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NFTs (Non-Fungible Tokens) have been the biggest crypto story of 2021 and continue to grow daily. NFTs have become top-rated digital assets that almost anyone can create, buy, or sell. In just a few years, NFTs have become a public obsession. These are a novelty as assets, the ease of creating them, their broad appeal as collector’s items. Also, some of the high-profile sales have happened in millions of dollars. That has made a frantic effort by many people and organizations to jump on the NFT bandwagon.

Let’s look at how to buy these NFTs :

First essential requirement: Ethereum 

When buying NFT, you need an Ethereum(ETH) -compatible crypto wallet and some ETH cryptocurrency to get started. 

ETH, the most popular cryptocurrency for buying NFTs, can be purchased from an exchange like Coinbase or Binance.

Second requirement: Crypto Wallet

The next step is to transfer your crypto to a crypto wallet. A wallet is a digital checking account that stores and transfers your cryptocurrency. Some exchanges like Coinbase have built-in wallet features offered when you open an account. Still, other options include dedicated wallets like MetaMask. 

Account in a marketplace :

The next step is to register an account at the marketplace (i.e., OpenSea, Rarible, etc.). Different marketplaces have different registration processes. Accordingly, we need to connect the wallet to the account in a marketplace.

Auction / Fees :

Now, most marketplaces have an auction system set up to purchase NFTs, so you need to bid for the NFT you need. Suppose you end up with a successful bid; in that case, a requisite amount is deducted from your wallet, and the transaction is completed.

A fee has to be paid for every transaction made, i.e., Gas fee. Gas prices rise and fall depending on how busy the network is. 

Popular marketplaces :

Some popular marketplaces are :

OpenSea.io: This marketplace is like an ‘eBay’ for NFTs. It is one of the largest with the widest variety of digital assets (art, music, sports, photo, etc.). It is a Peer-to-peer platform, probably accepting more than 100 payment tokens.

Rarible: Community-based. One of the most popular and preferred platforms includes major brands like Adobe, Taco Bell, and Yumi. It also allows minting capabilities, including multiple NFTs, which can provide royalties for creators of NFTs. One would specifically need a Rarible token to trade on NFTs in this marketplace.

Foundation: Simple and designed with ease of use perspective for trading in digital art and sold more than $100million of NFTs since its launch in 2021. Artists are accepted by invitation. Buyers need a crypto wallet funded with Ethereum to start making purchases.

Several other websites offer the platform to get a piece of the NFT pie. The following websites also sell NFTs: SuperRare, Nifty Gateway, VIV3, BakerySwap, Axie Marketplace, and NFT ShowRoom. 

Today, NFTs are primarily used in digital art and media. Still, their use could extend far beyond guaranteeing ownership of collectors’ items. A growing list of companies are working on blockchain and NFT technology to make them more valuable and pervasive.

Crypto asset values exhibit extreme price volatility, and many contenders are vying for user and investor attention. If you decide to buy NFTs and tokens, remember to purchase them as part of a diversified portfolio.

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