By now, everybody has heard of Non-Fungible Tokens or NFTs. However, if you are interested in buying one for yourself, the process of buying one is not always easy to understand. NFTs that make the news often sell for millions, but the truth is that you can find these digital assets for sale for a wide range of prices, with one-third selling for less than a hundred dollars. If you are intrigued by NFTs and want to own one, keep reading to find out more about how to get started.
Open an Exchange Account
The first step to buying NFTs is to open an account on a crypto exchange or crypto platform such as okx.com. Before doing this, it’s important that you first understand the difference between cryptocurrency exchanges, NFT marketplaces and crypto wallets. Exchanges are online platforms that serve as a brokerage where you can buy and sell various cryptocurrency types. You will need to create an account in order to buy NFTs.
Open a Crypto Wallet
Although they are called wallets, crypto wallets don’t actually store your crypto coins and tokens. They store the keys that you will need to get access to the digital assets that you own. When you open a crypto wallet, you will get a unique seed phrase that allows you to access the wallet. It’s important to keep the seed phrase safe, as in a similar way to a physical wallet, if you lose this phrase, you will lose access to your crypto and other digital assets.
If you want to buy NFTs, then you will need to set up a wallet that is connected to the blockchain directly. This allows for the direct transfer of currency between people using the public key.
Most NFTs are built using the Ethereum blockchain. Ethereum is a network where transactions are recorded and distributed to members, using a shared ledger. Ether or ETH is the currency that is native to this platform, although it is sometimes referred to as Ethereum. It is quite similar to Bitcoin and other cryptocurrencies in that you can buy it, sell it, trade it, or save it to increase its value.
Store ETH in a Crypto Wallet
Once you have chosen a crypto exchange and purchased ETH, you will need to transfer your cryptocurrency into a wallet. How you do this will vary based on the exchange you use, your wallet, and the marketplace you wish to purchase an NFT from.
Connect Your Wallet to the NFT Marketplace
There are several NFT marketplaces to choose from where you can buy different types of digital assets. Once you have found one where you will be able to purchase the type of NFT that you want, you will need to connect your crypto wallet to the marketplace before buying an NFT. Then, simply select the NFT that you want and use the ETH that you purchased earlier to buy it. Be sure that the marketplace you use is authentic, transactions are secure, and the NFT is authenticated before you buy.
If you are interested in getting involved with the new and evolving NFT landscape, then knowing how to buy an NFT is a basic step to getting started.