How to Buy NFTs in Canada 2022/ Wealth Rocket

Learn how to buy NFTs in Canada in 2022, understand the requirements for a successful transaction and where NFTs are a worthy investment.

NFT has been booming, especially after the massive sales registered in 2021. Investors have been hooked, more platforms developed, and more individuals are interested in buying NFTs. If you are interested in this investment but unsure of where to start, here is a guide on how to buy NFTs in Canada 2022.

What's an NFT?

NFT stands for non-fungible tokens. By non-fungible, it means that the tokens are unique and authentic. You also can't trade a non-fungible token for another one with a similar value because its duplicate is non-existent.

NFTs come in different forms of digital assets, which include:

• Videos
• Memes
• Tweets

However, the most common form of NFT is digital art.

 

How to Buy NFTs in Canada

The best part about NFTs and other crypto is the lack of geographical borders. You can use any marketplace from any part of the globe to buy your tokens. But buying NFTs is a bit complex compared to buying stocks, so you should be extra attentive. Check out these detailed steps.

 

Buy Ethereum

You need to purchase cryptos to facilitate your transactions when purchasing NFTs. And since NFT is a part of the Ethereum network, you should buy some Ethereum, which you will then use as an exchange.

To buy Ethereum, you should sign up and verify an exchange account. Conduct in-depth research on the best crypto exchange platforms, and then select one that meets your needs, from the ease of use to attractive exchange rates.

 

Download Metamask Wallet

You will need a crypto wallet to keep your crypto safe. You can choose a hardware wallet, especially if you plan on making a large purchase. This type of wallet allows you to keep your coins offline, thus minimizing unauthorized access.

Moreover, you need a crypto wallet that can quickly connect. And there is no better choice than the Metamask wallet. You can add this wallet as an extension to your browser and then connect your hardware wallet to it.

 

Fund Your Wallet

Send your Ethereum to your Metamask wallet. Make sure to send an adequate amount depending on the amount of NFTs you wish to purchase. Also, make sure you have the correct wallet address for the precise network you choose to use.

 

Head to the Market Place

Now that you have your funds ready to transact, you can go to the marketplace for your first purchase. The common NFT platforms in Canada are Binance and Opensea. But OpenSea beats them all. It is currently the largest marketplace per the volume traded and the most recommended for first-time NFT buyers. Even better, OpenSea accepts over 150 tokens for payment, so you don't necessarily need to use Ethereum.

 

Bid and Buy

You will have a ton of NFTs to choose from. Make sure you have already done enough research on the best token to avoid purchasing one and regret it later. Browse through the choices, then bid and purchase.

 

Where to Buy NFTs

Based on your expertise and budget, you have numerous marketplaces to select from. As mentioned, Binance and OpenSea are the most famous marketplaces, but you can check out other platforms like:

Reliable

This platform deals with digital collectibles and art on Flow, Tezos and Ethereum networks.

Crypto.com

The marketplace is commonly known for offering digital arts and collectibles. Nonetheless, the platform is still new and a bit glitchy hence not the best for newbies.

Nifty Gateway

Nifty Gateway sells digital arts without a gas fee. You can use your debit card, credit card or prepaid Ethereum to purchase NFTs.

OpenSea

This is the most popular and largest marketplace in Canada. It's loved due to its ease of use for people at all levels. However, due to the high amount of Ethereum transactions done every second, the transaction fee is relatively high. Therefore, this is not the ideal site if you are on a tight budget.

Which Celebrities Have NFTs?

From celebrity videos to tweets advertising NFTs, some celebrities have created their own NFTs and are making a fortune out of them. They include:

Tory Lanez

Tory Lanez NFT album in September 2021 and is continuing his foray into the non-fungible token's world. The album sold a million copies in less than a minute. The NFT album had seven new songs and seven art pieces and was only accessible through the E-NFT app and platform.

Keanu Reeves

Keanu Reeves NFT is expected to be different from the usual tokens. He claimed that the standard NFTs give people the ability to save images, making the tokens available to anyone. He hinted about the Matrix NFTs creation that will put different measures to prevent piracy.

Logan Paul

Logan Paul NFT entails 99 photos over 99 days taken by Paul via a Polaroid as he covered an 84,029 miles journey across the globe. The NFT also features a DAO and is called the 99 originals.

Are NFTs a Good Investment?

Certainly, NFTs are a worthy investment, owing to their uniqueness and Authenticity. Moreover, NFT guarantees you ownership of the token and maximum safety thanks to blockchain technology protecting them from authorized access.

Also, with the constantly rising demand for NFT, you can count on their value to grow over time. So, if you wish to resell yours later, you get massive profits.

 

FAQs

Are NFTs a good investment?

Yes, non-fungible tokens are a wise investment choice, but you should conduct due diligence before buying or selling the tokens.

Can I Create NFTs?

Tons of celebrities have already created their own NFTs, and if you wish, you can create yours and earn from your artwork. To do so:

• Open a crypto wallet and connect it to your ideal NFT platform
• Check the minting section on the marketplace and follow the steps to create NFTs
• Select what items you wish to sell, which could be songs, photos or memes
• Inform people about your NFT and encourage them to buy

Do I Have to Use Ethereum to Buy NFTs?

You need cryptos to facilitate your transaction when buying NFTs. And Ethereum is commonly used since NFTs are part of the Ethereum network.