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Cryptogambling / How to Buy NFT Without Owning Crypto

How to Buy NFT Without Owning Crypto

Publish Date: 10/05/2023

If I tell you that you can buy NFT without owning a crypto, I bet you will say it’s impossible or superlative. Well! I have good news for you.

Non fungible tokens (NFTs) are popular means for creators to sell digital art and other unique items. Yet many people don’t invest or buy these NFTs or know how to go about it because they do not own cryptocurrencies.

So, can you buy NFTs without crypto?

YES! You can purchase an NFT for instance, using dollars, credit cards or via a friend or family member.

Through this article, we will look at a number of ways you can buy NFTS without owning crypto.

Peer-to-peer exchange

Using a peer-to-peer (P2P) currency exchange is one of the ways through which you can buy NFTs without owning crypto.

P2P allows you to buy and sell NFTs directly with a merchant without the need for centralised banking systems or payments. Users must locate one or two P2P platforms to purchase NFTs.

One illustration is OpenSea, a decentralized marketplace for NFTs. To access the service, users must sign up for OpenSea and connect their wallets, such as MetaMask, which is one of the best pear-to-peer currency exchanges, and enables communication with the Ethereum blockchain. Once they have a connected wallet, users can browse the available NFTs and purchase them using fiat money or other payment methods.

Peer-to-peer exchanges can also offer lower fees than other options because there are no middlemen involved in the transactions. Additionally, some platforms might offer services or exclusive NFT collections that are unavailable on other exchanges.

Nevertheless, there can be drawbacks to consider. Since P2P exchanges involve direct interactions between buyers and sellers, they may be more susceptible to fraud or scams than other strategies.

Users may therefore need to carry out additional research and due diligence to check the authenticity of the seller and the NFT authenticity.

Using a credit card on the NFT marketplace

Purchasing NFTs using a credit card is one of the simplest ways to get these special digital assets without possessing any cryptocurrency. Some of the best NFT marketplaces, such OpenSea and Nifty Gateway, allow clients to buy nonfungible tokens using credit cards. It is important to keep in mind that not every marketplace will take credit cards as payment.

To use a credit card to buy NFTs, users must first create an account on the marketplace. Some marketplaces demand identity verification before allowing credit card payments for nonfungible token purchases.

It is important to keep in mind that using a credit card to buy NFTs could result in extra expenses such as processing or transaction fees.

Despite these potential drawbacks, buying NFTs using a credit card is a convenient way to acquire these unique digital assets even if you don’t have any cryptocurrencies. It enables people who are unfamiliar with or new to the world of cryptocurrencies to invest in NFTs without having to buy and trade coins.

Using third-party services

Third-party services are another option to consider when buying NFTs. Users can buy NFTs using fiat money or different payment methods that might not be readily available on the NFT marketplace.

You might be asking, how do I buy NFTs via third-party services? Easy peasy.

You can buy NFTs by locating a provider such as Niftex.io,  Shopify and NiftyKit. For instance, credit card payments are accepted by Shopify by retailers. The “Payments” page, which can be found in the “Settings” portion of a Shopify administrator account, is where artists must enable one or more of the additional cryptocurrency payment processors in order to accept cryptocurrency payments.

In addition, compared to NFT marketplaces, these platforms offer a greater selection of payment methods, such as bank transfers and credit cards. In order to provide customers with more options, some services even include extra features like fractionalized ownership of NFTs.

To access this, you must have an account and follow the payment procedures. Various payment options, including credit cards, bank transfers, and others, may be offered depending on the service.

Using a third-party provider has its pros and cons. While these platforms are advantageous for newbies because to enable them to buy nonfungible tokens without needing cryptocurrencies, there could be higher charged fees on the NFT exchanges which could mount up over time.

Also, because the securities of these platforms might be inferior to that of the NFT marketplaces, users are susceptible to fraud and scams.

Buying NFTs through a friend

People standing in circle, holding and staring into smartphones.

One way that you can buy NFTs without having crypto is through a friend. For instance, if you have a friend who is willing to buy or pay for a piece of NFT in exchange for fiat money or other prearranged method, you can become an NFT owner.

This method is one of the easiest and safer because, upon agreement, the details of the sale will serve as proof of payment and transaction between the two parties. Also, the person will then transfer the NFT into your wallet after making the purchase.

By doing this, you can then decide to do what you like with your NFT.

Although, while buying from a friend or family might be a convenient option, if the person doesn’t adequately protect their digital assets or adhere to standard procedures, they are susceptible to lose or NFT theft.

It is imperative to weigh the risks and advantages.

Challenges you might face buying NFTs without crypto

You might find it challenging sometimes to determine the exact cost of NFT tokens due to the volatility and price instabilities.

In addition, the instability might result in high transaction costs and security issues which might pose a problem when buying NFTs without crypto.

You might also like to consider regulatory uncertainties that border around the legal and tax purchases of nonfungible tokens.

Finally, it is imperative to note that there are currently few NFT marketplaces that accept credit card payments as a form of payment in addition to cryptocurrency. As the NFT market develops, additional payment methods will undoubtedly become accessible, making it easier for consumers to buy nonfungible tokens without cryptocurrencies.

Final Note

Buying NFTs without owning any cryptocurrency may seem daunting at first, but it’s entirely possible with a bit of research and patience. By following the steps outlined in this comprehensive guide, anyone can acquire NFTs using fiat currency or a credit card. However, it’s essential to exercise caution and perform due diligence before making any transactions to avoid scams or purchasing counterfeit NFTs.

With the growing popularity of NFTs and the increasing number of platforms that support fiat purchases, the process of buying NFTs without owning crypto will likely become more accessible and streamlined. As such, it’s an exciting time for NFT enthusiasts and collectors who want to enter the market without dealing with the complexities of cryptocurrency ownership.

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