What is an NFT?
An NFT (Non-Fungible Token) is a unique digital collector’s item. Think of it like a one-of-a-kind trading card or an original piece of art, but it exists online. It proves you own the digital version of something cool, like artwork, music, a character in a game, or even a ticket to an event.
Venturing into the world of NFTs is exciting, but it’s a new space. The key to success is to take your time and understand the basics before you buy. This guide will walk you through everything you need to know.
1. Choose Your ‘Club’ (The Ecosystem)
NFTs are built on different blockchains, also known as ecosystems. Think of them like different clubs. The biggest club is Ethereum, but there are others like Solana and Tezos. Each club uses its own specific currency and requires its own type of wallet. Before you start, you’ll need to know which club the NFT you’re interested in belongs to.
2. Get Your ‘Membership Card’ (The Wallet).
A crypto wallet is where you’ll store the currency for your chosen club and, eventually, your NFTs. This is different from the wallet on a crypto exchange. For NFTs, you need a “self-custody” wallet like MetaMask for Ethereum or Phantom for Solana. This type of wallet gives you full control and allows you to connect to NFT marketplaces.
3.Visit the ‘Art Gallery’ (The Marketplace)
An NFT marketplace is the website where you can browse, buy, and sell NFTs. Think of it as the art gallery or auction house for your club. The most well-known marketplace on Ethereum is OpenSea. Each ecosystem has its own popular marketplaces where artists and creators list their work.
4. DYOR (Do Your Own Research)
Before you buy any NFT, do your homework to avoid scams and find great projects. Ask these questions:
- Who is the artist or team? Are they reputable?
- What is the community like? Check their Discord or Twitter.
- What is the ‘utility’? Does the NFT give you any special perks or access?
A strong project will have clear answers to these questions.
5. Fund Your Wallet & Buy Safely
You’re almost there! Now it’s time to add funds to your new wallet (from Step 2) so you can make a purchase.
💡Pro-Tip
- When buying an NFT, you must first send crypto (like ETH) from an exchange (e.g., Easy Crypto) to your personal NFT wallet (e.g., MetaMask).
- NEVER use the “send” function directly from an exchange to buy or mint an NFT. It will not work, and your funds will likely be lost forever.
- The Safe Process: Exchange ➡️ Your Personal Wallet ➡️ NFT Marketplace.
Once your wallet is funded, connect it to the marketplace, find the NFT you researched, and click “Buy”!