NFT
NFT trading is massive news right now. So we are here to show you what NFT trading is all about and let you know where the best places are for putting down your trades. Plus we’ll even give you a handful of tips so that you don’t make some newbie mistakes when you start buying and selling these digital assets.
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What are NFTs?
An NFT stands for non-fungible token. This is a token that is completely unique and once you own it, then no one else can own it unless you decide to sell it or give it to them. You can get NFTs for pretty much anything. The most common kinds of NFTs are for collectibles such as digital artwork, sports memorabilia, video game avatars and so on. Once you buy an NFT of something, other people can still look at or copy whatever it is the token represents, but you maintain sole ownership of it. The ownership is logged on a blockchain which keeps a permanent record of every time that the NFT changes hands. Most NFTs are currently logged on the Ethereum blockchain. Still confused? Then check out our guide that has NFT explained in simple terms here.
NFT TRADING
What is NFT trading? Every NFT has no fixed value, and its value is entirely based on demand. This means that your gaming NFT could either be seen as worthless or it could be something of value depending on whether anyone else wants to buy it The aim is to either earn the top NFT tokens or buy them at a low price and then sell them on to someone else at a higher price – therefore making a profit. As such, we can see that NFTs are simply digital assets and you can trade them like you would a cryptocurrency, a stock or a commodity.
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How to start NFT trading
The good news is that it’s pretty easy to start NFT trading and just about anyone can do it. So here’s what you need to do to start your NFT trades.
1.Get a crypto wallet: A crypto wallet is where you would store the non-fungible tokens that you earn, buy or sell. Bear in mind that because most NFTs are on the Ethereum blockchain, it would be smart to get a suitable crypto wallet such as Metamask that’s suited to that technology.
2. Acquire NFTs: Next you need to get some NFTs. You can buy these from an NFT marketplace, but it’s probably more enjoyable to simply earn some from some NFT games.
3.Go to an NFT marketplace: From here you can go to an NFT marketplace and create your user account. This shouldn’t take too long, and you can then create your profile.
4.Start trading: Finally, it’s just a matter of browsing the NFTs you want to buy, or listing the NFTs that you want to sell. Easy!
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