Crypto 101: Your quick guide to buying NFTs

Non-fungible tokens (NFTs) are one of the hottest topics in the crypto scene. With their high trading value and rarity, many people became interested in them. Like any other valuable asset, it is important to learn more about its basic concepts before investing in them. 

With the promising features of NFTs, it immediately captured people’s interests and various industries. Among these are music, sports, and games. Each of these fields has its subgenres that appeal to the different types of NFT investors and traders. 

With the advancement of technology, people were also introduced to the concept of digital collectables that gave them memorabilia they don’t have to personally keep. These are called non-fungible tokens (NFTs) which can be easily exchanged in the crypto market.

Unlike traditional collectables, NFTs use blockchain technology. Even if they are technology-based, they are valuable enough to be traded and sold on crypto exchange platforms. Each NFT holds a unique value of its own. This simply means that no two NFTs are exactly the same, making them more valuable. This is the reason why many people want to learn how to invest in NFTs crypto. 

3 Types of NFTs 

People have different preferences over the items they collect. This is why most have different opinions about what are the best crypto NFTs. Since choosing an NFT can be challenging, investors should learn about the different NFT types that suit their needs. 

Here are some of the most popular types of NFTs widely available online: 

• Music NFTs: Even though music NFTs are different from the official album sales, the funds collected still goes directly to the artists who have released them. Aside from exclusive pictures and videos, these may also come in the form of unreleased music.
• Sports NFTs: These are a digitized version of the traditional trading cards and often contain exclusive content about the teams and players. They also contain some of the most memorable moments in sports history.
• Game NFTs: These are meant for avid game collectors. They often show exclusive content about certain characters or the game itself.

Here’s a closer understanding of how NFTs work 

Top NFTs to buy 

For those who are looking for the best crypto NFTs to buy, it is highly suggested that they go for those that are already established in the crypto scene. With that, here are some of the best NFTs that can be found today:

CryptoPunks 

Founded in 2017, CryptoPunks is known as Ethereum’s first NFT initiative. Each of the 10,000 CryptoPunks collectables was created with a special algorithm. One of the most impressive NFTs crypto price sold is a rare alien that was once sold for $7.58 million and was later on resold for a whopping $142 million. 

VeeFriends 

VeeFriends was developed by entrepreneur Gary Vaynerchuk who is one of the most renowned NFT advocates. These NFTs act as a special ticket to Gary’s multi-day conference called VeeCon. Thus, making it the first NFT ticketed conference in the world. The conference is yet to happen as it is scheduled from May 10 to May 22, 2022.

Doodles 

Doodles is a collection of candy-coloured graphics that can be used as profile pictures. It is actually a project by an illustrator called Burnt Toast who also worked for Google, Snapchat, and WhatsApp. He is also joined by other developers of CryptoKitties. During the pre-sale of Doodles, the value was only at 0.124 ETH. When it went live, the value went over 1 ETH because of its high level of interest. 

Where to buy NFTs 

Aside from knowing the best NFTs to buy, it is also important to know where to buy NFTs crypto easily. Here are some of the most popular NFT marketplaces to know: 

SuperRare 

SuperRare is a peer-to-peer marketplace that allows investors to buy and sell limited-edition artworks. It features a large number of masterpieces that may be purchased or auctioned. It has a fantastic feed that features unique artwork and a calendar that keeps track of their upcoming exhibitions. 

Rarible 

This NFT marketplace contains several unusual products that can be purchased. Digital art, photography, music, and special GIFs are just a few of those that they cover. From time to time, they also hold auctions for their beautiful collections. 

OpenSea

OpenSea is known as the largest NFT marketplace. It is the kind of NFT that accepts other NFTs that operate using ERC-721 and ERC-115 tokens. Here, users can buy, sell, and trade NFTs that are mainly focused on art, music, and other popular categories.

How to buy NFTs 

If you are wondering about how to buy NFTs, here are some of the steps investors would have to keep in mind: 

Buy Ether

Almost all NFTs run on the Ethereum blockchain. So, make sure you have enough Ether (ETH) before buying an NFT. 

Transfer Ether

Transfer ETH to a reputable crypto wallet. This is important as it determines how safe your digital assets will be. 

Visit an NFT marketplace

There are several NFT marketplaces online. People should find one that sells their preferred NFTs. 

Find a great NFT

Browsing through the massive NFT collections is ideal for investors to find what assets they wish to obtain. 

Buy it 

Once an NFT has already been chosen, investors should buy their preferred NFTs and pay with their deposited ETH. After the completion of the transaction, people will be given a certificate of ownership. 

Learn more about Ethereum and why it’s popular

3 Reasons why you should buy NFTs 

If you are wondering why people love buying NFTs and considering them as worthy investments, here are some of the reasons why they’re a must-try! 

Royalties for artists

NFTs allow artists to get 10% of the proceeds from the sale of their work, which is uncommon in the case of actual things sold by galleries or collectors.

Value for storage 

What investors love most about NFTs is that they are digital. Unlike physical assets that can look worn out and tarnished after some time, NFTs can keep their quality even after a long time. 

High-value 

Limited edition NFTs are often issued in small numbers by artists, and consumers are ready to pay more for limited edition products. This is the reason why some NFTs can be valued for over a million dollars. When investing in them, people can enjoy the prices as they further increase as time passes. 

These are just some NFT basics that people should keep in mind whenever they consider investing in these popular digital assets. By seeing the potential and the fun that comes with NFT investments, people can be more excited about having some of these! 

Have a great Bitcoin betting experience here at Gamdom
 

Words: Kyra Jimenez