The very first tweet of Twitter CEO, Jack Dorsey, sold for $2.9 million. A collage of 5,000 digital images sold for $69.3 million. Since these events, NFTs started circulating all over news outlets and social media, making it difficult not to take an interest in them.
Most people associate NFTs with art. But, you do not have to be an avid art collector to buy an NFT. These digital assets can be anything, from artwork to music and even videos or memes. Luxury brands have also started working on their own NFT collections. Now, NFTs are even starting to revolutionize nanotechnology in healthcare.
Going into the NFT and cryptocurrency business is much like getting into the stock market game. Since the concept of NFTs is barely a decade old, the risks are higher with investing in NFTs.
Before venturing into this world, learn more about how to safely invest in cryptocurrency and the risks involved.
If you are determined to begin your NFT journey, this article is going to walk you through the steps you need to take to purchase your first one. Whether you know little or nothing about NFTs and cryptocurrencies, this easy guide will help you acquire your first digital asset in just a few minutes or even seconds.
Step 1: Create a Crypto Account and Top Up Your Wallet
Before you can purchase your first digital asset, you need to have digital money or cryptocurrency. To do this, set up a cryptocurrency wallet, and top it up using a debit or credit card.
Step 2: Choose a Marketplace and Link Your Crypto Wallet
Now that you have a crypto wallet, you are ready to search for a marketplace. Most cryptocurrency accounts have their own marketplace for NFTs.
You can check all of them using their official apps on your phone. Most platforms support both Android and iOS devices. Also, you can visit marketplace websites using your computer’s browser.
Step 3: Find the NFT You Want to Buy
Here are some effective tips when purchasing your first NFT.
- Use a filter function. You can search them based on their categories, collections, types, and a lot more.
- There are also collections and trending NFTs worth checking out. In most systems, they provide their recommendations.
- Visiting the ranking boards is also a great move. You can easily see which ones are trending or top-performing.
Step 4: Buy the NFT You Have Selected
Now, you are ready to buy your first NFT! There are three ways to buy an NFT. The purchasing system will depend on how the creator sets the sale format; Auction, Fixed-Price, and Mystery Box.
Bidding for an NFT via Auction
- Click the [place a bid / bid] button.
- Enter your bid amount, and make sure it is not lower than the minimum markup.
- After you have placed your bid, you will receive a confirmation. When the auction closes, the highest bidder will get the NFT.
- Remember that once done, it cannot be cancelled. The system will lock the funds until a new bid or the auction is complete.
Buying a Fixed-Price NFT
- Click the [buy now] button to pay the amount.
- You will receive a confirmation regarding what you have paid for. Click [confirm] to finish the transaction.
- If the payment is successful, you will receive a notification stating the transaction is successful.
Buying an NFT Mystery Box
Mystery boxes are different from other NFTs because the things you will get are random. You will not know what is inside unless you purchase them, which adds excitement. You might get SSR (super, super rare), SR (super rare), R (rare), or N (normal).
- Click the [buy] button on the Mystery Box listing page to purchase it.
- A confirmation message will appear; click [confirm] to complete the transaction.
- You will receive a notification when the payment is successful.
- On your collection page, you can view your unopened mystery boxes ready to surprise you.
You Are Ready for Your First NFT
You are finally ready to be an NFT collector or trader. Keep in mind that researching and understanding the NFT you plan to buy is critical. Asking for help from a professional financial advisor wouldn’t hurt as well. So, take your time, especially when deciding which NFT to purchase.