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How to Buy NFTs in 4 Simple Steps

How to Buy NFTs | Buy Ethereum | Set up your Crypto Wallet | Connect your Crypto Wallet to the NFT Marketplace | Buy your NFT


Non-fungible tokens (NFTs) have never ceased to be a topic of discussion in the decentralized world. NFTs are rare and unique; and they come with sky-high prices, but not all, since some are valued at less than a dollar. If you intend to buy NFTs, you must be familiar with all corners of the crypto city to understand how the market determines the final value of an NFT.

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It all started when digital artists chose NFT as a medium to showcase their art and soon many artists emerged like Pak whose NFT project “The Merge” fetched $91.8 million and digital artist Beeple’s “Everydays: The First 5000 Days” sold out. at auction for $69.5 million.

These are just a few examples of the most expensive NFTs. To complement it, celebrities, brands, big tech companies, and almost every industry started riding the NFT wave, and their NFTs were sold for millions of dollars. With major industry players on the ground, others have expressed interest in learning how to buy NFTs to capitalize on the growing mainstream adoption.

Before long, the value of NFTs skyrocketed, as they were soon integrated into play-to-win games, the metaverse, esports, and more. If you are wondering how to buy NFTs and make a good investment with them, let’s take a closer look at the process of owning one.

How to buy NFT?

How to buy NFT?

Buying your first NFT is not difficult, it just requires a little guidance, and here you will know exactly how to buy NFTs with ease. If you’re in a bit of a rush and want to bookmark an easy-to-follow guide, you can visit BuyNFT here to cover everything about the crypto city’s hottest product, NFTs.

Now, let’s navigate through the steps to buy NFTs.

1. Buy Ethereum

Most NFT markets use the Ethereum network to transact, so you will need Ethereum’s native ETH (Ether) token to buy NFTs. However, there are many other networks like Flow, Cardano, and Solana that support NFT, but here we will consider Ethereum for better understanding.

So, to buy ETH, you can create an account on a crypto exchange like Binance or Coinbase to name a few. Once you have set up your account, you will be able to buy ETH from that particular exchange quite easily.

2. Set up your crypto wallet

You will also need to set up an Ethereum-compatible crypto wallet. A crypto wallet is where you can store the cryptocurrencies that would be needed to make a transaction to buy NFTs. You can open crypto wallets with platforms like Metamask, Binance, or Coinbase.

You need to go to the site of the platform of your choice and sign up to open a wallet with them. Thereafter, you will need to send ETH that you bought on the exchange to the wallet address.

3. Connect your Crypto Wallet to the NFT Marketplace

There are many NFT marketplaces from where you can buy NFTs. Some of the top NFT marketplaces include OpenSea, Nifty Gateway, Rarible, SuperRare, and Foundation. You need to register and create an account on the exchange of your choice and then connect your wallet to it.

After connecting the wallet to the platform of your choice, all you need to do is add some funds to make the purchase. Most exchanges have a simple “Connect Wallet” option on the platform.

4. Buy your NFT

Start browsing the market to select an NFT of your liking. Most NFT marketplaces have an auction system set up to buy NFTs. In order to buy NFTs, you will need to bid on the NFTs you want.

Note that some marketplaces work similar to an exchange, using the highest bid and lowest request for NFTs that have multiple impressions. If you win the bid, you will need to complete the transaction and the necessary amount will be debited from your wallet.

In addition, you need to pay a transaction fee or gas fee to the market, but the amount of the fee varies by market. Among the NFT-supported cryptocurrencies, Solana’s gas fees are relatively low compared to others.

Pro Tip:

Most NFT markets have a primary market and a secondary market. One benefit of buying an NFT on the main market is the potential resale value right after the NFT goes on sale. Some NFTs that are in high demand sell for 5 to 10 times their asking price.

However, buying NFTs on the main market makes it difficult to estimate the future demand for the purchased NFT. On the other hand, in the secondary market, it becomes easier to compare your purchase with previous sales. As such, it can reduce the risk factor.

Is NFT a good investment?

The NFT market is just as volatile as the cryptocurrency market with no guarantee or assurance that the NFT you buy will appreciate over time. It depends on your risk appetite whether you will be able to handle the swings and hold the NFT for the bull run.

Moving from an investment point of view to use cases, NFTs are undoubtedly a revolutionary concept that companies are embracing to support proof of ownership. The most recent example is Starbucks starting its web3 loyalty program with coffee-themed NFTs.

Well, some brands and businesses are up to their necks in the NFT space, including Nike, McDonald’s, Warner Bros, Coca-Cola, Timex, Porsche, Adidas, Sony, and the list goes on and on. Without a doubt, NFT is the future as more and more industries venture into a web3 and decentralized world. Therefore, investing in NFTs is not a bad idea, but only after doing your own research!

Disclaimer
The information on this website is not intended to be financial, business, investment or other advice, and you should not consider the content of the website as such. trendsnews.in does not recommend that you buy, sell or hold any cryptocurrency.

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