How To Buy Your First NFT
Cryptocurrencies and Blockchain Technology, which are only a few years old, are only now finding their way into the real world. Non-fungible tokens are one of the most popular applications for them (NFTs). NFTs quickly gained popularity, particularly among artists, art collectors, and speculators. If you've decided you want a piece of blockchain's newest player, NFTs, but don't know how to buy NFT tokens, here's how to get started.
How do I purchase NFT?
An NFT is a token created and managed on a blockchain (most commonly Ethereum) that declares ownership of an asset. The majority of NFTs require payment in Ethereum or another cryptocurrency blockchain where they are created.
This is a step-by-step guide to purchasing an NFT.
1. Purchase Ethereum on a cryptocurrency exchange platform (such as CoinDcx).
2. Transfer your cryptocurrency to a cryptocurrency wallet. A cryptocurrency wallet is similar to a digital checking account in that it stores and transfers cryptocurrencies. Some exchanges, such as CoinDcx, have built-in wallet features that users can access when they open an account, but other options include dedicated wallets such as MetaMask.
3. Created a link between your wallet and an NFT marketplace. Once connected, you can begin browsing and exploring the marketplace's NFT collection as well as the NFT of your choice.
How and where should you invest in NFT?
There are numerous NFT markets. The largest NFT marketplace at the moment is OpenSea, which primarily uses Ethereum but also accepts approximately 150 other payment tokens. Binance NFT, Rarible, and Foundation are some other NFT marketplaces with a wide range of artworks and collectibles.
Some marketplaces specialise in more specific assets. The Musician Marketplace, for example, is entirely dedicated to music compositions, whereas NBA Top Shot is a licenced marketplace for purchasing digital video highlights from the NBA.
There's a marketplace for whatever you're looking for, whether it's artwork, collectibles, video game assets, or website domain names.
What role do crypto wallets play in the purchase of NFTs?
Crypto wallets are used for more than just purchasing NFTs. Once you've made your decision, you'll need a place to keep your NFT. Coinbase Wallet and MetaMask are the most user-friendly options, and other crypto exchanges include built-in wallet features with an account to trade cryptocurrencies.
There are, however, other wallet options for securing your cryptos and NFTs offline, that is, outside of an account directly connected to the exchange, which is commonly referred to as cold storage. Companies such as Trezor and Ledger, for example, provide real hardware wallets that can store cryptocurrency and other blockchain-based assets. Wallets with a unique security key can add an extra layer of security for storing NFTs.
Top NFT Tokens You Should Consider Investing In
NFTs, unlike cryptocurrencies, do not gain value from their utility (as an investment asset, like what numbers of investors have come to view Bitcoin or for their usefulness in facilitating payments). Rather, the value of NFTs is derived from the media they represent (such as; artworks, music pieces, videos, writings, etc.). Investing in NFTs is thus more than just a single asset. Instead, it is an investment in a collectible item, and its value over time will be determined by various non-tangible factors such as the piece's quality, uniqueness, and the reputation of the artist who created it.
Tokens used to purchase and analyse digital asset networks can also be purchased. The following are the top NFT tokens to consider investing in.
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