The Easy Guide to NFTS - How to Buy and Sell
While NFTs have been around since the launch of Bitcoin in 2009, the market has only recently taken off.
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Non-fungible tokens (NFT) have become one of the biggest crypto crazes of 2020 and 2021. NFT sales totaled $95 million in 2020, and in just the first half of 2021 sales reached nearly $2.5 billion.
NFTs are collectible crypto assets, intended to represent a unique digital item that can be bought, sold, or traded.
The term “fungible” refers to something that can be interchanged for something else just like it. A dollar bill, for example, is fungible because all dollar bills are more or less the same. Non-fungible tokens, then, are digital items that cannot be duplicated, such as: – Artwork – Music – Collectibles, like trading card – Items within video games like skins, weapons, or avatar – Virtual land
How to Buy NFT Token
In some ways, trading NFT tokens is similar to trading other kinds of crypto. Before learning how to buy NFT tokens, there are a few things worth considering, such as: – What marketplace do you intend to use? – Which cryptocurrency will be needed to fund your crypto wallet and make the purchase? – Are the NFTs you’d like to buy only available at a certain time?
Some NFTs are only available on certain platforms. Someone who wants to buy an NBA Top Shot pack of virtual trading cards, for example, must open an account with NBA Top Shot and create a Dapper wallet. The buyer will then fund their wallet with either the USDC stablecoin or any number of supported fiat currency options. After that, a buyer will have to wait for a card pack drop and buy a pack before they sell out.
How to Sell NFT
Once you’ve purchased an NFT, you’ll need to decide whether you want to HODL it or sell it. To sell an NFT, you must list the token on a marketplace. To do this, click on the NFT in your collection that you’d like to sell and locate the “sell” button. Clicking on “sell” will bring up a pricing page, allowing you to set the terms of the sale. You can choose either a fixed price or an auction sale.
If you’re ready to start trading crypto, but not quite up for buying and selling NFTs, a great way to get started is by opening an account on the SoFi Invest Brokerage Platform. You can use the platform to trade Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies directly from your phone.
How to Create NFT Art
After creating a wallet and funding it with ETH, it’s time to choose a platform. A variety of NFT-focused platforms allow users to connect their wallets and upload the images or files that they’d like to turn into NFTs.
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