NFT explained: purchasing and reasons for its significance | Idealogic

Understanding NFT

NFT marketplaces

  • Choose a preferable marketplace you are going to use and create an account there.
  • Add funds to the wallet on the marketplace platform either by buying cryptocurrency or transferring it from another wallet you have. Keep in mind that most NFT marketplaces work with Ether, so you may need to use an exchange for that crypto.
  • When you are all set with the wallet, start searching for NFTs. Once you’ve chosen one, a “Bid” or to “Buy now” option will be presented.
  • Proceed with the payment by confirming the transaction and the NFT will be stored in your Etherium address. Be wary of “gas” fees or any other kinds of fees that you can be charged when closing the deal.

What makes an NFT valuable?

Incentives for buyers

Incentives for creators

Summary

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