How to buy NFTs without owning crypto
How to buy NFTs without owning crypto
Buying an NFT without cryptocurrencies can be a difficult task. Explore the payment options offered by trading platforms, or use third-party services.
Non-gaming tokens (NFT) have become a popular way to sell digital art and other unique items.
However, due to the fact that they are not the property of cryptocurrencies, many people are afraid to invest in NFT.
It is possible to buy NFT without owning a cryptocurrency
The good news is that it is possible to purchase NFT without owning a single cryptocurrency. For example, users can buy NFT with dollars, credit cards, or through a friend.
In this article, we will look at several ways to buy NFT for fiat money and in other ways.
Buying NFTs with a credit card on NFT marketplaces
One of the easiest ways to get these unique digital assets without having a cryptocurrency is to buy an NFTs with a credit card.
Some NFTtrading platforms, such as OpenSea and Nifty Gateway, allow buyers to use credit cards to purchase non-functioning tokens.
It is important to remember that not all trading platforms accept credit cards as a form of payment.
In order to purchase NFT using a credit card, the user must register an account on the trading platform that he wants to use.
Before a buyer can use a credit card to purchase non-functioning tokens on some trading platforms, an identity check is required.
After creating and verifying an account, users can view various NFTs and select the ones they want to purchase.
After that, the user can go to the checkout page, where he will be asked to choose a payment method.
If credit card payment is available, the user can choose this method and enter their credit card details to complete the purchase.
It is important to remember that using a credit card to purchase an NMT may incur additional costs, for example, a processing or transaction fee.
If users purchase NMT on a site that accepts a currency other than their credit card currency, they also need to be informed about the exchange rate. In addition, some credit card providers may classify the purchase of NMT as a cash advance, which may lead to higher interest rates and fees.
Despite these possible drawbacks, buying an NFT with a credit card is an affordable way to get these kind of digital assets at your disposal without having a cryptocurrency.
The absence of the need to purchase and trade cryptocurrencies allows people unfamiliar with cryptocurrencies or just starting to work with them to invest in the NFTs.
Using third-party services to buy NFTs
Another option for buying NFTs without owning cryptocurrencies is to use third-party services.
Users of these services can purchase NFTs using fiat money or various payment methods that may not be available on NFT trading platforms.
How to use third-party services to purchase NFTs
Users must find a provider that allows them to purchase NFTs through third parties. An example is Niftex.io, Shopify and NiftyKit.
For example, Shopify allows merchants to accept credit card payments.
However, in order to ensure acceptance of cryptocurrency payments, sellers must enable one or more additional cryptocurrency payment processors on the Payments page located in the Settings section of the Shopify administrator account.
As a rule, after choosing a service, the user must register an account and go through the payment procedure. Depending on the service, various payment options may be available, such as credit cards, bank transfers, etc.
However, using third-party services to purchase NMT has its pros and cons. On the one hand, this method is beneficial for newcomers to the cryptocurrency world, as it allows you to purchase non-functioning tokens without the need to own a cryptocurrency.
In addition, these platforms provide a wider range of payment options, including bank transfers and credit cards, than the NFT trading platforms. Some services provide additional opportunities, for example, fractional ownership of NFT, which gives investors more opportunities.
However, the use of third-party services may have certain disadvantages.
Commission fees may be higher than on the NFT exchanges, which may lead to their increase over time. The security of third-party services may also be inferior to the security of NFT exchange platforms, which increases the likelihood of fraud and other scams.
Finally, users may be required to create accounts and undergo additional verification procedures, which may take some time and possibly entail the disclosure of personal data.
Using a peer-to-peer exchange
Using a peer-to-peer (P2P) exchange allows users to buy and sell NFTs directly with each other without resorting to the services of intermediaries such as banks or payment processors. To purchase an NFT, users must find a platform that provides the possibility of P2P exchange.
An example is OpenSea, a decentralized trading platform for NFTs. To access the service, users can register on OpenSea and link their wallets to it, for example MetaMask, which allows interacting with the Ethereum blockchain.
Users can explore the available NMTs and buy them using fiat currency or other payment methods if they have a connected wallet.
Due to the absence of intermediaries in transactions, peer-to-peer exchanges can also provide lower fees compared to other solutions.
In addition, some platforms may include exclusive collections of NMT or services that are not offered by other exchanges.
However, disadvantages should also be taken into account. P2P exchanges may have a greater risk of fraud compared to other methods because they involve direct transactions between buyers and sellers.
As a result, users may need additional investigation and due diligence to confirm the legitimacy of the seller and the authenticity of the NFTs.
In addition, buying and selling NFTs on a peer-to-peer exchange may be more difficult than in other options, which may be inconvenient for beginners.
Buying NFTs through a friend
Buying NFTs through a friend is another option for those who do not own cryptocurrency. Let’s take an example of a scenario in which Bob wants to purchase NFTs, but does not have a cryptocurrency.
But Bob’s girlfriend Alice is ready to purchase NFT on Bob’s behalf in exchange for fiat money or another pre-agreed payment method. Alice is the owner of the cryptocurrency.
To make this transaction, Bob and Alice must agree on the details of the sale, such as the purchase price, payment method and delivery of the NFT.
After reaching an agreement on the terms, Alice uses her cryptocurrency to purchase NFTs on behalf of Bob. Bob then transfers the agreed amount of money to Alice.
After making the purchase, Alice transfers the NFT to Bob’s digital wallet.
Although buying NFTs through friends may be a convenient option, it is necessary to take into account the potential risks.
Before conducting a transaction, all parties should make sure that they fully trust each other and conclude a written agreement.
In addition, there is a possibility of loss or theft of NFT if a friend who purchases them on behalf of another person does not ensure proper security of his digital wallet or does not comply with standard procedures for acquiring and storing NFTs.
Therefore, before choosing such a method, it is necessary to carefully weigh all the risks and benefits.
What are the barriers to buying NFTs without crypto
Users may face the problem of determining the exact value of non-functioning tokens due to fluctuations in cryptocurrency prices. The inability to acquire NFT without cryptocurrencies can also be hampered by high transaction costs and security issues.
In addition, some buyers may be concerned about regulatory uncertainty related to the legal and tax consequences of acquiring non-gaming tokens.
Finally, since many trading platforms and platforms accept only cryptocurrency as payment, it is quite difficult to purchase NFT without it. This means that in order to purchase NMT, you must first buy a cryptocurrency, if it does not exist yet.
Despite the fact that some platforms for the sale of NFT are beginning to provide payment methods other than cryptocurrencies, for example, payment by credit cards, there are currently few such options.
Probably, as the NFT market develops, other payment methods will appear, which will simplify the process of acquiring non-functioning tokens without cryptocurrency.