If there is one thing that is on everyone’s lips at the moment, it is NFTs. They seem to have taken the world by storm, so it is no surprise that you are interested in investing in them. But how do you do so? Continue reading to discover everything you need to know.
Why are NFTs so valuable?
Before we reveal the steps you need to follow, it first makes sense to look at why you may want to invest in NFTs. A lot of people wonder; where has the NFT value come from? Well, one of the reasons why they are valuable is because every asset is unique. Unlike cryptocurrency, whereby you could exchange one Bitcoin for another Bitcoin, and they be the same and share the same value, this is not the case for an NFT. Every NFT is unique and cannot be replaced. You also need to consider the possible link NFTs have to the metaverse, which is an exciting part of the future.
Tips for getting started with NFTs
If you wish to invest in NFTs, here are the steps you need to follow:
- Decide on the NFT you want to purchase – Think about what sort of NFT you want to proceed with. You can browse the major NFT marketplaces, such as OpenSea, Axie, and Rarible to find out what is available at the moment.
- Create a compatible cryptocurrency wallet – If you do not have a cryptocurrency wallet already, now is the time to buy one. You will need this to store your NFT.
- Use digital currency to fund your wallet – Use fiat money to buy the cryptocurrency that you need to purchase the NFT. Ether is the cryptocurrency used at most NFT marketplaces, but do not simply assume that this is the case. Find out what you need before topping up your wallet.
- Connect your wallet to an NFT marketplace – Now that you have created and funded your digital wallet, you can connect your crypto wallet to the digital marketplace to list your NFT. After it has been connected, you should be able to view the balance for your wallet’s cryptocurrency with ease.
- Purchase your NFT – When you are ready to do so, you can hit the ‘buy’ button and purchase the NFT that you are interested in.
- Confirm the transfer of the NFT to your digital wallet – Once you have clicked on the buy button, you officially own the NFT. Now, trade it to your wallet so that you can store it and take any action you wish to in the future, such as sell or trade.
Investing in NFTs
We hope that this post has helped you to get a better understanding of the steps you need to take if you want to invest in NFTs. There is no denying that NFTs represent a very exciting investment opportunity. However, as is the case with any investment, you do need to take the time to make sure it is right for you.