NFTs are typically Ethereum blockchain-based tokens, and they’re used to authenticate digital ownership of whatever asset is attached to the token. Ethereum’s blockchain can be thought of as a shared global database and virtual machine. A blockchain token is a uniquely identifiable piece of data whose existence is permanently carved into the chain. Similarly, users of the blockchain are uniquely identified by their wallet address. Anyone can view the contents of anyone else’s wallet using a blockchain explorer like Etherscan or The Graph (GRT).
It's easy to open an account
To become an NFT broker, you’ll need to open a wallet, find your account and start placing orders. Most brokers start with Ethereum because the majority of NFTs operate under this currency. You might have completed some
of these steps if you’ve worked with cryptocurrency before. If not, start from the beginning so you have everything you need to buy and sell NFTs.
Every broker needs an Ethereum account to manage their cryptocurrency. An Ethereum account is a free account that holds
your balance and allows you to send and receive tokens. Each account has a unique address that you use to send currency, like sending an email. You can generate an account without using a wallet, but most wallets create your
An Ethereum wallet comes with extra features that make it easier to manage your currency. With your wallet, you can view your balance,
send currency, review your recent transactions and keep track of other important stats. Wallets are similar to bank accounts with one major difference–they don’t actually hold your Ethereum. This means that you can switch
providers at any time without having to transfer your currency from one wallet to another.
If you’re just starting out, you can get a digital wallet that allows you to access your funds from your desktop or smartphone. However, if you want maximum security, you could purchase a hardware wallet that stores your
funds in a separate device. This keeps your information offline to reduce the risk of someone hacking into your funds.
To create your wallet, choose one of the options online, then follow the steps to set up your account and start tracking your transactions. Many wallets allow you to buy, send and receive currency directly from the platform.
Some wallets come with a password or key phrase, while others require the use of a “seed phrase” to get into your account. Store the phrase in a safe area so you can recover your account later–if you lose it, you might never
be able to recover your funds.
Once you’ve set up your wallet, you’ll need to figure out how you want to buy Ethereum. If you already
own cryptocurrency, you could trade your funds for Ethereum. However, if you’re just starting out, you’ll probably need to pay in cash. Here’s a few ways you can buy Ethereum online:
Each option comes with its own set of advantages and drawbacks. Before you start buying online, do some research to ensure that your chosen method is available in your area. You don’t want to register for an online
marketplace only to find that they don’t accept your currency. Some websites require extensive personal information to verify your identity. Additionally, look into the sale and withdrawal times–some websites allow you to
buy Ethereum in minutes, while others take much longer.
Before you place an order, pay attention to the service fees. Most services charge a fee, but increased fees don’t automatically mean that the service is more legitimate. Processing fees can rack up quickly, so make sure you
know what you’re paying for before you give the site your credit card number.
Now that you’ve filled your wallet with Ethereum, it’s time for the fun part: buying NFTs. Create an account and fund it with the ethereum. Browse the categories to find NFTs that you want to buy. The NFT world is always changing, but here’s a look at the assets that you might find:
If you like one creator’s work, check out their full collection. Many NFT marketplaces have verified creators that produce high-quality work and interact with the community. Note that you’re not always buying directly from
the artist–some buyers purchase an NFT, then relist it on the same website. Take a look at the transaction history to see who currently owns the NFT.
Many NFT marketplaces operate like an auction house where you can bid on your favorite pieces. Depending on your options, you could place a bid or buy the NFT outright. Connect your wallet, if you haven’t already, and go
through the purchase process. You’ll have to pay an additional Etherum gas fee before you can complete your purchase. The
gas fee pays for the computing power that it takes to keep the Ethereum network running.
Once you’ve bought your first NFT, you can do whatever you want with it. Most online marketplaces have online galleries where you can display your collection. Show off your NFT in your gallery, gift it to a friend or place
the asset back on the market. Some NFTs come with additional features that you can use along with the image. You can resell your NFT any time–just keep in mind that the value fluctuates along with the market.
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