There are numerous ways to achieve success in crypto, and one of them is called simply — NFT. It was a real buzzword about a year ago and is still quite a prominent player you should keep an eye out for. Is it a bubble or something promising after all? To know more about the topic, let’s uncover the concept.
What is an NFT?
NFT stands for a non-fungible token, which means it’s a one-of-a-kind item having unique identifying codes, an asset that can be used as an investment, a collectible, or anything else. Let’s say you want to have your documents or records in digital form, then you can transform them into an NFT.
They first appeared in 2014, but became really popular several years ago, mainly thanks to artwork.
Fiat and digital money are “fungible,” meaning they can be traded or replaced for one another. They’re also equal in value — one dollar equals another dollar, the same with Bitcoin, Ethereum, and other cryptocurrencies.
One NFT doesn’t equal another; they are different, so they can’t be easily traded.
How to buy and sell NFTs?
To buy an NFT, you need to get a digital wallet to store NFTs and cryptocurrencies. Then you need to buy some cryptocurrency, like Ether (ETH) or Bitcoin (BTC), depending on what currencies your NFT provider aims to get. There are several ways to buy crypto — using a credit card on platforms like Coinbase, Kraken, eToro, SimpleSwap now, and then transferring them straightly to your wallet. You have to pay fees that can vary from one exchange to another. Notice that a wallet needs to have the crypto required to buy an NFT you want. In two words, an NFT built on the Ethereum blockchain technology might require its purchase in Ethereum (ETH).
Find a marketplace and start looking for your perfect NFT. All the NFTs have a fixed price, or you can bid on them instead.
If you have an NFT, the digital asset is entirely yours, and you can do whatever you want to do with it. Keep it as a collectible, allow others to view it, use a part of something more prominent, maybe a project of yours, or just sell it to make some money. Where can you do that? There are many marketplaces out there, but keep in mind they charge a fee for NFT sales. You can also have a look at our article about NFTs marketplaces.
If you are a Solana fan, then you can be interested in Magic Eden, Solsea, Solanart, Digital Eyes, Wax-oriented people would be happy to use Atomic Hub, and the most famous platform Binance can offer you Pancakeswap or Altura.
So if you aim to sell your NFT, get a wallet (by the way, SimpleHold’s wallet supports viewing your NFTs option and is user-friendly for beginners), choose a marketplace, upload your piece and decide if you want to set a fixed price or put it on an auction where buyers can place their bids.
When it’s uploaded, the chosen marketplace verifies it. If your NFT is sold, the marketplace will manage the transfer of the NFT from the seller to the buyer and will also transfer crypto funds directly to your wallet. To find out more about wallets, read the following article.
Please, find even more information in the second part of the article. See you there! 👋
