How to Buy Non-Fungible Tokens (NFTs)- Nftically

Non-fungible Tokens, often known as NFTs, have recently become a worldwide hot topic. The market cap of NFTs has risen dramatically between 2019 and 2020, reaching $338.04 million, and it has only increased further this year. Experts claim them to be the next version of what we traditionally refer to as “investments” or “assets”. But how does one actually buy nfts? What are the different types of NFT you can buy? Where do you have to go to buy an NFT? Feel confused? Don’t worry. We have simplified the steps for you. Read along.

What is an NFT?

If explained simply, NFTs are digital data stored within blockchains. Now you might ask what’s so special about it. Well, these data units are protected and certified with uniqueness and rarity by blockchain technology.

This simple aspect increases the value of  NFTs as, in this world, anything that is rare tends to hold greater value. You can trade or sell these NFTs in online NFT marketplaces for huge sums of money. The type of NFT decides the amount or price you can possibly sell them for.

What are the different types of NFTs?

Photos & artworks, game clips & characters, videos, music, mathematical formula, computer codes, memes, and absolutely anything you know that exists digitally!!

Be creative, understand your audience, understand what can actually sell(digitally) and you can convert it into an NFT. There are no bounds. Because each NFT has a unique value, these NFTs cannot be conventional cryptocurrencies. Cryptocurrencies such as Bitcoin and Ethereum, are fungible, which means that each ETH/BTC is similar to another existing ETH/BTC.

How to buy NFTs?

This is perhaps the most asked question about the topic. You need not worry. You can simply follow the step-by-step guide provided below.

1. Buy Ethereum

In order to buy NFTs, you need to have a bit of currency in the form of cryptos. As the majority of NFTs are Ethereum-based tokens, most marketplaces take payment in the form of ETH tokens. Coinbase and eToro are the best crypto exchange accounts for anybody opening a crypto exchange account for the first time.

2. Connect your MetaMask to an NFT Marketplace service provider. (TRY NFTically!!)

You can buy NFTs (and sell too!) on a variety of marketplaces. You will be able to acquire diverse types of collectibles according to your selected marketplace. Although each platform works uniquely, most websites offer secondary marketplaces with a wide range of NFTs. We at NFTically provide you with the option to set up your custom white-label NFT marketplace without any technical expertise.

MetaMask is a digital Ethereum-based wallet that is accessible both via chrome extension and mobile app. You need an Ethereum wallet to sign up for NFTically (and other NFT sites). Simply download MetaMask, create a wallet, and transfer the ETH you bought from Coinbase. Check out our “What is MetaMask and How does it work on NFTically?” FAQ for a detailed understanding of how digital wallets work.

3. Buy your NFT

After you finish funding your account, you can now buy NFTs easily. Because most marketplaces use an auction system, you’ll need to enter a bid for the NFT you wish to buy. For NFTs with multiple prints, certain markets operate utilizing the highest bid-lowest call procedure.

Note: One of the advantages of acquiring  NFT from the primary marketplaces is the availability of increased resale values of NFTs. Some high-demand NFTs sell for 10x times their initial price shortly after their listing. The disadvantage of purchasing NFTs in a primary marketplace is the difficulty of NFT demand estimation. Contrarily, you can estimate your NFT listings to previous sales on the secondary market.

Things to consider before you buy NFTs

Wait, do go yet!! There are some considerations you need to keep in mind before buying your first NFT.

• Always keep track of the crypto prices. The market of digital currency is highly unpredictable; i.e. prices go up and down in an instant. Monitor the market cap ratios before selecting the best exchange price.
• Research about the demand rates of the digital audience. It is best if you buy NFTs as per the previous types of NFTs sold within websites. There is no hard and fast rule. But they say precaution is better than cure.
• Most of the time, the selling of an NFT depends upon the popularity of the NFT owner and the promotional strategies they use. The higher your follower base, the higher the chances of you selling your NFT.

Conclusion

The concepts of cryptocurrencies, blockchain, and NFT are all rabbit holes that need deep learning and understanding. But it is true that proper investment in these can turn people’s fortune overnight.

At NFTically, we have a team of educated professionals who are dedicated to guiding you throughout your NFT journey. Create everlasting revenue streams & acquire royalties or store commission in perpetuity in Secondary Market Sales. Drive fan engagement and retention by utilizing NFT paradigms like Airdrops, Fan tokens, and likewise.  What are you waiting for?  Buy your NFT today and start earning!!