What is an NFT and How Do I Buy One?

Written By CoinGawk

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Not for the faint of heart, NFTs are non-fungible tokens – meaning they don’t generate fungibility on their own. NFTs are used to represent something unique and have varying levels of scarcity. NFTs can be used as collectables such as CryptoKitties, or an ownership certificate like one for your favourite cryptocurrency index in crypto custody service SymbiFlow’s marketplace.

How Do I Buy NFTs?

You probably just read through that whole article without realising it! NFTs are natively supported by the Ethereum blockchain so you first need an ethereum wallet, which will hold ether. This is the token running the network on which NFTs are built on; NFTs require ether to use. The most popular ethereum wallet is MyEtherWallet, where NFTs can be bought using the ‘BUY’ tab.

Buying NFT On-Chain

As an NFT natively runs on a blockchain, when you buy NFT you are actually buying them into your cryptocurrency wallet which requires ether.

To buy NFT, simply:

Buy some Ethereum (ETH) in a crypto exchange of your choice and transfer it over to your favourite ethereum wallet such as MEW or MetaMask Go to https://crypto-custody.symbiflow.io/marketplace/#nft Type in the NFT you wish to buy, and they should appear in the NFT section of the homepage. The NFTs are transferred to your wallet directly on-chain through what is known as an ‘on-chain transfer’ where NFTs do not need to be listed on any exchange.

Buying NFT Off-Chain

So far we’ve covered how you can purchase NFT directly from us but sometimes it may be easier to simply trade NFT with someone else off-chain for a cryptocurrency that you already hold. To do this:

Buy some Ethereum (ETH) in a crypto exchange of your choice Transfer ETH into https://www.myetherwallet.com/ or other ethereum wallet such as MetaMask Go to https://crypto-custody.symbiflow.io/marketplace/#nft Click ‘Exchange NFT’ in the NFT section of the homepage Send NFT to your favourite NFT wallet such as Nifty Wallet or Neon Wallet

A Few More Things To Consider

As NFTs are non-fungible tokens that represent something unique, they need to be stored somewhere safe – usually an ethereum wallet. In order for crypto custody services or token exchanges to have a pertinent record of what NFTs you have and their addresses they must follow ERC721 best practice which means every single NFT is recorded on a blockchain – even if they never leave your home! This can raise questions of privacy, which Nifty and Neon are actively researching. For more information visit Nifty’s website: https://niftywallet.com/

Visit Neon Wallet’s website: https://www.neonwallet.io/

If you have any further questions, please visit Nifty Wallets Telegram group here: https://t.me/niftywallet

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