How to Buy NFTs in Simple Steps

NFTs are one of the most searched terms on Google, especially since the April market crash. As you know, the bear market has everything on lockdown. DeFi protocols are currently finding ways to stay afloat in the declining market. And many projects are having a hard time finding investors to finance their products.

It appears that NFTs remain a good alternative to earning during this bear market. Despite the growing interest in these digital assets, there is a need for clarification. Most people do not know how to buy NFTs. Others have a hard time finding the right platform to buy NFTs. So, this article will answer some popular questions about purchasing NFTs.

How to Buy NFTs

 Buying your first NFT isn’t much of a hard task. It only requires some guidance. So, if you’ve been thinking about getting your first NFT, that’s a pretty good investment. So, the first thing you’ll need to do is get an Ethereum-compatible crypto wallet and some ETH to fund your purchase. Most NFTs are built on the Ethereum blockchain. For this, you’ll need some ETH in your wallet. MetaMask is an example of an Ethereum-compatible wallet. And you can buy ETH on exchanges such as Coinbase.

After buying your ETH, the next step is to transfer it to your wallet. Then, connect your wallet to an NFT marketplace. An NFT marketplace is a place where you can sell and buy NFTs. OpeanSea is the most popular NFT marketplace. But there are others, such as:

  • Rarible
  • NBA Top Shot
  • Nifty Gateway
  • SuperRare
  • Mintable

To receive notifications regarding NFT drops, you should consider setting up accounts and subscribing to several marketplaces. Also, it is important that you stay close to social media platforms such as Twitter and Discord. You can get vital information about NFTs there.

After funding your account, buying an NFT is a simple process. You’ll have to enter a bid for the NFT you want to buy because most marketplaces use an auction model. Some other marketplaces function more like exchanges and use the highest bid and lowest ask prices. It’s also important to spend some time learning about how to secure your NFT so as to avoid falling victim to any scams.

Which Platform to Buy NFTs?

As we mentioned earlier, you can buy NFTs on any of the marketplaces listed above. You can buy any of the following in the form of digital art from your chosen marketplace:

  • Music 
  • Fashion
  • Photography
  • Video games
  • Digital art
  • Digital collectibles
  • Sports highlights
  • Event tickets
  • Trading cards

Before choosing any marketplace, it is important to first decide on the kind of digital asset you want to purchase and the platform that it is most suited for.

Why Buy NFTs When You Can Screenshot?

This is a question many people ask, but NFTs go beyond taking screenshots. For some people, taking a screenshot of this picture could save you thousands of dollars. You can take a screenshot of an NFT and get a low-quality resolution of it. But you won’t be getting the stamp of ownership. In other words, everyone knows you are not the rightful owner. NFTs are valuable based on their uniqueness. So, your screenshot would basically be treated as a counterfeit.

Taking screenshots of NFTs isn’t a crime as long as you do not pass it off as your own mint. It also doesn’t hurt the creator since it is worthless. In simple terms, ownership is the difference between having a screenshot and owning the real deal. For example, having the picture of the Mona Lisa on your phone and owning the art itself are two different experiences. 

NFTs are owned on the blockchain. So anyone can easily verify an owner’s status. So an owner can point to the blockchain as proof of ownership, but a screenshot lacks authenticity.

Who Buys NFTs for Millions?

Twitter co-founder Jack Dorsey sold his first-ever tweet as an NFT for $2.9 million in 2021. The figure raised eyebrows, but it soon became the norm. NFTs are valuable, and people are willing to pay that much for them.

People buy NFTs for different reasons. While owning these exclusive pieces gives the holders a sense of fulfillment, others see it as an investment. Another reason why people pay so much for NFTs is that digital assets are seen as a replacement for physical art. Traditional art usually costs a fortune. So, many people perceive NFTs as the art of the new world and are willing to break the bank. 

In Conclusion

NFTs are not a fad. They are a healthy investment option. Of course, you have to do your own research on them. Our other article on NFTs best explains key details such as knowing when to buy NFTs and answers concerning paying for them. 

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