skip navigation
skip mega-menu

What is an NFT

NFT is an acronym for non-fungible token. We can use NFTs to represent ownership of unique items. Things like art, collectibles, and even real estate can be assigned to them. The cryptocurrency blockchain secures them so no one can modify the ownership record or copy/paste a new NFT into existence at the same time. There can only be one official owner at a time, and they can be owned only by one official person at a time.

NFTs: What do NFTs do?

By using blockchain as a public record, NFTs can be used to assign or claim ownership of any unique piece of digital data. NFTs represent digital or non-digital assets. NFTs could, for instance, represent:

Art created digitally

·       GIFs

·       Antiques and collectibles

·       Music

·       Videos

Objects found in real life

·       Car deeds

·       Real-world event tickets

·       Invoices that are tokenized

·       Legal documents

  • Authentication

 

What are NFTs used for?

Here’s more information on some of the better developed use-cases and visions for NFTs.

 

•      Digital content

•      Gaming items

•      Domain names

•      Physical items

•      Investments and collateral

 

How to Buy an NFT

 

Buying your first NFT isn’t hard – here’s how to buy your first NFT, despite the market being relatively new in terms of ease of use.

 

1. Create a crypto wallet

To purchase an NFT, you must first purchase some cryptocurrency and link it to your funded cryptocurrency wallet. Cryptocurrencies such as Ethereum and Solana can be purchased. Cryptocurrency wallets are places where you can store, send, and receive cryptocurrency, as well as use their funds to purchase crypto apps and services. By exchanging money from your bank account into your digital wallet, you can easily purchase NFTs once you have set up your wallet. Your Metamask wallet or digital wallet will store your NFTs once you’ve collected your NFT’s.  

2. Choose an NFT Marketplace

Once your digital wallet is set up, you will need to choose an NFT marketplace to purchase your NFTs. NFTs are sold on several top NFT marketplaces, such as OpenSea. A wide range of digital art, music, collectibles, virtual assets, in-game items, and more are available on most marketplaces. Most marketplaces make it easy for users to create, sell, and buy NFTs. You should do your due diligence and educate yourself on how to avoid NFT scams before making any purchases.

 

3. Connect Your Digital Wallet to the Marketplace

 

After choosing your NFT marketplace, you will need to link your cryptocurrency wallet to the marketplace where you plan to make your NFT purchase. OpenSea is one of the largest peer-to-peer NFT marketplaces, enabling users to exchange NFTs between marketplaces and blockchains. NFTs can be bought, sold, and traded once you have set up a marketplace.

Subscribe to our newsletter

Sign up here