Started by RoboForex, Apr 23, 2022, 11:41 am
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NFT, or non-fungible token, is a new link in the evolutionary chain of cryptocurrency. It is a unique digital asset that can be anything like a piece of art or music, an extract from a movie, animation, or sports game, game items, etc.
Each such token gets written down in a blockchain under a unique ID with metadata -- this exactly makes the file non-fungible. Today the article is devoted to the details of the NFT market: how and where to buy the tokens, and the details of work on trading platforms and with crypto wallets.
These days, there are plenty of marketplaces where one can not only buy but also sell NFTs. Each platform though has its rules and limitations.
Most of the markets are based on the Ethereum blockchain. Differences in most cases can be found in file formats and NFT prices. As a rule, these details are important for content creators, not buyers.
Once the user finds an NFT they want, it is time to register on a trading platform and link their crypto wallet to it. The latter is used for storing crypto safely and is a necessary part of blockchain.
Before installing and setting up the wallet, make sure it supports the cryptocurrency you need to buy the token you want. As a rule, most NFT services are ETH-based and use the ETH as a payment means.
Buying NFTs, keep in mind that marketplaces charge commissions, so the sum on your crypto wallet must be enough to pay both for the token and the commission fee. Moreover, not all platforms show prices in USD, preferring ETH.
Buying NFTs online is not as difficult as it might seem. One needs to register a crypto wallet, deposit it, register on a marketplace, and choose an NFT.
Experts forecast that the NFT market will remain popular, and its capitalisation will keep growing. However, there are risks: not all tokens grow, moreover -- finding a suitable file for investing needs time. Also, make sure your transactions and asset storage are safe.
The post How to Buy NFTs appeared first at R Blog - RoboForex.
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