How to buy NFTs in 2024
Anyone can buy NFTs through any one of several NFT marketplaces or exchanges, such as OpenSea, Rarible or Foundation. The vast majority of NFT marketplaces currently use the Ethereum network to power their transactions, so you will find that Ethereum’s native token Ether (ETH) is often the best cryptocurrency to buy NFTs with. It is possible to buy NFTs with various cryptocurrencies, however, and some marketplaces even accept fiat currency such as US dollars.
How to invest in NFTs
Once you’ve decided on the NFT marketplace you’ll be using and bought the currency (such as Ether) you’ll be using, you’ll need to register at the marketplace and set up a crypto wallet for the funds you’ll be making payment with. You can usually connect your wallet to the marketplace for easy payment. You’ll be able to browse the marketplace and choose the NFT you want to invest in. Typically, there is an auction system in place, so you will have to place a bid for the NFT you’ve chosen. If you’re the winning bidder, you’ll complete the transaction, and the money will be transferred from your wallet, along with any transaction fees. You’re now the proud owner of an NFT.
Which are the best NFTs to buy?
There’s no easy answer to this question. It’s a little like asking what is the best piece of art to buy – literally in some cases, since NFTs sometimes represent tokenized works of art. If you’re thinking of investing in NFTs, study the marketplace carefully and make sure that you understand the underlying asset that the NFT represents.
Where do I store NFTs?
NFTs, much like cryptocurrencies and other digital assets, need to be stored securely, either online or offline. You can store NFTs in a software wallet, which will usually be protected by a password and touch authentication, backed up by a 12-word seed phrase. You can also consider storing your NFTs in a cold storage hardware wallet, which is a piece of hardware that facilitates the offline storage of digital assets. Remember that while many online storage wallets are very safe and secure, there is always a small risk of hacking when digital assets are stored online.
Can I mint NFTs?
Minting an NFT refers to the process of creating a new NFT by tokenizing a digital file, which effectively turns an asset into a digital token that can then be recorded on the blockchain. Minting an NFT is surprisingly easy at most marketplaces. There will often be an option to ‘Mint an NFT’ within your account. Choose this, and then upload the digital file you want to tokenize. You will also usually be able to set a royalty amount, which means that you will get a small percentage of any sales of your NFT on the secondary market. After your NFT is minted, you can list it for sale on the marketplace that you minted it on.
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What are NFT gas fees?
Gas fees are generated when NFTs are minted or when NFT transactions are carried out. One way that NFTs are similar to cryptocurrencies and other digital assets is that they rely on blockchain technology. The word ‘gas’ is used to refer to a unit of measurement of computational power required to perform a transaction on the blockchain. Gas fees are the charges involved when you mint or use NFTs and depend on the amount of computational power that is used to carry out the transaction.
Which are the best NFT exchanges?
The most popular NFT exchange is OpenSea. It has a diverse range of digital assets available, is free to sign up to and browse, and offers easy minting and listing of your own NFTs. The platform’s core currencies are Ethereum (ETH/WETH), USDC and DAI, but there are around 150 other payment tokens available. It is not currently possible to use fiat currencies on the OpenSea platform. For beginners, this is a great place to start. Another popular marketplace is Rarible, which also offers a range of different NFTs. If you sign up here, however, you will have to use the marketplace’s native token, also called Rarible, to buy NFTs. There are various other marketplaces, some of which offer a range of tokens, such as SuperRare, Mintable and Foundation, and some of which are specialized marketplaces offering a particular token, such as Axie and NBA Top Shop Marketplace.
Which NFTs to buy?
If you’re aware of the buzz around non-fungible tokens (NFTs), you’re no doubt aware that some of the most popular ones are changing hands for a lot of money. But which ones? And why? Today, we’re going to delve a little deeper.
Beeple’s NFTs
Beeple’s NFTs have gained a lot of popularity because the artwork they tokenize is so highly respected. Beeple’s NFT Everydays: the First 5000 Days is an NFT tokenizing a collage of 5,000 pieces of his work created over 5,000 days since 2007. This resulted in the token becoming the most expensive NFT ever sold to an individual owner at just over $69m. Beeple’s Crossroad is another piece of art which is essentially a short, 10-second movie, and its NFT has changed hands on the secondary market for $6.6m.
CryptoPunks NFTs
CryptoPunks NTFs are also used to tokenize artwork and have also become hugely popular. CryptoPunk #5217 sold for $5.59m. CryptoPunk #7804 sold for $7.6m, and CryptoPunk #7523 sold for $11.75m. Each NFT represents a single piece of artwork, and the price tends to reflect the rarity of the artwork. As with artwork in the real world, these NFTs will always be ‘worth’ whatever someone is prepared to pay for them, so technically there is no cap on the price they could reach, but there is also no guarantee that they will resell for any specific amount.
Bored Ape NFTs
Celebrity interest will tend to drive up the cost of NFTs significantly. Bored Ape Yacht Club is generally considered to be one of the most prestigious NFT collections in the world. This is a collection of 10,000 NFTs, each of which depicts an ape with different traits and visual attributes. The NFT changes hands for hundreds of thousands of dollars, perhaps because it’s known that celebrities such as Jimmy Fallon, Steph Curry and Post Malone are among the owners of the token.
Pak’s The Merge NFTs
Any discussion of popular NFTs must include The Merge, which was recorded as the most valuable NFT ever sold, in December 2021, as a result of around 30,000 collectors clubbing together to buy it at a total cost of almost $92m. Noted NFT artist Pak created and sold the token, which will be combined to form dynamic NFT collectibles.
Which NFTs might increase in value?
The best way to try to predict what will be hot in the near future is to keep a really close eye on the market. Follow NFT market news, join some NFT-focused forums, and find out all you can about new NFTs being minted. At the beginning of 2022, Benzinga is predicting that CryptoPunks and Bored Ape Yacht Club are still going to be NFTs to watch for the rest of the year. They also suggest that some of the top NFT projects to keep an eye on in 2024 will include Axie Infinity, Meebits, Proof of Beauty Studios, Metaverse Land NFTs, and Mutant Ape Yacht Club (which is from Yuga Labs, just like Bored Ape). Also, remember the influence of celebrities. Sometimes, it only takes one celebrity tweeting about the latest NFT they’ve invested in to generate a lot of interest in a project. When celebrities such as Jay-Z and Eminem have bought NFTs in the past and shown them off on their Twitter profiles, it has tended to increase the demand straight away. When it comes to which are the best NFTs for you to buy, your budget also has to be taken into account, of course. As soon as it looks like a particular NFT is a good one to invest in, they will often already be difficult and expensive to get hold of. It’s worth noting that on some platforms, you can buy fractional shares of an NFT. On Unicly, for example, you can buy fractional shares of a collection of 50 CryptoPunks. This means that you won’t actually own a Punk of your own, but it can be a way to gain exposure to the NFT market with a much lower investment budget than you would otherwise need.
The hottest NFTs to watch out for in 2024
As we have already mentioned, NFTs can become popular because the asset they tokenize is perceived as valuable. Most of the top NFTs in 2024 were tokenized artwork that the community decided had intrinsic value. NFTs can also be popularized by celebrity interest. This can happen suddenly, with a quick celebrity flex on Twitter triggering a rush to buy a particular NFT, or other NFTs from the same artist. Ultimately, though, almost any NFT could, in theory, be the next big thing. The creators of various memes are now tokenizing their work, and any meme that takes off could theoretically become valuable very quickly. Much like buying artwork, and similar assets in the ‘real’ world, each NFT is worth exactly what someone will pay for it, so there is no easy way to predict the future value of many NFTs hitting the market.
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