How to purchase an NFT after the mint date has passed

Non-fungible tokens have gained widespread recognition in recent years (NFTs). The purchase of an NFT after the mint date has passed, however, is not that simple. The dramatic highs and lows in this high-risk market, such as the millions made by Beeple and Bored Ape Yacht Club NFTs, as well as the $1.7 million and $620 million hacker heists at Opensea and Axie Infinity, respectively, have been known to scare off even seasoned investors. 

In this article, we’ll cover in detail how to buy NFTs after the mint date has passed. 

Step 1: Purchase a cryptocurrency exchange and wallet. 

The first thing you’ll need to do if you want to buy an NFT after the mint date has elapsed is to create an account with a cryptocurrency exchange or platform. 

You can purchase and sell different cryptocurrencies on exchanges, which are essentially online brokerages. It is necessary to sign up for a platform in order to purchase NFTs after their mint date has passed. Find out how each company handles things like cryptocurrency wallets, public and private keys, on-and off-chain services, trading fees, and customer support. 

Keep in mind that you are solely responsible for the security of your own wallet and its private keys, regardless of whether they are hosted by an exchange or not. When transferring cryptocurrency between wallets, an exchange functions as a third party, or intermediary, similar to a bank. Since the platform has access to your private keys, it is in charge of keeping your crypto safe. 

However, if you want to purchase, sell, and trade NFTs after the mint date has passed without the intervention of a third party, you’ll need a wallet that is connected directly to the blockchain. Using the public key, people can send and receive money between themselves quickly and privately. 

Most NFTs are sold on the Ethereum blockchain, so you’ll want to make sure your chosen crypto wallet can store Ether (ETH, or Ethereum), the network’s native cryptocurrency. Although MetaMask is the most popular wallet choice on most exchanges, several alternatives exist. 

Step 2: Buy Ethereum 

To date, Ethereum’s blockchain has become the de facto standard for NFT development. Ether (or ETH) is the native currency of the Ethereum platform. You may also hear it referred to simply as Ethereum. Like Bitcoin, Ethereum can be purchased, sold, traded, and kept to increase in value over time. 

Many popular and reliable marketplaces feature NFTs that were developed on the Ethereum blockchain, so it’s crucial that the exchange and wallet you choose are suitable for use with this platform. But Ethereum’s biggest problems are its high gas fees and slow transaction speeds, which are caused by a crowded network. 

Step 3: Put your ether into a cryptocurrency wallet

The next step, after deciding on an exchange and purchasing ETH, is to move the cryptocurrency to a wallet. The technicality of this process will depend on your choice of ETH exchange, wallet, and NFT marketplace. 

To access the NFT market with your cold storage wallet, you’ll need to pair it with a third-party app like MetaMask or Coinbase Wallet, as it is a piece of hardware. When it comes to NFT marketplaces, these are the most popular wallets by far.

Step 4: Link your cryptocurrency wallet to the NFT marketplace

Joining multiple exchanges and signing up for their newsletters will ensure that you never miss an NFT sale again. Popular social media platforms that help users spread news and other information include Discord, Twitter, Rarity Sniper, and Rarity Tools. You need to be ready to pounce when highly sought-after NFTs become available after their mint date has passed.

After signing up for a market, the next step is to link your NFT wallet to the platform where you plan to buy them. Methods for this procedure are typically consistent across sites. A number of marketplaces even allow you to create a wallet right on the site, while others use their own in-house wallet. The use of an external wallet may incur additional gas expenses; however, using a marketplace’s proprietary wallet may result in savings or even a complete elimination of these fees.

Using OpenSea

At the moment, OpenSea is the biggest and one of the most adaptable NFT marketplaces to buy NFT after the mint date has passed. NFTs are available in a variety of categories, including the visual arts, musical compositions, sports, video games, clothing, and even collectibles. A big reason why Opensea is easy to use and easy to get to is because it has a lot of educational materials. 

NBA’s Top Shot

For those interested in purchasing digital collections of memorable NBA video highlights from games and specific players, NBA Top Shot is an NFT marketplace that allows you to do just that. NBA Top Shot has a sizable fan base, which is a major plus. Various competitions and challenges add a social dimension to this market. The market is user-friendly because of the abundance of resources provided.

Rarible

On a smaller scale, Rarible can be compared to Opensea. You can buy, sell, and trade a wide range of NFTs from a plethora of genres. Since they’re compatible not only with the Ethereum network but also with other networks, this marketplace is widely adopted and simple to navigate. In addition to its commercial value, this marketplace also serves as a social hub. Rarible’s long-term goal is to establish itself as a fully-fledged DAO. Through its own governance token ($RARI), holders will have a say in the direction of future initiatives and developments. 

Step 5: Obtain NFT 

Popular NFTs tend to sell out quickly, so it’s important to have your wallet set up and funded after the NFTs mint date has passed. Keep in mind that unless it is explicitly stated in the agreement between the buyer and the artist, purchasing an NFT does not give the buyer ownership of the copyright. The limitations of your newly acquired NFT may vary depending on the market from which you acquired it. 

Conclusion

It is recommended that you learn the best practices for protecting your personal information and cryptocurrency before making any purchases involving NFTs. Experts say that understanding about security is the most crucial first step. Your safety is paramount in this domain. You must adhere to this rule above all others. Before creating a wallet and making a purchase, you should learn about the necessary precautions just as you would if you were learning to drive a car.