Related Articles

How to Buy NFT?

BitForex Editor
Mar 11, 2021

The non-fungible token (NFT) is somewhat similar to the cryptocurrency called Bitcoin. There is no need to talk more about bitcoin as it is one of the most purchased cryptocurrencies in the digital space. However, the non-fungible token is a bit unique in its way of dealings given the fact that when an individual trades with it, they get an entirely different piece. But, that's not our main focus of the day. In this article, we will be discussed how to buy the NFT.

First of all, NFTs when purchased by a buyer, it gives them a certificate of ownership. That way they can maintain or rather protect the integrity of the digital object's value. Let's face it, the world is going digital, and as such people are switching from the old ways of having a physical interaction before acquiring an item to a more digitalized engagement. What the NFT does for a seller is that it opens up the link to keep earning while selling something.  

Places to Buy and Sell NFTs

It would interest you to know that there are lots of marketplaces where NFTs can be bought and sold. Below are a few places where it is achieved:

1.SuperRare

2.MakersPlace

3.OpenSea

4.NiftyGatewy

5.Rarible

Thus, let us quickly run through the four steps needed to take in order to purchase an NFT

Steps in Buying NFT

1.From one of the marketplacelike the Rarible website, you can simply click the connect button. After successfully doing that, the next line of action would be to choose the wallet, you intend to connect to the platform, then you now log in.

2.The second step would require you to look for the platform for the** NFT** you intend to purchase.

3.Thirdly, a notification would then pop up and that would require you to cross-examine your inputs to confirm the details of the order. After going through, if fully satisfied, then you can proceed to the payment button.
4.This is the final step and what is expected here is for you to confirm the transaction that is after the wallet click has popped up. Again, it is important to verify so as to be sure, and once satisfied you then confirm the transaction so that the process can begin.

In addition, after the confirmation, your** NFT** would then be deposited to your personal Ethereum address, and thus should be kept appropriately.

Fraud in a Digital Era

Now that you fully understand the steps in buying NFT, the next line of action is how do you protect it? With the increasing rate of fraudulent activities going on in the digital space, it has become imperative for an artist to safeguard their works. In order to achieve this, they now certify their digital works on a blockchain and spread them over a secured network. With each day that passes by, crypto art is fast becoming recognizable which is a result of the decentralization of blockchain.

However, there have been various issues that have sprung up regarding images online which can easily be downloaded. People feel those images wouldn't have a great value and the argument of authenticity springs up. Plus with the digital technology advances, artworks can be manipulated or even plagiarized as this has brought serious concerns to not just the buyers but sellers alike.

In order to thrash out this issue, the artist has since been watermarking their works as that eliminates the argument of authenticity. But, it would interest you to know that this hasn't brought about an end, or rather a solution as advancement in technology has made this measure a less effective one.

To this end, NFT has further made the artwork stand genuine while also eliminating the issue of ownership. Since it acts as provenance, it ensures that there is enough information to back up an owner and his artwork. Which is why the buyer or collector of an** NFT** can be a bit relaxed given the fact that they can not only display a connected work, but also resell it. The creator in mention does have all the intellectual property rights.

Moving further ahead, as a content creator or even an artist, it would highly be beneficial to you to make your piece an NFT. That way, you can be certain to make a considerable amount of profit off your work. For instance, an artist has made a great piece of a well-known individual or an animated dog with some intrinsic drawings to enhance the work. Thereafter, such work is sold as an NFT for thousands of dollars, how would the artist feel? Well, that's rhetorical, but the most important thing to know is that the process can be a bit different across various sites.

However, with a platform such as the NiftyGateway, an artist or content creator can make their intentions known so that they can permit their project to be sold as an NFTs on their marketplace.

Should You Buy One?

Well, most businesses come with risk and the NFT isn't exempted in that regard. However, as things currently stand, the NFTs are moving at a good speed, and as such its value is increasing. But that should not keep you carried away as the NFT market is speculative and uncertain. A good reference would be its 'crypto-cousin' bitcoin whose prices were relatively low compared to now. But these are early times in the NFT market and it would be best to seize the opportunity that beckons.

Furthermore, the future of the NFT looks very bright even though the attention has been on gaming, artwork, and crypto collectibles. Also, it would interest you to know that brands that are quite popular have all been licensing their content for NFT. To this effect, all fingers keep pointing to NFT being one of the next big things to happen in the digital space.

Lastly, the NFT is going to be beneficial to not only artists or content creators as it can invariably give power to the owner of the project. Again, knowing the steps in buying the NFT can make the whole process of purchasing a piece a lot quicker and easier for any individual.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

More details:

BitForex / Social Trading / CAPP TownEazySwap

Scan to download for iOS or Android