Do you want to buy NFTs on the Internet Computer blockchain? If so, we’re about to provide you with a comprehensive guide to using the IC for your NFT purchases. Keep in mind that the number of marketplaces for NFTs on the Internet Computer is growing rapidly, and we can’t discuss them all here individually. However, the process is fairly similar for each marketplace, with the main exception being those that require you to wrap your ICP to make a purchase (but we’ll get to that in a minute).
Here are the main steps you will have to take in order to purchase NFTs on the Internet Computer Blockchain.
Step 1: Buy ICP on a CEX
The first thing you will need to do in order to buy NFTs on the IC blockchain (supported by The DFINITY Foundation) is to get some ICP cryptocurrency. In order to acquire ICP (Internet Computer Protocol), you will have to buy the cryptocurrency on one of the many centralized exchanges (CEXs) that allow ICP trading. A few of the most popular CEXs for ICP buying include Binance, Coinbase, and Kucoin. However, the CEXs available to you will depend on your geographic location.
Step 2: Transfer Your ICP to Infinity Wallet
You can’t buy NFTs with your ICP directly from a CEX. You have to transfer the tokens to a crypto wallet that can hold ICP. While you have several options, we recommend our own Infinity Wallet. There are several good reasons to use the Infinity Wallet to buy NFTs on the Internet Computer.
· Infinity Wallet is currently the only wallet that is integrated with every major NFT marketplace on the IC, including Entrepot, Yumi, CCC, Ceto, and Gigaverse (look for Meme Cake and ICPVerse integration in the near future).
· You can use Internet Identity for incredibly secure wallet login access – this is just one of the many ways that Infinity Wallet is designed to work closely with products from The DFINITY Foundation.
· Infinity Wallet is also ideal for DeFi since it supports the IC’s token standard ICRC-1, as well as our own IS20 protocol and IC ledger tokens. We will also be integrating with BTC and ETH tokens as BTC and ETH integration takes place on the IC at the protocol level.
Once your ICP is safe in your Infinity Wallet, you are ready to move on to the next step.
Step 3: Connect Your Wallet to the Marketplace
The marketplace will ask you to connect your wallet or log in. You will see a list of the wallets that are integrated with the site. Select Infinity Wallet from the list and click “Allow” to confirm that you want to connect your wallet to the marketplace. Once your wallet is connected, you will be able to do things like buy, sell, and view your current NFT assets. Features will vary from marketplace to marketplace.
Step 4: Search the Marketplace for the NFT You Want
Now comes the part where you have to do your own research. InfinitySwap doesn’t provide financial advice on which NFTs to purchase. Of course, we’re partial to some of the NFT projects we are collaborating on with some of our partners to release to you in the near future. You will eventually be able to purchase these from varying NFT marketplaces since we are collaborating with many major projects and artists as well as all the top marketplaces. You should research an NFT project's social accounts and website, and you may also want to consider NFT rarity using a site like DGDG.app.
Step 5: Buy the NFT
Once you find the NFT you want to purchase, click “Buy Now” (the button may say something slightly different depending on the marketplace you are using, but it will be clear that you are buying the NFT). The marketplace should ask for confirmation and will remind you how much ICP you agree to send in exchange for the NFT. Your Infinity Wallet will also ask for confirmation. Click "Confirm" to complete the transaction.
Remember that transactions on the IC cost 0.0001 ICP, so you will need to have that much beyond what you are paying for the NFT in order to transfer the ICP. The IC uses the reverse gas model, so there will be no gas fees on your purchase.
Congratulations! You just bought an NFT on the Internet Computer!
Additional Information for Marketplaces That Require Wrapped ICP
If you are making your purchase on CCC or Ceto marketplaces, you will have one extra step in the process. These marketplaces require you to wrap your ICP in order to interact with their dApps. Wrapping your ICP is simple on these marketplaces and occurs directly in the dApp. In fact, if you try to purchase an NFT without enough wrapped ICP, it will cause a message to pop up showing you how much ICP you have and how much WICP you have. Then you can “recharge” with the amount of WICP you need in order to make the purchase. Keep in mind that you will also incur the 0.0001 transaction fee both when wrapping and unwrapping ICP, so be sure to send enough.
Infinity Wallet Is a Fantastic NFT Wallet for the Top Marketplaces
At InfinitySwap, we’re all about bringing decentralized finance and financial freedom to the masses. But we also wanted our Infinity Wallet to have the maximum amount of utility. That’s why we partnered with all of the top NFT marketplaces on the IC. So you can use one wallet for everything from DeFi on the IC to NFT trading.
So whether you are staking native tokens on the IC, buying IC NFTs from emerging artists, or waiting to start making DeFi plays with BTC on the IC, we’ve created the best wallet for you!
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*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of InfinitySwap itself.