🤝 NFTs can be bought or sold online with cryptocurrency and represent digital proof of ownership of any given item. Transactions can occur in cryptocurrency exchanges or in online marketplaces such as:
🤖 Some projects will have their own website that you can mint from directly or you can choose an online marketplace to buy from.
🛒 Similar to eBay, an item can be sold at a fixed price decided by the owner or by bidding through an auction. In order to purchase NFTs, you will need a cryptocurrency wallet that supports the chain you want to purchase an NFT from. For example: if an asset is minted on the Ethereum blockchain the native currency is ETH or WETH.
💻 Once you choose a marketplace on your browser you can connect your wallet using the “connect wallet” button usually found at the top of the page. Once your wallet is connected feel free to start browsing the collections of NFTs.
💸 When purchasing NFTs you will need to consider the price of the NFT as well as any gas fees. NFT prices are determined by the creator/artists. Gas fees are determined by the network and are the amount that users need to pay to the network to complete their NFT purchase. This fee is added to the transaction prior to checkout and you will be able to see it as a line item when you make your purchase.
🌐 Keep in mind that this fee doesn’t go to a merchant, central authority, or another intermediary. It is paid to the blockchain network to support the computational energy required to process and secure transactions. Gas fees are to be paid regardless of whether the transaction fails or not.
🎊 Once you find an NFT you like you will want to make sure you have enough crypto in your wallet to cover the price of the NFT as well as gas fees. When ready you can click buy/buy now and confirm the transaction in your wallet. As the transaction is being processed on the network you will be able to see it on EtherScan as well in your wallet! Don’t panic if you don’t see it right away, it can take time to process the transaction on the network.
🎁 As an owner of an NFT, you are able to use and display the digital work for your own personal use as well as with selling or transferring the related NFT. Some NFTs will also give you access to certain communities, voting power, and much more. Typically collectors will not receive any intellectual property rights with digital work. There are various third parties that offer ways to display NFTs either physically or digitally.