Gone are the days when NFTs (Non-fungible tokens) used to be a difficult concept to understand. Now, everyone is familiar with this term and the potential of this digital asset. But, rarely, you may find a person who needs to learn what is NFT?
The auction of Beeple created a buzz that made NFTs exponential popularity. And now, people are keen to invest in non-fungible tokens. But if you think about buying and selling non-fungible tokens, you must know the procedure and other related information. Unfortunately, many fake NFT marketplaces don’t help you thoroughly to use the platform.
So, if you need to buy an NFT, you can contact some NFT Experts or read this post. Here you can find every detail that can help you buy and sell NFTs without hassle.
Simple Steps to Buy and Sell NFTs
1. Create an Exchange Account and Crypto Wallet
To purchase NFTs, you must first create an account on a cryptocurrency platform or exchange. You should also ensure that the crypto wallet you choose is compatible with the Ethereum blockchain, the network on which most NFTs are sold, and Ether (ETH, Etherium), the Ethereum blockchain’s native cryptocurrency. The most popular wallet on most marketplaces is MetaMask. However, there are other choices.
2. Buy Ethereum
The Ethereum blockchain serves as the foundation for the vast majority of NFTs. Ethereum is a network in which members’ transactions are recorded and distributed on a shared ledger. The Ethereum platform’s native currency is known as Ether or ETH, though it is also referred to as Ethereum. Ethereum, like Bitcoin, is a cryptocurrency that can be bought, sold, traded, or saved to increase its value.
3. Transfer Ethereum into a Crypto Wallet
After selecting an exchange and purchasing ETH, the next step is to transfer it to a wallet. The exchange where you buy ETH, the wallet you use, and the marketplace where you buy NFT will all influence how you do this. Because a cold storage wallet is a piece of hardware, you’ll also need to connect it to a third-party connection to the NFT marketplace, such as MetaMask or Coinbase Wallet. In NFT marketplaces, these are the most commonly used wallets that you can use to buy NFT.
4. Link Crypto Wallet to the NFT Marketplace
There are numerous marketplaces where you can buy and sell NFTs. You’ll be able to buy various types of art or collectibles depending on which marketplace you choose. Many of these websites have secondary marketplaces with a wide range of NFTs, but each platform works slightly differently.
Although the NFT market landscape is constantly changing, the majority will fall into one of three categories:
Open Marketplaces – Anyone can sell, buy, or mint NFTs in an open market. The process of converting a digital work into a unique crypto asset on the blockchain is known as minting. These marketplaces typically provide in-house minting services, but creators can also mint their own works.
Closed Marketplaces – These are more exclusive marketplaces. Artists must apply, and the marketplace usually handles the minting processes. Trading and selling are more limited.
Proprietary Marketplace – This type of marketplace sells NFTs that the company running it has trademarked or copyrighted.
5. Buy NFT
After funding your account, buying an NFT is a simple process. First, you’ll have to enter a bid for the NFT you want to buy because most marketplaces use an auction model. For NFTs with multiple prints, specific marketplaces behave more like exchanges and use the highest bid and lowest ask prices.
Also, when you buy an NFT from the primary marketplace, you might experience resale value directly after the product goes on sale. Even some NFTs in demand can be sold 5-10 times right after the release. Moreover, the drawback of purchasing NFTs on the primary market is that it might be challenging to gauge the level of interest in the work. However, you can evaluate your purchase in relation to past sales on the secondary market.
6. Sell NFT
Go to your Profile and click on the selected NFT to sell an existing NFT. Then, in the top right corner of the screen, click the blue Sell button to continue. Select Timed Auction if you want people to bid on your NFT, or select Fixed Price if you want to sell it for a set price.
Closure!
Whether purchasing or selling an NFT, having the right information always plays a key role in trading NFT. In addition, you must contact some NFT experts with experience in dealing with NFT. It will ensure that you invest your money in the right way and can get a return.
