NFTs are one of the foundations of web3. This series will introduce NFTs through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFTs from scratch.
This is the sixth article in this series. Previously, we have already discussed how to purchase digital currencies and transfer them to your own digital wallet. In this article, we will learn where to buy NFTs.
There are generally two types of NFT purchases: buying from the project team or buying from the trading market. The former is referred to as buying from the primary market, while the latter is known as buying from the secondary market.
If a project or company sells the first edition (untraded) NFTs to the public, it is considered the primary market. Usually, this is done on the project's official website through "minting." Minting an NFT means that the user interacts with the project's smart contract for the first time to generate the NFT.
The advantages of buying NFTs from the primary market are:
- You become the first owner of the NFT, which is meaningful for those who have strong emotional recognition for a certain type of NFT or NFT creators.
- Price advantage: For popular projects, whitelists or free sales may be opened before the official release. After minting, as market demand increases, the price of the NFT may rise significantly. However, not all NFTs will increase in price after minting. Some projects may have lower prices after minting due to various factors such as insufficient demand or a large number of sellers. Therefore, it is necessary to research before purchasing NFTs to avoid buying worthless ones.
The secondary market is where people can buy or sell NFTs to each other. This market is usually not on the project's website but on platforms dedicated to NFT trading, such as OpenSea.
The next article will explore buying NFTs from the secondary market.
More information:
Here is an excellent 5-minute read about the advantages of primary and secondary NFT markets: NFTs 101: Primary and Secondary Markets
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