The marketplace for art and collectibles has experienced a change as a result of the invention of Non-Fungible Tokens (NFTs). If you are a prospective Nigerian creator, investor, or an NFTs enthusiast, you might be thinking about how to get started with NFTs.
As a Nigerian, looking forward to being an NFTs creator, investor, or trader, this content will be providing you with a piece of well-detailed information on how to get started with NFTs, and also address potential issues related to NFTs.
1. Education And Research-Making:
It is important to do extensive study and educate yourself on the fundamental of NFTs before considering the NFTs marketplace. Understand the various NFTs (these are; music, art, collectibles, virtual real estate, etc), the underlying blockchain technology, and the merit and demerit associated with each other.
2. Understanding NFTs:
There are distinct digital assets that signify ownership or provide evidence of the genuineness of a certain good piece of content. NFTs are indivisible and unique in contrast to fungible cryptocurrencies like Bitcoin or Ethereum, which may be traded for one another. They are created utilizing blockchain technology, which guarantees security, transparency, and immutability.
3. Purchasing Ethereum:
Since most NFTs are built on the Ethereum blockchain, you will need to get cryptocurrency to participate in the NFT market. The most common cryptocurrency is Ethereum ($ETH). Use your local currency (Use Naira as a Nigerian to purchase Ethereum from any P2P platform, for example; Binance P2P, Kucoin P2P, etc).
4. Create A Wallet:
You will need a digital wallet that accepts Ethereum-based tokens to get started with NFTs. The most popular ones are; Coinbase wallet, metamask, and Trust wallet. Set up your wallet and securely safeguard your recovery phrase and private key.
5. NFT Marketplace:
The NFT marketplace serves as a platform for the purchase, selling, and trading of NFTs. Several well-known NFTs marketplaces are; Rarible, Opensea, SuperRare, etc. Open an account on any of the listed marketplaces either one or more, carry out the necessary verification processes, and link your wallet to it.
6. Buying And Selling Of NFTs:
When you have identified an NFT that you are interested in, place a bid on it or, if it is readily available for purchase right away, buy it straight. Make sure your wallet has enough transaction fees for minting or buying NFTs. Follow the marketplace listing, price, and advertising rules if you are thinking about selling NFTs.
7. Navigating The Market:
Analyze the marketplace to find the NFTs that suit your criteria. Examine the various collectibles, categories, and artists. Investigate the artists’ history, previous sales, and reputation in the community as part of your due diligence. To learn more and meet with like-mind people who share your interests, think about participating in community forums and social media platforms.
8. Tax And Legal Regulation:
Regulations and tax considerations may become relevant as the NFTs market develops. Consult with legal and financial professionals to understand your rights, obligation, and any tax liabilities related to purchasing, selling, and trading NFTs in Nigeria.
9. Creating And Minting NFTs:
You can create your NFTs and mint them yourself to share your work with a global audience if you are an artist, musician, or content creator. Research websites that allow creators to mint NFTs, such as; Rarible, Mintsble, and Foundation. Make sure your digital content adheres to the platform rules, write an engaging description, tag it with a price, and mint your NFTs.
10. Join NFTs Communities:
Engage yourself in NFT communities, forums, and social media groups to meet other NFT enthusiasts, gain knowledge from seasoned investors, innovators, and keep up with the newest developments and possibilities in the Nigerian NFT ecosystem.
While in Nigeria, before getting started with NFTs you have to engage yourself in proper research, education, and practical steps to navigate through the NFT market. You can take part in this advanced digital revolution by creating your wallet, analyzing a good NFT marketplace, learning about the fundamental of NFTs, and possibly creating your NFTs. To get the most out of your NFT journey in Nigeria, inform yourself, conduct due diligence, and adapt to the NFT ecosystem.