Buying The World's Cheapest NFT
Everyone must have heard of non-fungible tokens (NFTs) by now. With so many people and huge entities heavily investing in NFTs, sometimes the concept of buying a digital asset can be difficult to grasp.
Though there are a lot of NFT markets online, the best way to learn how to buy them is to just do it, use it, and get to know it.
In this vlog, I will share with you a step-by-step guide on how to buy the world’s cheapest NFT.
Feel free to drop your comments and questions. I would love to help answer your questions to better explain and guide you through buying an NFT.
If we haven't met yet, I'm Nils Smith, and today we're going to buy, what I believe to be the world's cheapest NFT. So, let me show you how that works and what it's like to buy an NFT if you haven't yet bought one. This one, I believe, is the cheapest NFT, and the easiest way to get your first NFT.
I am historically a social media guy that helps people get into social media and was kind of early into that web 2 space, but I'm now transitioning into web 3. Like so many people in the world are as things like the metaverse and NFTs, and cryptocurrencies and blockchain are developing, I want to help you get on the leading edge of those things. As I'm learning about these things, and I am in the process of journeying into web 3, I want to take you with you. So, that is what this channel is all about, and that's what we're talking about.
In this video, I am going to show you how to buy an NFT. I'm going to use a platform called Bitski. My team that I partnered with Crossover Collectibles where we create sports NFTs. Created, what we believe to be the cheapest NFT, to help people get their first NFT and better understand NFTs by doing that. It's our belief, in my belief, that the best way to learn about something is to do it, to use it, to get to know it. That's what we've done here with these NFTs. I'm going to share my screen and walk you through how to buy your first NFT. Let's go.
We are here on the page where you can buy this NFT. We'll leave this link in the description and get that there or you can just go to crossovercollectibles.com, and the link will be right there at the top of the website. You can find the link to this page. You can see here, these are all of our NFTs that are for sale and you can see their sports collectibles. We created this logo coin. So for $1, you can buy this NFT. We're gonna go here, we're going to click, to buy this NFT and you can see it's basically this image, or basically the video, that is the NFT. That is the image that will kind of come with your ownership. Right now, there are, I think, 997 or 9997 of these, so that will be the addition. So, it'll probably be like addition number three, or four, something like that. I just hit "Buy now" to buy it, and you can see here, this is the blockchain address that it will live on. I heard the contract address and it is an ERC 1155. What that means, such as that it's an Ethereum-based blockchain token, so it will be stored on the Ethereum blockchain. When you buy it, you'll get that full resolution image, so you can actually own that and display that in connection to your digital wallet.
Let me walk through this process. If I click "Buy now", it gives me the option to pay. You can see here, I set up a credit card here and you can hit change, you can create your own, putting your own credit card there. We actually chose this platform, and you could see at the top, it's bitski.com to meet are nfts. Because Bitski makes it really easy to just plug in a credit card and buy the NFT, making it super easy, so you don't have to have cryptocurrency in advance of buying the NFT. Now, what you will see is while the NFT is only $1, the blockchain fees are $6.50. This is one of the pain points of NFTs today, of being early, because there is so much congestion and not enough, basically technology efficiency for the transactions to be inexpensive. It actually becomes more expensive to use the blockchain to transfer items than traditionally through a centralized system.
While it is $1, in what we would make a Crossover Collectibles, when you buy this at $1, you’ll have to pay $6.50. Now, Bitski doesn't make that money, that actually is the gas fees, is what it's actually describe as, or with the blockchain fees, you have to think about this as transaction fees. When you trade an NFT, there will be transaction fees that are paid to the computing systems, that are helping to process that on the blockchain. If I just hit pay now or buy now, it will process and it should be bought. You’ve got the thumbs-up there. So, I now own it, order successful; blockchains aren't super fast yet. I love that message from Bitski.
It may take a couple of hours before your NFT shows up in your wallet. Let me show you what it looks like in this wallet. Now, what I had already skipped ahead and done is I already had an account set up and so if you're going to buy your first NFT, it will just walk you through the steps of setting up your Bitski wallet. Okay, you can see here that I now own this NFT, and I own number 4 of 10,000. Then I can take this I could hit send and I could send it to somebody else. In a digital wallet, you can see there would be a transaction fee in Eth, which is Ethereum and which is what the blockchain is on. So that's where you would have to have some Eth to send that NFT to somebody. This is my digital wallet, this is where all of my NFTs are stored, and I could send them to other digital wallets, which I often do, as I use primarily a digital wallet called Metamask. So that is how you buy an NFT.
I hope, if you haven't yet purchased an NFT, I would love for you to click that link in the description and go to crossovercollectibles.com, and buy your first NFT. I think it's the best way to learn. I hope this helps you learn a little bit more about NFTs and how you can get into space. I hope this is the first of many NFTs that you'll buy because I believe this is an exciting new opportunity, that might be confusing right now, but so with social media, so was the internet when we first got on and when we first got to know how these new technologies worked. While this new land of NFTs might feel confusing, the better you get to know it and the more you learn about it, the better prepared you'll be for what I believe to be a very exciting future. You might also want to check out other NFT projects, the ones that I think are the top 5 best and my personal favorites.
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