How Can I Buy NFTs ? Everything You Need to Know
If you’re interested in buying NFTs, you’ve come to the right place! You can buy NFTs on the blockchain using ERC-721 tokens (or CryptoPunks as we call them at Crypto Puppy,
our decentralized marketplace where you can buy and sell unique digital art). However, before we dive into how to get started buying NFTs, there are some things you should know first!
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What is Non-Fungible Token (NFT)?
Non-fungible tokens (NFT), also known as unique tokens, are a type of digital token in which each one is different from one another. Each individual token carries a unique attribute and value. NFTs are critical to any blockchain project because they can represent ownership or be used as currency. But, how can you buy non-fungible tokens (NFT)? Here’s how.
There are two ways that you can buy non-fungible tokens: directly through an auction or through a decentralized exchange. Both methods require that you have Ether handy to make purchases with because both methods use smart contracts on Ethereum.
A direct sale occurs when a company wants to raise capital by selling their cryptocurrency directly to investors – usually in exchange for Ether at market price – rather than going through an ICO first.
This is how companies such as CryptoKitties and Decentraland sell their digital assets.
If you want to purchase digital assets from these companies, you’ll need to create an account and deposit Ether into your wallet (either MetaMask or MyEtherWallet).
Then, follow directions on how to participate in a token sale using your address and funds.
The other way that you can purchase NFT is through a decentralized exchange such as IDEX, ForkDelta, Radar Relay,
and Kyber Network. These exchanges allow users to trade ERC20 tokens against each other without having any user accounts and they operate off of smart contracts like those mentioned above.
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What is an ERC-721 Token?
An ERC-721 token represents a unique digital asset. It is an improved version of a common Ethereum smart contract and called Non-Fungible Token (NFT)
due to its nature of being non-interchangeable with other tokens (since each one is unique).
A good way of thinking about it is that if all tokens are like identical marbles,
then NFT tokens are like one-of-a-kind collectibles (e.g. limited edition figurines or trading cards). The possibilities for using non-fungible assets on blockchain are endless and will surely expand alongside blockchain adoption.
In fact, many developers have already started exploring applications in gaming, art, real estate and more. All Things Non-Fungible: If you’re looking for a primer on what NFTs are and why they’re useful—
or just want to know more about specific use cases—here’s where you can go:
What Are CryptoKitties?: CryptoKitties is currently one of the most popular games built on top of blockchain technology.
The game uses Ethereum’s network to power its decentralized application (DApp) so players can buy/sell/breed their very own virtual cats!
How do NFT Tokens Work in Games
The best way to understand how NFT tokens work is with an example. Let’s consider Cryptokitties, a popular online game that works just like other blockchain-based trading card games.
Players collect and raise virtual cats (Cryptokitties) by paying for them with Ether cryptocurrency. When you purchase a Cryptokitty, you own its unique set of attributes (color, pattern, and more).
The basic idea behind all NFT games is that ownership is tracked using blockchain technology and your ownership rights are stored in smart contracts on the Ethereum blockchain so they can never be lost or stolen.
This allows players to trade their hard-earned digital pets on secondary markets where they can earn or lose value at different speeds than traditional collectibles.
If you have been wondering how to buy NFTs, now you know.
Buying and Selling with Cryptokitties
Trading Cryptokitties is just like trading any other collectible or stock. You can buy them from other players, sell them to players, or you can even trade with an exchange.
For example, if you’re looking for a rare kitty in order to complete your set of kitty breeds,
you might look at a site like Crypto Kitty Sales or Kitty Sales and check out their current offerings.
If there are none currently available that meet your requirements, you may have better luck making an offer directly through Cryptokitties itself.
Once you do find what you’re looking for on one of these sites, all it takes is sending over your Ether payment and then waiting for someone to accept your offer! Easy peasy! There are also online communities where you can browse various NFT auctions,
including Discord channels dedicated specifically to buying and selling Cryptokitties.
It’s pretty easy to get into contact with potential sellers, but keep in mind that not everyone who has listed items for sale will be responsive. While most people appreciate being approached by interested buyers,
it’s not uncommon for people who don’t want to deal with transactions outside of using Cryptokitties’ built-in marketplace features to ignore messages sent via Discord or Reddit/Twitter direct messaging platforms.
So when approaching potential sellers, always be respectful and polite; a friendly attitude will go a long way towards ensuring smooth negotiations.
Auction your collection on OpenSea
If you have a large collection of digital goods and want to cash in, OpenSea is a great platform for listing your items for auction. To get started, simply visit their website and follow their instructions. It only takes a few minutes.
When you’ve listed all your items, they’re immediately available for purchase on their marketplace. Don’t worry about setting prices—OpenSea does that automatically through an automatic bidding system where other users compete for your goods by placing bids asynchronously.
Note: If you’re looking for tips on how to sell using OpenSea, take a look at our post titled Selling Your Digital Items on Open Sea. Buy an item from another user: Once you’ve got some money in your wallet,
head over to OpenSea and start shopping! Just keep in mind that there are two different types of accounts on OpenSea:
Normal Accounts (NA) and Verified Accounts (VA).
The main difference between these two accounts is that VA accounts allow for more advanced features like listings with pictures or multiple offers per item.
Before buying from another user, make sure they have a VA account so you can see exactly what you’re getting. You can check if someone has a verified account by visiting their profile page and checking under Account Status.
If it says Verified Account then it means they are verified! Good luck with your shopping!
Q&A about buying, selling, or investing in Crypto Collectibles
If you’re thinking about buying, selling, or investing in Crypto Collectibles (NFTs), it’s a good idea to learn as much as you can. One thing you should know: even though they’re called Crypto Collectibles, that doesn’t necessarily mean they have anything to do with cryptocurrencies.
In fact, not all of them are built on blockchain technology or blockchain-based platforms like Ethereum. To learn more about
how Crypto Collectibles work and how we use blockchain technology for ours, check out our FAQ below. Don’t see your question here? Contact us! We’re happy to help!
Why buy crypto collectibles? There are many reasons why people choose to buy crypto collectibles, but perhaps one of the most significant is their potential investment value. Just like other collectible items
—such as stamps or baseball cards—the value of some crypto collectibles will likely rise over time due to their rarity. If you choose wisely and hold onto these items until they appreciate significantly,
it could be an excellent long term investment strategy. It’s important to note that not all types of Crypto Collectible appreciates in value—
and even those that do may lose some if not all of their worth over time if left unsold.
But those who invest wisely may see significant returns down the line when certain conditions occur…and who knows what could happen with blockchain technology moving forward?
