How to buy NFT trading?

How to buy NFT trading

It’s 2022 and the world seems to have just woken up to the discovery of NFTs. People that are not familiar with crypto and concepts such as Web3 are nonetheless beginning to accept NFTs as part of the daily internet social experience.

As NFT trading becomes more and more popular because of each token value and rarity, complete newcomers want in on the action.

Buying and trading NFTs seems to most newcomers quite a complex thing to do, however. But that is because they have little knowledge of how a digital collectible can be purchased through crypto currencies.

This guide is meant to provide you all with a clear checklist of what needs to be done in order to own and trade non fungible tokens with others on any NFT marketplace of your choice. Let’s start.

A brief explanation on WHY you should buy NFTs

Maybe you are looking at this article after your best friend told you he purchased an NFT of a digital asset for hundreds of dollars and you want to understand what the hell is that all about. Maybe you stumbled upon OpenSea, the largest NFT marketplace on the internet, and couldn’t wrap your head around how to purchase all the digital artwork you saw there. Or maybe, you know about crypto and you are looking at ways to diversify your investment with non fungible tokens.

Regardless of why, creators of digital art on the web have long embraced NFTs as a secure way to earn and protect their artwork. If you are quite the collector and NFT art lover, you already have your reasons. But to those who are still skeptic, to those who still think: this is all well and good, but why in the hell would I invest my money in a digital artwork of a cat with sunglasses that’s smoking a cigar?!

I give you three indisputable reasons: rarity, utility, and collectability. Each NFT is unique, and their scarcity determines their value. The rarest the NFT, the higher its value, the higher your return. Moreover, tokens can offer utility beyond their NFT art, doubling as membership to exclusive clubs, passes to digital and physical events, and much more.

Lastly, nonfungible tokens act as digital collectible projects that offer niches for digital collectors and investors. Like old coins or trading card games, they will always have aficionados and enthusiasts ready to spend that extra money to complete their collection. This means that whatever the climate, rare digital item token collections will always be profitable.

We get the why, but HOW do we do it?

To buy a non fungible token, one needs to follow this foolproof 7-step checklist:

  • Set up your digital wallet:

If you are interested in buying tokens from an NFT collection, you’ll first need a digital wallet. A digital wallet or crypto wallet is, essentially, where you send, receive, and keep crypto currency such as Bitcoin, Ethereum, Dogecoin, etc. Once created your crypto wallet, you need to buy crypto currency and gain funds to then invest into nonfungible tokens. Multiple wallet-specific websites exist, such as the Coinbase wallet, the Ethereum wallet, the Trust Wallet, or the MetaMask wallet.

  • Choose the best NFT marketplace:

You have saved your crypto and you are ready to make the purchase of rare NFT art. Now it’s time to head to an NFT marketplace and look for the NFT project that most catches your eye. It’s difficult to say which NFT platform is the best. Most NFTs exist on the Ethereum blockchain, but many more platforms are beginning to surface. At this time, it’s wise to stick to those who work and are popular with the general public and investors. These are OpenSea, Rarible, Mintable, Binance NFT Marketplace, Axie Marketplace, NBA Top Shot, Axie Infinity Market, and Nifty Gateway.

  • Connect your digital wallet to the NFT marketplace:

In order to buy any digital asset from an NFT market, you must connect your crypto wallet to the marktetplace you chose. OpenSea remains the more popular choice as it allows users to interact with and exchange nonfungible tokens from numerous NFT platform and blockchain technology networks.

  • Find the one NFT project you like:

Once everything on the money end is cared for, it’s time for you to make a choice. Browse the marketplaces to find the NFT art that speaks to you the most. If you are into NFTs purely for ROI purposes rather than for artistic inclinations, you should look for NFTs that are historically popular, currently viral, or uniquely rare. A good strategy is to go for projects early before enough buzz brings in the headlights.

  • Bid for the token you want:

Once you have chosen the token you want to purchase, you can either meet the asking price of the seller or make a bid. Usually, the NFT project team or actual owner(the seller) will provide in-depth details regarding the buying process, for example, the selling price, the accepted crypto currencies, or the auction time limit.

  • Complete the NFT transaction:

The seller can choose to accept your offer anytime, even before the auction time ends. And if your offer is the highest at the time of the auction end, the marketplace will automatically complete the transaction, which will be secured in the blockchain network via smart contract technology.

  • Make a long-term investment plan

Because an NFT can only have one owner at a time, you have purchased exclusive ownership of the digital asset. That doesn’t mean, however, that you hold all the rights reserved of the asset, such as copyright.

Nonetheless, you can either hold on to the NFT until it sells for a profit or save it as part of your one-of-a-kind personal collection. Given the nature of NFTs, it’s good to make a long-term investment plan if you are looking to sell NFT and generate higher returns.

Simple tips on how to gain money from NFTs: go for project quality rather than quantity, prioritize rarity and virality, be aware of marketplace commissions, and beware scams and fraudolent hecklers by prizing and protecting your privacy at all times.

The bottom line

NFT tokens are on everybody’s mind as people start to embrace crypto and the Web3 revolution. Today, an NFT sale generates impressive amount of liquidity and hype. For a person to buy Ethereum, set up a digital wallet and invest in NFTs is becoming increasingly simple.

NFTs represent a fresh novelty in the digital sphere, being particularly embraced by new generations and Gen Z celebrities such as Logan Paul (who is behind the Originals NFT platform and related tokens). Now some are looking favourably at the possibility of investing in NFT stocks such as PLBY, EBAY, or FNKO. And MoonPay is now looking to offer its users NFT checkout with credit card, Apple Pay, and even wire transfer.

Whatever your marketplace, invest wisely in NFTs as the Web3 revolution takes the world by storm! Stay tuned for more tutorials from the Mintersbay team and don’t miss any opportunity that blockchain technology has to offer!

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