How To Buy NFT Tokens in April 2024

NFTs are units of data stored on a blockchain with an authenticity certificate associated with them. Many digital marketplaces can trade and sell NFTs.

Considering the exponential growth they have experienced, we will explore the characteristics of the best NFT tokens available on the market and how to acquire them.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

What are NFT Tokens?

NFT tokens are immutable digital assets that are stored on blockchain technology. These tokens are completely unique from each other and hold value based on rarity, demand, and utility.

Most people think of NFTs as digital art however, any digital asset can be minted as an NFT if it is hosted on blockchain. NFTs also come in the form of virtual real estate, songs, domain names, in-game assets, and videos.

NFTs are different from cryptocurrencies because each token has a unique value which means that they cannot be used as currency. On the other hand, cryptocurrencies have the same value (all BTCs have the same price) so can be used as a means of exchange around the world.

The value of NFTs fluctuates depending on demand and supply. The most sought-after and rare NFTs have the highest value.

The transaction and ownership of NFTs are determined by smart contracts. This is what distinguishes an NFT from a picture that you could find online (see above). These images resemble NFTs but are not based on blockchain technology so can be easily manipulated, changed, or even deleted.

On the other hand, NFTs are secured by blockchain technology and smart contracts which means that collectors have true ownership and the assets cannot be changed or deleted.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

How are NFTs Created?

Minting is the process of creating a nonfungible token. The term has been used to describe creating an asset on the blockchain from a digital item. The NFTs are minted once they have been created, similar to how metal coins are made and added to circulation. The digital item will become tamper-proof, more secure, and more challenging to manipulate upon completion. Due to its nonfungibility, it may be purchased, traded, or resold in the future and digitally tracked.

It is possible to pay continuous commissions to the original creator of a referenced item whenever ownership of the item changes with some NFT technologies. Upon minting the token, creators can include a royalty clause that will allow them to earn passive income after subsequent token sales. In addition, creators can get monetary benefits from their work if it becomes popular and increases in value.

You are ready to begin the minting process when you have signed your NFT and paid the gas fee. Once the transaction has been validated, you will be able to view your newly minted NFT on your profile.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

How to Buy NFT Tokens in April 2024 – Step-by-Step Guide

Here is a quick guide on how to buy NFT tokens using al broker,

1. Sign Up to eToro to -purchase Ethereum

Before you can purchase NFT tokens, you will need to acquire crypto that can be swapped for NFTs through an exchange. One of the best platforms to buy crypto in 2024 is eToro due to it’s user-friendly interface and excellent security.

To buy crypto from eToro, you will need to create a trading account.

The eToro sign-up process involves filling out the basic form and then providing two types of ID. This can be your passport, driver’s license, and a proof of address. The signup process should take no more than 30 minutes to complete.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Once you have successfully created an account, you will be able to buy crypto from eToro by connecting a debit card or bank account to your trading account. eToro charges commissions for crypto trading so you must deposit enough funds into your account to cover this.

Move tokens to a crypto wallet

After buying crypto from eToro, you will need to move your tokens to a third-party crypto wallet. This is because you can connect eToro to any NFT marketplaces.

The process of moving tokens from eToro to a DeFi wallet is fairly simple:

• Move your tokens from your trading account to the eToro Money Wallet app.
• From the app, send the tokens to your third-party wallet address (you will need to set up a wallet before you can complete this step).
• Wait a few minutes for the transfer to take place.

2. Connect your wallet to an NFT marketplace

The next step of the process involves connecting your crypto wallet to an NFT marketplace. Most marketplaces will accept a variety of wallets, MetaMask being one of the most popular.

To connect your wallet simply press ‘connect’ and then choose the wallet that you would like to use. You may need to confirm the connection with your wallet provider.

3. Find NFT tokens to buy

You can browse through available NFTs on the marketplace to find a collection that you would like to buy. Most marketplaces will provide information for each NFT such as price, popularity, and rarity.

Once you have found a token that you would like to buy, proceed with the purchasing stage. You can also add NFTs to lists so that you can watch their price and conduct analysis before buying.  

4. Complete your purchase

Most NFT are sold at auction which means that you will need to bid for the token against other investors. This means that it is possible to sell NFTs for a higher price on primary marketplaces once you have won the auction.

However, by paying attention to NFT-centered social media channels and topics, you can determine if a particular NFT is in high demand before you buy. NFTs with a high demand are more likely to increase in value.

A Closer Look at The Best NFTs To Buy in 2024

Several NFT platforms have seen an increase in value in recent years due to their growing popularity. But not all of them will continue to be successful in the long run. The following are some of the best NFT tokens you should invest in based on their market cap, perceived value, and liquidity.

1. Decentraland (MANA) – Best NFT token focused on 3D virtual words

It is a virtual reality blockchain platform that allows users to create, discover, and monetize content and applications. There is also a Metaverse where users can buy and sell plots of land. The Ethereum blockchain is at the heart of Decentraland, which operates with two digital assets. According to the source, the Ethereum blockchain is very energy intensive, the yearly energy consumption being estimated at over $6 billion.

The first is an ERC-721 called MANA, and the second is an ERC-721 called LAND. The MANA token is used for network fees and general transactions, whereas the LAND token represents the number of plots a user has and is not fungible.

Currently, Decentraland’s market cap is $1.5 billion, and the MANAS token is trading for $2.18.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

2. Axie Infinity (AXS) – Best NFT token for gaming

The blockchain earn-to-play game Axie Infinity was developed by Sky Mavis. In-game avatars called Axies have become increasingly popular on the platform, becoming increasingly valuable. Axie Infinity allows players to collect, raise, battle, and trade these characters as a trading and battling NFT game.

The AXS token’s growth surged through much of the crypto winter season, as NFTs have picked up this year. This cryptocurrency spiked to a record high of $88.91 on Sept. 4 and is seeing serious adoption. On the daily chart, AXS is trading at $47.94.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

3. Theta (THETA) – Best NFT token based on a video platform with P2P video delivery

Video streaming platform Theta uses blockchain-based technology to solve problems associated with delivering video content. The Theta platform allows users to share bandwidth and computing resources on a peer-to-peer (P2P) basis by using blockchain technology.

In addition to being decentralized, it is also one of the top NFT platforms through which anyone can easily buy NFT tokens. According to the crypto ranking website Coinmarketcap, the Theta blockchain is the most valuable NFT platform, valued at over $6 billion.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

4. Tezos (XTZ) – Best NFT token with an advanced platform

The Tezos blockchain platform allows developers to build decentralized applications (dApps) on top of an autonomous and future-proof platform. Tezos is secure, scalable, and interoperable. Because Tezos uses a Proof-of-Work (PoW) mining protocol, it has become increasingly popular due to its energy-intensive nature. In addition, it is built to last, so it is unlikely that a hard fork will occur if the network wants to upgrade.

While it is still far from its record high, Tezos is currently trading at $3.22, up 0.26% from yesterday’s close. This suggests that Tezos will continue to rise.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

5. Chiliz (CHZ) – Best NFT token for eSports and entertainment

Chiliz blockchain can connect clubs and teams with sports fans through Fan Token rewards via their platform.

Chiliz’s blockchain has been integrated with several top-tier soccer teams in Europe, MMA, and eSports. At press time, the blockchain was valued at $2 billion. As a result, you can buy CHZ at a bargain price, as it has been trading at around $0.2383.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Best NFT Marketplaces

Without mentioning where you can purchase NFT tokens, this guide on how to purchase NFT tokens would not be complete. Thanks to the marketplaces, you can buy NFT tokens just like any other token. According to the source, the NFT market is estimated at $44 million and NFTs weekly sales volume increased from 100 sales in 2017 to more than 50000 in 2022. Token creators can list and sell their NFTs on these platforms. Listed below are some of the best marketplaces for NFTs:

1. NFT Launchpad – The best choice for traders and creators

NFT Launchpad allows users to buy, sell, and mint NFTs. NFT LaunchPad, unlike many other marketplaces, supports a variety of blockchains, offering NFTs based on the Binance Smart Chain (BSC) and Polygon blockchains, with more to follow.

The NFT Launchpad platform, despite having been created only in February 2022, has already attracted many well-known creators. Aside from the NFT categories, the marketplace offers digital assets from many areas, such as art, gaming, music, photography, trading cards, and more. In addition, it should be noted that NFT Launchpad is the only place where investors can purchase Lucky Block NFTs, which have attracted considerable media attention.

The price or value of cryptocurrencies can rapidly increase or decrease at any time. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk.

2. OpenSea – Best marketplace for beginners with a wide range of NFTs

OpenSea is one of the largest NFT marketplaces that offers a huge range of assets including art, domain names, virtual worlds, and much more. The platform is built on the Ethereum blockchain network which means that investors must use ETH to purchase NFTs through this marketplace.

The marketplace hosts over 7000 projects including some of the biggest names such as Decentraland and Axis. It is also possible to create new projects on the platform using the minting tool. The minting tool enables anyone to create their own NFTs without needing to code.

The price or value of cryptocurrencies can rapidly increase or decrease at any time. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk.

3. Rarible – Best NFT Marketplace for artists

Rarible is another popular NFT marketplace that offers a wide variety of digital assets. The platform was launched in 2020 and has already grown to be one of the biggest platforms for trading NFTs.

The marketplace is open-source and facilitates the buying, selling, and minting of digital assets. It is possible to trade art, collectibles, gaming assets, and more buy connecting your ETH wallet to the platform.

Rarible has its own native utility token, RARI, which can be used for voting and earning passive rewards through staking. RARI can also be earned by selling and buying NFTs.

The price or value of cryptocurrencies can rapidly increase or decrease at any time. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk.

4. Nifty Gateway – Best NFT platform for photographers

Nift Gateway was created by the Gemini Foundation to provide a space for brands and artists to list their work. The marketplace lists rare collections from sought-after creators and often attracts collaborations from big brands.

Unlike Opensea or Rarible, Nifty Gateway does not allow anyone to mint NFTs on the platform. Instead, you must be a seasoned creator with a good reputation to list your work on the marketplace.

Nift Gateway relies on drops to create hype around their projects and attract investors. These drops release limited-time collections which create a sense of FOMO and hype amongst investors.

The price or value of cryptocurrencies can rapidly increase or decrease at any time. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk.

5. SuperRare – Best place to buy digital art and collectibles

SuperRare is another outstanding NFT marketplace. Founded in 2018, the platform offers a great way to buy and sell digital art. The platform is a social media space for art lovers who can interact with the artwork by liking, commenting, and supporting their favorite pieces. The marketplace also makes it possible users to interact with each other and view NFT showcases in real-time from their own homes.

In SuperRare, all NFTs are ERC-721 tokens. The platform offers both works from popular creators as well as lesser-known ones. Regardless of your budget, you’ll find something affordable at SuperRare. Each NFT sale is charged 3 percent in fees for SuperRare. There is no payment method other than Ether for this marketplace.

The price or value of cryptocurrencies can rapidly increase or decrease at any time. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk.

Are NFT Tokens a Good Investment?

NFT Tokens are a type of DeFi asset that attracts long-term investors who want to diversify their portfolios. Whether or not they are a good or bad investment relies on the success of the collections that are being invested in.

Some NFTs can provide excellent returns to early investors. These are typically tokens from sought-after collections that have rarity which drives the value of the asset up over time. On the other hand, there are many collections that will never see this success due to the fact that they are unknown or have a surplus of assets available.

To identify good NFT investments, you could look for: 

• Uniqueness
• Rarity
• High demand
• Deflationary supply
• Well-known creators
• Utility

Pros & cons of investing in NFTs

Cons:

• There is no way of knowing whether an NFT will go up or down in value.
• NFT marketplaces are unregulated.
• Some marketplaces have very high transaction fees.

Conclusion

NFTs are a good option, whether you're looking for a long-term investment or a short-term solution. At the same time, you should ensure that you have the right infrastructure to handle and store NFTs.  For the safe storage of your NFT tokens, we recommend purchasing your Ethereum on eToro since it lets you buy your cryptocurrency and securely store it inside your eToro wallet until you are ready to purchase NFT with it.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

FAQs

References:

• https://www.cnbc.com/2022/02/02/here-are-the-pros-and-cons-when-it-comes-to-non-fungible-tokens.html
• https://metav.rs/blog/nft-market-statistics-2021-2023/#:~:text=NFT%20sales-,General%20sales%20statistics%20in%20the%20NFT%20market,NFT%20art%20sales%20were%20recorded.