How to Buy NFT in India
Before we jump onto our list of ways to buy NFTs in India, we would like to point out a few prerequisites before buying NFTs.
Prerequisites
You will need an Ethereum wallet to store your funds. You can use wallets like Coinbase Wallet or MetaMask which also stores NFTs.Gas money (Transaction fees) is required to validate any Ethereum purchase so factor in the gas money before making any purchase. You can visit this link to check current Gas prices.
Now, let’s come back to the best ways to buy NFTs in India, and the following are the top three marketplaces where you can invest in NFT!
1. OpenSea
OpenSea is an NFT marketplace that hosts various types of Ethereum-based NFTs that you can buy or bid on or you can even create your own NFT and mint it. It has a wide variety of growing and popular options you can browse with a community that grows larger daily.
They have a wide and different selection of NFTs to choose from like Art, Audio, Domain names, Trading Cards, and other different types of collectibles.
To buy or trade NFTs on OpenSea, you will need an Ethereum wallet as mentioned previously like MetaMask or Coinbase wallet. Overall OpenSea is a great marketplace, especially for buyers of popular or rare NFTs.
2. Binance NFT
Binance is a prominent cryptocurrency trading platform but it recently added an NFT marketplace. It features different categories from very talented creators and also has NFT mystery boxes and it’s the first platform to feature IGO (In-Game Offering).
NFT IGOs are purely gaming-based NFTs that feature early access to games, In-game exclusive items, or complete games. It also features BNB or BUSD based NFTs besides Ethereum ones which are relatively less expensive and the Gas money is significantly less than Ethereum. You can even transfer your BNB and BUSD funds from WazirX to Binance. All these options make Binance ideal for new investors.
3. Wazir X
WazirX is one of the popular crypto exchanges in India, and they came up with their own NFT platform a few months back called WazirX NFT. The highlight feature of this marketplace is that it features some great hidden talents from India and you’ll find amazing artworks from these Indian artists. If you are just an art enthusiast, you’ll surely invest in these NFTs.
Like other platforms, you can create or mint NFT or purchase or bid in an auction but it also gives a certain freedom to its creators by allowing them to decide the terms and conditions of the sale. WazirX uses WRX tokens for NFT transactions. This token is based on BSC (Binance Smart Chain), an alternative to Ethereum, and it is the only currency you can use to buy NFT on this platform. You can still connect your wallet, like MetaMask, and transfer funds to convert them into WRX.
How to Buy NFTs
NFTs are available as fixed-price purchases or in an auction. You can bid your price, and that amount deducts and locked in by the marketplace. If you win, you will receive your NFT, or if someone else wins, your amount will be released back to your wallet.
Wrapping Up
This brings our list to an end. All three of these marketplaces come with unique features and offer something different for everyone. We hope we helped you explore different ways to buy NFTs and you found some great options to browse and choose for your investment.
