How And Where To Buy NFTs in April 2024

Non Fungible Tokens (NFTs) are a type of digital asset that has gained popularity amongst long-term investors in 2024. NFTs are built on blockchain technology and provide investors with complete ownership over digital artworks, videos, music, memes, and more. Due to the fact that NFTs are blockchain-based, they are bought and sold through online decentralized marketplaces. In this guide, we will provide a comprehensive overview of how and where to buy NFTs in 2024 from reputable exchanges.

What are NFTs?

The non-fungible token, or NFT, is a new tpe of asset that can be purchased as part of a diversified portfolio. As a result of Christie’s sale of the first NFT artwork – a collage of digital images by Beeple – for $69.3 million, NFTs have garnered an increasing amount of attention amongst investors who are looking for a unique way to build their portfolios.

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. NFT projects 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.

Why Buy NFTs in 2024?

It is undeniable that non-fungible tokens represent a completely new type of digital asset. Having million-dollar NFT auctions is one thing, but you have one-third of NFTs selling for less than $100 on the other. The benefits of NFTs demonstrate the factors that drive the value of NFTs, so it is reasonable to wonder about the possible factors that drive NFTs’ value.

Here is a look at some of the reasons why investors may consider NFTs to be a good investment in 2024.

Ownership

The primary advantage of non-fungible tokens is the ability to prove ownership. In addition, NFTs are on a blockchain network, making it easy to link ownership to a single account. The most important feature is that NFTs cannot be divided between multiple owners. NFTs also ensure that buyers will be safe from the threat of fake NFTs due to their advantages.

Authenticity

Non-fungible tokens are largely beneficial due to their uniqueness. On the blockchain, NFTs are created, implying unique records associated with them. Their unique characteristics demonstrate their potential for generating value. However, the creators of NFTs also create scarcity of supply by issuing only a limited number of NFTs.

 Transferability

Another prominent benefit of NFTs can be found in their transferability. NFTs can be traded freely on particular markets where there are various options. In the case of games, NFTs could solve the problem of walled gardens.

Several games offer in-game items, which players can purchase to improve their gaming experience. However, in-game items can only be used within the Environment of the games, and players cannot use them elsewhere. Moreover, players may lose their investment in in-game collectibles or items if the game goes out of style.

Creation of Economic Opportunity

Until now, NFT pros have largely focused on their fundamental traits. These days, NFTs are widely used in the field of digital content. Digital content is largely fragmented, and this is the primary reason why NFTs are feasible.

Many content creators are concerned that other platforms are devouring their profits and earning potential. For example, a digital artist who publishes their content on social networks could also make money by selling ads to their fans. However, even though the artist is given their due exposure, the platform does not provide them with any financial benefit.

Non-fungible tokens could lead to the creation of a brand new creator economy. In the creator economy, content creators would not need to transfer ownership of their content to platforms to promote their content.

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.

Where to Buy NFTs

The first step of buying an NFT involves choosing an NFT marketplace. There are many marketplaces available and the platform that you choose will ultimately depend on which NFT you want to buy and what cryptocurrencies you would like to use to buy NFTs.

Here is a look at some of the best NFT marketplaces to consider.

1. NFT Launchpad – Top NFT marketplace that is compatible with multiple blockchain networks including Ethereum and Solana

NFT Launchpad is a new marketplace where users can acquire non-fungible tokens (NFTs) from multiple blockchain networks.

Designed to provide NFT enthusiasts with the best, most convenient, and most secure platform, the NFT Launchpad launched in 2022. Polygon and Binance Smart Chain were integrated into the first phase of the launch, followed by Ethereum.

As well as facilitating the trading NFTs, NFT Launchpad provides users with the tools that they need to create their own NFT collection. Utilizing Streamline, you can generate your own NFTs based on various formats such as MP4 or JPEG. Creators can create as many NFTs as they like for each collection and set a price based on their own valuation of the assets that they create.

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. Binance – Reputable crypto exchange with a native NFT marketplace

Binance is a well-known cryptocurrency exchange that recently launched its native NFT marketplace. On 24 June 2021, Binance’s NFT trading platforms hosted a first-ever digital artwork auction featuring works by the American artist Andy Warhol, who inspired pop Art, and Salvador Dali, the Spaniard best known for “The Persistence of Memory.”

The marketplace is built on the Binance smart chain network which means that NFTs can be purchased with BNB tokens. The main advantage of this is that transaction fees on the BSC network are famously low, making NFTs suitable for investors with a smaller budget.

Another advantage of using the Binance marketplace is that it is possible to buy NFTs with debit cards and bank transfers. This increases the accessibility of NFTs and makes it possible for anyone to invest.

The main drawback of the Binance marketplace is that investors are limited to tokens that are hosted on the Binance chain. Users cannot access collections that are built on Ethereum or any other network.

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. Coinbase – Highly trusted NFT marketplace

Coinbase is considered to be one of the best-centralized exchanges due to its user-friendly interface, stringent security protocols, and impressive selection of digital assets available. Coinbase offers both a cryptocurrency exchange and NFT marketplace, making it possible for users to build a diverse DeFi portfolio.

Coinbase NFT marketplace has a market-leading UX which makes it suitable for less experienced investors. It is compatible with the Ethereum blockchain network which means that it offers ERC-721 tokens ( the Ethereum NFT standard).

The main drawback of using Coinbase to buy NFT is that functionality is limited. Users cannot create and mint their own NFTs on the platform the number of collections available to buy is fairly small. Nevertheless, it is a good option for beginners who are looking to start their NFT journey.

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. OpenSea – The largest NFT marketplace with numerous functionalities

OpenSea is one of the biggest NFT marketplaces available, with over 80 million NFTs listed on the platform. Opensea is compatible with numerous blockchain networks including Ethereum, Polygon, Arbitrum, Avalanche, Zora Network, Klaytn, Optimism, and Base. This means that users can buy NFTs that are hosted on different chains to diversify their portfolios.

OpenSea also allows users to mint their own collections through the OpenSea collection manager. The main drawback here is that royalties are capped at 10%. Another important consideration to take into account before signing up is that OpenSea has been known to attract scam artists and plagiarized content due to its huge user base.

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.

Where to Buy NFTs – Fee Comparison

How to Buy NFTs Step-by-Step in 2024

Now that you know where to buy NFTs, let’s take a closer look at the step-by-step process of buying NFTs in 2024. In the following guide, we will reveal how to buy NFTs with Ethereum (ETH).

Step 1: Fund a crypto wallet with Ethereum

To buy NFTs that are built on the Ethereum blockchain, you will need to buy ETH tokens and store them in a crypto wallet. Some wallets allow you to buy crypto directly with a debit card. For other wallet providers, we recommend buying ETH from Coinbase and then sending the crypto to your wallet with your address.

Step 2: Connect your wallet to the marketplace

The next step is to connect your wallet to the marketplace that you wish to buy NFTs from. This will allow you to swap your cryptocurrency for NFTs.

Click ‘connect wallet’ and then choose your wallet provider.

Step 3: Swap ETH (or other crypto) for NFTs

Once you’ve funded your account, buying an NFT is easy. Search for the tokens that you wish to purchase and then select the option to buy with the tokens that are in your wallet.

In some cases, you may be able to bid on tokens. This involves offering a price and competing against other investors to be the highest bidder. The person who bids the highest will win the token.

Step 4: Store NFTs in your crypto wallet

The safest way to store your NFTs is in a cold wallet – this is an offline wallet that can online be accessed by private keys. You can move NFTs from a hot wallet to a cold wallet with your wallet address.

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.

Factors To Consider When Buying an NFT

Buying an NFT is very different from buying a traditional asset. However, the underlying driver of value remains the same: high demand and low supply equates to a higher value. Nevertheless, there are several factors that you should consider before diving into the world of NFTs.

Legitimacy of NFT marketplaces and sellers

First and foremost, it’s crucial to research the authenticity and legitimacy of the NFT marketplace you are interested in. Due to the decentralized nature of blockchain technology, scams and fraudulent activities are a real concern. Look for reputable platforms that verify the ownership and authenticity of the NFTs listed. Additionally, consider checking the background of the creators associated with the NFTs to ensure their credibility.

Long-term potential

Another factor to consider is the long-term value and demand of the NFT you are eyeing. Just like any investment, it’s essential to evaluate the potential return on investment. Look into the artist or project’s reputation and track record. Are they well-known or emerging artists? Is the project backed by reputable individuals or organizations? Assess the current market trends and demand for similar NFTs to gauge the potential future value.

Rights and ownership

Additionally, you should also consider the rights and permissions associated with the NFT. Understand what you are buying and what rights you possess as the owner. Some NFTs come with exclusive copyright ownership, while others may only grant you the right to display or resell the digital asset. Ensure that the terms and conditions are clear and align with your expectations.

Use cases

Another consideration to make is whether or not the NFT can be used for anything. Some NFTs can be used in play-to-earn games or metaverse worlds. These tokens often have a steady demand since players will need to buy the assets to access decentralized applications. Buying an NFT with utility is a good way to make sure that it holds its value over time.

What Are The Risks of Buying NFTs?

Buying NFTs comes with several risks that should be considered before making any financial decisions.

1. You might get scammed

Participating in decentralized finance puts you at risk of fraud or scammers. Cybercriminals regularly attempt to hack crypto wallets or set up fake marketplaces in a bid to steal investor’s funds. One way to reduce this risk is to only use reputable marketplaces and to move your NFTs to a cold wallet as soon as you have purchased them. Cold wallets are not connected to the internet so cannot be hacked.

2. Market Volatility

Another risk lies in the volatility of the NFT market. Just like any investment, the value of NFTs can fluctuate drastically, often driven by factors such as trends, celebrity endorsements, or market speculation. This volatility can lead to significant losses if an NFT’s value plummets after purchase, leaving the buyer with an asset that is worth far less than what they paid for.

3. Lack of regulation

The lack of regulation in the NFT space raises concerns about copyright infringement and intellectual property rights. Since NFTs are primarily based on digital art, there have been cases where artists’ work is minted as an NFT without their permission. This not only undermines the artist’s control over their creations but also creates legal issues for buyers who unknowingly purchase infringing NFTs.

Furthermore, decentralized exchanges do not provide the same level of investor rights as traditional investor platforms. There may not be any way to get your money back if the platform is hacked or closes down whilst there are funds in your account.

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.

Selling NFTs

So far in this guide, we have walked you through the process of how to buy NFTs in 2024. But, what happens when you want to sell an asset? Here are the basic steps of selling an NFT through a marketplace.

• Connect your NFT wallet to a marketplace: To sell an NFT, you will need to connect your wallet to a marketplace that supports that collection that you are selling. To do this, click ‘connect’ and then choose your wallet provider.
• Select the NFT you would like to sell: The next step is to find the NFT that you would like to sell and click ‘sell’.
• Determine the sale terms: You will be redirected to the listing form. Here, you can determine how you would like your NFT to be listed and the terms for the listing.
• Sell your NFT: Confirm the details of the listing and put your NFT up for sale.

Conclusion

To buy NFTs in 2024, you will need to swap crypto for an NFT through a decentralized marketplace. In this guide, we have walked you through where to buy NFTs and how to invest in NFTs safely.

Before making any investment decisions, it is important to understand the risks that are involved in buying NFTs and how you can mitigate these. NFTs are a volatile asset that’s price depends on market demand. Negative investor sentiment can quickly send the value of NFTs down so, investors should take the necessary steps to diversify their portfolios and stay up-to-date with market news.

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.

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