Last Updated on April 3, 2024 by Zabih Ullah Khan
If you are new to the world of digital assets and digital collectibles, knowing how to start buying and investing in Non-Fungible Tokens (NFTs) can be confusing and look complicated. However, it is not as hard as you might believe.Â
What are NFTs?
A non-fungible token (NFT) is a unique identifier signifying ownership of either real-world or digital assets. These assets include artwork, music, collectibles, in-game items, and even real estate. Blockchain networks like Ethereum and Solana securely encrypt these tokens. Also, NFT transactions use the native cryptocurrency of the respective blockchain.
NFTs in Oman
The NFT market in Oman is expected to record substantial growth. According to Satistica NFT revenue in Oman is projected to surge to US$1,455.0k by 2024. Also, this growth trend is anticipated to continue, with an estimated annual growth rate (CAGR 2024-2028) of 7.83%. This leads to a projected total revenue of US$1,967.0k by 2028.
In 2024, the average revenue per user in the NFT market is expected to amount to US$123.4.Additionally, the NFT market is anticipated to record a significant increase in the number of users. It is projected that the NFT market in Oman will have 12.22k users by 2028. User penetration is forecasted to remain at 0.21% in 2024. This rate is expected to stay constant till 2028.
How to Buy NFT
Choose Where Your Ideal Purchase Platform
When it comes to buying NFTs, there are primarily two places you can buy them. These are the independent project websites and NFT marketplaces.
Independent projects often have their own websites to sell their NFTs. This sale normally happens during the project’s initial sale, known as the “minting” phase. Some projects, such as Coachella and Larva Labs, operate their own autonomous marketplaces. Generally, purchasing from a project website still allows for the resale of the NFT on other NFT marketplaces.
NFT marketplaces, on the other hand, serve as hubs for both primary sales or mints and secondary transactions. These platforms can vary in terms of the blockchains they accommodate, fee structures, specialization in specific types of NFTs, etc.
Select the NFT Project
If you’re interested in exploring different NFT projects t but unsure where to begin, here are some places to check:
Follow your Favorite Creators and Influencers
Many well-known celebrities and personalities, such as Snoop Dogg, Damien Hirst, and Gary Vee, are actively involved in the NFT space. Explore if any of your favorite creators have ventured into NFT projects, like SiA’s interactive music project.
Be Active on Twitter
Twitter serves as a hub for discussions surrounding NFTs, making it an ideal platform to uncover new projects. Follow accounts, hashtags, and topics related to your interests. This not only keeps you updated on current trends but also offers insights into upcoming projects.
Browse NFT Marketplaces
NFT marketplaces provide a wealth of options for discovering NFTs. Platforms like OpenSea feature “Trending” charts, category exploration, and filtering options based on criteria such as price. This makes it convenient to find projects that align with your preferences.
Buy NFT
After picking the NFT that you want, the next step is to complete the purchase.
Final Words
Now, you know the steps involved in buying NFTs. These steps are pretty straightforward. If you follow these steps, you will own NFTs in no time.
