How to Buy NFTs | The Irish Sun

NFTs are digital items that people can exchange for cryptocurrencies.

Some of the virtual assets have been sold for millions of dollars, but most people still have no idea what they are – or where to buy them.

NFTs are digital tradable items

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NFTs are digital tradable itemsPhoto credit: Reuters

How to buy NFTs

As with cryptocurrencies like Bitcoin, you can buy NFTs on specialized online marketplaces.

Here is a list of some of the most popular:

  • Open sea
  • Rarely
  • Very rare
  • Foundation, endowment
  • nuclear market
  • myth market
  • Bakery exchange
  • Known Origin
  • Enjin marketplace
  • portion

Buying an NFT, like any collectible, is a risky bet on its increasing value.

If there is no demand for the NFT you have bought, you may be paying a large sum for something that is declining in value or that you cannot sell.

NFTs are still a new market, so there probably won’t be the same demand that you’ll find for other physical items like trading cards, art, or vintage cars.

You could also create your own NFT, but there is no guarantee of a buyer and you could end up wasting your time and money.

How to sell NFTs

You can sell NFTs on many of the same marketplaces you can buy them on.

As a reminder, these are:

Here is a list of some of the most popular:

  • Open sea
  • Rarely
  • Very rare
  • Foundation, endowment
  • nuclear market
  • myth market
  • Bakery exchange
  • Known Origin
  • Enjin marketplace
  • portion

A number of items sold as NFTs have already raised huge amounts of cash.

However, many have fallen in value following the recent cryptocurrency crash.

On March 22, 2021, Twitter boss Jack Dorsey sold his first-ever tweet for more than $2.9 million (£2.09 million).

The American billionaire vowed to donate all the money to a charity fighting Covid-19 in Africa.

At an auction held by the cashless buyer in April, no one bid more than $280 for it.

How do I create an NFT?

1. Choose what you want to create

NFTs – short for non-fungible tokens – can be made to virtually represent any real-world item such as artwork, music, collectibles such as digital trading cards, films, video footage, etc.

Creating your own NFT artwork is relatively easy and doesn’t require massive knowledge of the crypto industry.

2. Select your blockchain

Before you begin, you need to decide which blockchain you want to spend your NFT on.

According to CoinDesk, Ethereum is currently the leading blockchain service for issuing NFT.

3. Get ready to sell

If you chose Ethereum as your blockchain, here’s what you need to mint your NFT.

First time sellers need an Ethereum wallet – like MetaMask, Trust Wallet or Coinbase Wallet.

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Next, you will need around $50-$100 in Ether.

Once you have these, you can connect your wallet and upload the music, image or file you want to turn into an NFT.

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https://www.thesun.ie/tech/7329213/create-buy-and-sell-nfts/ How to Buy NFTs | The Irish Sun

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