How to Buy NFTs in Canada

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Indifference and pessimism marked the early days of Bitcoin. However, the astronomical rise in the value of bitcoin and the sporadic rise and fall of stocks have caused even the most traditional investor to consider alternative investments.

Non-fungible tokens (NFTs) have presented another chance for early investors to explore a new world of investment opportunities. As a beginner looking to dabble into the NFT market, you can hop on the train in the four easy steps.

Step 1: Open an Account with a Crypto Exchange

To trade NFTs you’ll need to buy some Ether – the native currency of Ethereum blockchain where most NFTs are currently available.

To buy Ether, you have to create an account on a crypto exchange that is prominent among Canadians. We’ll recommend Coinberry, Coinbase or Binance.

Step 2: Open a Wallet

Most NFT exchanges require you to have a wallet. If you’re already trading Cryptocurrency, you may already have a crypto-wallet. But if you don’t have one, you’ll need to search for one.

Typically, a wallet is where you keep your virtual money as well as your unique identifiers and credentials. Some popular wallet choices include Dapper, TrustWallet and MyEtherWallet 

Step 3: Sign Up on your preferred NFT Platform

Once you have gotten a wallet, you can then proceed to choose your desired NFT exchange platform. i.e Rarible, Opensea or Sorare. 

Step 3: Deposit Funds (Ether)

To begin to trade Non-Fungible tokens, you have to transfer some of the Ether that you have purchased to your chosen NFT platform.

Step 4: Place Bids on Your NFT

Once you have enough funds in your NFT exchange account, you’re good to go! Trading on NFTs is quite similar to eBay auctions. 

Where Can I Buy & Sell NFTs in Canada?

Once you have purchased Ether with your Canadian dollars, you’ve opened yourself up to the whole wide world digitally. Cryptocurrencies like Ether aren’t limited to being used in one specific country.

There are a number of large marketplaces you can buy/sell NFT’s. To keep things simple, we’ll focus on 2 major ones:

  1. OpenSea

OpenSea is the oldest and by far the largest NFT marketplace. Created in 2017, it is one of the easiest platforms to get started on as a beginner. It has a user-friendly interface,  guides and tips to help you navigate seamlessly. It lists many NFT’s from other platforms too.

Opensea is like the Amazon of the Non-fungible token marketplace.

Click here to create an account on Opensea

2. Rarible

Rarible is relatively new on the NFT Market. It gained a lot of popularity in 2020. It is a decentralized finance platform that focuses heavily on artwork NFTs.

Click here to create an account on Rarible.

3. PolkaMarkets

Polkamarkets is a platform built to integrate Decentralized Finance (DeFi) into Information exchange & Prediction markets. Polkamarkets runs on an interoperable and decentralized blockchain that is based on the Polkadot blockchain.

With Polkamarkets, you get to earn tokens when you make predictions about real-life events ranging from politics, election results as well as popular sports events.

NFTs like every other new investment types are very risky. You could lose all of your hard-earned money. Do not take on new investment opportunities without first talking to an expert.

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.