HomeNEWSHow To Buy an NFT | 3 Platforms to Buy

How To Buy an NFT | 3 Platforms to Buy

Knowing that there are people paying and earning millions of dollars for an NFT definitely gets people’s attention. But, after all, how to buy an NFTπŸ‡§πŸ‡·

A lot of people still have doubts about how to buy an NFT and which platforms are best for it. Keep reading to have these questions answered.

What this article covers:

What is NFT?

Let us begin by briefly explaining that NFT is the acronym for Non-Fungible TokensπŸ‡§πŸ‡· translating is Non-Fungible TokensπŸ‡§πŸ‡· Okay, but what does that mean? Well, let’s go by parts. First, understand that the term β€œtoken” is a token of sorts.

So what would a non-fungible symbol be? The concept of fungibility comes from the Law. Fungible goods are those that allow their replacement by another of the same gender, quantity and quality, and non-fungible goods are those that do not admit such replacement because they are considered as an individual good as a whole.

That is, a non-fungible token is a token, an item that is unique. It is impossible to have two alike and therefore it cannot be copied or replaced. This, of course, increases the value of this item.

Taking this into practice, the NFT it’s a digital item, like a song, a drawing, a painting, even a tweet. However, it has unique and exclusive attributes, which have been authenticated by an immutable blockchain network. That’s why a design transformed into NFT is unique and cannot be copied. And it is this exclusivity that guarantees the value of the digital item.

What is needed to buy NFT?

Unlike other goods, which are purchased with fiat currency (money as we know it), NFTs are purchased with cryptocurrencies. Therefore, to buy NFT you need to have a cryptocurrency wallet. To do this, you must create an account at a cryptocurrency brokerage.

One of the most famous brokerages for you to create your cryptocurrency portfolio is binanceπŸ‡§πŸ‡· But there are other options, such as OKXπŸ‡§πŸ‡·

After creating a cryptocurrency wallet you need to stock it with cryptocurrencies. If your goal is to buy NFT, the most recommended thing is that you buy Ethereum (ETH), since NFTs are built using the blockchain of this cryptocurrency.

Now that you already have your cryptocurrency wallet and bought some ETH, just sign up for an NFT marketplace and connect with your cryptocurrency wallet.

From there, just browse the marketplace to find the NFTs for sale. Remembering that some have a fixed price and others are sold in the auction system.

Best platforms to buy NFT

Check below which are the best platforms you can register to buy your NFTs.

OpenSea

It is worth noting that the OpenSea is the first and most famous marketplace for NFTs. It is compatible with Ethereum, Polygon and Klaytn blockchains. Currently, it has more than 34 million NFTs, of the most different categories.

To browse OpenSea you must have an Ethereum wallet, such as the most used MetaMask), Coinbase Wallet or Fortmatic. Also, to start the account, you need to pay the network fee in advance. This fee is the cost of validating transactions on blockchain networks.

One of the main advantages of OpenSea is that transactions are atomic. In other words, everything happens at once. You receive the NFT and the seller receives the cryptocurrencies at the same time. This reduces the risk of someone defaulting to zero.

Axie Infinity Marketplace

Know that the Axie Infinity it is actually an NFT game. Axies are pets that have specific powers, cards and attributes. Each player can reproduce and create new Axies. In turn, each Axie, that is, each little monster is an NFT. To be able to play the game, you need to buy at least 3 Axies, that is, buy 3 NFTs.

In addition, within the game there is a marketplace where players make hundreds of thousands of Axies available for sale. That’s where you’ll buy yours. As a game, Axie Infinity even yields some profit, as it pays the player with SLP and AXS cryptocurrencies. These, in turn, can be sold separately.

Binance NFT

Finally, Binance is the largest cryptocurrency exchange today. And taking advantage of all its success, it created its own marketplace, called Binance NFTπŸ‡§πŸ‡·

In it, you have the convenience of having everything in one place, that is, your digital currencies and the NFTs for buying and selling. Another advantage of this marketplace is that it has a flat trading fee of just 1%, which is lower than all other marketplaces on the market.

On Binance NFT you can find all kinds of digital assets, such as virtual land, game items, artwork created by world famous artists, among other things.

What did you think of the tips? Now you just put it into practice and buy your NFT.

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