NFTs, or non-fungible tokens, are unique cryptocurrency tokens that often have a piece of art or something unique attached to them. NFTs gained massive popularity in late 2021 and early 2022, with prices skyrocketing. Prices have since fallen, however NFT adoption continues to grow. Many people are still do not know how to buy an NFT, though. Below are the steps you need to take to buy your first NFT!
How Do You Buy An NFT?
In 2023, there are a wide range of online marketplaces where you can buy non-fungible tokens (NFTs). Some popular options include OpenSea, Rarible, and SuperRare. These marketplaces offer a variety of NFTs, including digital art, virtual collectibles, and more.
In order to buy an NFT on one of these marketplaces, you will first need to set up a digital wallet that supports the blockchain that the NFT is built on. For example, if the NFT is built on the Ethereum blockchain, you will need an Ethereum wallet. There are many wallet options available, and in 2023, there may be new options as well as improvements to existing ones. It’s important to choose a wallet that is secure and easy to use.
Once you have set up your wallet, you will need to purchase some cryptocurrency that you can use to buy the NFT. This can be done on a cryptocurrency exchange, such as Coinbase or Binance. In 2023, there may be new exchanges available, as well as new cryptocurrencies that you can use to purchase NFTs. It’s important to choose an exchange that is reputable and offers low fees.
It is important to note that cryptocurrency can be very volatile, so it is important to be careful with how much money you spend on both NFTs and cryptocurrency.
What NFT Should You Buy?
Once you have your wallet and some cryptocurrency, you can start looking for the NFT you want to buy. You can browse the available NFTs on the marketplace you chose, or use the search function to find specific NFTs. In 2023, the selection of NFTs on offer is likely to be even larger than it is today, with many new and exciting collections to explore. Some popular collections may include CryptoKitties, Azuki, and Bored Ape Yacht Club.
When you have found the NFT you want to buy, you can make the purchase using your cryptocurrency. The process will vary depending on the marketplace, but typically you will need to select the NFT and click “buy” to initiate the transaction. You may also need to confirm the transaction using your digital wallet. In 2023, the process of buying an NFT is likely to be even smoother and more user-friendly than it is today.
How Do You Keep Your NFTs Safe?
Once you have bought your NFT, it’s important to keep it safe. This means keeping your digital wallet secure and making sure that you have a backup in case anything goes wrong. You can also consider storing your NFT on a hardware wallet, which provides an extra layer of security. In 2023, there may be new security options available for NFTs, such as multi-signature wallets or smart contract-based storage.
How Do You Trade Your NFT?
If you buy an NFT and want to sell it later, you can use an NFT marketplace to find a buyer. When you sell your NFT, you have the option of either setting it as an instant sale, or as an auction. If your NFT is set as an auction, buyers will bid on the price using crypto, like WETH, until the auction time is finished. After that, the highest bidder receives the NFT in their wallet automatically, and you recieve their cryptocurrency.
There are many NFT traders that have made a small fortune by buying many NFT early, and then auctioning them off for 5x – 10x the price. While NFTs are no longer at the price levels from early 2022, it is still possible to profitably trade NFTs.
In conclusion, in 2023, there will likely be a wide range of online marketplaces where you can buy NFTs, with many new and exciting collections to explore. By setting up a digital wallet and purchasing some cryptocurrency, you can easily find and purchase an NFT.