The beginner's guide to buying NFT. 💰
The year 2021 was a significant success story for NFTs, even if the crypto crash of 2022 has since hit the market hard. At its peak, celebrities were rushing to snap up NFTs for their collections. At the same time, some NFTs related to events in digital history, like the Time Berners-Lee's was turned into an NFT and sold for a newsworthy multi-million dollar price.
Each NFT is different from the others. An NFT can be anything — an artwork such as a drawing, painting, meme, doodle, text, music, or anything else as long as it is in a digital format. While most popular NFT marketplaces deal with digital pieces, there are also niche marketplaces where one can get their hands on in-game items from popular online games, digital collectible cards, and digital real estate.
OpenSea is probably the most popular destination for NFTs for its simple design and the access it provides to multiple blockchains to source NFTs. The learning curve to get used to the platform is not steep at all, and you will find a wide range of NFTs ranging from memes to collectibles and virtual lands to in-game assets in addition to crypto art on this marketplace.
Gas prices are also adjusted based on the demand and supply of mining resources available. During periods of frantic activity on the blockchain, these can easily surpass the value of an NFT that you might be aiming to buy.
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