How To Buy An NFT

They exist many character decals that add no real value to the gaming experience, however, kids across the globe still plead with their parents to spend hundreds of dollars on them to show off to their friends. More so, owning digital is a relatively new concept becoming increasingly popular. While NFTs take digital ownership to a greater level with the aid of the blockchain. Thus, we’ve disclosed to you how to buy an NFT herein so you’d learn how to become a digital owner yourself.

Meanwhile, before the inception of NFTs, digital ownership depended on the central servers of companies, which people can often manipulate. For instance, after the incident that occurred at Travis Scott’s concert, Fortnite deleted users’ Travis Scott’s skins, thus, leaving them with nothing. Therefore, one of the best ways to completely own a digital item involves ownership on a public blockchain. Hence, no central entity control NFT, thereby allowing for true ownership of these assets.

Furthermore, NFTs has much different from other cryptocurrency investments. Many NFTs, don’t have value from their utility like other cryptocurrencies. Rather, they gain value by the virtue of the media attached to them. The most common forms of media existing in NFTs today include art and music. However, NFTs can make any real-world asset a token.

How-to-buy-an-nft

Meanwhile, ensure to carefully read through this page to learn how to buy your own NFT.

What Is NFT?

People have given several descriptions of what NFTs are. However, you can see NFTs as an authentication means for digital media and ownership. They are non-fungible which means they can not be regular cryptocurrencies. Hence, they have distinct values. While regular cryptocurrency, like BTC and ETH, is fungible, which means that each Bitcoin or Ethereum holds the same value as any other BTC or ETH elsewhere.

Furthermore, NFTs include typical Ethereum blockchain-based tokens, used to authenticate digital ownership of whatever asset users attach to the token. You can see Ethereum’s blockchain as sort of a shared global database and virtual machine. While a blockchain token includes a special identifiable piece of data permanently carved into a chain. Likewise, users of the blockchain are uniquely specified by their wallet addresses. In cryptocurrency, anyone can view the quantities of anyone else’s wallet by employing a blockchain explorer like Etherscan or The Graph (GRT).

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Interestingly, NFTs make it possible for artists to release their work digitally without the risk of counterfeiting. Yes, one can copy the image file from someone else’s NFT. Anyone can also print out a copy of the Mona Lisa, but neither can just anyone authenticate ownership of these pieces. Buying an NFT gives you full access to authenticity and ownership of it.

Where Can I Buy NFT?

Are you seeking places you can buy NFTs online? Search no more we have elaborated some of the best marketplaces online you can buy and sell NFTs

#1. Opensea

Opensea is one of the largest NFT marketplaces by volume and backs up almost every NFT collection on Ethereum. The marketplace charges a 2.5% fee to sellers, while buyers just have to pay Ethereum gas fees. Among the marketplaces on this list, Opensea supports the largest range of collections and also has the most liquidity.

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#2. Nifty Gateway 

This NFT marketplace is owned by the popular cryptocurrency exchange Gemini. Nifty Gateway works with prominent artists like Grimes, Steve Aoki, 3LAU, and many others to publish artwork on the primary marketplace. The platform also has a secondary marketplace that enables collectors to resell artwork. You can either fund your Nifty account with Ethereum, or you can connect a credit card instantly on the website.

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#3. Story.xyz 

Story.XYZ is an Origin Protocol’s NFT launchpad that enables NFT collectors to buy NFTs with a debit card or cryptocurrency tokens. The platform helped multi-million dollar sales from top NFT creators, including 3LAU and Paris Hilton.

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How To Buy NFT

Time Needed : 5 minutes

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Carefully follow the guidelines below to learn how to buy an NFT.

  1. Purchase Ethereum


    With the knowledge already of most NFTs being Ethereum-based tokens, most marketplaces for these collectibles recognize only ETH tokens as payment. If you already have an account with a cryptocurrency exchange, you can buy Ethereum from there. Then send it to MetaMask.

    While, if you don’t already have a crypto exchange account, you can consider checking Coinbase and eToro as good options for beginners.

  2. Connect your MetaMask to Your Preferred NFT Marketplace


    They exist many marketplaces to buy and sell NFTs. So, depending on your preferred marketplace, you can buy different types of art or collectibles there. Also, a lot of these websites have secondary marketplaces with a variation of NFTs, but each platform works slightly differently.

    Meanwhile, you need to connect your marketplace account to a MetaMask wallet. MetaMask is an Ethereum wallet accessible through the chrome extension and mobile app. Hence, you need one to sign up for NFT platforms.

  3. Buy Your NFT


    Once you’ve funded your account, you can easily buy an NFT. Most marketplace
    ces buy/sell in an auction format, therefore you’ll need to submit a bid for the NFT you want to acquire. Some marketplaces work more like an exchange (using the highest bid and lowest ask price) for NFTs that have various prints. 

Tools
  • Computer/Mobile Phone
Materials
  • NFT

What Can You Purchase With NFT?

NFT is a non-fungible token, therefore you cannot purchase anything NFT. However, one profitable benefit of purchasing an NFT from a marketplace is the potential resale value immediately after the NFT asset goes on sale.

Thus, some NFTs in high demand will sell for 5 to 10 times higher than their initial price right after the release. The disadvantage to buying NFTs on the primary marketplace is the difficulty to estimate the demand for the art.

Frequently Asked Questions About How To Buy NFT

Are NFTs Cryptocurrency?

You cannot exchange NFTs for each other, so they don’t act like normal cryptocurrencies. Rather, we use them to verify the authenticity of digital media. In the future, we may use NFTs for tokenizing real-world assets, thereby making transactions of these assets more efficient and transparent.

What are NFTs?

NFTs are generally ERC-721 tokens on Ethereum’s blockchain. Unlike ERC-20 Ethereum tokens, ERC-721 tokens each have a unique value.

What Is the Value of an NFT?

The truth implies that the value of an NFT is in the eye of the beholder.

However, the value of NFTs extends from their authentication and uniqueness.

Conclusion

Currently, we use most NFTs to sell digital art and collectibles. You may consider NFT as the new trend or probably the new form of exchanging collectible assets ranging from trading cards to artwork. So, we recommend you learn how to buy NFT on time.

In the future, we can use NFT to tokenize any real-world asset, thus making ownership of assets transparent and incorruptible. NFT can posse extreme value for real estate deeds, intellectual property rights, and business ownership. 

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