Non-fungible tokens (NFTs) remains one of the biggest trends in the world today. Almost everyone is talking about how to buy NFTs. This is because lots of people are making top dollars while trading NFTs. But as rewarding as it is, investing in NFTs comes with its risk. The crypto market is highly volatile, making it hard to predict. Therefore, before buying NFTs, ensure you do proper research.
Why You Should Buy NFTs
Many who don’t understand the concept of NFTs wonder why people buy them. NFTs are digital assets with a high return on investment. This is the main reason to buy NFTs. Statistics from Nonfungible.com show that over $386 million worth of NFTs has been traded. As an investor, you will likely earn a high ROI when you invest in the right NFT.
People also buy NFTs because of emotional attachments. They have an emotional connection with the issuer or the item. Additionally, specific NFT projects come with attached incentives. This includes a free pass to high-class events and exclusive rights to several products and services.
Exactly How To Buy An NFT
You don’t need special skills to purchase an NFT. This is because buying NFTs is a straightforward process. Once you know where to buy NFTs, the other steps are easy. If you are buying NFTs, these simple steps will guide you.
1. Set Up A Crypto Wallet
The first step to buying NFTs is setting up a crypto wallet. Most NFT wallets are Ethereum based wallets. Based on this, most NFT projects run on the Ethereum blockchain. The wallet will hold the funds to buy the NFTs. It will also hold the NFTs you buy for safekeeping. There are several NFT wallets you can use to buy NFTs. This includes Metamask, Trust Wallet, Alphawallet, and Math Wallet. Once you decide on the wallet you want, you can set it up. Click here to learn about the best NFT wallets in 2022.
2. Choose An NFT Marketplace
The next step is to choose an NFT marketplace. An NFT marketplace is where you buy or sell NFTs. You can choose from several NFT marketplace options. The best NFT marketplaces include OpenSea, Nifty Gateway, and Rarible. Mintable, SuperRare, and Axie Marketplace are also quality NFT marketplaces. But Opensea is one of the most used marketplaces. These marketplaces make buying NFTs seamless. All you need are a few clicks to purchase your NFTs.
3. Connect Your Digital Wallet To The Marketplace
You will need to connect your wallet to the marketplace you want. Different wallets have different ways to connect them to the NFT marketplace. For better options and ease, most people use the Metamask wallet. They also prefer Opensea as their marketplace. Connecting Metamask to Opensea is straightforward.
4. Find An NFT You Like
Before investing in NFTs, you must have a project in mind. But if you don’t have one, you can search for exciting projects. Ensure you check your marketplace appropriately for NFT projects with high prospects.
5. Place A Bid
When you find the NFT you want, the next step is to bid. You will see the details of the NFT project you wish to buy. Click the “make offer” icon to make your offer. Enter the amount you want to bud and submit your bud. You can also buy NFTs by meeting the seller’s asking price. If your offer is accepted, your transaction will be completed automatically. All you need to do is check your wallet for your NFT.