How to buy and sell NFTs: Minting & NFT marketplaces
Non-fungible tokens, or NFTs, have become an extremely hot commodity, as tech enthusiasts gear up for the shift from Web2 to Web3. But how do you buy an NFT? And perhaps more importantly, how do you sell an NFT?
It’s worth pointing out that NFTs aren’t a failsafe way of becoming an overnight millionaire, like some new entrants to the space believe. Themost expensive NFTssell for tens of millions of dollars, but they are simply gems in a very vast space, and the chances of finding a true blue-chip NFT that you can make millions on are extremely slim. The world of NFTs isn’t purely about making a profit, though. It’s about finding creations that you appreciate and preparing yourself for the shift into the metaverse with Web3. So if you’ve found the NFT you like, here’s how to get involved.
How to buy an NFT
Buying NFTs can be done in one of two ways: minting, or buying on a secondary marketplace.
Minting an NFT
Minting an NFT is to be the first owner of the product. This usually means buying the NFT straight from the group creating it, as soon as it goes on sale. This can be a struggle if it’s a particularly popular project. You will have to link your crypto wallet (such as MetaMask or Coinbase) to the website of the project and make sure you have the funds readily available — including gas fees that will be incurred when purchasing. If you’re unable to mint the project, though, it’s time to head to the secondary market.
Buy NFTs on marketplace
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On other blockchains, such as Solana, you might want to head over toSolanart, while some projects — such as NBA Top Shot orNFL All Day— will operate on their own marketplace. On these marketplaces, you may see the prices for individual NFTs, find the ones you like and explore new ones you might not have found before. The main drawback is that it might end up costing more than if you minted the NFT originally. Now you’ve got yourself an NFT — what about selling it?
How to sell an NFT
