How to Buy NFT Tokens – Beginner’s Guide 2023
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NFTs are units of data stored on a blockchain with an authenticity certificate associated with it. 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 in the market and how to acquire them.
How to Buy NFT Tokens – Quick Steps
- Open an account with eToro – Create an account easily with our recommended broker, eToro.
- Purchase Ethereum – Buy the token without paying any commissions.
- Connect to an NFT marketplace – Sell your Ether coins on an NFT exchange
- Buy NFT tokens – Choose from a wide range of NFT tokens
Sign Up to eToro to Purchase Ethereum
eToro is the best brokerage to buy Ethereum, according to our research. Globally, the online brokerage has more than 13 million customers. Moreover, it is easy to buy Ethereum on the platform. With a quick and easy registration process, funding your account is a breeze, and buying Ethereum is instant.
When registering with eToro, it is important to note that the know-your-customer (KYC) protocols may be skipped. Particularly important for investors who will not be purchasing more than $2,250 worth of Ethereum at once. Details can always be verified at a later date.
Having completed the signup process, you will need to fund your account. Funding your eToro account requires a minimum of $50. There are several funding options available on eToro.
Customers may use credit cards or debit cards on the platform. Investors can also send money by bank transfer, but this method can take days to confirm receipt. You can also initiate an instant deposit through an e-wallet such as PayPal, Skrill, or Neteller.
When your account has been funded, go to the search function and enter “Ethereum.” After selecting Ethereum, you can now trade it by selecting the amount to purchase Ethereum commission-free with eToro.
Cryptoassets are highly volatile unregulated investment products.
Trading cryptocurrencies with eToro is convenient due to its tight spreads, which means you can buy cryptocurrencies like Ethereum with low fees. In addition, you don’t have to pay any account maintenance fees, so you can hold onto your cryptocurrency for as long as you want. eToro is safe to use. There are reputable organizations that license the platform, ASIC and CySEC.
Connect to an NFT MarketPlace
1. Buy Ethereum To Purchase NFT
Since NFT tokens are mostly hosted on Ethereum, you must have Ether to buy any digital collectible. Alternatively, you can buy Ether on a crypto exchange and transfer it to MetaMask. As a beginner, you can still open an eToro account now and purchase Ethereum commission-free using your debit or credit cards.
2. Link Your MetaMask Wallet To An NFT Marketplace
Depending on your NFT token preference, you will be able to proceed to purchase once the transfer is complete. Choose your preferred platform first. In the meantime, since several NFT platforms are sprouting up by the day, making a decision is not easy. Ensure that the NFT marketplace you choose carries the NFT token you would like to purchase.
After the transfer has been completed, you can buy the NFT token. Then, you can choose the platform you prefer. It is not easy to decide at the same time since new NFT platforms are constantly emerging. Therefore, you must ensure that the NFT marketplace you choose has the NFT token you’re interested in purchasing.
Browse NFT Tokens to Buy
Several NFT tokens are available on NFT marketplaces. Therefore, to make a decision, you need to check if the NFT you want is available on the NFT marketplace you prefer. In this way, you can avoid wasting limited resources.
Cryptoassets are highly volatile unregulated investment products.
NFT Marketplaces operate much like traditional artwork displays. A user will be able to browse through the NFT work of a particular community and see the number of NFT tokens sold and the amount they were sold for. It will also tell you if the NFT is available or out of stock.
Complete Your Purchase
Once you have identified the NFT you are interested in, you can place a bid. Generally, NFTs are sold in an auction format, with the highest bidder getting the bragging rights and digital ownership. However, when you purchase from a primary marketplace, you can sell them for a higher price and make a nice profit. It is not uncommon to pay as much as 10 or 20 times the initial amount you paid.
This mostly perspective means that you may not get as much back in the event of a resale. 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.
What are NFT Tokens?
People have a long tradition of keeping memories and keepsakes as a species. Moments are treasured, and we generally like to collect items that represent or embody them. Our favorite sports players’ jerseys, cards, and even autographed books of favorite authors show this.
As many critics have pointed out, there is no doubt that NFTs are simply JPEGs that can be downloaded over the internet. However, while it may be downloadable, that does not mean that it is worthless.
Due to blockchain technology, these digital collectibles are stored immutably on the network, and their original owners are recorded as well. You can download an image, but the original copy is pegged to the owner on the blockchain network and can be verified. NFTs have this unique quality as they cannot be easily lost or stolen.
Aside from images, NFTs can also be used on almost any physical or real-world asset. You can tokenize any item you like, such as your favorite card, video, or car. A virtual reality platform like Decentraland sells real estate properties for hundreds of dollars. Several NFTs representing real apartments have been sold, and their owners have the privilege of exploring the space they bought.
Recent sales growth in the nascent sector shows that savvy investors can profit from this investment frontier as this new sub-sector becomes more popular by the day.
Cryptoassets are highly volatile unregulated investment products.
How Are NFTs Created?
Minting is the method 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.
Best NFT Tokens to Buy
Several NFT platforms have seen an increase in value in recent years due to their growing popularity of NFT. 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. 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.
Cryptoassets are highly volatile unregulated investment products.
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.
Cryptoassets are highly volatile unregulated investment products.
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. In the crypto ranking website Coinmarketcap, the Theta blockchain is the most valuable NFT platform, valued at over $6 billion.
Cryptoassets are highly volatile unregulated investment products.
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.
Cryptoassets are highly volatile unregulated investment products.
5. Chiliz (CHZ) – Best NFT Token For eSports & 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 and 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.
Cryptoassets are highly volatile unregulated investment products.
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. 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.
Your money is at risk.
2. OpenSea – Best Marketplace For Beginners With A Wide Range Of NFTs
OpenSea remains at the top of the market. It offers you a wide range of NFTs – such as domain names, art, virtual worlds, collectibles, etc. Among the assets supported by the service are Ethereum and its related tokens, including ERC-721 and ERC-1155. In addition, you can find digital assets such as Ethereum Name Service (ENS) names, Axis, Decentraland, and others here.
Currently, OpenSea runs over 700 projects. Thanks to OpenSeas’ item minting tool, creators can create items on the blockchain. The tool will allow you to create collections for free without having to write any code. Also, items on OpenSea will be priced differently. Those with fixed prices can be found online, or you can join a price list and hold an auction. Throughout August alone, OpenSea reported 4.3 billion dollars worth of transactions – an increase of 1,000 percent from July.
Your money is at risk.
3. Rarible – Best NFT Marketplace For Artists
One of the few NFT marketplaces that can even compete with OpenSea. Rarible was launched in 2020 as an open-source marketplace for buying, minting, and selling digital items. The blockchain technology that underpins Rarible is responsible for exchanging ownership of items.
Even though Rarible supports all types of NFTs, it specializes in virtual collectibles and art NFTs. Also, it offers a very straightforward process for minting, making the platform particularly appealing to creators who are unable to code. Finally, like in OpenSea, Rarible provides an entry point for NFT creators.
The site also acts as a community marketplace. It launched it’s token – named RARI – in July 2020, allowing holders to participate in content curation and vote for updates to the ecosystem. RARI can also be earned by selling and buying NFTs. Many people like Rareible because it has a beautiful interface. NFT lovers can find their favorite tokens easily, and users can easily engage on the platform.
Users have something to look forward to by seeing the top sellers each day on the marketplace. Despite its lack of popularity, Rarible has a lot to offer.
Your money is at risk.
4. Nifty Gateway – Best NFT Platform for Photographers
It’s another NFT marketplace that’s gained a lot of traction. The Gemini Foundation owns it – a crypto holding company created by the Winklevoss Twins, one of the co-founders of Facebook. Through its NFTs, the platform collaborates with brands and artists.
Nifty Gateway offers exclusive music and artwork marketplaces. The platform has partnered with several high-profile artists, including Lil’ Yachty and Ozuna rappers. As well as classic NFTs, Nifty Gateway offers exclusive work by artists such as Beeple and Trevor Jobes.
Platforms like this have been effective at leveraging collaborations, which have been the platform’s most powerful tool. Its sales are based on drops – basically, limited NFT offerings. Because the tokens last for only a short time, FOMO drives their price up. Following the end of a drop, the Nifties can be resold through the Nifty Gateway peer-to-peer marketplace.
Your money is at risk.
5. SuperRare – Best Place To Buy Digital Art & Collectibles
SuperRare is another outstanding NFT marketplace. Founded in 2018, the platform offers a great way to buy and sell digital art. The platform describes itself as “Instagram meets Christie’s” and allows users to interact with art and collectibles via the web. The marketplace has a well-developed social network as well. NFT enthusiasts can engage with each other and view showcases from the comfort of their 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.
Your money is at risk.
Are NFT Tokens a Good Investment?
The NFT industry can offer lucrative investment opportunities – especially now that the market shows a particular interest in them. However, investing in NFT comes with risk, as with any subsector in the crypto ecosystem.
A craze for NFTs is driven by the prospect of owning a piece of art – or music. NFT sales have also brought in substantial sums to many popular artists, who distribute tokens to their fans and benefit monetarily from the sale. But it would be best if you were careful too. NFTs have several challenges, including technical issues. For example, there is the possibility of losing your entire collection if your NFT storage platform is hacked or insecure.
It is possible to have difficulty reselling your NFTs, either because no one is interested or because the market is down.
Choosing an Ethereum Wallet for Buying NFTs
Wallets for Ethereum are very important to NFT buyers. You will need an Ethereum wallet regardless of where you buy the tokens. This is because most NFT marketplaces use the Ethereum blockchain for most of their transactions, so it is required to complete your purchase.
Cryptoassets are highly volatile unregulated investment products.
In addition, your Ethereum wallet is the platform on which you store your NFT. NFTs are most often Ethereum-based tokens, so they must be stored in an Ethereum wallet. The wallet indicates who owns the token. Wallets use public and private keys to determine ownership. All assets connected to a wallet – including NFTs – belong to the owner of the private keys. Due to all of these factors, choosing an Ethereum wallet requires a lot of caution.
It is essential to find a safe and secure platform that allows you to make transactions quickly. eToro is a regulated, trustworthy platform. The eToro platform enables you to buy and store ether and NFTs easily and effectively. In addition, it is incredibly secure and supports various assets.
Pros & Cons of Investing in NFTs
Pros:
Pros:- NFTs can help you acquire the assets you love quickly and easily.
- Network-based trading allows you to view and own assets worldwide.
- Your assets are safe with NFTs. Please note that a secure Ethereum wallet, such as eToro, is required for this process.
- If you buy an NFT that you want to sell later, you have a variety of marketplaces at your disposal.
- When you store your NFT on the blockchain, its integrity cannot be altered.
Cons:
Cons:- At present, it is virtually impossible to assess the value of an NFT.
- If you own an NFT, you aren’t necessarily in control. Copies could still be made online despite owning the original piece.
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.
Lucky Block can also be considered one of the best cryptocurrency investments for 2022 if you are looking for the top NFT to invest in. Click on the link below to learn more about the token revolutionizing the lottery world by checking the Lucky Block website and learning more.
Cryptoassets are a highly volatile unregulated investment product.
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Omar Ortiz
