FxBrokerReviews.org – The digitization of physical assets is a relatively new concept that is taking the world by storm, especially for the younger generation. The concept of digital ownership through NFTs, not only makes a way to earn profits but also has become a potential medium to establish social status and position.
The craze of NFTs is real indeed as, big names in TV, sports, and music continue to hop on to the ship of NFTs and invest in them. The record-breaking – $69 million – sale of Beeple’s NFT art attracted more and more people to enter the world of buying and creating digital assets, in the NFT marketplace.
Looking to jump into the bandwagon of NFTs, but don’t know how to? This guide on how to buy NFT art will answer all of your questions and give you a clear understanding of the Non-Fungible tokens.
What are NFTs?
If you are still a little confused about the concept of NFTs here’s what you need to know;
NFT or non-fungible tokens are tokens that provide unique and secure ownership of digital assets. Based on blockchain technology, NFTs are digital assets or digital certificates issued for having ownership of a unique asset, which can be both tangible and intangible such as digital arts, virtual real estate, postcards, videos, music albums art NFTs, and so on.
NFT art cannot be exchanged for the value of another token. Let us understand this better:
If you have a $10 bill and you want to exchange it for another 10 dollar bill, it is possible, as both hold the same value. But, this is not the case with NFTs. As no two NFTs hold the same value. Each token has a unique code associated with it, which can not be duplicated or manipulated.
EXAMPLE of NFT Art:
The First 5000 Days: A digital artwork created by Beeple, is one of the most expensive pieces of art ever sold in the NFT marketplace. The painting is nothing but a collage of 5000 digital images created for his Everydays series. On March 11th, 2021 it sold for $69 million.
How to buy an NFT art?
If you are a beginner and purchasing NFT for the first time, it is possible that you might feel lost on how to buy an NFT. in this section, we have covered a step-by-step tutorial that will help you make your first NFT purchase. Read below.
How to buy an NFT token:
Most of the NFT marketplaces, accept Ethereum, to trade NFTs. So as a first-time user, we would advise you to purchase ETH. Make an account with a crypto exchange like E-toro or NAGA and purchase ETH from the platform.
Connect to a Crypto Wallet
Crypto wallets like Metamask or Coinbase, store your NFT as well as digital currencies. You need to add your funds to your digital wallet and then connect the wallet to your preferred NFT marketplace. Depending on the marketplace you choose, you will be able to purchase various artworks and collectibles.
Read more on how to receive NFT on the coinbase wallet
Explore the NFT Marketplace
After, connecting with your marketplace, search for NFTs of your choice that you want to buy. You can also go to the ‘explore’ option and look for trending and cheap NFTs to buy. Once you have selected an NFT, click on the token and proceed to make your purchase.
Buy your NFT
Now, all you have to do is click on the ‘buy’ button and purchase the NFT token. You will get all the information related to your NFT tokens like the official name of the artwork, the collection it belongs to, the subtotal, and the total.
If you are satisfied with the details, click on confirm and your crypto wallet will be on the screen. It will display the estimated gas fees and the amount of time it will take to complete the transaction. Click confirm to initiate the transaction and make the final purchase!
What are some cheap NFTs to buy?
One of the best ways to profit from NFTs is by purchasing cheap NFT projects. This technique works best especially if you are a beginner as these NFT collections tend to offer more room for growth.
We have reviewed some of the best cheap NFTs to buy for a beginner:
Tamadoge is an NFT game that further integrates into the Metaverse. In this NFT project, players can breed and raise ‘Tamadoge Pets’, which are structured in the form of NFTs. These pets are used in the game’s PVP battle mechanic, and the winner of the game receives ‘Dogepoints’as a reward. Players who have the maximum amount of Dogepoints receive rewards in the form of $TAMA.
This NFT art project is one of the cheapest and entirely eco-friendly-based NFT. the project aims to reduce carbon emissions by giving the users carbon credits in the form of NFTs. Investors can burn these NFTs to compensate for the carbon footprint they leave behind.
Battle Infinity is a play-to-earn NFT game. The NFT project involves six different platforms that provide users with multiple ways to earn money. The project has drawn a lot of popularity amongst investors and has created a lot of buzz in the marketplace. This has also increased the demand for the $IBAT token.
The launch of various NFT artworks have created a huge interest among people to enter the NFT marketplace and create and buy NFTs. However, if you are a beginner you need to be careful and follow the correct steps to buy an NFT art, to keep you safe from any scams or frauds.
Q1. How much does an NFT cost to buy?
Ans: Most of the marketplaces, require cryptocurrency (ETH) to trade NFTs. you will need to connect with a crypto wallet to get started with NFTs.
Q2. Should I buy NFT art?
Ans: Various NFT tokens offer unique artwork. Buying an NFT will help you build your collection which you can sell it later if you want for a better price.
Q3. Can you buy NFT for free?
Ans: NFTs can be bought either via auctions or at a fixed price. Even if the NFT is free or cheap, you are still required to pay the transaction fee.