Buying newly minted NFTs: Complete how-to guide
Over the past one and half years, Non-Fungible Tokens (NFTs) have been the hottest trend on the internet. These blockchain-based tokens have spread their wings into several industries, including e-gaming, artworks, entertainment, sports, etc. As a result of this ever-growing popularity and expansion, the NFT market has become a new and budding investment sector.
If you’re wondering, “Where Can I Buy Newly Minted NFT?” then you’re not alone! In this article, we’ll discuss how to buy newly minted NFTs, how much these newly minted tokens cost, how to whitelist yourself, and how to find the best presale price.
In recent years, crypto-collectibles have exploded into the mainstream, thanks to Michael Deller and Beeple’s incredibly successful sales. Everydays: The First 5,000 Days (2021) sold for $69 million at a Christie’s auction, making it the third highest-selling living artist after Jeff Koons and David Hockney. The price tag is a testament to the popularity of NFT as a digital asset, and more artists will likely follow suit.
Several factors play a role in determining the cost of newly minted NFT. In addition to the data size and project quality, NFT costs also depend on the type of blockchain used. Transaction time, gas fees, and data size all affect NFT prices. Additionally, the amount of gas used in blockchain transactions depends on the demand level. A spike in demand can increase gas fees, increasing the cost of minting NFTs.
The typical price of minting an NFT can range from a few cents to $1,000. However, it is difficult to calculate how much it costs to mint a single NFT, so marketplaces will usually be clear about their fees when completing the procedure. While some platforms charge no minting fee, others charge an advance fee of $50 to $150 for minting.
Although the cost of minting a standard NFT can range from a few cents to hundreds of dollars, the cost of selling NFTs is significantly higher. In addition, there are numerous platforms that require trading fees. These platforms are expensive but offer a great range of services and tools.
However, using a platform like Rarible or OpenSea can make it more affordable. These marketplaces have a vast variety of NFTs, and using on-chain analytical tools like Rarity Tools and RayzenNFT, you can find many undervalued NFTs early on.
To purchase NFTs, you must first purchase Ethereum, which is one of the most popular cryptocurrencies today. You are required to pay gas fees to use a marketplace, which can fluctuate depending on the level of demand for blockchain transactions. You’ll need ETH to pay these fees. You can purchase ETH at your local cryptocurrency exchange and then transfer it to the wallet linked with the NFT marketplace.
Among the NFT marketplaces that exist today, popular options are OpenSea, Rarible, SuperRare, Foundation, and the upcoming Ethereum-based NFT exchange. Although the process is more or less the same on each platform, the main difference is in native currency and fees.
So if you’re looking into buying newly minted NFTs, there are many options. But first, you need to get native tokens from the marketplace of your choice. Most marketplaces are based on the Ethereum platform, so you need Ether in your wallet to purchase a newly minted NFT. If you don’t have Ether, you can use a crypto exchange to convert your cryptocurrency into fiat.
One way of acquiring newly minted NFTs is participating in giveaways/airdrops. Many of the upcoming NFT drops are extremely popular and sell out quickly. While some projects succeed, many others fail. If you’re looking to buy the first drops, you should try to find them early. NFT calendar is an excellent website to keep track of all the upcoming drops and releases.
After choosing an NFT marketplace, you can start exploring and hunting for a project you like. The vast NFT world offers several types of NFTs to choose from. You can get yourself a collectible, an in-game item, an autograph from your favorite athlete, or an artwork.
After finding a project you are interested in, select the piece you want to purchase. Now make a bid or pay the fixed price, depending on the selling technique set by the creator. The total price can include different fees and charges, so it is always better to check the marketplace’s policies before placing an order. Just remember to use a reliable exchange to avoid scams.
After you’ve made a purchase, the next step is to sell your NFTs in secondary markets. This will give you a chance to make a profit while you’re waiting for your new NFT to hit the market. Once you sell your NFT, you can make a profit quickly and easily. You can even sell them for a small profit before the public sale! That’s a win-win situation!
The benefits of NFTs far outweigh the costs. If you’re a creator, minting your own NFTs can be intimidating, but it’s not impossible. If you’re a newbie to the crypto world, consider joining an exchange that offers free NFT services. In this way, you can avoid any hassles with fees and have the funds you need in a snap. With the suitable exchange, you can begin minting your own NFTs without any investment and even start earning NFTs for your work!
To buy newly minted NFTs, you must first have a wallet. You can use MetaMask or Coinbase’s Wallet to do so. Next, download the wallet onto your computer. Once your wallet is installed, fund it. Since most crypto wallets do not allow you to buy crypto tokens using fiat currencies, you can first purchase them from a centralized exchange, such as Binance or Coinbase. After getting the tokens, send them to the wallet using the crypto wallet address.
To buy NFTs, you’ll need to find an NFT marketplace. Several NFT marketplaces allow buying newly minted NFTs. You should choose one that offers you the lowest fee. You should also consider whether you want to mint your own NFTs or use a service that mints them for you. For example, OpenSea allows you to mint NFTs while using the gas fee.
After finding a suitable NFT marketplace, complete your account and connect the wallet to it. You can do it easily by looking for the wallet icon on the website. Then, click on the button and enter your password. After connecting to the website, you’ll receive a confirmation message from the wallet service provider, and you’re all set.
Most of the NFT marketplaces use Ethereum. Therefore, you’ll need to have Ether in your wallet. Ethereum is a cryptocurrency compatible with NFTs, and you should have access to the same if you’re using a wallet that supports Ether. There are many ways to buy NFTs, and the most important thing to remember is that the blockchain that created the NFT must be compatible with your wallet.
If you are interested in joining the NFT presale, you should first get whitelisted. To get whitelisted, you must be a verified user, which means that you have to follow a few basic rules. Follow the community on Twitter and Discord. You should also follow the NFT projects themselves on Twitter. These social media accounts are usually active and helpful, so you should also follow them.
The NFT artist community often announces their launch details via Discord, where they engage with supporters. Whitelisting is not a guarantee, so you must ensure you’re a consistent participant. Most NFT projects use an invite-based system, but some also run a lottery-style selection process.
Depending on the project, you might need to fulfill several requirements before getting on the whitelist. Once you’ve met these requirements, you can choose your launch time and address. By ensuring you’re active in the NFT community, you’ll be rewarded with a whitelist spot.
While getting whitelisted isn’t guaranteed to get you discounted NFTs, it’s worth trying. This way, you can avoid gas wars. In public sales, there are only so many NFTs available, so people try to outbid each other to secure them. This results in failed transactions for the losers. Whitelisting is also a good way to avoid gas fees – you can avoid paying them altogether by focusing on the coins you really want to buy.
Before joining the NFT presale, make sure you join the Discord channel of the project you’re supporting. The Discord group is also a great place to learn about the criteria for getting on the NFT whitelist. While it may sound complicated, it’s worth it for you to get your NFTs before the others. In fact, whitelisting is a great way to earn thousands of dollars within a few days.
Frequently Asked Questions
Can anyone create an NFT?
As long as you own the digital artwork or the intellectual property, anyone can create an NFT using a minting platform and a few crypto tokens to pay the minting and gas fee.
Which NFT should I buy?
The answer depends on why you want to buy it. If you want to buy it as an investment, look for NFTs with a high rarity score. In contrast, if you want to be part of an NFT with some utility, consider checking the project’s whitepaper and roadmap.
Where can I store my NFT?
NFTs and other digital assets are stored in your online crypto wallet. However, if you want to hold them for a long time, you can transfer them to a physical cold wallet.
The NFT technology has revolutionized the art and entertainment industry. It has already started changing how things work here, giving artists and creators worldwide exposure. Similarly, it has made things convenient for investors and collectors. With time, we will see more practical implications of this technology as it expands into other industries.
However, as this sector is relatively new, the prices of NFTs are constantly fluctuating. Experts consider buying NFTs a high-risk investment. That is why it is advised to invest only what you are comfortable losing.