What are NFTs and how to buy them?

What are NFTs and how to buy them?

You’ve probably heard about NFTs on the news or social media. You might’ve also seen them somewhere but don’t understand what they are – don’t worry, this simple guide will help you understand what NFTs are, how they work, and how to buy them.  

What are NFTs?

NFTs, which stands for Non-Fungible Token, is simply unique and collectible “digital” assets. Think of it like this: you own your home, and there’s a document to prove your ownership supported by your social security or national identity number.

NFTs provide the same thing: a document to prove you’re the owner but of a digital asset. Unlike a physical object, like your house, NFTs are for digital assets. This ownership record is marked on a blockchain system. We’ve all heard that Blockchain was revolutionary when Bitcoin first appeared on the news, but we did not understand how much power it could bring. In simplest terms, Blockchain is a ledger-based technology that is intentionally left public – thousands monitor any activity that happens to ensure its legitimacy. Without Blockchain, Bitcoin and other cryptocurrencies wouldn’t simply exist.

Each NFT is unique, and there is no chance for it to be duplicated. So, for example, Bitcoin is fungible because another bitcoin or any other cryptocurrency can replace it. However, an artwork of, per se, Beeple is unique, and there’s none like it; thus, it’s Non Fungible unless you as an owner decide to sell it.

What makes NFTs work?

Non Fungible Tokens or NFTs currently are only part of the Ethereum blockchain. However, this is likely to be changed shortly as more coins are rolling out, with solving more complex problems, but for NFTs currently, Ethereum it is to operate them.

What’s good about Ethereum is that, unlike Bitcoin or Litecoin, Ethereum’s blockchain system can support a little more information, thus allowing NFTs to run on it.  

What kinds of NFTs are there?

NFTs are young and very fertile. However, currently, these are the following which NFTs virtually represent:

– Music

– Video games’ items such as weapons, avatars, different skin colors, and upgrades

– Digital artwork

– Video of some iconic moments, GIFs, and memes

– Collectables such as digital trading cards

– Real-world assets that are tokenized from real estate documents to car ownerships

How to buy NFTs?

Buying NFTs is not difficult as long as you own a crypto wallet and have some Ethereum investment. The top three Ethereum NFT marketplaces with a wide range of NFTs to choose from are Opensea, Rarible, and Mintable. In simple terms, these three websites are digital marketplaces to choose from.

Once in the marketplaces’ of any of these three websites, you will need to follow the following simple steps to buy NFTs:

Step 1: Click on the profile icon on the top right corner.

Step 2: click “meta mask” – you will need to download and install it.

Step 3: Once downloaded and installed: choose “create wallet.”

Step 4: confirm your password. Ensure not to lose it.

Step 5: Click “Next” to ensure to connect MetaMask digital wallet to OpenSea, or any other website mentioned above.

Step 6: Click “Connect” again, which will connect MetaMask to NFTs digital store.  

Step 7: Send some ETH to your MetaMask wallet.

Step 8: After having some balance worth of ETH, you can now purchase any NFTs you’d want to.

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