What is an NFT?
An NFT (aka non-fungible token) is a type of cryptocurrency – a digital representation of a physical object. You may have heard of Amazon Coins, Change, Ethereum Classic and other cryptocurrencies that have gained popularity recently. The community behind these currencies creates new supply for these tokens using blockchain technology; in this article we describe an approach to buying digital collectibles using popular decentralized platforms. NFTs are becoming popular in different forms, as long as it can be traced in the blockchain.
What is a marketplace?
The best way to buy non-fungible tokens is through an established marketplace, such as Opensea or Foundation. These marketplaces have trustworthy third-party providers who can execute deals in your favor. Fungibility refers to the ability of tokens to be exchanged for goods and services at any time. There are scores of NFTs (and other cryptocurrencies) available for sale on these marketplaces, making it easy to acquire the most useful ones for your needs. NFT marketplace is the best place if you are looking for NFTs (Non-Fungible Tokens), sometimes called cryptocurrencies. They are commonly used on sites like Amazon, where you can buy products using Bitcoin or altcoins. If you are buying NFTs for investments, it's a great place to do it because there are multiple markets to choose from and they often have favorable rates.
What does mean minting?
Minting an NFT is how your digital art becomes a part of the Ethereum blockchain–a public ledger that is unchangeable and tamper-proof. Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created. Your digital artwork is represented as an NFT so it can then be purchased and traded in the market and digitally tracked as it is resold or collected again in the future.
How to buy an NFT?
Looking to buy your first NFT, but not sure how to go about it? Nothing could be easier :)
First, you need an account on a crypto currency platform like FTX, Binance or Coinbase to name a few. Secondly, you will need a decentralized wallet connected to the blockchain, like Metamask or Trustwallet.
Let's say you use Metamask and you want to buy your first NFT on Opensea :
- Go to Opensea
- Click on "Connect Wallet"
- Choose Metamask
Congrats, now your Metamask wallet is directly connected to Opensea.
The best NFT marketplaces?
There are many marketplaces available on the NFT market, we have compiled our top 5 so you can make the right choice before buying your first crypto collectible
- Binance NFT
Buy an NFT on Opensea :
OpenSea is known as the first and largest NFT marketplace for digital goods. It is a decentralized platform for trading crypto collectables. Advantages of using OpenSea include enabling the NFT creator, say a digital artist, to receive royalties in proportion to the value of the token. This review of OpenSea will help to unpack NFTs and debate the pros and cons of using the platform.
Buy an NFT on Foundation.app :
Foundation, adapted as "Foundation.app", is a stage for live sell-offs of computerized digital art and NFTs. The stage includes live offering for different Foundation fine arts, including the Edward Snowden NFT and Nyancat NFT (sold at 500k$). Foundation.app is a basic and simple to-explore suite for NFT specialists and computerized craftsmanship devotees to take an interest in decentralized closeouts for a variety of innovative pieces. Besides, this is accomplished in a decentralized and straightforward way utilizing the Ethereum public blockchain.
Buy an NFT on Binance :
Binance’s NFT Marketplace is a new platform for creators and collectors to mint and trade NFTs. Everyone can now create non-fungible tokens and experience the benefits of unique, digital ownership rights.
Buy an NFT on SuperRare :
SuperRare is a platform that digital art lovers can connect and collect, they call it “social collecting”, the term is used by the community where the idea is that the artist and the collector are able to easily interact with each other and share their passion for art.