MEW can be used by anyone to access their Ethereum coins including tokens that are controlled using the ERC-721 standard for NFTs. It’s also very simple to use. You just have to select the token that you want from the list, enter your wallet password, and copy-paste your Ether address for payment.
After that, you’re all set to purchase tokens. Simply send the amount of Ether that corresponds to the price of the token that you want to its wallet address. If successful, MEW will then transfer your tokens into that wallet for safekeeping going forward.
A few downsides There are a few limitations to this method though, so it’s not going to be the right pick for everyone. MEW only supports Ether and not any other coins. This means that you cannot use Bitcoin or any other coins to purchase NFTs using this wallet. In addition, Ethereum is designed in a way that makes it a little less user-friendly for those who are not as familiar with the platform.
Method 2 – Trust Wallet [Effort: Moderate]
Trust Wallet is another popular wallet choice for Ethereum users today. It supports the ERC-20 standard, so you can use it to store any tokens that follow this standard.
Again, you will need Ether to purchase NFTs using this wallet. Just like with MEW, Trust Wallet provides a straightforward process for this. Simply select the token that you want and tap on “Buy”. You should then see your transaction go through within an hour or two depending on how busy it is at the time of purchase.
There are a lot of positives to using Trust Wallet as your means for purchasing tokens/NFTs. It has a beautiful user interface that is very convenient to use on mobile devices, and it’s also completely open-source so anyone can see the code behind it if they want to review it for any possible vulnerabilities or flaws.
Just like MEW, Trust Wallet doesn’t support tokens that are not ERC-20 compliant. This means that you cannot purchase NFTs using this wallet if their TRC or non-ERC20 protocol token standard is being used instead.
Method 3 – Coinbase Wallet [Effort: Easy]
Coinbase Wallet Coinbase Wallet is a new wallet that was announced by the company of the same name, although it is still in beta for now. The wallet will soon support ERC-20 tokens as well as NFTs. It essentially acts like an upgraded version of MEW in some ways.
You will need Coinbase Wallet to purchase NFTs using this wallet. It’s completely free to use, but there is also a catch that you should be aware of. You will first have to authorize Coinbase Wallet with your email address and phone number before it can be used for making any purchases.
There are a lot of advantages to using Coinbase Wallet as your means for purchasing tokens/NFTs. It’s incredibly easy to use as you only have to scan a QR code or type in the wallet address. In addition, it doesn’t require users to disclose any personal information that can be used for an attack such as email or phone numbers.
However, it’s important to note that Coinbase Wallet is still in beta right now. This means that there might be some bugs or errors with the wallet at this time that could lead to issues, although they should be fixed within a short period of time if they are found.
Just like MEW and Trust Wallet, Coinbase Wallet only supports ERC-20 tokens at this time. This means that you cannot purchase NFTs using this wallet if they are non-ERC-20 protocol token standard is being used instead.
Method 4 – Centralized Exchanges [Effort: Hard]
There are a number of centralized exchanges that will allow for the direct buying and selling of ERC-721 tokens. The main thing to be aware of when it comes to these exchanges is that they usually take a large markup on the price in order to generate profits for themselves and provide liquidity in the market.
You will need Ether to purchase NFTs using centralized exchanges. There may be some coins that can be used to purchase ERC-721 tokens using centralized exchanges, but the most commonly used coin is Ethereum.
There are a lot of positives to using centralized exchanges as your means for purchasing tokens/NFTs. The biggest one is that they do allow users to buy and sell NFTs in an easy way with minimal issues and fees.
However, there are also a lot of negatives to using centralized exchanges. The biggest one is that they are not decentralized, which means that there could be issues with them being hacked or users having their funds stolen.
There are currently no centralized exchanges that support NFTs directly at this time. This means that you will have to first purchase Ether Ethereum tokens Ethereum tokens using a method explained earlier before you can then use them to purchase NFTs.
Other things you should know
There are a few other points to keep in mind when it comes to buying NFTs, tokens, and cryptocurrencies like Ether (ETH). You need to make sure that your wallet is compatible with these non-fungible tokens before you try to buy or sell them.
The final point is that some tokens may have fees associated with them, while others might not. This can vary significantly depending on the token itself and its developers/creators. Always be aware of the amount of cryptocurrency you are spending, and make sure you understand the details of every purchase before committing to it.
In conclusion, purchasing NFTs might seem a little trickier than buying other kinds of cryptocurrencies as you have to go through different platforms and marketplaces. However as long as you know where to look and what information you need before buying then it becomes a lot easier to manage your tokens afterward.
Please note that this article was written for informational purposes only and does not constitute investment advice.