They pass by in abundance and people who are already ‘in the world’ seem to know everything about them. However, not everyone is fully committed to the NFT industry, and they do not have to be. In this article, you will learn how to buy your very first NFT.
The first thing to know about NFTs, non-fungible tokens, is that while they are all unique, they are not all multimillion dollars like some Bored Ape Yacht Club monkeys. There are also NFTs that you can buy for a few euros. So it is certainly not just for the wealthy or people who have been involved in art for years: Anyone can get an NFT in their possession for a much more affordable amount.
An NFT is a token, it represents something that belongs to you. In fact, an NFT is only the proof of ownership of a particular object. This can be a digital work of art in the form of a .jpg, but also a YouTube video or a music track. Everyone knows that a particular work of art has been dedicated, for that is how it is recorded via the ERC-20 protocol. Your NFT gets a unique number in the blockchain, so it is always traceable. In short, it’s a piece of the internet that is completely yours and that can also be worth a great deal, as the first tweet ever.
Buy on OpenSea
To get such an NFT you need a number of things. You can not go to a physical store or pay with your cash. NFTs are traded on internet marketplaces, such as the well-known OpenSea. Here you can search a database on a specific topic or a specific artist and find an NFT to your liking. You immediately see what has already been offered for a particular item, and then you can make a good assessment of whether you think it’s worth it.
You will notice that e.g. stands for ’60’. 60 euros, a cup! Make no mistake though: NFTs are sold for cryptocurrencies. 60 probably stands for Ethereum, the cryptocurrency commonly used in this world. There are also platforms that use their own coins, so you have to tap a stock to make the purchase. It is good to realize that cryptocurrencies are subject to pricing. If a monkey from the Bored Ape Yacht Club is 60 Ethereum one day, it can be much more expensive in euros than the next day. In fact, it can vary from hour to hour.
You can not buy the Ethereum required on OpenSea. As you can see when you click on an item at OpenSea, there are all kinds of crypto wallets from which you can make the purchase. So if you really want to buy something through OpenSea, be sure to choose a wallet that also supports that platform, such as Coinbase or Metamask. Your purchase will also be displayed in that wallet, namely under ‘collectibles’. You can top up your wallet by buying cryptocurrencies (in the case of NFTs this is usually ETH, from Ethereum) with your euros. It is also smart to choose a good starting point here, because the price can fluctuate significantly.
If you do not like OpenSea, you can also try other marketplaces, such as Rarible, Sorare or FTX US. Good to know: There are also marketplaces where you do not need a software wallet because they have a built-in wallet on the site. As soon as you log in, you also log in to your wallet, which allows you to make purchases immediately.
You do not want to spend money on NFTs, but you want them? It is possible: there are sometimes also so-called drops, marketing stunts to create awareness around a particular NFT or series of NFTs. As a draw, there are a few lucky ones who get an NFT for free. It can be very lucrative: those of the artist Beeple are already worth quite a bit. You need a purse if you want to win an NFT because you need to be able to consult it somewhere.
In short, buying NFTs sometimes seems like a strange world, and it can also feel exciting the first time you convert your euros to cryptocurrency: anything can happen with that price, after all. At the same time, it is a dynamic world: constantly evolving and extremely popular. So even if you are not planning to own an NFT, it is still very interesting to take a look around at such a marketplace. Lots of fun!
When not writing, she travels around the wonderful world of entertainment or a cool place in the real world. Mario is the man of her life …