Do you like to shop? Are you always interested in the latest, greatest thing?
If you answered yes to both of those questions, then you should probably start learning about NFTs, or non-fungible tokens.
NFTs are essentially a new kind of digital collectible backed by blockchain technology and bought and sold with cryptocurrencies, with the Independent Reserve New Zealand being an easy way to buy Bitcoin and crypto. Like cryptocurrency, NFTs have seen a huge surge in popularity in 2021, and many crypto disciples believe that the technology could represent a revolution for artists, musicians, and creators of all kinds who have seen their earning potential decline with the rise of the Internet.
There’s still no shortage of collectors, be it vintage coins or stamps or limited-edition Star Wars action figures, with many using marketing agencies like these crypto services here, to help kickstart their collection, build momentum and reach that all-time high.
But the appetite for buying many kinds of art, from Blu-Rays to CDs to books to paintings, has waned as the preferred method for consuming those artforms has turned digital.
That has resulted in a desperate situation for many creators, who are excited about the possibility raised by NFTs.
NFTs could turn out to be a fad, as many detractors say, but it’s more likely that this new way of thinking about ownership will become another part of the economy — even if it doesn’t actually result in a commercial revolution.
At this point, you might be thinking: I barely understand what cryptocurrencies are. How am I supposed to understand NFTs? Don’t worry. That’s a common first reaction. Even some of the people involved in NFTs often joke about their lack of understanding.
That’s because there’s not an easy access point for purchasing NFTs. It’s not like hopping on Amazon and using your debit card.
If you’re interested in forging ahead anyway, here’s the basics of what you need to get started.
Find A Bank That Works
Because NFTs rely on cryptocurrencies, you will need to find a crypto-friendly bank that will allow you to convert your currency into the crypto coin of your choice.
The majority of banks still won’t work with cryptocurrencies, primarily because most of the financial regulations surrounding it don’t exist yet.
However, that is changing fast. If your bank won’t allow you to buy cryptocurrencies, you will need to open an account at one of these financial institutions.
Here is a list of some of the best banks for crypto, which include Barclay’s, Goldman Sachs, and The National Bank of Canada.
Open a Crypto Wallet
The next thing you will need is a crypto wallet, which is basically a piece of software that allows you to convert money in your bank into cryptocurrency. Do some research as there are a number of resources online, and it maybe worth turning to free bitcoin, as a secure way to start in bitcoin mining. Once you have a wallet with cryptocurrency in it, you can start actually searching around for NFTs!
Once you have a wallet with cryptocurrency in it, you can start actually searching around for NFTs!
One of the biggest cryptocurrency exchanges on the planet, Coinbase is a great choice for beginners looking for their first wallet.
Otherwise, check out this list from Money.com of the best crypto wallets for 2021.
For every investor, there is the possibility of losing your investment after you have passed on. If you are concerned about this you can be safe by investing in crypto family trust.
Start Shopping On NFT Marketplaces
Do you have the right bank and the right wallet? Great! Now you can start actually shopping for these popular new commodities known as NFTs.
Since they can only be bought with crypto, NFTs usually require a specific site that can convert digital files into NFTs and then sell them, often through a cryptocurrency called Ethereum.
NFTs are so popular right now that there are new options for NFT marketplaces every day, it seems.
OpenSea, SuperRare and Rarible are all great choices for NFT marketplaces. They were among the first ones and have a large selection of options, including artwork and music.
But there are also many smaller marketplaces focused on a specific niche of this emerging market, like Oneof for music, Mogul Productions for movies, and DressX for fashion.
Whatever you choose, have fun shopping and building up your own collection of these digital collectibles.