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What is an NFT and how do you buy one?
What is an NFT and how do you buy one?
Non-fungible tokens or NFTs are cryptographic assets developed on blockchain. They each have unique ID codes which makes every single one different. So unlike cryptocurrencies, they cannot be exchanged like-for-like, making them unsuitable for commercial transactions.
However, the potential of NFTs is huge. First of all, they are perfect for representing physical assets like artwork or real-estate. Artists can sell their crafts without the need to involve intermediaries. Moreover, NFTs can simplify transactions and create new markets.
- Art
- Music
- GIFs
- Videos and sports highlights
- Collectibles
- Virtual avatars and video game skins
NFTs have become revolutionary in the crypto industry as they have changed the whole concept of crypto assets. Being unique and irreplaceable, it is impossible for one non-fungible token to be equal to another. They are not goods but digital representations of physical and virtual objects. It was decided to give them digital passports since each token contains a unique identifier that belongs solely to the token it represents.
However, NFTs also have much in common with fungible cryptocurrency. Just like Bitcoin, NFTs contain ownership details (including the owner’s ETH address, name and purchase information), making it easy to identify its users and track the transfers between token holders. Owners can also add metadata connected to the asset.
Originally, NFTs evolved from the ERC-721 standard. They were created by the same people who developed the ERC-20 standard contract. The ERC-721 smart contract defines the minimum interface (which includes ownership details, security and metadata) required for the exchange and distribution of all the coins presented.
There is also the ERC-1155 standard contract that reduces the transaction and storage fees required for managing NFTs.
How to buy NFTs
- 1.First, you’ll need to set up an NFT marketplace account.
There are many marketplaces in which to buy and sell NFTs. Different platforms allow you to buy and sell different types of artwork. A lot of these websites have secondary marketplaces with a bunch of other NFTs. However, each platform has its own peculiarities in terms of how it operates.
Usually, you can place a bid on any item you like, just like you would in a simple auction and on eBay or you could simply buy the artwork.
Marketplaces have some differences though. Some of them are based on the Ethereum network while others include several different chains.
Some platforms conduct trade in their native tokens. However, you’ll still have to upload ETH to your wallet to pay for commissions in the chain.
Most NFT platforms act without middlemen.
NFT platforms offer a variety of unique collectibles, including video game items, music, digital artwork and many other kinds. To use the platform, you’ll need to install a Web3 cryptocurrency wallet such as MetaMask or any other favorite. MetaMask is a well-known crypto wallet Chrome extension that allows you to operate within such platforms.
Some of the platforms even contain artwork from real celebrities such as Steve Aoki, Grimes, 3LAU and many others. As you see, the names speak for themselves, so the platforms that work with these celebrities are known as ‘primary marketplaces.
NFT STARS
NFT STARS introduces an exclusive marketplace where every artist has their own custom page and via premium account get the opportunity to consult with a legal team , special attention to artist’s NFTs,and get additional promotion via NFT STARS social media. Moreover, every artist can integrate their works from other marketplaces. It resembles other platforms but has many distinguishing features and benefits which will be included in future releases, including:
- Gas-free NFT minting
- Collective NFT ownership
- Fractional NFT trading
- An NFT Pricing Scanner
- The opportunity to host an exhibition in a personalized AR gallery
NB! These features are being deployed now (most of them will appear with each next release of the platform).
Users, in their turn, take part in the selection of artists and are given the chance to collect unique items, thanks to the fractional trading feature. They can also browse through an AR-gallery where the artists’ best works are on display.
The platform is currently accessible through MetaMask, Trust Wallet and soon other Web3 cryptocurrency wallets will be added, making the working process more comfortable for more users.
2. Second, you’ll have to fund your account. Most marketplaces accept ETH tokens, and NFT STARS is no exception. So make sure you’ve already purchased Ethereum through your account on a cryptocurrency exchange and sent it to your marketplace account.
3. Buy your favorite NFT.
Buying an NFT is an easy and comfortable process on the major platforms. Most marketplaces conduct sales using an auction format. So you’ll have to place a bid for the NFT you want to purchase. Some marketplaces operate like an exchange. They use the highest bid and lowest asking price to sell NFTs.
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