How to Buy NFTs Without Owning Crypto – A Complete Beginner’s Guide
In recent years, creators have adopted non-fungible tokens (NFTs) as a way to sell their digital art along with other unique products. However, most of their target customers do not own crypto for purchasing NFTs. But how can you acquire NFTs without using crypto? There are several ways, which include:
Purchasing NFTs Using Credit Cards on NFT Marketplaces
You can get yourself a unique digital asset by buying it with your credit card. NFT marketplaces, like Nifty Gateway and Opensea, allow users to use credit cards to buy NFTs. But it is worth noting that only a few marketplaces support credit cards as a payment method.
Users are required to set up an account with the marketplace they wish to buy NFTs using a credit card and then complete the identification process. After that, they can explore the NFTs listed and select the ones they like. They will then be directed to a checkout page where they can choose a credit card as their preferred payment method and enter the card details to execute the transaction.
Keep in mind that purchasing NFTs with credit cards may attract extra charges, such as processing fees. Also, you need to consider the exchange rate in case an NFT marketplace accepts a different fiat currency than your credit card.
Despite these downsides, buying NFTs with credit cards is one of the easiest ways for people who are not familiar with the crypto world to invest in these unique digital items.
Using Third-Party Services to Purchase NFTs
The second way to acquire NFTs without crypto is through a third-party service, which allows people to buy NFTs using payment methods not supported by an NFT marketplace. It could be bank transfers and PayPal, among others.
You first must identify a third-party service provider that lets people purchase NFTs on their platforms. Some of them include NiftyKit and Niftex.io. After selecting the provider, you are required to create an account and choose the service you wish to utilize.
Third-party services, however, have their pros and cons. On the upside, people who are new to crypto will find this method useful as they are able to acquire NFTs without having to deal with complex technicalities in crypto transactions.
Furthermore, these platforms support more payment methods than NFT marketplaces. Some even include additional features, such as fractionalized NFT ownership, allowing several people to own a single digital asset.
On the downside, expect higher fees than those charged in NFT marketplaces when using third-party platforms. Also, the security features found in these platforms may not be as effective as those in NFT exchanges, thus giving room for possible fraud.
Using a Peer-to-Peer Exchange
It is possible for users to trade NFTs with each other without involving intermediaries like payment processors and banks. There are multiple platforms that support P2P exchange, with OpenSea being one of them. Once you register an account on OpenSea, you will be required to connect your digital wallet, like MetaMask, to explore the available NFTs on the exchange and acquire them using various payment methods, such as debit or credit cards.
The absence of middlemen makes these transactions relatively cheap. Moreover, some P2P exchanges may list exclusive NFTs not available on any other exchange.
But it is important to note that trading directly with each other poses a considerable risk of fraud. Therefore, you must do your due diligence to ensure the person you are dealing with is legit. That said, beginners will find this method trickier than other payment options.
Purchasing NFTs Through a Friend
This method of acquiring an NFT involves entering a deal with a friend who is a crypto owner. For instance, John, who doesn’t have any crypto, wants to buy an NFT, so he asks his friend Alice who owns crypto, to purchase the digital art on his behalf and then pay her using fiat money. While purchasing an NFT through a friend appears to be a convenient option, especially for beginners, having a written agreement before executing the transaction is vital to avoid disputes.
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