A Simple Guide On How to Buy An NFT – Web3 Jargon Busting
NFTs stand for non-fungible tokens – which means they are unique digital collectibles that cannot be replaced by another. In addition to being collectibles, NFTs are quickly being used to authenticate physical collectibles, as in-game assets, as digital artworks, and to replace physical performance tickets. So if you’re a music fan, now is definitely the time to learn how to buy an NFT.
What does it mean to “mint an NFT”? Is it different from buying an NFT?
Simply put, NFT minting refers to the process in which a digital file is converted into a digital collectible on the blockchain. Think of NFT minting as something similar to metal coins being put in circulation.
Minting an NFT means creating something completely new. Therefore, if you are an artist who is minting an NFT, what you will be doing is converting the digital artwork stored on your computer to an NFT.
Buying an NFT is different from minting an NFT. If you buy an NFT, you basically buy an item that already exists on the blockchain.
How can I buy an NFT?
You can buy NFTs either from project websites, or else using NFT marketplaces such as OpenSea, OBJKT or Rarible. There are marketplaces where you can basically find everything – think of them like the NFT versions of Facebook Marketplace. Conversely, there are niche marketplaces that belong to a particular blockchain game, project or metaverse.
Here’s how you can buy your first NFT
Since we’re using the Amplify Genesis NFTs as an example, you need to buy MATIC, which is the token that powers the Polygon network. You can buy MATIC on decentralized exchanges such as MoonPay, Binance and Uniswap.
Connect your wallet to the project’s website
Visit the project website and click on “Connect wallet”. If you don’t have a wallet, visit our guide on how to create a wallet. Here, you will find a quick overview of how to create a wallet using MetaMask.
Buy your NFT
Simply hit the purchase button, and voila – you’ve just bought your first NFT! If you are using MetaMask, you can view your NFT by turning on the MetaMask’s app NFT auto-detect feature.
About the Amplify Genesis NFTs
We are issuing 1808 Genesis NFTs – which will make the NFT holders members of the Amplify DAO. The Amplify Genesis NFT is an ERC-721 token on the Polygon blockchain. Simply visit this page to purchase the NFT for 150 $MATIC.
NFT holders will have lifetime VIP access to all Amplify IRL and metaverse events, and an invitation to attend the annual private Amplify party. They’ll also be founding members of the Amplify DAO, and have their names etched on a slate on the IRL and metaverse Amplify chapel in rural Wales.
This is a historic moment for an industry that has primarily depended on touring and ticket sales. Through Amplify, artists, promoters and venues can use DeFi and Web3 technology to make a living from music without having to endure an endless cycle of touring.