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How to Buy and Store Non-fungible Tokens
2022-10-19, 03:53
[TL; DR]
🔹 Non-fungible tokens are one-of-a-kind digital assets that exist on the blockchain.
🔹 Someone can purchase NFTs at an NFT marketplace such as NFT Magic Box on Gate.io.
🔹 People store NFTs in digital wallets the way they do with cryptocurrencies.
🔹 The NFT Magic Marketplace is integrated with other primary non-fungible token marketplaces such as OpenSea and Sorare.
Introduction
There is a wide adoption of digital assets in the society in areas such as DeFi and the metaverse. Non-fungible tokens are a class of digital assets which is popular in the gaming and social media platforms. Hence most people should know how to purchase and keep them.
What are NFTs?
A non-fungible token is a unique digital asset that exists on the blockchain. These cryptographic assets can represent various physical things such as artwork, real estate, images or videos. An NFT is a one-of-its kind digital asset which cannot be replicated or interchanged.
Source: Forbes
Steps in buying and storing NFTs
To acquire and store non-fungible tokens, you need to have a digital wallet and an account on an exchange or NFT marketplace.
Get a digital wallet
Any person who wants to purchase NFTs and hold them should have a digital wallet. A digital wallet is software that keeps the private keys that enable an individual to buy, hold and transfer NFTs. This is because NFTs exist on the blockchain.
Your wallet’s private key helps you to access your digital assets including NFTs and cryptocurrencies. It is needed in order to transfer NFTs to other people or platforms such as crypto exchanges. Note that your wallet keys enable you to access both NFTs and cryptocurrencies. However, that depends on the nature of the wallet you have.
On the other hand, your wallet’s public keys enable other people to send you NFTs or cryptocurrencies. It is important that you keep your private keys and seed phrases securely because anyone with these can access your digital assets. Also, you can use the seed phrase to recover your wallet at any time.
Metamask is one of the widely used crypto wallets since it handles private keys for digital assets from different blockchains. Therefore, you can install a Metamask wallet on your browser. You can also use it on a mobile phone as an application. The other top digital wallets you can use are Math Wallet, Trust Wallet and AlphaWallet.
Open an account on a crypto exchange
Once you have a digital wallet, you can open an account on a platform that sells NFTs such as a crypto exchange or primary NFT marketplace such as Opensea, Rarible, Mintable or Superare.
Furthermore, you need to open an account on a crypto exchange so that you can purchase cryptocurrencies there. This is because you use the cryptocurrencies to buy the NFTs. Since most NFTs exist on the Ethereum blockchain you may need to have Ether (ETH).
Gate.io is one of the best crypto exchanges since it has many cryptocurrencies. As such, you buy NFTs at this exchange. In order to open an account you should visit Gate.io. You then click on “Sign Up”, as indicated on the picture below.
Once you do that you can complete the required details. Thereafter, you confirm your email address before completing the KYC.
Connect your digital wallet to the NFT marketplace
If you want to purchase NFTs from an NFT marketplace such as Opensea or Rarible you should connect your wallet to it. However, to purchase NFTs on the Gate.io marketplace you should buy the cryptocurrency on the platform. You can purchase the cryptocurrency using a credit card or bank transfer. Once you have the cryptocurrency in the Gate.io account, you can bid and buy the NFT of your choice. If you want to purchase NFTs from another NFT marketplace, you will need to transfer your cryptocurrency from Gate.io exchange to your digital wallet.
Select the best NFTs
Now that your crypto wallet is funded and you are ready to purchase NFTs you need to choose the type that suits you the most. Remember that there are different types of NFTs which include memes, collectibles, artwork, gaming, event tickets and music. Therefore, you should know what you want before making any payments.
How to purchase NFTs at Gate.io
Gate.io has its popular and dependable NFT marketplace called NFT Magic Box. You can use the auction system or the fixed price trading to buy the tokens. The advantage of using NFT Magic Box is that it is integrated with primary NFT marketplaces such as Opensea, Rarible, CryptoArt, and Sorare.
In the marketplace, you find different NFTs. Therefore, you select the one you want to buy, then click “Purchase.”
You will be directed to a page where you will make the purchase as indicated below.
How to store the NFT?
Now, the next question is how you can store the NFTs. We have already explained that you use your public key to send the NFTs to the right destination on the blockchain.Also, you can transfer them to any other platform.
Conclusion
NFTs are digital assets that exist on the blockchain which people can buy and store. There are different types of NFTs that include artwork, collectibles, gaming, event tickets and music. For someone to purchase NFTs he/she should have a digital wallet, an account on a marketplace and the suitable cryptocurrency. You can buy NFTs at Gate.io through the NFT Magic Box.
Author: Mashell C., Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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