Beginner’s Guide to Buying NFTs
By now, you must have already heard of Non-Fungible Tokens (NFTs), one of the hottest crypto trends of 2021. NFTs are unique collectible crypto assets. They are essentially a unique token living on a blockchain that represents some form of information. This can be an image, a video or a gif. Because they live on the blockchain, they are easy to track, and their authenticity can be verified.
What was the first NFT?
The very first NFT and ERC-721 smart contract was the CryptoPunks project from Larva Labs. Today, CryptoPunks are considered to be some of the most iconic NFTs ever created. The creation is universally regarded as the flagship of the modern crypto art movement. The total value of all sales of CryptoPunks has exceeded USD 400 million, an impressive number considering that at its debut in 2017, you could get one just by paying the cost of minting your Punk.
Isn’t an NFT just a JPEG file?
No. NFTs may be expensive, but you’re getting much more than just a JPEG file. The token gives you ownership rights to the creation you receive, and you’re able to sell, trade or interact with it as it’s certified owner. Saying that NFTs are just JPEG files is the equivalent of calling a painting nothing more than brush strokes on a canvas.
How do I buy in?
Okay, so you’ve heard all about NFTs, and want to get into the ground floor of the next project that you believe is going to the moon. Where do you begin?
1. Make an NFT Marketplace Account
The best place to buy your NFT is in the marketplace. These are online auction houses, where you can offer to bid on items, or purchase them for a set price. Think of it like eBay, for NFTs. Popular ones include Opensea , SuperRare and Nifty Gateway. For those getting into NFTs to collect NBA digital trading cards, the best venue is NBA Top Shot , the league licensed platform.
2. Create a digital wallet to buy your NFTs
It’s simple. Before you go shopping, you need to have a place to store your money. Since most NFTs are Etherum based tokens, most of these marketplaces accept Ether tokens as payment. OpenSea, one of the more popular marketplaces, recommends using an application called MetaMask , although there are many other digital wallets that can be supported. Once you’ve set up your wallet, the interesting part begins. Simply follow the instructions on your chosen platform to buy some crypto and fund your account.
3. Buy your NFT
Here’s where it gets fun, and now you’re ready to bid on and buy your NFTs. Simply head back to your chosen marketplace, make sure that your wallet is connected to the marketplace, and begin shopping. You’ll find all sorts of NFTs for sale, from the adorable, to the eclectic and even the extreme. Eventually, you’ll find something you want. Simply go ahead to purchase the NFT if a ‘buy now’ option is available, or place your auction bid. It’s pretty much the same like online shopping, just that there are typically additional ‘gas fees’ involved. These are fees required by the Etherum network to process the transaction.
There you have it. You’re now the owner of your very first NFT. You might begin to consider ways to display your NFTs such as through digital frames , or online NFT galleries such as Showtime , Lazy and even Opensea itself, which is one of the best places to display your crypto art collection. Those who want to take it a step further can enjoy a few video games and virtual worlds where your crypto art can shine, such as Decentraland .
That’s all you have to know about funding, buying and owning your very first NFT for now. As you dive deeper down the NFT rabbit hole, you’ll be sure to discover more about the exciting world of NFT tokens, and the bold future of crypto. As you discover more about crypto, you’ll sure be on the look out for the safe place for your coins. Look no further than CORAZON® digital wallet. After all, your digital assets need a bank vault, something you can trust, something that can last. Be sure to check our Gray's very own NFTs at https://graycraft.com.