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What is it about
NFT (Non-Fungible Token) is definitely one of the hot topics of the moment. The total capitalisation of these digital property titles now exceeds 40 billion euros. This technology seems very promising for artists, creators and collectors alike. If you too would like to invest in NFTs, find out in this guide where and how to buy them.
NFTs: digital assets to collect
NFTs (Non-Fungible Tokens) are used to represent any asset, whether digital or from the real world, on the blockchain. NFTs can also be used to “tokenise” assets (i.e. divided into tokens). It is thus possible to represent shares in an asset such as real estate or shares in a company on the blockchain through the use of NFTs.
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NFT - characteristics
What is an NFT
All information associated with an NFT is permanently and immutably stored on the blockchain. In most cases, NFTs are based on the Ethereum blockchain. It is indeed this network that has enabled the issuance of non-fungible tokens through the release of the ERC-721 standard. However, more and more blockchains allow the creation of NFTs, and therefore the buying and selling of them.
Thanks to this technology, the very concept of digital property takes on a whole new dimension. Indeed, the possession of an NFT gives you a property right that everyone can see and verify.
In this way, there is no longer any need for a trusted third party to transfer ownership from one person or entity to another. It is thus possible to freely sell your NFT on marketplaces designed for this purpose, such as OpenSea or LooksRare for example.
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Unlike fungible tokens, each NFT has a unique value. For example, one Bitcoin has the same value as another Bitcoin. An NFT, on the other hand, is defined by its uniqueness. What gives an NFT its value is therefore the price that an acquirer is willing to spend to get it.
“The global NFT market size is expected to reachi USD 71587.37 million by 2028”
Absolute Reports ,Match 2023
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NFT Market basics
The best way, in our opinion, to create an NFT is to use OpenSea. It is the reference platform for everything related to Non-Fungible Tokens.
We will assume that you already have a crypto wallet created and configured (like MetaMask for example). Go to the OpenSea website and connect your wallet. In the main menu, click on the “Create” option. You will then need to add the file you wish to use to create an NFT, give it a name, and a description. After that, OpenSea will allow you to choose the number of copies you want to create and the blockchain on which to minT the NFT. Finally, click on the “Create” button and you’re done!
Note that it is also possible to create an NFT by deploying your own smart contract on the blockchain. Now this approach will not be suitable for everyone. Indeed, to do so, you would need to have a strong technical background. For this reason, we believe it is more appropriate to use a marketplace such as OpenSea to create your own NFT.
Mint usually means that something is produced for the first time or made official. An example of this is “minting a coin”. In the world of cryptos and NFTs, this term has a similar meaning, but the process is a little different.
Minting an NFT is the process of taking a digital asset (an image for example) and converting its file into a digital asset stored on the blockchain. This makes that digital asset a commodity that can be bought, sold, and for which the owner can be verified at any time.
You will often hear the term “mint NFT” when a new collection is launched. Users will have the opportunity during this process to exchange a digital currency (ETH, SOL, MATIC…) for an NFT.
An NFT marketplace is a platform (i.e. a website) on which it is possible to buy and sell NFTs. Some marketplaces go even further and offer the possibility to “mint” NFTs directly on the platform.
The marketplaces will generally take a commission on each transaction as they will be responsible for transferring the NFT from person X to person Y.
That being said, each NFT marketplace has its own specificities in terms of fees, collections supported, payment options, blockchains supported, etc.
The price at which you can mint an NFT will depend on the collection you are interested in. The price is set by the creators of the project. Generally speaking, you can expect to pay between 1 and 1000 euros to mint an NFT. We specify “mint” because buying an NFT from a marketplace (and thus on the secondary market) is completely different.
Depending on the interest created by a collection, prices can soar on the marketplaces… or collapse if the interest is low (and thus fall to prices below the price at which it was possible to mint the NFT).
To sell one or more NFTs, you will have to go through what is called a marketplace. This is a marketplace (like Amazon for example) except that here it is dedicated to the buying and selling of Non-Fungible Tokens. Which marketplace should I use? Our recommendations are OpenSea or LooksRare. These are the two references at the moment.
The first thing to do is to go to one of these marketplaces and connect the wallet that contains the NFT you want to sell. Once this is done, go to your profile (the button is usually on the top right). You will then see the non-fungible tokens you have in your possession. At the top right of your profile you will find the “Sell” button. Click on it and set your selling method (auction or fixed price) and the duration of the sale, if you want it to expire at some point.
All you have to do then is approve your NFT listing and wait for a buyer.
Like many things, the value of an NFT is subjective. As with art, the market will decide the final value. We would like to point out that not all NFTs are art. There are also NFTs in the field of sports, for example trading cards.
At the moment, the undisputed leader in the field of NFT marketplaces is OpenSea. It is one of the pioneers in the field as OpenSea has been around since 2017.
However, more and more alternatives are developing. We think in particular of : LooksRare, Rarible, MagicEden, NBA Top Shot, Binance, SuperRare, Nifty Gateway.
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Which platform ?
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. Indeed, NFTs are very trendy investments for the wealthy. The Bored Ape Yacht Club, for example, includes celebrities such as basketball player Stephen Curry, TV host Jimmy Fallon, and artists such as Lil Baby, Post Malone and The Chainsmokers.
Now there are also a lot of more affordable NFT collections. Not to mention the fact that new collections are released almost every day. Now that you know more about Non-Fungible Tokens, we can get down to business and tell you where and how to buy an NFT..
What you learned
Conclusion
You now know from A to Z how to buy NFT.s Whether you want to buy artworks, objects from a famous collection, domain names or plots of land in the web3, you have all the cards to do so, on the platform of your choice, and with the crypto currency of your choice.
As you have seen, the investment process is, in itself, very simple, accessible to all. What can be more complicated is the search for viable projects, as there are dozens of new ones every day. Sorting through them can be quite difficult, especially when you are a beginner.
You also know where to buy NFTs. As we have seen, there are various platforms, or marketplaces, where you can purchase them.
