How to Buy NFTs: The Beginner’s Guide

stranger-things-netflix
NFT: Netflix launches its first collection of tokens dedicated to Stranger Things
July 15, 2022
0

Cryptocurrency and blockchain have become part of everyday vocabulary in modern times. Beyond their unstoppable popularity, crypto currencies are becoming more and more essential to human life. Whether it is to create additional income, collect rare art objects or simply to be part of the very controversial world of the Metaverse, cryptocurrencies deserve special attention.

Why you should be interested in NFTs?

NFTs, or non-fungible tokens (in French), are digital assets that make it possible to retain the identity of an official owner of one or more works of art:

  • Digital works of art.
  • Music.
  • Movies.
  • Unique collectibles.
  • Game material.
    etc

The unique and irreplaceable characteristics of NFTs make them particularly attractive when it comes to collectibles, but also in terms of trading. Bitcoin and crypto currencies are interesting to a very large number of investors, most of whom make immeasurable purchases on dedicated marketplaces.

Having an NFT makes it possible to obtain a certificate of originality, witness to the authenticity of the acquired token. Thanks to this certificate, the holder of a non-fungible token can define a high value of his NFT which he can appreciate over time. In case of resale, the profits can be particularly high.

NFTs are a particularly profitable investment sector due to the uniqueness and invaluable value of each token.

How to buy NFTs?​

Step 1: create a crypto wallet​

To keep crypto currencies, first you must get a special wallet. The crypto wallet is a digital wallet that allows you to:

  • Store, sell and buy crypto currencies.
  • Buy apps.
  • Buy crypto services.

This digital wallet also simplifies the process of purchasing an NFT. Further these tokens can also be stored in a digital wallet.

Step 2: choose an NFT marketplace

There are several marketplaces that allow you to generate, sell and/or buy NFTs. However, before making transactions on a platform, it is preferable to gather as much information as possible about it in order to avoid the risk of scams and NFT fraud.

Step 3: connect your crypto wallet to the chosen marketplace

Once the NFT market place has been chosen, all you have to do is to connect your wallet to it, to be able to start buying NFTs.

Step 4: select the NFT

Depending on the available budget and individual taste, the next step is to choose the NFT from the catalog of tokens available on the chosen market. The trick is to choose a rare and invaluable token so that you can get the best price for resale. The best collections are the rarest and most wanted ones that can make the highest profit.

Step 5: launch the auction

To start, you have to make an offer for the chosen NFT or directly match the price offered by the seller. Purchase procedures are generally detailed by the seller himself:

  • Selling price.
  • Auction time limit.
  • Crypto currencies accepted in payment.

To make an offer, simply click on the “Make an offer” button on the page of the chosen NFT, specifying the number of crypto currencies to bid.

Step 6: complete the transaction

The transaction is automatically finalized by the NFT seller once the highest bid is reached at the end of the auction. Some offers can also be validated directly by the seller without necessity to wait for the end of the auction. This is often the case when the buyer bids at or above the stated price.