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How do you buy NFTs?
So, we talked about what NFTs are, what makes them cool, but how can one buy/sell them? Now, this is where things get interesting.
In order to buy NFTs, you will first need to get an Ethereum wallet or one that supports the ERC721 standard. Don’t panic, it’s just a technical standard that allows NFTs to be created and exchanged.
At the moment, most of the NFT marketplaces use Ether (ETH) as a medium of exchange. This is because NFT marketplaces are built on the Ethereum blockchain, and, as you might have already guessed, Ether is Ethereum’s native cryptocurrency.
Needless to mention that you can purchase this cryptocurrency from an exchange, perhaps by using some fiat money to convert it to Ether.
Next, you need to register an account with an NFT marketplace of your choice and connect your wallet to it.
Now you are ready to browse through the listings of the marketplace and discover new and exciting NFTs along with their creators.
You can place a bid to enter an auction process of your favorite NFT, similar to eBay auctions, or buy an NFT at a fixed price if the option is available on the specific marketplace.
After successfully purchasing your NFT, gas or transaction fees may also be debited from your wallet depending on the marketplace.
We really hope you have managed to buy your first NFT! Next up, we’ll be looking at how to sell it!
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