Step 1: Google Search A Trusted NFT Marketplace
Just like the real world, NFTs are available for purchase in various markets, just make sure that the market is safe and secure for purchase. For example, OpenSea is the leading market for NFT sales with a value of over 13 billion US dollars.
For a more niche market, especially for those basketball fans, the NBA has made its way into the NFT world with “NBA Top Shot Marketplace“. On its platform, collectable moments like your favourite slam dunk, three-pointer or play highlights and art can be purchased from the world’s most notable basketball league.
Step 2: Install A Wallet
We don’t mean type in your credit card details when we say “install a wallet”. What it means is that in order to purchase or sell NFTs, you have to install a cryptocurrency wallet such as Metamask, Math Wallet or Alpha Wallet. A cryptocurrency wallet is basically a program that allows an investor to store all their cryptocurrency.
Before installing a random crypto wallet, you need to do some homework. The first thing is to know what you want to do with your cryptocurrency. If it’s NFTs, then OpenSea, SuperRare and Solanart are the places to be.
Another question would be, is there a mobile app version because some wallets are designed for desktop computers and not mobile-friendly. Some also come in USB sticks known as hardware crypto wallets if you are more concerned about security, that disconnects from your system and the internet.
Finally, key in your password and generate a “seed phrase”, a phrase of words to recover your password in case you forget it.
Step 3: Put Money Into The Wallet
You can either choose to fund your wallet with Ethereum or other cryptocurrencies such as bitcoin, dogecoin or the like.
You can buy Ethereum from Coinbase, or other secure platforms to easily buy, sell and store cryptocurrency. You will have to key in typical account information such as email, address and so on as well as a credit or debit card.
Final Step: BUY THE NFT YOU WANT
Log into OpenSea, NBA Top Shot or any other marketplaces you are interested in and feast your eyes on the sea of different and unique NFTs available for purchase. Some are open for purchase with a fixed price and others are sold in an auction.
One of the most famous Crypto Collectibles is called Crypto Punk by Larva Labs, the first NFT created and only 10 thousand minted. Just like real life, the rarer the item, the more lucrative and profitable it becomes especially if they were the first or original products of the market.
The number of categories and styles are endless and NFTs are also seen as an investment and not just a simple purchase of digital art so here are some pointers on how to choose the right NFT for you.
Just like in real life, scarcity plays a big role in deciding the value of products. Just like the NFT shown above, only 10 thousand minted making them very profitable due to supply and demand.
Another obvious variable would be to budget wisely. It is easy to get yourself deep in the rabbit hole and not realise just like Icarus, you are flying too close to the sun.
Finally, you have to understand that NFTs are very much a speculative business, pushed by overwhelming hype from the NFT community and cosmetics such as NFTs bought by famous artists or influencers like Eminem or Jimmy Fallon. If or when the hype dies, so does the value of the NFT.
So what are you waiting for? Get online and buy your first NFT and be part of this exciting new wave hitting the internet by storm!