New to the world of NFTs? In our guide, you’ll learn how to buy NFTs in Canada in 2023, understand the requirements for a successful transaction, and where NFTs are a worthy investment.
How to buy NFTs in Canada
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NFTs have been booming, especially after the massive sales registered in 2021. Investors have been hooked, more platforms are being 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.
What's an NFT?
NFT stands for non-fungible tokens. Non-fungible means that each token is unique and cannot be copied. Even if two NFTs come from the same collection, they will look different and can be given different values.
Of course, this means that there isn’t some magic number — instead there is only a number that makes sense for your lifestyle. This is made especially true by the fact that living expenses vary considerably depending on things like geographic location, family size, and also your personal comfort and risk assessment.
NFTs come in different forms of digital assets, which can include:
- Videos
- Memes
- Tweets
Next, let’s look at what a token is. Tokens are a form of cryptocurrency and like any other currency, crypto can be used to buy things. An NFT has a value associated with it, so it can be exchanged for a different type of cryptocurrency.
To summarize, an NFT is a one-of-a-kind digital asset that can be bought with crypto.
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 or any other type of art, so you should be extra attentive. The following steps detail how to safely buy NFTs.
1. Buy Ethereum
You need to purchase crypto to facilitate your transactions when purchasing NFTs. And since NFTs are part of the Ethereum network, buying Ethereum is your best bet for purchasing NFTs.
To buy Ethereum, you need to sign up and verify an account on an exchange. 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.
2. 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. It is specifically designed to support Ethereum and store your NFTs. You can add this wallet as an extension to your browser, or as an app on your smartphone or tablet.
3. 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.
4. 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. That being said, OpenSea tends to be the crowd favorite. It is currently the largest marketplace per volume traded and is highly recommended for first-time NFT buyers. Even better, OpenSea accepts over 150 tokens for payment, so you don’t necessarily need to use Ethereum.
5. 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 regretting 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 fees are 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 his Matrix NFTs creation will put use different security 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, NFTs guarantee ownership of the token and maximum safety thanks to blockchain technology protecting them from authorized access.
Also, with the constantly rising demand for NFTs, their value is expected to grow over time. So, if you wish to resell later, you can receive massive profits.
