NFTs are purchased over a blockchain and can be very profitable if you purchase the right one! Just like Bitcoin and other cryptocurrencies they can greatly increase in value the longer you hold them. If you want to buy an NFT and do not know where to start then this article will help you buy and store that valuable NFT inside a secure wallet for future use.
Choosing An NFT (NON Fungible Token)
If you have an NFT in mind then that’s great, but choosing a good NFT can be tricky due to the sheer volume available. With the NFT craze, everyone seems to be creating NFTs hoping to be the next bored ape or crypto punk brand.
But not everyone will be successful so be sure you purchase an NFT that’s created by a known artist, brand or platform. This would give you the best chance for a higher return in the months and years to come.
- DYOR: Always research the brand, community and artist
- Branding: This is the most important part of any NFT discovery
- The Creator: Known vs unknown creators is always best
- Volume: Lower volumes or single designs are best for hodling
- Blockchain: Ethereum, BSC or Polygon to name a few
There are many many websites to browse, purchase and sell your own NFTs. If you are new to collecting NFTs then be sure to choose a well-known NFT marketplace because there are many fakes ready to take your funds. Here is a list of the best NFT marketplaces:
- NFT launchpad
Purchasing Your NFT
When you have selected the NFT you would like to invest in you need to know which blockchain your NFT resides on. There are a few bigger blockchains such as Ethereum, Binance Smart Chain or Polygon.
Each has its benefits such as Ethereum being more popular but costing more to transfer. With Polygon being super cheap to transfer, the blockchain is saturated with NFTs. This is why you must always research and never take advice/tips from social media.
Once you know which blockchain you will be used to purchase and transfer your NFT then you need to buy the altcoin for that blockchain. For instance Ethereum, you will need to acquire enough Eth to buy and transfer that NFT to a secure crypto wallet.
Here Is The Process:
You need to buy the blockchin coin/crypto from a centralized crypto exchange such as Binance, Coinbase or another of your choosing. These crypto exchanges are strict and are not decentralized so you will need to pass KYC (identification) to be able to make a purchase.
Once you have purchased your blockchain coin it will be sitting inside your account wallet, every crypto exchange has one. The next task would be to then transfer the blockchain coin to the crypto wallet you have chosen to use when storing your NFTs.
- Purchase your blockchain coin from an exchange
- Binance, Coinbase and eToro are well-known
- Set up your exchange account and pass KYC
- Once you are set up and ready to trade make your purchase
- Your purchased crypto will then be stored within your exchange account
Your NFT/Crypto Wallet
Many crypto wallets hold NFTs, but not all crypto wallets are capable of holding NFTs. Be sure you are using a compatible NFT wallet. B
- Transfer your crypto from the exchange to your wallet
- Wait for the crypto to pass through the blockchain
- This can take anywhere from 1 minute to a few hours
- Once received you can connect your wallet to the NFT website/app
- Initiate the trade and your NFT will automatically be sent to the wallet making the purchase
Compatible Crypto Wallets
If you are finding it difficult to choose a secure wallet for holding NFTs then here are some of the more popular NFT compatible wallets:
- Enjin Wallet
- Trust Wallet
These are hot wallets, but very secure. Once you install/download your wallet you must be sure to copy and write down the 12-word passphrase. Never share these 12-words with anyone, write them down and hide them somewhere safe.
You are now a proud owner of an NFT. Keep it safe because you never know how much it will be worth in the future. If you have any issues we are always happy to advise our readers. Use the comment section below and submit any questions you might have about purchasing and securely holding NFTs.