you bought your NFT, navigate to your collection and click "Sell". You'll be asked to provide details like price and sale type (e.g., fixed price, auction, etc.).
  2. Set a price: Setting the right price for your NFT can be tricky. We'll talk more about this in the "How to Price NFTs" section. For now, just know that it's important to strike a balance between what you believe your NFT is worth and what buyers are willing to pay.
  3. Confirm listing: Once you've input all the necessary details, click "Confirm" to list your NFT for sale. Make sure you're happy with all the details before doing this because once it's listed, it's out there for the world to see!
  4. Wait for a buyer: Now, it's a waiting game. When a buyer is interested, they will purchase your NFT directly from the marketplace, and the funds will be transferred to your connected wallet.

And there you go! You're not just a buyer now; you're a seller in the NFT market. But remember, it's not just about buying and selling — it's about understanding the value of your digital assets. That's why we're going to tackle the topic of how to price NFTs in the next section.

How to mint NFTs

Exciting news: not only can you buy and sell NFTs, but you can also create your own. This process is called "minting". Let's go through the steps:

  1. Prepare your content: First off, you'll need to decide what you want to mint as an NFT. It could be a digital artwork, a photo, a tweet, or even a video. Just remember, it needs to be something you have the rights to.
  2. Choose a platform: Next, you'll need to select an NFT marketplace where you'll mint your NFT. Some of the popular ones include OpenSea, Rarible, and Mintable.
  3. Connect your wallet: To mint an NFT, you'll need to connect your digital wallet to the marketplace. This is similar to the process we discussed in the "How to Set Up a Digital Wallet" section.
  4. Mint your NFT: On the marketplace, you'll find an option to create or mint a new item. You'll have to upload your content and provide details like the name, description, and price. Once you're done, click "Mint".

Voila! You've just added a new NFT to the blockchain. But remember, minting an NFT usually comes with a cost called "gas fee", so make sure you're ready to cover that. Now that you know how to mint NFTs, it's time to explore how to price them.

How to price NFTs

Pricing NFTs can feel a bit like trying to catch a fish with your bare hands — slippery and somewhat elusive. But don't worry, we're here with some tips to make it a little easier:

  1. Research the Marketplace: Just like in real estate, you want to check the comparables. What are similar NFTs selling for? This can give you a ballpark figure.
  2. Consider the Creator: Are you a well-known artist or a newbie? Famous creators can usually command higher prices, but that doesn't mean there's no room for newcomers. Talent always finds its way.
  3. Think about Rarity: How many copies of your NFT will exist? If it's a one-of-a-kind, it might fetch a higher price.
  4. Check the Quality: Like any product, quality matters. If your NFT is a digital artwork, is it well-crafted and visually stunning? High-quality NFTs are more likely to attract buyers.

Remember, pricing is an art, not a science. There's no perfect formula, but with research and a bit of intuition, you'll find the right price for your NFT. Now that you're an expert on buying, selling, and pricing NFTs, let's move on to avoiding the pitfalls — yes, we're talking about scams.

How to avoid NFT scams

Just as in any booming market, NFT trading is also not immune to scams. But don't sweat it — we've got the lowdown on how to avoid NFT scams.

  1. Verify the Seller: It's like your mom always told you, don't take candy from strangers. Similarly, don't buy NFTs from unknown sellers. Do your homework and make sure the seller is reputable.
  2. Double-Check the NFT: Fakes are everywhere. Before buying, make sure the NFT is original and has not been replicated or forged.
  3. Be Wary of Too-Good-to-Be-True Deals: If a deal seems too good to be true, it probably is. Unrealistically low prices can be a red flag for scams.
  4. Use Trusted Platforms: Stick to well-known NFT marketplaces. They have security measures in place to protect buyers.

Scams can be daunting, but with these tips, you're well-equipped to buy and sell NFTs safely. Next, let's explore the exciting world of NFT trends. Because, let's face it, who doesn't want to stay ahead of the game?

Tracking trends in the NFT market is like trying to catch a wave while surfing—you need to position yourself in the right place and at the right time. But how do you do that?

  1. Keep an Eye on Social Media: Twitter, Instagram, and Clubhouse are hotspots for NFT discussions. Artists and creators often drop their newest pieces there.
  2. Follow NFT Influencers: People like Beeple and Gary Vaynerchuk are at the forefront of the NFT scene. They can provide valuable insights into what's trending.
  3. Join NFT Forums and Communities: Platforms such as Reddit and Discord have active NFT communities. Joining these can help you keep your finger on the pulse of the market.
  4. Subscribe to NFT Newsletters: Newsletters like Nifty Report and The Defiant curate the latest news and trends in the NFT world.

With these resources, you can track—and even anticipate—the ebbs and flows of the NFT market. Now that you're on top of trends, let's learn how to protect your NFT investments.

How to protect NFT investments

Now that you've got the know-how to buy and sell NFTs, it's time to talk about safeguarding those shiny new investments. Let's dive in:

  1. Secure Your Digital Wallet: Your digital wallet is like your virtual bank. Protect it with a strong password and enable two-factor authentication if available.
  2. Research Before You Buy: Don't get caught up in the hype. Research an NFT’s value and potential before purchasing. Who's the creator? What's their reputation? These questions can guide your decision.
  3. Backup Your Wallet: In case of a device failure, having a backup of your digital wallet is a lifesaver. Make sure you keep it in a secure location.
  4. Watch Out for Scams: From fake NFT auctions to phishing attempts, scams are a real threat. Always double-check sources and be wary of too-good-to-be-true offers.

Protecting your NFT investments isn't just about security—it's also about making smart choices. And remember, the NFT world is exciting, but it's also new and unpredictable. Always invest with caution.

If you found this guide on buying and selling NFTs helpful, why not dive deeper into the world of NFTs with Tom Glendinning's workshop, 'Sell Your Creations As NFTs.' This workshop will provide you with a comprehensive understanding of how to turn your creations into NFTs and successfully sell them in the digital marketplace.