They happen in abundance and people who are already ‘in the world’ seem to know everything about them. However, not everyone is fully committed to the NFT business and they don’t have to be. In this article you will learn how to buy your first NFT.
The first thing to know about NFTs, non-fungible tokens, is that while they are all unique, they are not all billionaires like some monkeys at Bored Ape Yacht Club. There are also NFTs that you can buy for a few euros. So it’s certainly not just for the rich or people who have been involved with the art for years – everyone can get an NFT in their possession for a much more affordable amount.
An NFT is a token, it represents something that belongs to you. In reality, an NFT is just proof of ownership of a certain object. It can be a digital artwork in .jpg format, but also a YouTube video or a music track. Everyone knows that a certain work of art has been appropriated, because that is how it is registered through the ERC-20 protocol. Your NFT is given a unique number on the blockchain, so it is always traceable. In short, it is a piece of the internet that is all yours and that can also be worth a lot, like the first published tweet.
Buy at OpenSea
To obtain such an NFT, you need several things. You cannot go to a physical store or pay with your cash. NFTs are traded on Internet markets, such as the well-known OpenSea. Here you can search a database on a certain topic or a certain artist and find an NFT to your liking. You immediately see what has already been offered for a certain object and thus you can make a good assessment of whether you think it is worth it.
You’ll notice it says ’60’ for example. 60 euros, a bargain! Make no mistake though: NFTs are sold for cryptocurrencies. 60 probably stands for Ethereum, the cryptocurrency that is often used in this world. There are also platforms that use their own currencies, so you have to access an action to make the purchase. It is good to realize that cryptocurrencies are priced. If a monkey from the Bored Ape Yacht Club is at 60 Ethereum one day, he can be much more expensive in euros than the next day. In fact, it can vary depending on the time.
base of coins
You cannot buy the Ethereum that is required at OpenSea. As you can see when you click on an item on OpenSea, there are all kinds of crypto wallets you can make the purchase from. So if you really want to buy something through OpenSea, make sure you choose a wallet that is also compatible with that platform, like Coinbase or Metamask. Your purchase will also appear in that wallet, ie under ‘collectibles’. You can top up your wallet by buying cryptocurrencies (in the case of NFTs, it is usually ETH, from Ethereum) with your euros. It’s also smart to pick a good entry point here, because the price can fluctuate considerably.
If you don’t like OpenSea, you can also try other markets, such as Rarible, Sorare or FTX US. Good to know: There are also markets where you don’t need a software wallet, because they have a built-in wallet on the site. As soon as you log in, you will also be logged into your wallet, with which you can immediately make purchases.
You don’t feel like spending money on NFTs, but do you want them? That is possible: sometimes there are also so-called drops, marketing tricks to generate attention around a certain NFT or series of NFTs. As a raffle, there are some lucky ones who will receive a free NFT. That can be very lucrative: those of the artist Beeple are already worth enough. You need a wallet if you want to earn an NFT, because you have to be able to check it somewhere.
In short, buying NFTs sometimes seems like a strange world and can also be exciting the first time you convert your euros into cryptocurrencies: after all, anything can happen at that price. At the same time, it is a dynamic world: constantly evolving and extremely popular. So even if you don’t plan to own an NFT, it’s still very interesting to take a look at such a market. Have fun!
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