To buy an NFT, you need a self-custody wallet that supports the blockchain the NFT is on. You fund that wallet with that chain's currency, enough for the price and the network fee (gas). Then you connect the wallet to a marketplace, check the full cost and the collection's authenticity, and approve the transaction. Ownership changes on-chain once the network confirms it. Yahoo Finance's guide of May 20, 2026 says "Blockchain transactions are irreversible", so every check has to happen before you click approve.
What you are actually buying
ethereum.org defines NFTs as "tokens that are individually unique". Each one "has different properties (non-fungible) and is provably scarce." On Ethereum, NFTs usually follow the ERC-721 or ERC-1155 token standards.
Under the ERC-721 standard, each token has a tokenURI, "a distinct Uniform Resource Identifier (URI) for a given asset". That URI may point to a metadata JSON file whose image field is itself "a URI pointing to a resource". In practice, the token records ownership and points to the artwork. As Yahoo Finance puts it, "The wallet doesn't contain the image, video, or file itself."
Step 1: Pick a wallet that matches the chain
Yahoo Finance says "The blockchain determines the wallet and cryptocurrency you need." The network also affects fees and processing speed. Check which chain the listing is on before doing anything else. Paying with the wrong currency or using an incompatible wallet adds delays and costs.
MetaMask is one widely used wallet for Ethereum-based NFTs. Its support pages say NFT autodetect is on by default and "is available on Ethereum, Base, Linea, SEI, Monad, and Avalanche." On other networks, or when detection fails, you add an NFT by hand with its contract address and token ID. MetaMask also notes that "not all NFTs may display correctly." For setup, see how to create a crypto wallet.
When you create the wallet, write down the recovery phrase and store it offline. ethereum.org is blunt about this: "Never, for any reason, share your recovery phrase or private keys!"
Step 2: Fund it for the price plus gas
Gas is "the unit that measures the amount of computational effort" needed for an Ethereum operation. Fees are quoted in gwei, and one gwei is one-billionth of an ETH. ethereum.org gives the fee formula as:
fee = units of gas used × (base fee + priority fee)
The base fee rises and falls with network demand and is burned. The priority fee is an optional tip to validators. ethereum.org also says "The fee is paid regardless of whether a transaction succeeds or fails." Keep a buffer above the list price, because a failed attempt still costs gas.
According to OpenSea's fee page, "only the person who submits the transaction pays gas". For a listed NFT that is the buyer. When a seller accepts an offer, the seller pays.
What must your NFT resell for to break even?
Enter the purchase price, the gas you paid to buy, the marketplace fee and the creator royalty to see the resale price that returns your outlay.
| Purchase price of the NFT | Gas you paid to buy | Marketplace fee taken from the sale | Creator royalty on resale | Break-even resale price |
|---|---|---|---|---|
| 1 ETH | 0.01 ETH | 1 % | 5 % | 1.074 ETH |
| 1 ETH | 0.01 ETH | 1 % | 0 % | 1.02 ETH |
| 1 ETH | 0 ETH | 1 % | 5 % | 1.064 ETH |
- All values are your own inputs; the defaults repeat the article's illustrative worked example (1 ETH, 0.01 ETH gas, 1% fee, 5% royalty ≈ 1.074 ETH).
- A royalty of 0% models an optional royalty the seller chooses not to pay.
This is arithmetic on your inputs only: it leaves out any gas you pay later as a seller, for example when accepting an offer, and it does not forecast what any NFT will sell for.
MetaMask is the most popular NFT wallet and is available as a browser extension or a mobile app.
Step 3: Connect the wallet and verify the collection
Most marketplaces let you connect a wallet directly instead of making a username-and-password account. Connecting is the moment scams target. Yahoo Finance warns that "Scam collections can copy artwork, branding, or names from legitimate projects" and that "Phishing attacks often target NFT buyers."
Checks before you buy:
- Domain. ethereum.org advises: "Always check that you are on the right domain, especially after clicking a link." Reach the marketplace from a bookmark, not from a direct message or a reply to a post.
- Contract address. Compare the collection's contract address on the marketplace with the one on the project's official site or social account. A copied collection can use the same name and image, but it cannot use the same contract.
- Free NFTs you did not ask for. ethereum.org describes airdrop scams that drop an NFT or token into your wallet and send you to a fake site to "claim" it. Signing there can compromise your account.
- Approval requests. ERC-721's
setApprovalForAlllets an "operator" manage all NFTs the owner holds in that collection. Read what a signature request is asking for. A routine purchase should not need you to hand over control of your whole collection to an unfamiliar contract.
Step 4: Check the full cost, including creator royalties
Yahoo Finance notes that "The listed NFT price isn't always the final amount you'll pay." Network fees, marketplace fees and creator royalties can all apply.
- Marketplace fee. OpenSea's help centre (accessed October 25, 2026) says it "typically charges" a 1% fee for selling NFTs, "which is included in the price displayed to buyers." That fee comes out of the seller's proceeds. Other marketplaces set their own fees.
- Creator royalties. Royalties are not guaranteed by the chain. EIP-2981, the Ethereum royalty standard, states that "The royalty payment must be voluntary". OpenSea says a collection's creator earnings "are either required or optional". Required earnings are paid on every sale. Optional ones are paid only if the seller chooses. The enforced type depends on the collection's contract (OpenSea names ERC721-C and ERC1155-C).
Break-even resale price
Before buying with resale in mind, work out what the NFT must sell for to return your outlay:
break-even price = (purchase price + gas paid to buy) ÷ (1 − marketplace fee − creator royalty)
Worked example with illustrative inputs: a 1 ETH purchase, 0.01 ETH gas, a 1% marketplace fee and a 5% royalty give 1.01 ÷ 0.94 ≈ 1.074 ETH. That figure leaves out any gas the seller pays later, for example when accepting an offer. It is arithmetic, not a forecast of what any NFT will sell for.
Step 5: Confirm, then check what arrived
Yahoo Finance says that after the network confirms the purchase, the ownership record updates and the NFT should appear in your wallet or marketplace profile. If it does not show up in your wallet, MetaMask suggests checking that you are on the correct account and confirming ownership on a block explorer. You can then import the NFT manually with its contract address and token ID.
After the purchase: clean up approvals
Approvals you granted stay active until you revoke them. ethereum.org recommends never giving projects unlimited access and says to "revoke all token allowance access regularly". It lists block explorers such as Etherscan and Blockscout, plus multi-network tools such as Revoke.cash, for reviewing and revoking access. Revoking is an on-chain transaction: "You will have to pay the fee for the cancellation to be successful."
The FTC adds two points that apply to NFT buyers: "Cryptocurrency payments typically are not reversible," and "Only scammers will guarantee profits or big returns."
Limitations: the fee figures and royalty rules here come from one marketplace's help pages and change over time, so check the live terms on the listing before you buy.
