Non-Fungible Tokens (NFTs), unique digital assets that run on blockchain technology, are one of the easiest ways to benefit from the web3 economy. In the last three years, popular NFT collections have recorded quick increases in price. So whether you want to earn a quick buck or own a unique digital asset piece, NFTs provide that avenue.
Ethereum is the most popular stop for NFTs and hosts the most popular projects. The blockchain enjoys this status because it was the first to support decentralized apps and NFTs.
However, getting NFTs on Ethereum can be pretty expensive due to its volatile gas fees, which are like transaction fees paid to buy the NFTs. Sometimes, these gas fees cost more than the NFTs themselves.
However, since the launch of Ethereum, several other blockchains have emerged, offering faster and cheaper transactions.
Tezos is one of the popular alternative blockchains to Ethereum and is equally a top destination for people looking to buy NFTs and avoid Ethereum’s volatile gas prices. Low gas prices mean buyers can get NFTs for as low as $10, paying a nominal $0.02 gas price.
How to Buy Tezos NFTs:
Step 1: Create a Wallet
The first thing you need to do is to create a wallet. The wallet is where you will store the NFTs and crypto. While there are several types of wallets you can create, web extension wallets like Temple are easier to create and use.
Temple is one of the popular wallets for storing and trading NFTs and crypto on Tezos. Temple can be installed by visiting www.templewallet.com on Google Chrome or Mozilla Firefox. After installation, you will be taken to a webpage asking to import or create a new wallet. Click on “create a new wallet” if you haven’t created an account before.
It is important to note that Temple is a web extension and can only be used on a browser. Also, the seed phrase generated should be stored somewhere safe to avoid illicit actors hacking your wallet. Check out The Ultimate Guide to Seed Phrase Safety to learn how to protect your seed phrase.
Step 2: Find Where to Buy Tezos Crypto
Like most other blockchains, Tezos has its native currency, $XTZ, which you will use to trade on the blockchain. $XTZ, although not widely known, can still be bought on crypto exchanges. Centralized exchanges like Coinbase and Binance are easier ways to buy $XTZ through.
Step 3: Connect to a Marketplace
Marketplaces on blockchains are where NFTs are listed for sale and traded. Objkt, Teia, Kalamint, and Oneof are some of the popular marketplaces on Tezos. While they don’t have many of the popular NFT collections, there are small to large-scale collections on these marketplaces that might be worth your cash.
Step 4: Find an NFT to Buy
Once you have successfully connected your wallet to the marketplace, purchasing an NFT on the marketplace becomes easy. The NFTs will be listed with their cost in Tezos. If you have identified the one you want, you go back to the crypto exchange you linked your wallet to, buy enough $XTZ to cover the price of the NFT, and transfer it to your wallet.
Once you pay for the NFT, it will show in your wallet. You can also check the transaction on Tezos explorer.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
A blockchain maximalist who believes that technology is necessary for the future we are heading to. An ardent researcher and writer who uses his writings to inform about the prospects in the blockchain space.