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April 25, 2022

NFT Deep Dive: Where do I browse and buy NFTs?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

By now, you’ve probably asked yourself: Everyone’s talking non-stop about NFTs, but where can I actually see one with my own eyes?

Welcome to the strange new world of NFTs which we'll cover in more depth in this week's mini series.

A great place to start are NFT marketplaces. You’ll see what’s popular, and can sort by price, just for fun. The largest of the marketplaces is “OpenSea.com”, “sea” spelled like the ocean. There, NFTs are usually organized by collections of similar artwork from the same creators. 

Spend some time on it and you’ll notice a couple of strange things – because NFTs are publicly accessible, an NFT doesn’t have to be listed for sale to get bids. For example, you can see all 10,000 cryptopunks, and if you have the spare change, even try and snag one.

Before you do that though, notice the little diamonds in front of the prices? That’s right - the prices are in Ethereum, not Dollar… And each Ethereum is worth over $3000 right now.

But even if you found something affordable you like – keep in mind every bid costs you a few hundred dollars in Ethereum transaction fees, whether you win or lose that bid.

That’s why buying NFTs on Ethereum is only useful for very expensive items, where  a few hundred for fees don’t matter. Other blockchains are more efficient. For example, take a look at Solsea.io, a similar marketplace for Solana-based digital artwork.

With that – happy NFT browsing! And stay tuned for the next episode tomorrow, where we dig deeper into NFTs.

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