How To Buy NFTs With Cash

The Fastest (and Easiest) Way to Purchase NFTs Now
By 
Coin Cloud Team
, published on 
February 10, 2022
How To Buy NFTs With Cash

Chances are you’ve been hearing a lot about NFTs lately. The topic is so popular that if you haven’t at least heard of an NFT, you’re in the minority. Taco Bell, McDonald’s, Mattel, Warner Bros, Nike … even high-fashion brands like Gucci, Louis Vuitton, and Dolce & Gabbana are all using NFTs in their marketing efforts.

However, less than 3% of Americans actually own one, according to Finder.com. And 80% don’t really know what one is.

It’s not surprising, really. They’re a bit complicated to understand, and buying one is usually even more difficult. 

But did you know that you can actually buy NFTs with cash? Maybe not directly with cash … but there’s just one intermediate step, and it’s super simple.

We’ll tell you how to do it, step by step. But first, let’s get a little background info out of the way.

What Is an NFT?

If you’re scratching your head saying, “What are NFTs, anyway?” you’re not alone. NFT stands for Non-Fungible Token.

That cleared it up, right? Right? OK, yeah, probably not.

Non-fungible tokens are digital assets built on a blockchain like Ethereum. In this way, they’re similar to other Ethereum tokens, like stablecoins, decentralized finance (DeFi) tokens, and even some gaming currencies.

BUT … most of those OTHER digital assets are fungible tokens. When something’s fungible, it means it doesn’t matter which one you have or where you got it … it’s all the same. 

So if you buy Bitcoin at an online exchange, or at a Crypto ATM, or from some dude at a coffee shop, it’s all the same, and you can use it the same way anywhere. A bitcoin is a bitcoin is a bitcoin. Same with a dollar. One might be crisp and fresh while another has been through the wash, but a dollar is a dollar is a dollar.

Non-fungible tokens, on the other hand, are each unique. Like a piece of art.

So when we look at the basic NFT meaning, we have to take that “art” aspect into consideration. Because that’s how it starts to really make sense.

An NFT can be based on any type of digital creative, like a photograph, a drawing, a cartoon, an animation, a video clip, or any other type of digital artwork.

If you’re thinking “But I can just download jpegs from the internet for free,” you’re right. But that’s like downloading an image of a famous Picasso painting, or Monet’s water lilies, or the Mona Lisa. Sure, it’s a likeness of the valuable artwork, but it’s just a cheap digital image.

Do you think a poster of Van Gogh’s Starry Night that you buy at Costco is worth more … or the original painting?

If you guessed the original painting … ding, ding, ding! Winner winner, chicken dinner! Yes, you’re right.

It’s the same thing with NFTs. The original, verified NFT is worth way more than just the thumbnail image you right-clicked on to save.

How Do NFTs Work?

Here’s a little bit of Crypto 101 so you can understand the foundation of NFTs, why they’re so desirable, and how they actually work.

Most cryptocurrencies are built on a blockchain, which is like a public ledger or database. Imagine you have a spreadsheet on your computer where you keep track of expenses. And you post it online so everyone can see it. That’s the gist of a blockchain.

It’s called a blockchain because various transactions get recorded in a “block” of data, and those “blocks” are linked together in a “chain”. This is how many cryptocurrencies work, including Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Ethereum and more.

NFTs are written to a blockchain as well — usually Ethereum, but there are a few others. And this is the key to the whole scenario.

By recording the NFT on the blockchain, and tagging the owner’s purchase transaction, it’s verifiable and publicly-accessible proof that you own the NFT. Nobody can claim it’s just a poster from Costco, because you have proof that it’s the real deal.

Why Are NFTs Worth So Much?

OK, now that you understand the basics, we’re going to dive a little deeper into the value and appeal behind NFTs.

You might have noticed that news headlines usually talk about the NFTs selling for crazy amounts of money. $30,000 for an NFT? Yes. $500,000? Sure. $2 million? Absolutely. NFTs can be worth lots of money. But you can also buy one for much less.

The first reason for this is what we’ve been talking about. It’s like owning an original Picasso where you can prove beyond a shadow of a doubt that you, and only you, have the one and only. In the real-life art world, fortunes are spent making sure a piece is authentic. In the NFT collectible world, it’s proven when you buy it.

The second is rarity. Each collection of NFTs has different images with different properties. For example, Coin Cloud did a collab with celebrity chef Shirley Chung, two-time Top Chef finalist and dumpling aficionado. 

The Dumpling Mafia NFT collection features a series of cartoon characters created by artist Narrator, and properties like character, character color, background color, accessories, etc. are more or less rare, with rarer properties usually being worth more.

The third is status. Owning something rare and unique comes with bragging rights. And people like to feel special.

How to Buy NFTs (With Cash!)

OK, so now you know what NFTs are, how they work and why they’re valuable and desirable. And now you might want to get in on the action. But how exactly do you buy one?

Well, depending how much experience you have with crypto, there are a few paths you could take. Most of them involve using several platforms and apps on your journey. But if you’re just starting out, we wanted to make it super simple for you. All you need is one mobile app and some cash.

Here’s the fastest and easiest way to buy NFTs with cash, step by step.

Step 1. Find your nearest Coin Cloud DCM

This is your cash entrance to the world of NFTs. We have a convenient locator map that lets you instantly find all the Coin Cloud Crypto ATMs closest to you. With more than 4,500 locations from coast to coast, chances are you have several convenient options to choose from.

Step 2. Enter your phone number

All you need to get started with buying cryptocurrency at a Coin Cloud DCM is your mobile phone. Enter your number into the machine, followed by the verification code you’ll receive by text message.

Step 3. Scan your ETH wallet

To buy or own cryptocurrency or NFTs, you need to have a digital wallet. Not all crypto wallets are compatible with every coin. For this process, you’ll need one that supports Ethereum.  

You can use any Ethereum wallet for this step, but we recommend MetaMask for one simple reason. It’s also compatible with NFTs, so you can keep your ETH and your NFT in one place. Hey, it’s fewer apps to download, so woo-hoo, right?

On the Coin Cloud DCM screen, tap on “Buy” then “Ethereum”. Now, simply open your app and scan your ETH wallet QR code with the machine’s camera.

Step 4. Insert your cash

Insert your cash into the Coin Cloud machine. If you’re buying more than $1,000, you’ll also need to scan your driver’s license. Then press the “Done” button. In a few minutes, you’ll be the proud owner of some Ethereum. We’ll text you to let you know it’s in your wallet.

Step 5. Go to an NFT marketplace

In your MetaMask wallet, tap the three lines on the top left and select “Browser”. In the “Search or Type URL” bar, start typing OpenSea then choose the first option. There are other NFT marketplaces, but OpenSea is one of the most popular and easiest to use. 

Step 6. Purchase your NFT with ETH

Once you’re at OpenSea, select “Explore” and start looking at the various options. You can choose Trending, Top, Art, Collectibles and more. Now it’s basically a digital eBay, where you can find and bid on items you want. You can look at the various properties and their rarity, and read more about the artist or collection. 

When you find an NFT you like, tap on it and select “Place Bid”, “Buy Now” or “Make Offer”, depending on how the listing is set up. (Yes, exactly, that’s just like eBay too!)

When you win a bid or best offer, or make the purchase, congrats! You’re now part of the club!

See how easy that was?

OK, the only thing left to do is get started now …

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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