Buying NFTs is a trend right now that even celebrities are after. But how can you buy NFTs using cryptocurrencies? That is a mystery we will solve today. In this article, we have included a step wise guide to buying NFTs using crypto. Moreover, we have also explained everything there is about Bitcoin Evolution system and its uses.
What Are NFTs
Imagine a world where you could buy virtual lands, shops, buildings, paintings, or anything money can buy. That would be a wonderful world, right? But wait, if everything is virtual will the deed to the property will also be virtual? And will hackers will be able to alter my deed and make my property theirs? The answer is no. To protect and prove one’s ownership of any digital asset we use NFTs(Non Fungible Tokens).
NFT’s, Metaverse, and Cryptocurrency
NFT’s, Metaverse, and Cryptocurrency all have one thing in common, they are all digital assets. These all have no physical form and can only be bought and sold using online means. NFTs are going to be a big hit when metaverse is released once facebook is done. Using NFTs you can buy literally anything that is available on the metaverse. You can use your cryptocurrencies to buy land and use it as a base for building your digital office and running your business from the metaverse. The price of land and other commodities will be controlled just like cryptocurrencies are being controlled and only a limited number of coins are minted to keep the balance.
Shopping NFTs With Cryptocurrencies
NFTs are basically digital deed and thus they can be bought and sold like any other deed that we see in the physical world. However, like in the physical world where we use paper currency to buy a deed, NFTs are a little bit different. Here is a step wise guide for buying NFTs with cryptocurrencies:
Step 1: Go to your crypto wallet or crypto exchange center where you can buy or sell cryptocurrencies like Bitcoin Era. Then visit the Ethereum coins and buy some using real money. Why Ethereum you ask? That is because most NFTs are Ethereum based token systems and almost all marketplaces where NFTs are exchanged they accept Ethereum only. However, some of these marketplaces do accept other cryptocurrencies but that is a different story. After buying Ethereum coins you need to send them to your crypto wallet and save it for the time being.
Step 2: Now the next step involves connecting your crypto wallet to a marketplace where you can buy or sell NFTs. You should remember that different marketplaces sell different types of things. Depending on the marketplace you can buy anything from drawings to an island in the virtual reality.
Step 3: The next step is buying the NFT you like. Let us take a painting for example. The sell of a painting in these market place go like an auction where you go to the gallery and view the item and leave a price more than the last person. If the final price is yours on the screen the item will belong to you. However, it is hard to estimate the price of an art simply by looking and sometimes the price of an art can go very high. The base price comparison is the only way to know the worth of an artwork registered there.
Step 4: Paying for your bid is the next step in the priocess. When the auction get over and you win an item from the gallery you will need to pay for it to own it. That is when your linked wallet comes to play. You need to have sufficient Ethereum coins in your wallet to place a bid on any items so that you can not cheat the auction house. After you win the money will be deducted from your wallet and you will recive the rights of the painting or any other digital assets you like to buy.
Conclusion
The concept of metaverse and NFTs are pretty interesting and more and more people are buying NFTs nowadays. Even celebrities like Justin Biber, Eminem are buying digital paintings worth millions using NFTs. If you like to buy your digital asset using digital currencies like Bitcoin, and start trading in Bitcoins to hasten your dream of buying NFTs.
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