As cryptocurrencies have recently reached their tenth birthday, but its only recently that the tech is beginning to have real world applications and use cases. With that said, a popular way to use them is in the buying and selling of NFTs or in other words, non-fungible tokens.
NFTs have begun seeing more and more use cases and the popularity has skyrocketed as you can see from the weekly transaction volume below for the last six months. and it only seems to be growing!
But it’s not too late for you to get in and start buying and selling NFTs, so I thought I'd help you out with a complete step-by-step guide for how to buy NFTs in 2022.
How To Buy And Sell NFTs
Now In order for you to begin your journey with buying and selling NFTs, you need to have a wallet. Having said that, a wallet is essentially your bank account/User account [In the Web 3 space] where you store various cryptocurrencies and NFT's. These cryptocurrencies will be used to buy and sell NFTs on different marketplaces. These are the steps you'll need to take to get involved in trading or just owning NFT's
1. Set up an account on an exchange for your region: this could be Binance, Coinbase, Crypto.com, etc. [This is where you will buy your crytocurrency that you'll use to pay for your NFT's]
2. Add funds to the account (make sure it’s an amount of money you are comfortable to put into an investment, knowing you very well could lose it).
3. Set up a MetaMask Wallet for Etherium (ETH) projects: https://metamask.io/.
3. Set up a Phantom Wallet for Solana (SOL) projects: https://phantom.app/.
4. Once you have set up your wallet(s), make sure to have your seed phrase saved in a safe place which no one else has access to. We’re warning you now, do not share this phrase with anyone and try not to save it online as it's liable of getting hacked.
5. Once all set up and added as an app on your phone or a Google Chrome extension you will want to get your wallet address, copy and paste it into your brokerage account and withdraw the money you wish to buy NFTs with. Make sure you have copy and pasted the correct address and have the correct mainnet.
Once You have completed these steps you will be ready to start buying and trading NFT's!
P.S. please trade responsibility and do your research! and this is not finiancial advice LOL.