How to buy an NFT in Nigeria

     How to buy an NFT in Nigeria

NFT is a digital asset that can be purchased and traded online; it stands for non-fungible token.

A non-fungible token according to Wikipedia is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger that can be sold and traded.

Now back to the topic, how to buy NFT in Nigeria. First of all, NFT can be purchased from anywhere in the world, but then you can’t use just your normal country currency, let’s say naira. So the question should be how do you buy NFT? How do you buy NFT art? To do this you ought to have known how to invest in NFT crypto.

There are different types of cryptocurrencies used in NFT, E.G: Ethereum. Let’s say you choose Ethereum, you’ll have to purchase it on a crypto exchange, then transfer the coins to a wallet and connect the wallet to an NFT marketplace. Once you are done with this you can move over to know how to buy and sell NFT.  

In NFT there are different types of marketplaces, but then the original owner of art can sell it on his website before it gets to the marketplace. The most popular secondary market is the open sea, there are other places like Binance but I don’t know how to buy NFT on Binance. 

You may be quick to ask what is opensea and how to buy NFT on opensea. Well, opensea is a general market where NFT can be traded after it has been purchased from the original owner. Once you get to opensea, you’ll see three options on different NFTs, Buy now, place a bid and make an offer.

For a buy now NFT, if you click on it, you’ll follow the steps to be able to purchase it, but then you need to have the extra money in your wallet. There is something called a ‘gas fee’, it is not a fixed fee and it fluctuates over time, but you’ll need it to clear your transaction.

For a make offer NFT, you propose a price to the owner and if it sits right with them, they close a deal.

For the place bid NFT, these are NFTs that are on auction. After each bid, the next bidder has to place an offer at least 5% greater than the previous bid. In the end, the highest bidder gets the NFT if they meet up with the requirements.