Did you know that about 9.3 million folks in the U.S. have already purchased or sold non-fungible tokens (NFTs)? And this year, 7% of non-owners, or as many as 16.3 million Americans, are considering buying them.
If you’re a first-timer looking into buying NFT yourself, an NFT trading card is one of your top options.
NFT trading cards are digital representations of collectible cards. This means you can’t physically touch or store them. Instead, they remain in a digital ledger known as the blockchain.
If that’s the case, why should you buy NFTs, then? Where and how can you even purchase them?
This guide answers all those questions and more about buying NFTs, so keep reading.
1. Reasons to Buy an NFT Trading Card
Each NFT artwork, including trading cards, is unique, making each piece rare. It’s this rarity and scarcity that makes NFTs valuable.
So if you’re looking for a one-of-a-kind item to add to your collection, an NFT trading card is an ideal addition.
NFTs are unique not only in terms of “availability” but also their appearance. For example, some are paintings, while others are photography or 3D. You can view here for more examples of what these digital assets look like so you can have a better idea.
Each NFT trading card also has a unique identification code. This distinguishes each piece from others. They also come with proof of authenticity, making them easily traceable.
Another great reason to buy an NFT trading card is that you can sell it for profit. You can do this once it appreciates, so you should buy when its price is low and then sell it only after its value spikes.
2. Which NFT Trading Cards to Buy
This depends on what exactly you want to do with your NFT trading cards. If you only want them for your collection, you can buy whichever your heart desires.
However, you must consider the value of NFTs you buy if you plan to use them as investments or sell them for profit. While millions of NFTs get sold every quarter, you want your sales to generate a higher price.
One way to determine an NFT’s value is with an NFT value estimator tool. It”s a program that analyzes an NFT’s characteristics, mainly its rarity and uniqueness. It then uses its findings to estimate an asset’s value and price accurately.
The scarcer an NFT trading card is, the more valuable and expensive it generally is. Likewise, the higher the potential demand for it, the higher its price can get. These are the characteristics to look for in NFT trading cards you plan to use as investment media.
3. Where to Buy NFT Trading Cards
You can buy NFT art, including trading cards, from an NFT marketplace.
An NFT market is an online platform where artists can store, upload, and display their NFTs. Buyers like you can then purchase them using money or cryptocurrency.
Some examples of NFT marketplaces are SuperRare, Rarible, NBA Top Shot, and OpenSea.
4. How to Buy NFTs From Marketplaces
NFT marketplaces typically allow anyone, including non-member buyers, to browse select NFTs.
However, to purchase an NFT, you must sign up by creating an account with the platform. Once you have one, you can explore all options, including the ones non-members can’t see.
Depending on the marketplace, you may also be able to place bids on trading cards you’d like to own. You can do this on platforms that allow NFT owners to auction their tokens.
Creating an account with NFT marketplaces only often requires an existing crypto wallet. You only have to link it to your chosen marketplace.
If you’re new to NFT and crypto, a crypto wallet is where you store a crypto account’s private keys. These private keys let you make crypto-related transactions, such as authorizing crypto payments.
So if you don’t have a crypto wallet yet, get one now to join an NFT marketplace. Just ensure you choose one supported by the platform you want to be a member of. The most commonly accepted ones are Coinbase, WalletConnect, MetaMask, and Rainbow.
Once you have a wallet connected, you can start your hunt for NFT trading cards on that marketplace. If you find something you like, you can pay for it using your crypto funds. Depending on the platform you join, it may also let you pay with credit cards.
After completing the purchase, the NFT marketplace records your transaction. This includes changing the NFT’s ownership to your name.
5. Considerations When Buying From NFT Marketplaces
Before buying from an NFT marketplace, check its transaction history first. Its users should have praised it for its seamless and prompt sales process. There should be positive reviews about its speedy change of ownership procedure.
Check the marketplace’s transaction fees, too. These vary from platform to platform, with some of the lowest being 2%. If you’re not careful, you may have to pay $500 for the transaction fee alone.
It’s also wise to consider the platform’s selection, even though you may only want to buy trading cards now. The more varied the offers are, the more NFT types you can buy, such as videos, memes, or paintings.
It’s also vital to buy from an NFT marketplace that vets and verifies all its sellers. Your chosen platform should also feature robust security measures, including multi-factor authentication (MFA).
The last thing you want is to fall victim to NFT fraud, theft, or scams, which, unfortunately, are common. In June 2023 alone, NFT thefts resulted in losses of $2.27 million.
Must Read: How To Select The Best Crypto For Your Financial Goals
Start Collecting NFT Trading Cards Today
Buying an NFT trading card can be an excellent move for collectors and investors. After all, each card is unique, easy to authenticate, and can appreciate. However, since you can only buy them from marketplaces, then be sure to choose a platform wisely.
So, follow our tips if you’d like to collect or invest in NFTs. They can help you buy the best tokens from the right places.
For more related reading, check out our other crypto news and latest tech blog posts!