Non-fungible tokens (NFTs) are original digital assets whose popularity in the crypto world skyrocketed in the last couple of years. If you’d like to join the trend and buy NFTs, our guide will cover all the steps of the process. Here is what you should know before acquiring these unique tokens!
How to Buy NFTs
Buying NFTs is actually a simple process. It comes down to finding the token you want to purchase and paying for it. You need to use cryptocurrencies to pay for these digital assets. Depending on the NFT, it could be on sale for a default price. Some other goods might be available in auctions, which means the final price could vary.
Where Should I Buy or Sell NFT?
Marketplaces are websites where you can trade NFTs. It’s important to pick a trustworthy platform, so here are a couple of suggestions:
- Opensea.io. The sheer number of non-fungible tokens for sale shows this is a reputable platform, so don’t hesitate to try it.
- Rarible. It offers an interesting approach since the community owns the platform. It even has a token called RARI that you can earn in weekly distributions.
- Tokhun.io. If you have an NFT on the Cardano blockchain, this is a smart choice for selling it.
What Are the Steps for Buying and Selling NFTs
These are two different processes, so we’ll explain each in a few simple steps. Here is how you can buy NFTs:
- Find a marketplace that sells NFTs and register an account.
- Discover a token you want to purchase and check its price.
- Make sure you have enough funds in your crypto wallet to pay for it.
- Finalize the transaction, and you’ll see the NFT in your wallet soon.
The alternative is a direct purchase, which means you send crypto to someone, and you get an NFT in return. Please note this is riskier, so make sure the seller is trustworthy.
As for selling, you’ll need to have an NFT to sell. That means you’ll need to create (mint) it or acquire it in another way.
Once you do, here are the steps to sell NFTs:
- Find a marketplace where you can advertise your NFT for sale.
- Place an ad and choose the price. Some platforms even offer auction sales.
- Wait for the buyer to appear.
- Once you finalize the transaction, you’ll receive the desired payment in return for sending the NFT to the buyer.
Top NFT Series Out There
Things are ever-changing when it comes to NFT projects. Here are some that are most popular at the moment:
- Axie Infinity. This is a game that has a play-to-earn model where you can profit only from playing it. You breed creatures called Axies, which are actually NFTs that you can sell.
- CryptoPunks. This collection of 10,000 “punks” was made in 2017, but its value has increased recently. CryptoPunks characters were among the pioneers in the NFT market. The most expensive “punk” had a value of 124,457ETH when sold in October 2021.
- NBA Top Shot. The NBA has recognized the potential of NFTs. Their collectibles feature videos of crucial NBA game moments.
What Does the Future Hold for This Fast-Growing Market?
NFTs appeared suddenly and took the crypto market by storm. The experts can’t agree on what the future holds for these tokens. Some believe we’ll see more NFT applications and a huge increase in popularity.
Others believe this is a trend that won’t last long, but you can still find people skeptical about crypto in general, too. The truth is the intriguing idea of proving your ownership of a real-world asset by owning a digital token is becoming more popular. It will be exciting to see what the next few years hold for NFTs.
