NFTs are Flourishing! How do you buy an NFT?
Summer’s NFT boom has yet to slow down; from CryptoPunks and Pet rocks to Katy Perry and Spider-Man, it has everything one could desire. As per records, roughly $300 million has poured into NFT markets in the last seven days. It is a significant amount to most people who are clueless about the process of buying one. Although the NFT markets are not as user-friendly as that of Amazon, it is not that difficult if you are interested in buying your first digital collectibles. You only need some guidance. Here is all you need to know about buying your first digital currency.
- To get started, you need some ETH and an Ethereum-compatible crypto wallet. Certain exchanges offer ETH from where you can buy and send it across. There are wallets available for download from Apple’s App Store or Google Play as well.
- e-wallet is a place where you store your crypto easily. To set up your wallet, follow the instructions step by step. e-wallet has the facility to send and receive cryptos and your port of ever-growing universe of crypto apps. If you are more comfortable browsing NFTs on a computer, you also can download an extension wallet.
- There are various NFT markets, right from Rarible to Mintable. For the purpose of the tutorial, we will focus on OpeanSea, one of the biggest of them all, and its working is quite similar to decentralized eBay. To link your wallet to OpenSea, go to OpenSea.io; on the top right side, there is an icon, click on it, and select” My Profile”- you will be asked to link to your wallet (instruction will be provided.)
- Start browsing! Prices range from significantly free, as in the Calvin Coolidge trading card, to hundreds and thousands of dollars or even more for a rare item. Some of these items are sold through auctions, while some can be brought immediately.
- Although NFT is free or cheap, you will still end up paying for the transactional activity being carried out. Ethereum blockchain is quite popular, and most of the network collectibles on OpenSea use it, while the network levies a “gas” cost for transactions like NFT sales. The gas price fluctuates depending on how busy the network is.
- Ensure you have some extra ETH to cover fees while choosing an NFT. For example, you are interested in owning one of those Crypto Bumblebees for .01 ETH or a different variant of fabulous bumblebees on sale, or you could even go for those Ape avatars on The Bored Ape Yacht Club. There are tons of such NFTs to be explored. Nonetheless, once you buy them, keep them safe in your wallet and only sell them at a particular point in the future.
Possibly for the first time, NFTs are making sales of rare and unique digital assets. They can be programmed with various valuable characteristics (allowing creators to participate in secondary-market sales, for instance). However, even though they offer some generous returns, most people do not go through the trouble of purchasing a digital item. Even megabrands like Coca-Cola still have to figure out how to make NFTs relevant to a wider audience, as one of Rarible’s founders recently pointed out. He said that it is not for the consumers but for the big businesses with their intellectual property to decide what will resonate with their audience.