The internet is a heaven and a hell for NFT newbies. One could easily get lost in the maze of information bound to present themselves to the user. There are many questions a newbie might ask as they venture into the NFT space. Questions such as how to buy an NFT may come to mind first. Follow this guide to find out more.
How To Buy An NFT?
To learn how to buy an NFT, users must follow a few steps. These steps often vary according to the platform they are using and the specific NFT they are interested in. Here are a few general steps newbies can use to start their NFT journey:
Choose A Platform
Create An Account
The next essential step is creating an account that enables you to start your NFT activities. Creating an account may differ according to each NFT marketplace. But the main information needed is usually providing an email address, creating a username, and setting a password.
Connect A Wallet
To be able to buy NFTs the user must have access to Cryptocurrency. You can obtain this from Crypto wallets. When choosing a wallet users must make sure it supports the Blockchain the desired NFT is based on. Popular wallets are MetaMask, Trust Wallet, Coinbase. Download the wallet and follow the instructions to set it up.
Fund The Wallet
Once the wallet is set up, the user would need to fund it with the right Cryptocurrency to purchase NFTs. One of the most common Cryptocurrencies used for NFT transactions is Ethereum. There are various Cryptocurrency exchanges where one can purchase Ethereum.
Browse And Choose
One must find NFT collections that capture their interest and you can do so by exploring the NFT marketplace of your choice. There are various categories and artists you can choose from.
Check the information about the NFT you choose. This includes its description, creator, ownership history, and other information about royalties or rights. Make sure you understand everything about the NFT you’re purchasing.
Place A Bid Or Purchase
According to the Marketplace of your choice, you will have the option to place a bid on the NFT you want or you can buy it at a fixed price directly. The platform will provide you with the appropriate instructions to help you make and complete the purchase.
Confirm And Sign The Transaction
After you place a bid or confirm a purchase, your wallet will ask you to sign a transaction. This is a security measure to make sure that you allow the purchase to take place using your wallet’s private keys.
Another thing you ought to be mindful of is that NFT transactions on the Ethereum Blockchain require gas fees, which are usually paid to miners to process your transaction. Moreover, gas fees vary depending on network congestion and other different factors.
With the confirmation of the transaction, the NFT will be yours. Therefore, the NFT will be available in your wallet, and you can choose to display it, resell it, or hold onto it as a form of investment.
Lastly, the question of how to buy an NFT is easily summed up in just a few steps. Newbies must first obtain a functioning Crypto wallet fully equipped with the chosen currency that corresponds with the NFT. Users must make sure to follow the instructions provided by the marketplace and the chosen wallet. There are various categories of NFTs available in marketplaces such as music, PFP, and more! Be sure to study the NFT collection and the artist carefully before choosing to invest in one.