Introduction
If you are interested to know about NFT i.e. non fungible tokens, You may know that recently the sales of NFT crossed $25 billion. Still, there are few people who want to know what is NFT and how to buy them. The hype is real indeed. Can you imagine Beeple’s “Ocean Front” for a huge amount of $6 million!
If you are a newbie artist, NFT trader, or just usually wondering about NFT and want to start your venture in the NFT journey, you should go through the piece of the article so that you may get clear details on the process of buying your first NFT.
What is NFT?
A non-fungible token is a financial security that consists of digital data stored in a blockchain, which is a form of a distributed ledger. The ownership of an NFT is recorded in the blockchain and it can be transferred by the owner, allowing NFTs to be sold and traded.
Different kinds of NFT
As you know the basic sense of ZNFT, now you will understand the specific types of NFT.
- Collectible Art
- Sport collectibles
- Gaming
- Property
- Music
Now we must go deeper to make you understand the types of NFT.
- Collectible Art
This one is the most common type of NFT. Now, this can also be divided into other types like Profile Pictures (PFPs), Generative Art, Original Pieces in analog art, Photography, etc.
- Sport collectibles
In case you are fond of sports, you may like pokemon cards, baseball cards or panini stickers, etc. You can collect cards from NBA games.
- Gaming
In-game features or items are one of the best known NFTs that people like to collect. There are a lot of blockchain based games and metaverses where one can make the purchase of characters, items, or real estate.
- Property
NFTs are now giving the facility of the ownership of a property.
- Music
There was a time when music has iterated via tapes, discs, and MP3. Now, you can enjoy pieces of music or videos via NFTs.
How can you buy NFTs?
If you want to make a purchase of your NFT, you buy one from an NFT marketplace. You can also own one NFT by creating one on your own and then minting it.
Before buying an NFT, you will need:
- An Ethereum wallet such as Meta Mask
- Sufficient funds so that you can cover the purchase and transaction fees
- Optionally a Hard Wallet in case you want to purchase a pricey NFT
There is some popular NFT marketplace that you have to know before buying NFTs, such as OpenSea, Rarible, Super Rare, Nifty Gateways, CyptoPunks, Foundation, Myth market, atomicMarket, etc.
Now here are the buying process of NFTs.
- Buy Ethereum and set up a crypto wallet
If you want to buy an NFT on the top marketplaces, you have to pay using ETH, the Ethereum network’s cryptocurrency. Almost all crypto wallets have the facility of supporting ETH, but the most trustworthy one is the MetaMask wallet.
- Set up a Metamask wallet and transfer your ETH into the wallet
In order to set up the MetaMask wallet, you need to install the MetaMask plugin. Then click on the MetaMask icon in chrome. You will come across the MetaMask UI. You need to scroll all the way down and click Accept to agree MetaMask’s terms of use. Then set up the password by putting twice and confirming it. Now you can create a new wallet for a new Ethereum account.
- Connect to an NFT marketplace
When you are all done with your Metamask wallet, now it’s time to connect the wallet with an NFT marketplace. Go to the NFT marketplace and go to the wallet sign in the marketplace. Choose your MetaMask wallet and start following the pop-up screen directions.
- Buy your NFT using ETH from your Metamask wallet
When your MetaMask wallet is loaded with ETH in the NFT marketplace, now start buying your favorite NFT.
The bottom line
So here are all you need to know about the buying guide on NFTs. Now what! Enjoy your NFTs in your profile. Hope this article helped you with minute details of the step-by-step procedures.
