In 2020, very few people knew what an NFT was. But as we enter 2022, the NFT industry is booming to the tune of billions of dollars.
Millions of collectors and investors across the globe are spending tons of money on NFT digital art. From cute profile pictures of apes and aliens to one-of-a-kind works of art by big-name artists, the NFT space is where you want to be if you appreciate art.
Are you new to the NFT world? If so, you might be confused as to how to actually buy an NFT, since you can’t just use your credit card. Keep reading below to see how easy it actually is to buy and sell an NFT so you don’t miss out on all the fun.
How to Buy NFT Art
Buying NFTs as a beginner is a little daunting at first. There are a few steps you need to take. But once you buy your first NFT, you’ll understand how simple the process really is.
Buy Crypto
To buy an NFT you first need some cryptocurrency. Most NFTs are minted on the Ethereum blockchain. That means that you’ll need some Ethereum (ETH).
You’ll want to sign up for an account at a cryptocurrency exchange of your choosing. Popular options in the US include Coinbase, Kraken, and Binance.
Once you get your account verified, you can fund it by transferring fiat to your crypt exchange wallet. Once the funds are available, you can purchase ETH. You then need to transfer your ETH to a browser wallet. But depending on how you funded your exchange account initially, there may be a waiting period of five to 10 days before you can withdraw your ETH.
Set Up a Browser Wallet
Next, you need to set up a wallet that allows you to purchase NFTs on popular marketplaces. The most popular is MetaMask. It’s a wallet that can be added as a browser extension (for internet browsers such as Google Chrome).
Or you can download it on your smartphone. Alternatives include the Coinbase Wallet or the Ledger Hardware Wallet.
Once you’ve created your wallet address and written down your recovery phrase, you can send your ETH to the new wallet. To do this, you’ll “Withdraw” the funds from your exchange account. Copy and paste your new wallet address in the transaction form.
In a few seconds or minutes, you’re ETH will be available.
Browse an NFT Marketplace
With some ETH in the right wallet, you can start browsing various NFT marketplaces looking for a digital artist that catches your eye. To make this process easy, you can browse the top artists on platforms like SuperRare, to see what other collectors are interested in at the moment.
How to Sell NFT Digital Art
You don’t have to keep your NFTs forever. You can sell them at any time by visiting your NFT marketplace of choice. Choose to list an item for sale, choose an NFT in your wallet, and set an asking price.
Once someone purchases the NFT, you will be paid out in ETH, or the relevant cryptocurrency to the same browser wallet.
Build Your Virtual Collection
Now that you know how easy it is to buy NFT digital art, it’s time to load up your MetaMask wallet with ETH and start searching for your new favorite NFT artist. There are many amazing creators producing unique art every single day.
We can’t wait to see what pieces you added to your virtual collection.
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