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How to Buy NFT?

Nonfungible Tokens NFTs are using blockchain for taking digital ownership to the next level. The concept of digital ownership is increasingly becoming popular, especially among the younger generations. 

  • A digital artist Beeple had sold his digital artwork series named “The First 5000 Days” at a price worth over US$69 million. He took the payment entirely in Ethereum (ETH). 
  • TIME magazine has also jumped on the bandwagon. TIME created original NFTs of 4 of its iconic magazine covers:
  • 1st NFT: “Is God Dead” (April 8, 1966 TIME magazine cover)
  • 2nd NFT: “Is Truth Dead” (April 3, 2017 TIME magazine cover)
  • 3rd NFT: “Is Fiat Dead” (March 29, 2021 TIME magazine cover). 
  • 4th NFT: Image showing all the above three magazine covers.

All these 4 NFTs were auctioned for US$435,000 (almost half a million US Dollar). 

  • “Is God Dead” was sold for 70 ETH (US$112,000 at the time of sale)
  • “Is Truth Dead” was sold for 88 ETH (US$141,000 at the time of sale)
  • “Is Fiat Dead” was sold for 83 ETH (US$130,000 at the time of sale)
  • 4th NFT showing all the above 3 magazine covers that span over a period of 55 years. It was sold for 35 ETH (US$56,000 at the time of sale)

There are numerous other instances where NFT artworks or collectibles have been sold at astronomical prices. The launch of NFT arts is making it easy for collectors to get authentic and original artwork. The authenticity of the collectible or artwork can be verified through the blockchain. Nonfungible Tokens are, therefore, taking the digital ownership concept to the next level with the help of blockchain.

NFTs are significantly different from other cryptocurrency investments. Unlike cryptos, these non fungible tokens don’t have utility value. The value of these NFT tokens increases because of the value of the art or collectible associated with it. These non-fungible tokens can tokenize any real-world asset. 

You can buy and sell these NFTs are high prices in specialized marketplaces known as NFT Marketplace. In this article, let me walk you through the process of purchasing NFTs.

How to Buy NFTs?

The entire process of buying NFTs is given below. Also learn the pros and cons associated with buying NFTs from the primary and secondary NFT marketplaces. 

Step #1: Make an NFT Marketplace Account

You can buy and sell NFTs through specialized NFT marketplaces. Depending on the marketplace you are choosing, you can buy and sell different kinds of collectibles and arts. Many websites also come with secondary marketplaces, offering you a wide array of NFTs. However, each of these marketplaces operates in a slightly different manner. 

To be able to purchase nonfungible tokens, you have to open an account on that marketplace. For that, you have to know about these marketplaces and what you can buy. 

Top 5 NFT Marketplaces

Before opening an account on any random NFT marketplace, get an idea about the most popular NFT marketplaces:

  1. Opensea 

This marketplace for nonfungible tokens operates on the Ethereum blockchain. As a user, you can interact with the network for exchanging NFTs for cryptos. Opensea hosts a wide array of digital collectibles and artworks including video game items to digital arts. 

If you want to use the platform, you must have a web3 cryptocurrency wallet like Metamask (chrome extension cryptocurrency wallet). Metamask enables you to connect to Opensea NFT marketplace and purchase NFT artworks and collectibles.

  1. SuperRare 

SuperRare is a unique platform from where you can buy and sell original NFT pieces. This social networking website operates on the Ethereum blockchain. As this unique marketplace runs on the Ethereum network, you can fund it with ETH coins to purchase non-fungible token based artworks and collectibles. 

  1. Nifty Gateway

The popular Gemini cryptocurrency exchange owns the Nifty Gateway NFT marketplace. Many popular artists such as Grimes, Steve Aoki, 3LAU, and others release their NFT-based artworks on the primary market of Nifty Gateway. 

In the secondary marketplace of Nifty Gateway, these NFT-based artworks can be resold by collectors. To buy NFT artworks, you have to open an account on Nifty Gateway and fund it with Ethereum (ETH). You can also fund it directly through a credit card. 

  1. NBA Top Shot

If you are a basketball fan and want to collect licensed and original NBA collectibles, NBA Top Shot is the best marketplace for you. You can buy and sell digital basketball cards, which are more interactive than their traditional trading cards. 

An example will let you know how they are more interactive. These NFT based basketball cards have in-game highlights of the featured players. A Lebron James Dunk card was sold at the price of US$200,000 on NBA Top Shot. It featured a clip of Lebron James dunking on the Houston Rockets.

  1. Sorare

If you are a soccer fan, you would love this NFT marketplace. It collects and trades limited-edition soccer NFT cards. Till now over 125 clubs are featured on this marketplace. More and more clubs are added on a weekly basis. You can not only trade NFTs on this platform but also connect with other soccer fans. The most interesting part is that you can take part in the Global Fantasy Football Game. Create your own line-up and earn points on the basis of real-life performances.  

Step #2: Buy Ethereum ETH

Most of the NFT marketplaces operate on the Ethereum network. That’s why most of them accept Ethereum-based tokens as payment. If you want to buy nonfungible token-based artworks or collectibles through these marketplaces, you have to buy ETH first through cryptocurrency exchanges (such as Coinbase, Coinmama, BitPanda, Binance, etc.). Once ETH is purchased, send it to your MetaMask wallet.

Step #3: Connect MetaMask Wallet to the NFT Marketplace such as OpenSea

To buy or sell NFTs through the NFT marketplaces, you have to download the MetaMask, set up a wallet, and connect wallet with the exchange. When you’ve successfully connected your wallet, you can send the ETH coin from your crypto exchange account to your MetaMask wallet. 

Step #4: Fund your Account

You can buy NFT artworks with the help of ETH or Ethereum based tokens. As the MetaMask wallet is connected to the NFT marketplace, you are now ready to buy NFT collectibles.  

Step #5: Buy NFT Artwork or Collectible from your Preferred Marketplace

Once your NFT marketplace’s account is funded, you’re now ready to buy an NFT. As most of these marketplaces buy and sell nonfungible tokens in an auction format, you’ve to submit a bid for buying NFTs. The highest bid and lowest ask for NFTs are used for matching buy and sell orders. 

When you buy NFTs from primary marketplaces, you get the potential resale value directly. In many cases, particular NFTs have high demand. Hence, they are sold 5-to-10 times above their initial price after release. 

However, the downside of buying NFT artworks or collectibles from the primary market is that you can’t get the proper estimation of demand for that NFT. However, you can get a fair idea about the same on the secondary market by comparing your purchase with that of the previous sales. 

Buy NFT Crypto Coins and Other Cryptocurrencies Now

You can buy and sell NFT crypto coins from cryptocurrency exchanges against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges. 

Top 10 most popular NFT cryptocurrency coins are:

  2. Axie Infinity AXS
  3. Tezos XTZ
  4. Chiliz CHZ
  5. Decentraland MANA
  6. Enjin Coin ENJ
  7. Flow FLOW
  8. DigiByte DGB
  9. The Sandbox SAND
  10. WAX WAXP

If you want to increase your investment explosively in the coming 10 years, buy NFT coins now through crypto trading platforms. Keep an eye on the market news, price statistics, block times, news tips, and others to time your trading of NFTs for maximum profit. 

Diversify your crypto portfolio by including other cryptocurrencies such as Bitcoin Ether ETH, Bitcoin Gold, Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain technology), DeFi tokens (decentralized finance tokens), and others. Fund your crypto trading account by connecting it with your bank account (savings accounts or checking accounts) or  using credit cards or debit cards.

Also, invest in various types of stocks and options (through stocks trading and options trading at stock & options brokers), mutual funds, index funds, real estate, forex (forex trading through forex brokers), and others to improve your personal finance. If possible, get help from a portfolio manager or asset management firm for maximum return. 

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NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

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