They pass by in abundance, and people already ‘in the world’ seem to know all about them. Still, not everyone is fully committed to the NFT industry, and they don’t 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 dollar like some monkeys from the Bored Ape Yacht Club. There are also NFTs that you can buy for a few euros. So it’s definitely not just for the wealthy or people who have been dealing with 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 artwork in the form of a .jpg, but also a YouTube video or a music track. Everyone knows that a particular piece of art has been appropriated, because that’s how it’s recorded via the ERC-20 protocol. Your NFT gets a unique number in the blockchain so that it is always traceable. In short, it’s a piece of the internet that’s yours and can also be worth quite a bit, like the first tweet ever.
Buy at OpenSea
To get such an NFT you need a number of things. You cannot go to a physical store or pay with your cash. NFTs are traded on marketplaces on the Internet, such as the well-known OpenSea. Here you can search a database on a certain subject or a certain artist and find an NFT to your liking. You immediately see what has already been offered for a certain item, and then you can make a good assessment of whether you think it is worth it.
You will notice that, for example, says ’60’. 60 euros, a bargain! 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 share to make the purchase. It is good to realize that cryptocurrencies are subject to prices. If a monkey from Bored Ape Yacht Club is 60 Ethereum one day, it may be much more expensive in Euros than the next day. In fact, it can vary from hour to hour.
You don’t buy the Ethereum needed 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 absolutely want to buy something via OpenSea, make sure you choose a wallet that also supports that platform, such as Coinbase or Metamask. Your purchase will also appear 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. Here, too, it is smart to choose a good entry point, because the price can fluctuate considerably.
If you don’t like OpenSea, you can also try other marketplaces such as Rarible, Sorare or FTX US. Good to know: There are also marketplaces where you don’t 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, with which you can immediately make purchases.
Don’t want to spend money on NFTs but want them? It is possible: there are sometimes also so-called drops, marketing stunts to create awareness around a certain NFT or series of NFTs. In a draw, there are then a few lucky ones who get an NFT for free. It can be very lucrative: those by the artist Beeple are already worth quite a bit. You need a wallet 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. At the same time, it is a dynamic world: constantly evolving and extremely popular. So even if you don’t plan to own an NFT, it’s still very interesting to look around such a marketplace. Lots of fun!
When she’s not writing, she’s traveling the wonderful world of entertainment or some cool place in the real world. Mario is the man of her life…