Last Updated on April 15, 2024 by Usman Javed
Purchasing NFTs can seem intimidating for newbies in NFTs and digital collectible space.; However, the process is more straightforward than you might imagine.
Why NFTs
People buy NFTs for different reasons. Some of these reasons include.
Ownership
Some people buy NFTs because it gives them ownership over something they are crazy about. For instance, fans of musicians can wish to buy NFTs from them. Similarly, football lovers with a passion for their team hold collecting NFTs as a meaningful and satisfying act.
Investment
Some see NFTs as an investment class. They buy NFTs with the expectation that their value will appreciate over time. This way they sell them for profit in the future. While this can be financially rewarding, it’s important to recognize that, like any investment, the value of NFTs can fluctuate unpredictably.
Rewards
Furthermore, purchasing NFTs can give one access to exclusive rewards or perks. Certain NFTs act as special tickets. They give owners some privileges, such as behind-the-scenes access to their favorite artists, musicians, or sports teams. Additionally, NFT owners can participate in extraordinary experiences.
NFTs in Kuwait
The NFT market in Kuwait is set for substantial growth in the coming years, with revenue projections painting a promising picture. In 2024, revenue in the NFT market is anticipated to reach US$1,483.0k. This figure is projected to witness a steady annual growth rate (CAGR 2024-2028) of 8.36%. This amounts to a projected total revenue of US$2,045.0k by 2028.
Moreover, the average revenue per user in the NFT market is estimated to reach US$128.5 in 2024. Also, the NFT market is anticipated to witness an increase in the number of users, projected to reach 11.90k users by 2028.Â
How to Buy NFTs
To buy NFTs, you’ll need to follow the steps below
Set up a Digital Wallet
Before you buy any NFT, you need a digital wallet. Once you set up your digital you need to buy cryptocurrency like Ether.Â
Link Your Wallet to an NFT Marketplace
Next, link your wallet to an NFT marketplace. Many platforms facilitate NFT trading, with some offering different NFT types while others specialize in specific niches like in-game assets. The marketplace you choose to use to carry out the transactions will depend on how you link your wallet. You can find the specific instructions for linking your wallet to your chosen marketplace.
Browse the NFT Marketplace
Once connected, search the available NFTs and select one that aligns with your objectives. It’s important to clarify your intentions with NFT ownership prior to proceeding. Whether you aim to support your favorite team or artist or just invest in NFT, your purchasing decisions will be influenced accordingly.
Buy NFTs
Now, it is time to buy NFTs. Do not forget that you must have enough cryptocurrency to cover both the transaction fees to the marketplace and the cost of the NFT itself.
Final Words
Buying NFTs is a simple process that even newbies can carry out with little to no assistance. If you follow these steps above, you will successfully buy NFTs in Kuwait in no time
