In recent years, buying, creating, and collecting NFTs has become more popular, especially as a trade option on the various metaverse platforms on the internet. This means that if you know where to look and what to do, buying NFTs and starting your collection is relatively straightforward, and you’ll be making a name for yourself in the virtual world in no time.
Still interested in understanding what NFTs are and how they work? Read our latest article to learn all about NFTs in the metaverse.
Setting Up a Crypto Wallet
You’ll first have to ensure you have a crypto wallet set up so you can virtually buy the NFTs and a place to store your collection.
You can choose from many digital wallets, some directly linked to a metaverse platform while others are more generalized. These multi-crypto wallets are the best choice as they will allow you to store various cryptocurrencies, making your virtual shopping life easier and more centralized.
The Coinbase crypto wallet is the best for those looking for a place to store their NFTs and other digital items.
Coinbase is an excellent place to start for those just getting into the crypto world. NFTs provide security and easy navigation, making them as easy to use as possible on your mobile or tablet device.
Metamask is another popular crypto wallet used for the metaverse and helps make NFT collection easier with its browser extension to popular browsers such as Firefox and Chrome.
One of Metamask’s most valuable features is that it will allow you to set up multiple addresses to store your NFTs separately from your cryptocurrency, making your wallet more organized, secure, and manageable.
Math Wallet is a good choice for versatility as it supports over 70 blockchains, including Ethereum, Bitcoin, and Polygon. It also offers enhanced security with its multi-platform access across mobile and browsers.
It is also compatible with hardware wallets, a physical plug-in device that acts as a key to your digital assets and affords you another layer of protection for your crypto wallet to avoid hacks and other cyber attacks.
A good wallet for those of you interested in trading, Enjin Wallet is the best place for collecting and trading your NFTs. 1/3
It allows you to create as many digital wallets as you need for your various NFTs and cryptocurrencies. It gives you direct access to the Enjin marketplace to easily buy NFTs and other tokens and begin your collection.
Finding the Best NFT Marketplace
After making your crypto wallet selection, it’s time to find a marketplace to buy your NFTs.
Often wallets have direct links to their marketplace, such as Enjin, but several other options offer a wide range of NFTs, often from iconic collections that will help kickstart your own.
NFT marketplaces are the critical entry point for anyone looking to get started in the virtual world, purchase assets, and get introduced to the broader metaverse.
You can purchase and store different NFT assets, whether a music or video clip, a digital piece of artwork, or an avatar or PFP. The variety and exclusivity of the tokens mean there’s always something for everyone.
All you have to do is link your crypto wallet to your chosen NFT marketplace, and you will be good to go.
Some of the best and most diverse marketplaces that sell NFTs include:
OpenSea: one of the largest and most diverse regarding the variety of NFTs on offer.
Rarible: Similar to OpenSea in its diversity, you need to use the marketplace’s Rarible token to buy and sell NFTs.
Mintable: an open NFT marketplace supported by Ethereum and is exceptionally welcoming to those who are also looking to mint and sell their own NFTs.
Aside from mass NFT marketplaces, you can purchase NFTs from gaming platforms and niche markets that focus on a particular digital asset such as music or avatars or only sell NFTs from a specific collection.
Investing in NFTs
Just as anyone can buy NFTs provided they have a crypto wallet and an NFT marketplace account, so can anyone invest in NFTs and build a profit from their collection, making a name for themselves in the virtual world.
It is a guarantee of ownership as only one person can own any NFT, promising owners a certain amount of security regarding their digital assets, so long as the buyer understands the NFT on its own is not the investment but rather the assets that are building them up.
Strictly speaking, NFTs are the digital claim of ownership as opposed to the tokenized assets themselves, so before buying or investing, it’s always a good idea to make sure you know exactly what you’re investing in, just as you would in the real world.
It is also worth considering the potential risks of investing in and buying NFTs. You should always ensure you have the correct cryptocurrency – generally Ether – and it’s essential to understand that the security promises of NFTs are not airtight.
There’s also an environmental risk when purchasing NFTs as they burn a lot of energy, making it vital to understand the potential harm to the environment.
Keep in mind any eco-friendly NFT options on sustainable platforms such as the CryptoArt marketplace. Ensure you’ve explored all your NFT possibilities before making a purchase or investment.
Buying NFTs is straightforward, requiring access only to a marketplace and a crypto wallet. How you invest in those ever-so-lucrative virtual items, well this is completely up to you.
Get in touch with Emperia’s team to begin your metaverse journey as a retailer, art gallery or creator now!