How to buy NFTX – A Step-by-Step Guide
NFTX Tokens are non-fungible cryptographic tokens created on the Ethereum protocol. They are currently attracting more and more Internet users across the world. Do you want to Buy NFTX Token and invest in this type of digital asset? Find out what you need to know about it before you sell or buy NFTs. We also present to you the best platforms to Buy NFTX Token.
What is NFTX?
NFTX is a community-led protocol for NFTs index funds on Ethereum. NFTX index funds are tokens backed by NFT collectables. The protocol is governed by NFTX token holders.
NFTX was launched by developer Alex Gausman in January 2021 to allow for the development of NFT index funds. These are also called ERC-20 tokens backed by NFT collectables.
NFTX provides the NFT ecosystem access to DeFI’s recent developments regarding liquidity. It offers balanced NFT exposure to non-professional investors turning NFT assets more liquid at the same time. NFTX index funds also enable more transparency.
The long-term goal for NFTX is to create as the primary issuer of NFT funds, including digital art, in-game items, digital collectables, etc. NFTX also shows comprehensive metrics about the NFT ecosystem, like DefiPulse or CoinMarketCap for the NFT space.
NFTX is owned by its community. The NFTX smart contract uses an upgradeable proxy controlled by the NFTX Dao. NFTX token holders are in a position to alternate the NFTX smart contract if a consensus among holders is reached.
Search for a crypto exchange that supports both fiat and crypto to simplify purchasing NFTX.
- Compare crypto exchanges that support NFTX.
- Crypto exchanges differ by security, fees, and payment methods, so you’ll research which is the right match for you. As a beginner investor, you don’t need a wide range of various features. Also, you can always switch to another exchange later.
- Create an account on a crypto NTFX exchange on the account creation page, where you can fill in your personal and contact details, starting with your name and email address.
- Deposit money into your account.
- Pay with a credit or debit card, with a bank transfer, or deposit cryptocurrency from a digital wallet to buy NFTX.
- Buy your NFTX.
- Complete your purchase.
What to consider when buying NFTX
Cryptos are very complex assets. Make sure you grasp all the risks related to buying and selling digital currencies before you purchase. Some of the criteria to consider before purchasing NFTX include the following:
- Token supply.
- The team behind NFTX.
- User-friendliness. If you’re a newbie to the world of cryptos, the NFTX trading platform can seem quite complicated. There’s a learning curve if you want to grasp how the protocols work and what it has to offer to users.
How to sell an NFTX
You can sell an NFTX with the same crypto exchange you have bought it through:
- Sign in to the crypto exchange you have your NFTX on.
- In case you store NFTX in a digital wallet, make a comparison of crypto exchanges to sell it.
- Place a sell order.
- Pick up the amount of NFTX you want to sell.
- Finish your transaction.
- Close your sale of NFTX.
Owned by the community, NFTX allows its users to access the NFT market. With this, followers can split NFTs without hindrance. The protocol facilitates the splitting of an NFT into ERC20 tokens and the formation of index funds using many actions of multiple NFTs.
In this way, the network creates tradable ERC20 assets in decentralized financing for each NFT. As of now, the NFTX network has over 28.97 million locked tokens and around 5,459 NFTs. Protocol vaults include Cryptokitties, Hashmasks, and CryptoPunks. The network assigns each of the vaults a pair of 1: 1 token.
Additionally, the protocol differentiates the ranks of NFTs when dealing with similar tokens. The network has upgraded its UX interface and decentralized protocols following version V2. The upgrade made Vault creation easier and added a 5/0/5 fee rate, decided through users’ DAO.
Also, non-fungible token users can add ERC20 NFTs to a liquidity pool through SUSHI and stake their NFTs. The network uses the Liquidity Zap with an issue fee of 0% to encourage the addition of non-fungible tokens to the protocol. The keystroke features reduce monetary barriers to entry for clients as they add more value to the protocol.
Fragmentation of NFTs market
Platforms like Masterworks divide the arts into stocks before marketing them as commodities. Meanwhile, NFTX offers an unzipped NFT marketing model that helps create a floor price for non-fungible tokens.
It also prompts their perception of being like the DeFi protocol. In this way, users can generate passive income through staking. The company has created a communication model to educate the masses as NFTs target global acceptance.
NFTX recently saw lucrative sessions drop from $ 61 on July 20 to $ 260 in the first sessions in August. Additionally, the asset outperformed existing tokens, strengthening the perception of NFTs in the market. Meanwhile, NFT tokens tied to ERC20 like PUNK and MASK rose as the NFTX network maintained an increasing trend. As the NFT boom appears to be resurfacing, platforms like OpenSea are connecting investors to NFTs. In this way, the fractional market sees its valuation increase.
There are several ways to buy NFTX. For example, you can buy it directly from another individual on the web, but this can be dangerous since the identity of the seller cannot be traced to the cryptocurrency. Many find it easier to buy it from an online bureau de change.
However, to date, it is not possible to buy tokens from NFTX directly. You have to go through a cryptocurrency exchange platform that accepts Euro (€), to buy Bitcoins (BTC). Subsequently, we will use these Bitcoins to exchange them for NFTX.
How to Invest in an NFTX?
NFTX is one of the NFTs tied to the Ethereum blockchain. Unlike usual cryptocurrencies, each of these tokens has unique properties.
Indeed, they essentially represent digital objects, in particular video or audio files or even an image.
In summary, NFTX is characterized by the 3 points:
- Digital object
- Link with the Ethereum blockchain
- Each token has its own exclusive characteristics.
There are 2 ways to invest in an NFTX:
- Buying: There are many platforms today that offer non-fungible tokens or NFTs for sale. Just register and select the crypto arts you are interested in and buy an NFT token.
- Creation: You can also create your own digital works of art and tokenize them. You then receive percentages on each resale in the future.
Good to know: It is entirely possible to tokenize something other than digital works of art. Twitter co-founder Jack Dorsey, for example, recently tokenized the first tweet on the social network, which was his own, and sold it for nearly $ 3 million.
5 NFT Platforms to Buy NFTX Tokens
Although anyone can create NFTs and NFTX among the rest, buying is a more convenient option for the general public. Indeed, it is sometimes difficult to find a place in the market if you are not yet known. We show you what to do to acquire non-fungible tokens.
Buy Ethereum: As non-fungible tokens are mainly linked to the Ethereum blockchain, payments are made in ETH.
Transfer your funds to an Ethereum wallet.
Access an NFT sales platform, select the asset you are interested in and buy an NFT token.
Please note: The steps to follow to purchase an NFT may vary by platform. Also, be sure to opt for a wallet compatible with the marketplace you have chosen.
- OpenSea: A diversified choice of NFT
- Nifty Gateway: Several payment methods are available
- SuperRare: A real social network
- Rare: Options to buy artistic digital assets
- NBA Top Shot: For the acquisition of collectables under the NBA license
Learn more about each platform in the following sections.
1. OpenSea: A Diversified Choice from NFT
OpenSea is one of the most popular NFT platforms today. This marketplace provides you with more than 700 non-fungible tokens representing several categories of assets, including works of art, virtual worlds, music, and even collectables.
OpenSea also offers exclusive tokens such as Decentraland or CryptoKitties. Finally, it gives you the opportunity to create your own NFTs and sell them.
2. Nifty Gateway: Several Payment Methods Available
Nifty Gateway is the NFT platform owned by the Gemini exchange. Particularly secure, it works with many well-known artists such as LOGIK or even Grimes. The latter sell their works of art on the primary market.
The secondary market is reserved for the resale/purchase of collectables. On Nifty Gateway, you can deposit funds in ETH or fiat currencies using a credit card.
3. SuperRare: A True Social Network
The NFT SuperRare platform is like a social network dedicated to non-fungible crypto tokens. It sells unique and original works made by members of the community themselves. All payments are made in ETH, the native crypto of the famous Ethereum blockchain.
4. Rare: Buy Digital Art Assets
Rarible is an NFT platform where you can buy, create and sell collectables and works of art. It mainly focuses on the artistic category such as photographs, music, or games.
However, you will also find other works there such as memes and domain names. The most interesting thing about this marketplace is that it distributes ERC-20 RARI tokens to its active members.
5. NBA Top Shot: For the Acquisition of NBA Licensed Collectibles
NBA Top Shot is an NFT platform that will delight basketball fans around the world. This marketplace sells digital collectables under NBA license illustrating the strongest moments of the players. For example, on the Lebron James Dunk card, you will find a clip of the player dunking during a game against the Houston Rockets.
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