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NFTs Buying Guide; How To Buy Non Fungible Tokens
Unless you are living under a rock or completely cut yourself from technology, you couldn’t have missed the word NFT. The year 2021 saw the emergence of these Non-Fungible Tokens (NFTs) with people shelling out millions to own them. However, not everyone is aware of the process that goes behind buying an NFT.
While many out there would be scared of putting their money on these Non-Fungible Tokens given the highly volatile nature of the crypto market, we will guide you through safe ways to buy NFTs without falling for any scams. Read on to know everything you need to know before you make your first NFT purchase.
Getting A Crypto Wallet
First and foremost, users will be required to have an account on a crypto exchange to buy NFTs. Exchanges are online platforms where users can buy or sell different cryptocurrencies. To make an NFT purchase, users should have an account with their preferred platform. Different exchanges have different services, so users need to find out how they function in terms of privacy, crypto wallets, trading charges, and customer support.
By opening a crypto wallet, users will be able to store their public and private keys. Besides, they will be able to safeguard their digital assets such as NFTs and crypto coins. Users can provide independent access to their crypto assets through a seed phrase, whose safekeeping will be their responsibility. There are two kinds of wallets users can use -- Hot and Cold.
Hot wallets are web-based wallets that can be used as desktop apps and browser extensions. They are easy to access through apps but could be more susceptible to cyber-attacks compared to cold wallets. Cold wallets are physical devices and are more secure than the former. However, they pose a bigger risk of loss as they cannot be retrieved if users lose their seed phrase.
Make Ethereum Purchases
Most NFTs are created on the Ethereum blockchain. On this network, the transactions are recorded on a shared ledger. The native currency of this platform is often referred to as ETH or Ether. As a cryptocurrency, it is similar to Bitcoin in that users can purchase, sell, or hold to increase its value.
Transfer ETH To Crypto Wallet
Once users have purchased the cryptocurrency, they should transfer it to a wallet. The process of doing so will be determined by the exchange where they bought ETH, the wallet they are using, and the NFT marketplace.
Connecting Crypto Wallet To NFT Marketplace
NFTs first started in the art world but have now grown to other parts as well. NFTs now include digital art, music, digital collectibles, sports highlights, video games, fashion, event tickets, memes, and much more.
Buying an NFT
Popular NFTs sell like hot cakes, so users should be sure that their wallet is connected and funded before the NFT becomes available for purchase. Buyers should note that purchasing an NFT doesn’t mean they have the copyright unless there’s a direct agreement between the buyer and creator. Each marketplace comes with its set of restrictions on NFT purchases.
It’s important to note that security should be paramount. Before making an NFT purchase, users should research how to keep their cryptocurrency safe. Users should use two-factor authentication and make small transactions to ensure security.
Why To Buy NFTs?
There are several purposes that NFTs can be used for. They can become a part of your home as there are several digital displays capable of showing the digital art. Besides, users can use them for investment purposes as their value can increase with time.
Since NFTs are one of the fastest-growing markets, traders can use them to make a good return on their investments. Moreover, NFTs can also be used as profile pictures or avatars on the internet.