How to buy NFTs in the UAE: A step-by-step guide
The UAE is a beacon of progress in the Middle East. An attractive destination for international and multi-national companies, it has positioned itself as a leading business hub within a short time. The UAE government is proactive in adopting the latest technologies and takes measures to protect its citizens. For instance, the government has a virtual asset law covering cryptocurrencies and NFTs. Hence, it is no surprise that tech-savvy residents want to know how to buy NFTs in UAE. If you’re here for the same reason, our guide has you covered! Here’s how you can own NFTs in the UAE.
STEPS TO BUY NFTS IN UAE
The rise of digital assets is inevitable, and everyone seems to be talking about NFTs. If you’re looking to own an NFT of your own, the following steps help break down what you need to do.
SET UP AN ACCOUNT
The first thing NFT enthusiasts need to do is set up an account with BitOasis, one of the largest cryptocurrency platforms in the Gulf region. It is an excellent option for UAE residents who don’t have a European or US bank account. BitOasis accepts credit card payments in the local currency. Here’s how you can create an account.
- Head over to the official website of BitOasis to get started.
- Enter your full name, email address and a unique password.
- Then, you will have to verify your email and type your phone number.
- Last, you must complete the account activation by entering the one-time passcode sent to your mobile number via text.
BUY CRYPTOCURRENCY
After you have created an account on BitOasis, you should be able to buy cryptocurrencies such as Bitcoin (BTC), Tether (USDT), Ripple (XRP) and others. However, you will need to purchase Ethereum (ETH) as it is used for buying NFTs from websites like Open Sea. To purchase cryptocurrency, you only have to use your credit card.
*Please note that a small transaction fee will be charged.
OPEN A METAMASK WALLET
To buy an NFT, you must transfer your cryptocurrency into one of the wallets with which the NFT marketplace has partnered. Two popular options include Dapper and MetaMask.
Since it is easier to create an account on MetaMask, we will cover its process. Also, it can be used as a browser extension allowing you to purchase an NFT from marketplaces such as Open Sea whenever you want. Here’s how you can open a MetaMask wallet.
- Head over to the official website of MetaMask.
- You can either download the app on your smartphone or select “Get Chrome extension”. Make sure you use Google Chrome.
- After you have added the extension to your desktop, the wallet’s fox logo should appear at the top left side of the browser.
- Click on the fox logo and go through the set-up instructions, which involve creating a password and agreeing to the terms and conditions of the platform.
- Finally, you will come across 12 random words, the “seed words” you need to remember. That’s about it. Your wallet would now be active for receiving currencies.
TRANSFER YOUR ETH TO METAMASK WALLET
With your MetaMask wallet account created, you will have an ETH wallet ID which you need to use for transferring your ETH from BitOasis. The following steps help break down the process.
- Visit BitOasis and click on Ethereum holding, which would show the quantity of ETH you own and its current value in AED.
- You will see two buttons under the same section: “Withdraw” and “Deposit.”
- Since you need to transfer your ETH holding to MetaMask, you must select “Withdraw.”
- Then, you will have to enter your MetaMask ETH wallet address into an address field and the amount you want to transfer.
Please note that a gas fee will be charged for the transfer of Ethereum.
BUY AN NFT
Now that you have transferred Ethereum to your MetaMask account, you can invest in NFT in UAE. You can either make an offer directly to the artist or purchase if an NFT is available on a platform.
In some cases, to buy non-fungible tokens in UAE, you have to head over to Open Sea and select a digital asset that catches your eye. Then, select “buy now,” which will connect the platform with your MetaMask wallet. Last, you will have to proceed with the payment.
Remember that you might need to convert your ETH to “wrapped” Ethereum or wETH when purchasing an NFT. This would mean spending more gas.
Once the transaction is processed and validated by the ETH ledger, you will own your first NFT! You can keep it in your Open Sea account, sell it to someone who makes a higher offer, or transfer it to your MetaMask wallet for extra gas charges.
FAQS ABOUT HOW TO BUY NFTS IN THE UAE
WHAT IS AN NFT?
An NFT stands for non-fungible token. It is a cryptographic asset connected to a blockchain with metadata and a unique identification code that distinguishes it from other digital assets.
CAN YOU BUY AN NFT IN UAE?
Yes, you can invest in NFT in UAE by following an easy process.
WHAT ARE THE TOP PUBLIC LIMITED COMPANIES IN THE UAE?
Some of UAE’s most valuable public limited companies include First Abu Dhabi Bank, Etisalat and Emirates NBD.
And that concludes our guide to buying NFTs in the UAE. We hope this answers all your questions regarding purchasing NFTS in the UAE.
Are you based in the City of Gold? Learn more about the Dubai Virtual Assets Regulatory Authority.
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