What Is an NFT and How to Buy NFT Products Via Bitcoin Online?
2022-03-22 09:46:40
How To Buy Bitcoin Online To Purchase NFT Products?
From the beginning of 2021 until now, NFT news has been flowing nonstop. This suddenly popular term has been a focus topic and is often compared to virtual currency. Many people have become interested and even want to buy it. But what exactly does NFT mean? What does it have to do with virtual currencies like Bitcoin? This is something that needs to be figured out before buying.
What is an NFT?
The three letters NFT are an abbreviation of what Non-Fungible Token means. The name may seem a bit difficult to understand, but it is the same as what we know as Bitcoin. They are both virtual assets that use blockchain as the background technology. The difference, however, is that Bitcoin is homogeneous, while NFTs is not.
Simply speaking, Bitcoins are interchangeable or divisible again into smaller units. For example, one Bitcoin is equal to another Bitcoin, and they are of equal value. One Bitcoin can be purchased for one Bitcoin worth of goods. That's homogenization. And Bitcoin price live is floating and can vary from day to day.
Unlike Bitcoin, NFTs are non-homogeneous and have a fixed price. Each NFT represents a different object, which can be a picture, a movie or a song, etc. It is not interchangeable with each other and cannot be divided into smaller units. In essence, NFTs are like physical collectors' items, but now in digital mode. The purchaser has exclusive ownership, i.e., only one purchaser owns the NFT product at a time.
Our current common NFT products include Art, GIFs, Video and Sports Episodes, Collectibles, Virtual Games and Peripherals, Design Items, Music, and more. There are even tweets. In March 2021, Jack Dorsey, CEO of Twitter and Square, sold a Twitter post he posted in 2006 for $2.9 million.
How To Buy NFT Products Online Via BTC?
We understood what the abbreviation NFT means, but how can we have an NFT product? At this point you need to do the following steps in order to complete the process.
1. Buy Bitcoin Online.
As we know, NFT is a digital product, i.e. the same virtual asset. It is also traded using the same virtual currency, for example, Bitcoin. We need to buy Bitcoin online first to complete the next NFT transactions efficiently.
Bitcoin purchases are usually made on an international digital trading platform such as Gate.io. This is because buying and trading on such a large and reliable platform can make your assets more secure and free to trade. It is very convenient for both asset investment and trading.
2. Choose an NFT Exchange.
Just like a Bitcoin exchange, you need to choose an NFT exchange to trade the product you want to trade. You can trade NFTs on the same virtual currency exchange as Gate.io (free) or trade on other NFT platforms (fees may apply).
Some of the more common NFT trading platforms are OpenSea (general category), Nifty Gateway (limited edition category), SuperRare (artwork category), etc.
3. Use Bitcoin As A Payment Method
Whichever NFT platform you choose, select your Bitcoin wallet when making your payment to complete the payment and own the NFT product you have purchased. Some platforms also support the option to pay by credit card or Paypal. However, the cryptocurrency method is always the most convenient and accepted.
According to the cryptocurrency data site Coingecko, the total market capitalization of the top 100 NFTs has now surpassed $25.8 billion. With the continued emergence of expensive NFTs, the pieces come under a lot of controversy. Some question whether these are investor’s hype and therefore not real art collections. Others are willing to bid on high prices. But in any case, NFT's digital asset investments have raised eyebrows. Is this all a bubble economy? It's something you need to think carefully about before you invest.
From the beginning of 2021 until now, NFT news has been flowing nonstop. This suddenly popular term has been a focus topic and is often compared to virtual currency. Many people have become interested and even want to buy it. But what exactly does NFT mean? What does it have to do with virtual currencies like Bitcoin? This is something that needs to be figured out before buying.
What is an NFT?
The three letters NFT are an abbreviation of what Non-Fungible Token means. The name may seem a bit difficult to understand, but it is the same as what we know as Bitcoin. They are both virtual assets that use blockchain as the background technology. The difference, however, is that Bitcoin is homogeneous, while NFTs is not.
Simply speaking, Bitcoins are interchangeable or divisible again into smaller units. For example, one Bitcoin is equal to another Bitcoin, and they are of equal value. One Bitcoin can be purchased for one Bitcoin worth of goods. That's homogenization. And Bitcoin price live is floating and can vary from day to day.
Unlike Bitcoin, NFTs are non-homogeneous and have a fixed price. Each NFT represents a different object, which can be a picture, a movie or a song, etc. It is not interchangeable with each other and cannot be divided into smaller units. In essence, NFTs are like physical collectors' items, but now in digital mode. The purchaser has exclusive ownership, i.e., only one purchaser owns the NFT product at a time.
Our current common NFT products include Art, GIFs, Video and Sports Episodes, Collectibles, Virtual Games and Peripherals, Design Items, Music, and more. There are even tweets. In March 2021, Jack Dorsey, CEO of Twitter and Square, sold a Twitter post he posted in 2006 for $2.9 million.
How To Buy NFT Products Online Via BTC?
We understood what the abbreviation NFT means, but how can we have an NFT product? At this point you need to do the following steps in order to complete the process.
1. Buy Bitcoin Online.
As we know, NFT is a digital product, i.e. the same virtual asset. It is also traded using the same virtual currency, for example, Bitcoin. We need to buy Bitcoin online first to complete the next NFT transactions efficiently.
Bitcoin purchases are usually made on an international digital trading platform such as Gate.io. This is because buying and trading on such a large and reliable platform can make your assets more secure and free to trade. It is very convenient for both asset investment and trading.
2. Choose an NFT Exchange.
Just like a Bitcoin exchange, you need to choose an NFT exchange to trade the product you want to trade. You can trade NFTs on the same virtual currency exchange as Gate.io (free) or trade on other NFT platforms (fees may apply).
Some of the more common NFT trading platforms are OpenSea (general category), Nifty Gateway (limited edition category), SuperRare (artwork category), etc.
3. Use Bitcoin As A Payment Method
Whichever NFT platform you choose, select your Bitcoin wallet when making your payment to complete the payment and own the NFT product you have purchased. Some platforms also support the option to pay by credit card or Paypal. However, the cryptocurrency method is always the most convenient and accepted.
According to the cryptocurrency data site Coingecko, the total market capitalization of the top 100 NFTs has now surpassed $25.8 billion. With the continued emergence of expensive NFTs, the pieces come under a lot of controversy. Some question whether these are investor’s hype and therefore not real art collections. Others are willing to bid on high prices. But in any case, NFT's digital asset investments have raised eyebrows. Is this all a bubble economy? It's something you need to think carefully about before you invest.
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