Last Updated on April 15, 2024 by Kamran Ali
NFT (non-fungible token) represents unique digital assets stored and verified on the blockchain. If you are in Cyprus and you are new in the crypto space, knowing how to buy NFTs can be a little tricky. In the next section, we will look at how you can buy NFTs in Cyprus.
Steps for Buying NFTs in Cyprus
Create an Account on a Cryptocurrency Exchange
If you are ready to start buying NFTs, the first step is to create an account on a cryptocurrency exchange. Understanding the distinction between cryptocurrency exchanges, wallets, and marketplaces is crucial, as these terms are often conflated.
Open a Crypto Wallet
Some crypto wallets are hosted on an exchange. Others operate independently. These types of wallets give you total control.
Nonetheless, for digital wallets hosted by an exchange, the exchange functions like a bank. This means the exchange acts as a third party in crypto transactions.
Buy Crypto
Next, you need to buy a cryptocurrency for the project you want to buy. You need cryptocurrency to buy NFTs. Many NFTs on the Ethereum blockchain ecosystem. Ethereum operates as a network where transactions are recorded and distributed among participants via a shared ledger.
Send the Ethereum to your Crypto Wallet
The step depends on the exchange where you bought ETH, the chosen wallet, and the NFT marketplace where you intend to make your purchase.
For instance, if you opt for a cold storage wallet, being a hardware device, you’ll additionally need to link your cold wallet to a third-party service such as MetaMask or Coinbase Wallet,
Link your Crypto Wallet to the NFT Marketplace
Now is the time to link your crypto wallet to the NFT marketplace. You can group the marketplace into the following:
Open Marketplace
These marketplaces allow anyone to sell, buy, or mint NFTs. Minting involves converting a digital work into a unique crypto asset on the blockchain.
Closed marketplace: These platforms are more exclusive. Artists to apply for participation. The marketplace typically manages the minting process, and selling and trading activities are more restricted compared to open marketplaces.
Proprietary Marketplace
This type of marketplace exclusively sells NFTs trademarked or copyrighted by the company operating it.
Buy NFT
Popular NFTs tend to sell out fast. Buying an NFT does not give you ownership of the copyright unless explicitly stated in the agreement between the buyer and creator. Additionally, each marketplace can impose distinct restrictions on the purchased NFT.
To stay updated about NFT drops, creating accounts and subscribing to various marketplaces is advisable. Social media platforms like Discord and Twitter and specialized tools like Rarity Sniper and Rarity Tools are important for receiving timely information.
Final Words
You can see that buying NFTs is a very straightforward process. You do not have to be technical to understand these steps. Now, you are set to buy NFTs.
