Published 3 weeks ago • 3 minute read

Buying an NFT – How To Get It

NFTs are highly valued items to have, and many people are choosing to invest in them, hoping to own something unique. The first step towards buying an NFT is setting up an e-wallet and funding it. There are many quality NFT sites where you can Buy NFT with just a few clicks. Here we will explore the popular marketplaces, what you can expect from them, and whether investing in an NFT is a good idea.

Buying an NFT – How To Get It

Where to buy an NFT?

There is no shortage of quality sites for buying NFTs. Some of the most popular marketplaces include Rarible, OpenSea.io, and Foundation.  

Rarible is an open NFT marketplace where artists and content creators can sell their NFTs. The platform issues unique tokens, enabling NFT holders to consider essential features such as fees and rules.

OpenSea is a peer-to-peer platform where users can find or sell rare digital collectibles. To explore what this platform has to offer, users first need to create an account. NFTs can also be sorted by sales volume, which can help users find new artists.

Foundation is a marketplace where artists receive an invitation or upvote from other creators to post and sell their art. This marketplace is an exclusive community of artists that sell high-quality artwork.  That means that here you will find higher selling prices than other places.

Besides these marketplaces, there are dozens of others where thousands of NFT creators and collectors meet for buying and selling transactions. Make sure you do your research before using any marketplace. Also, some platforms have stricter verification processes than others, which is essential to consider before joining.

Should you invest in NFTs?

Investing in NFTs depends on many things. Remember that investing in NFTs is risky, similar to investing in cryptocurrencies because the NFT future is still uncertain. We cannot be entirely sure about what will happen with NFTs in the upcoming few years, although they are booming and currently popular.

The best advice is to invest small to try it out and see how it goes. Investing in NFTs is primarily a personal choice. If you have some extra money, it is a good idea to consider, especially if the item has a special meaning. However, another thing to know is that the NFT you buy may have a lower resale price than the price you paid. Or you may be unable to sell the NFT at all if there is no one wanting that particular item.

Finally, NFTs are also subject to taxes, similarly to when selling stocks for profit. They are considered collectibles, which may bring a higher tax rate, depending on the location. Besides that, cryptocurrencies you use for purchasing NFTs may also be subject to specific taxes if they have increased value since you bought them. Therefore, the good idea is to consult a tax specialist when thinking about investing in NFTs.

The final advice is that you should approach NFTs like you would approach any other investment. Do good research, consider risks, and then proceed with caution.

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