Finance > Investing / Trading

Buying NFTs in Easy Steps

When we look at how digital assets are being transformed into NFTs in a previous post, we now return to the topic of buying NFTs. Due to the number of options available - in terms of marketplaces, NFTs, cryptocurrencies and digital wallets - we limit ourselves to describing the process in big lines or fast steps.

The first step, as with any purchase, is to make sure that the funds needed for the purchase are available. In the case of NFT, this is so that your digital exchange has a sufficient amount of cryptocurrency. While there are other options, often related to the NFT category you are interested in or the market in which it sells, the most popular cryptocurrency among sellers and buyers is Ethereum. At this point, it is important to know that the cost of cryptocurrencies is likely to fluctuate and that their value, expressed in "real" cash equivalents, can sometimes be shocking.

The next step is choosing a crypto or digital wallet. There are also many options, but even more popular is MetaMask, a free cryptocurrency that allows users to store and exchange key NFTs, host a growing array of decentralized applications, and become familiar with the Ethereum blockchain ecosystem.

After completing these two steps, you are ready to take on the primary task of considering the NFT you want to purchase. The NFT sites you choose to visit for this purpose will depend on the nature of the NFT you are looking for. If it is a specific type of NFT - for example, a number of collectibles - then you should visit a special site. On the other hand, if your NFT search is less specific, visiting sites that offer more general items may be even more rewarding.

When you look at the NFTs available on each selected page, you will notice that the cryptocurrency price listed is usually the result of demand driven by ideas of estimated value.

Another element to consider is the 'gas charge', a unit of measure that represents the computational effort required to carry out operations on the Ethereum network - or essentially the additional cost of carrying out a transaction. Often the gas fee can be higher than the price of the NFT itself.

If you decide to buy an NFT, you should place a bid in the case of auctions. If you have the highest bid, the purchase is complete and the NFT is yours. Alternatively, you can select the "Buy Now" button in the fixed price transaction and the NFT will be added to your cryptocurrency.

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