How to buy an NFT

In order to buy an NFT, you’ll need a crypto wallet and cryptocurrency (or, in some cases, just a credit or debit card). Using Prone market, you can buy items listed for sale instantly, bid in auctions, or make offers on any NFTs.

What do you need in order to buy an NFT?

To buy NFTs, you’ll need to set up a crypto wallet. A crypto wallet is a program that stores your NFTs and cryptocurrency.

There are custodial (“hosted”) wallets and non-custodial wallets. Custodial wallets are managed by a third party company, whereas a non-custodial wallet is not. Custodial wallets are like keeping your valuables in a storage facility, and non-custodial wallets are like keeping them in your safe at home. Custodial wallets therefore require less responsibility, but have risks related to the third party (like, if the storage facility was robbed). Non-custodial wallets give you full control, but also mean you have to be extra careful (like, not losing your key or accidentally throwing away something valuable when you reorganize your closet).

Non-custodial wallets include software and hardware wallets.

A software wallet is a program that lives on your computer or on your internet browser. This makes software wallets a great option for quickly and conveniently buying, selling, and transferring NFTs and cryptocurrency.

A hardware wallet is a physical device that you plug into your computer to use. Because it’s not always connected to your computer or browser, it’s a great option for long-term secure storage, but is a bit less convenient for fast or frequent transactions.

Different wallets support different blockchains, and not all wallets support NFTs. Here are some wallets compatible with Prone Market:

Metamask (Ethereum, Polygon, Klaytn)
Coinbase Wallet (Ethereum, Polygon, Klaytn)
See the full list of compatible wallets

NFT transactions happen using cryptocurrency, although many NFTs on Prone Market are available to buy with a credit or debit card.

What is minting?

“Minting” an NFT is the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership. When you mint an NFT from a project, you’re the first ever owner of that NFT, since the mint is when it’s written to the blockchain.

As a creator, minting your work allows you to establish provable scarcity and verified ownership. For the first time, creators can publish limited edition digital works, whose authenticity is validated on the blockchain. Ownership is undisputed and public, allowing creators to build special communities and perks for those who hold their NFTs.

Minting NFTs isn’t just for creators, however. NFT projects will often offer early access to their NFTs via a mint. When you mint an NFT from a project, you’re the first ever owner of that NFT, since the mint is when it’s written to the blockchain.

Step 1: Decide where to buy your NFT

There are two main ways to buy NFTs: on independent project websites, or on NFT marketplaces.

Projects will sometimes set up their own websites to sell their NFTs. This is often for a project’s “mint” (the very first sale, when the NFT is written to the blockchain), although some projects have their own independent marketplace, like Coachella and Larva Labs. In most cases, when you buy from a project website, you can still resell your NFT on other NFT marketplaces.

NFT marketplaces will sometimes support primary sales or mints, but they are also a major driver of secondary sales. Marketplaces can differ by the blockchains they support, their fee structure, the types of NFTs they specialize in, and more.

Step 2: Find an NFT you like

If you want to get into NFTs but don’t know how to find something you like, here are some good places to start exploring:

Creators you already follow

Many “traditional” creators are also active in the NFT space, like Snoop Dogg, Damien Hirst, and Gary Vee. You can check out some of your favorite creators and see if they have any cool NFT projects, like this interactive music project by SiA.

Twitter

Much of the conversation around NFTs happens on Twitter, making it a great place to discover new NFT projects. You can follow accounts, hashtags, and topics that you’re interested in. It’s a great way to not only see what’s currently trending, but also to see what projects are coming soon.

Marketplaces

NFT marketplaces are another great place to discover NFTs. On Prone market, you can look at “Trending” charts, explore by category, and more. You can also sort and filter by criteria like price, making it easier to find the types of projects you’re looking for.

Step 3: Purchase your NFT

Once you’ve found an NFT you like, how do you actually purchase it? You can buy NFTs for a fixed price or you can buy them in auctions.

Buy now

NFTs listed to “buy now” are listed at a set price. They can be purchased any time during the sale period and without any additional involvement from the seller. This is the simplest method, and is a lot like buying on other e-commerce websites.

Auctions

When an NFT is up for auction, potential buyers can bid on the item. The NFT will go to the highest bidder.

What is an English auction?

English auctions

An English auction is also called a “Sell to the highest bidder” auction. Bidding on an English auction is similar to making an offer on a fixed price listing because the seller can choose to accept a bid at any time. If the seller accepts a bid, rather than letting the auction complete on its own terms, the seller will pay the gas fee.

Some of the fine print: Bids must be 5% higher than the previous offer. Also, a seller can cancel an auction at any time if they want to end it, but heads up, they will incur a gas fee.

Sellers can also choose to set a reserve price. This allows the auction to end without a sale if no bidders meet said price. For auctions on Ethereum, the minimum reserve price is the equivalent of 1 ETH. If the auction doesn’t meet the 1 ETH price, the bids will still be available so the seller can accept them. If they want, the seller can choose to accept a price below the reserve price.

Any bids made in the final 10 minutes of the auction will extend the auction time by an additional 10 minutes. If a bidder cancels the top bid, that action will also automatically extend the auction by another 10 minutes.

You may be wondering if these 10 minute extensions can go on forever, but don’t worry, they can’t. The longest this can extend an auction is by one week.

Offers

You can make an offer on any item using Prone market , even if it’s not listed for sale. You can also make an offer on a listed item, if you want to offer less than its listed sale price.

Recap: A step-by-step guide to purchasing your first NFT

Let’s walk through how to buy an NFT.

1. Multiple ways to buy an NFT.

For this example, we’ll buy an NFT that’s listed for sale by clicking the “Buy now” button.

2. Connect your crypto wallet

If you haven’t already connected and set up your crypto wallet, you’ll be prompted to do so during this step. You can also sign up and create a self-custodied wallet on the OpenSea website using Privy.

3. Choose your payment method

Next, you’ll be prompted to choose if you’d like to pay with crypto or with a card. For this example, we’ll use a card. If you want to buy using crypto, you’ll need to load your wallet with cryptocurrency.

4. Review fees

You may notice that your total is higher than the listed price for that NFT. This is due to network (“gas”) fees and, if you’re paying with a card, processing fees. The gas fee occurs on all transactions on the blockchain and the amount varies based on a variety of factors, such as how many people are using the network at that moment. Prone market receive these fees.

5. Enter your payment information

Follow the prompts and enter your information to complete your purchase. If this is your first time purchasing with a card (through MoonPay), you may be asked to verify your identity.

6. Your purchase is complete!

Once you’ve entered all your necessary information and clicked “Pay”, your NFT purchase is officially complete and has been written to the blockchain. Congratulations on your NFT purchase!

7. Check out your newest NFT

After a few seconds, your brand new NFT should be visible in your collection. You’ll be able to see your new NFT in your Prone market profile

How do I become a member?

The platform with the aim to create membership utility we have introduce a private but open space where you can only gain access through one of our users auto generated referral link, To participate find one of our users membership referral link and register to create an account. After that, an internal platform ethereum wallet will be automatically generated (along with a 12 word seed phrase for your account please do not share with anyone because this is the only means to access your account incase you loose your password), with this internal wallet you can deposit and withdraw funds in and out to other crypto wallets or exchange platforms. After opening your personal account it is possible to connect to your MetaMask, Trust or any other wallet from any chain as we have an ethereum based NFT minting service but enable listing and sales on other chains on the blockchain network. When you have gained access you have a chance to own a verified PRONE MARKET account if approved, however you have the right to maintain complete anonymity.

GAS FEE?

GAS FEE IS PAID TO VERIFY ALL MEMBERS OF OUR COMMUNITY(PRONE MARKET)
PLEASE NOTE GAS FEES DO NOT AFFECT TRANSACTION INVOLVING OTHER CHAIN REGARDLESS OF ETHEREUM BEING OUR CURRENCY.

How do I create an NFT?

Due to the fact that we hope to maintain the idea that creativity and art in general is open to everyone we have made minting open for every member although verification of work ownership would be required, Creation of NFTs is currently accessible with the aim to make PRONE MARKET an easy to use platform, just choose to mint and fill in the forms to the specifications on how you want to mint your NFTs once NFTs are minted there’s no longer a need to list as each works are automatically listed on our explore.

How do I Deposit/withdraw?

All deposits and withdrawal functions are done with 3rd party exchange service or crypto wallet we advise use of Moon pay or Gemini to buy your cryptocoins.

What type of Community are we?

With the aim to build a decentralized community, we have given each user ranks depending on what value they portray to the community and their activity on PRONE MARKET, These ranks don’t differentiate any user from each other as we all are PRONE MARKET elite although the ranks give you access to tokens and shows how much activity you have in the community (note: each user cannot use pass a 1 vote per poll as to have fair polls in our community) after a general request has been made by the community a poll would be raised where each vote could be bought with tokens won from referrals, exchange rates would be put up at PRONE MARKET hub as well for everyone to see. Being a marketplace with membership utility we have allowed each user to be able to generate a referral address which new users could use to come into the community, these referrals give you tokens as rewards every 3weeks each token would be changed in regards to the Token community we partner with, These tokens could be used for votes and only minting and can be withdrawn through 3rd party exchange approved by Token community as well.