Representational image. Wikimedia Commons
NFTs (or non-fungible tokens) are digital assets which represent real world items like artwork or real estate. The ownership details of these cryptographic assets are maintained on blockchains, which are distributed ledgers, with unique identification codes and metadata. These days, the prices of NFTs can range from a few thousand to several million dollars since several celebrities are also selling their own such tokens. If some of you are wondering where purchasing NFTs will be a good investment, you need to first understand the steps involved in buying them. First, you will have to create an account on a crypto trading platform or exchange. Then, you will need to prepare a crypto wallet and link it to your NFT wallet. Finally, you will need to connect your wallet to the NFT market place, and then you can start buying NFTs.
Let’s look at each step of buying an NFT in detail:
Step 1: Sign up for a cryptocurrency trading platform or exchange.
A cryptocurrency exchange is a marketplace where you can buy and sell cryptocurrencies. In order to purchase NFTs, you will have to create an account with a crypto exchange. So, do your research and figure out which can be the best exchange for you based on factors like trading fees and customer support. Some of the well-known crypto exchanges are WazirX, CoinDCX, UnoCoin, etc.
Step 2: Prepare a cryptocurrency wallet.
Unlike the name suggests, cryptocurrency wallets don’t store the digital currencies. They are keys to the digital assets that you possess. A special phrase known as seed phrase is required to be remembered by you to have access to your wallet. If you forget your phrase, you will lose access to your cryptocurrency. There are various crypto wallets available. One such well known wallet is MetaMask.
Step 3: Connect your crypto wallet with your NFT wallet.
You will have to connect your crypto wallet with your NFT wallet in order to participate in the NFT market place. After you are done with this process, you will be required to connect your wallet to the NFT market place. One famous NFT market place is OpenSea.
Step 4: Buy your first NFT.
Now, you can finally buy and sell NFTs.
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