What is an NFT?
An NFT is a digital asset. But what does that actually mean? Think of an NFT as a digital collector’s item. It’s a unique online token that represents cool stuff like artwork, music, or rare items from games. People trade these special tokens using digital money on the internet.
These steps will help you understand and navigate confidently in the NFT space. We’ll cover some ecosystems, wallets and how to properly research before you make your first NFT purchase.
Important: Purchasing crypto and NFTs can be risky as you must take on a fair amount of research to fully understand how it all works. Don’t rush into it, make sure you take your time.
1. Identify what Ecosystem your NFT is in
Imagine you’re in a club called Ethereum, where everyone uses Ether (ETH) to buy, sell, and trade digital items like NFTs. There’s an online market for artwork, music, and virtual land. In this club, you can only use an Ethereum wallet, making it a unique ecosystem.
2. Choose a wallet that supports your NFT
3. Find the right marketplace
4. DYOR – Fact checking
Before getting into NFTs, make sure to do your own research (DYOR). This means understanding what you’re buying and how NFTs work. It’s important to know the ins and outs of the NFT world (to an extend), you don’t need to know everything, just the basics and how to spot scams.
You are ready to go!
Getting your head around where to start and taking in all the information can be overwhelming and a long journey. But the fact that you are here looking at this means you are in the right place.
Note: DO NOT SEND FUNDS FROM AN EXCHANGE! (when minting or buying an NFT), It can be an easy mistake for some people, most ecosystems will prompt you to add a Wallet.