NFT Tips To Help You Start Investing
Crypto Double D steps to ensure your first NFT purchase is a success.
Since most NFTs are Ethereum-based tokens, most marketplaces for these collectibles accept only Eth tokens as payment. If you already have an account with a cryptocurrency exchange, you can purchase Ethereum on it and send your crypto to your MetaMask wallet.
DOWNLOAD COMPATIBLE WALLET WITH NFT MARKETPLACE OF YOUR CHOICE
Most compatible Ethereum wallet is MetaMask. MetaMask is a free crypto wallet software that can be connected to virtually any Ethereum-based platform. ... This will allow you to store any assets you create or buy, as well as connect to any platform built on top of the Ethereum block chain. MetaMask is compatible with IOS, Android, and Browser extension (Edge, Chrome, Firefox, and Brave)
REGISTER AN ACCOUNT WITH NFT MARKETPLACE OF YOUR CHOICE
Register an account at the marketplace you prefer. Different marketplaces have different registration processes.
CONNECT YOUR WALLET TO A NFT MARKETPLACE
You need to set up a crypto wallet compatible with Ethereum. A crypto wallet is a digital address where you can store cryptocurrencies.Check Out Top NFT Marketplaces
OpeanSea: Allows MetaMask Wallet, Formatic, and Trust Wallet
Rarible: Allows MetaMask Wallet, Formatic
Nifty Gateway: Allows MetaMask Wallet
Binance NFT: Allows MetaMask Wallet and Trust Wallet
BUY YOUR NFT
It’s an easy process to buy an NFT once you’ve funded your account. Most marketplaces are in an auction format, so you’ll need to submit a bid for the NFT you want to purchase. Some marketplaces operate more like an exchange, using highest bid and lowest ask for NFTs that have several prints. A benefit of purchasing an NFT from the primary marketplace is the potential resale value directly after the product goes on sale.
BEWARE OF GAS FEES
Gas fees: the fees purchasers pay to miners on the block chain to confirm their transactions. The fees are fueled by supply and demand and change by the second.
FIND NEW NFT PROJECTS
You want to focus on upcoming collections. For instance, Rarity.tools and UpcomingNFT feature the upcoming NFT collection, and these are great platforms to start your research. Check Out Top NFT TOOLS
CHECK THE NFTs WEBSITE AND FOUNDERS
All NFT projects should have a legit website that doesn’t raise any red flags such as grammar mistakes or spelling errors, lack of critical information, or just general poor design. A good NFT project should have all the important info on their website, such as their white paper, the founding team members, partnerships, and other details.
CHECK THE PROJECTS'S COMMUNITY ON SOCIAL MEDIA
One of the most important aspects of an NFT project is the community that supports it. In simple terms, if the project has many fans, then the chances of reselling the NFTs are higher. That’s why it’s vital to check the project’s social media channels to make sure they have a legit community.
HOW IS THE NFT DIFFERENT FROM OTHERS
NFT collections are part of a block chain game, Metaverse, or other digital projects. The NFTs can be listed as digital assets within the game or have a different utility. You can find the utility of the projects by reading the project’s website and white paper (if it has one). If, for instance, the NFT can be utilized within a block chain game, it is always good to know what kind of people play the game, and how large the game’s community is. Moreover, games endorsed by celebrities are usually a good sign.