How Do I Buy NFT in Singapore This Week?
Do you want to know how you can buy NFT in Singapore? If so, read this post for a step-by-step guide. This post will find about NFTs and their buying guide in Singapore.
NFT has become so common in the digital world and so in Singapore. The generation is so involved in buying, flipping, and projecting NFTs on social media. All with one intention of making profits out of them. Singaporean artists & creators are selling their NFTs for unbelievable prices in the world’s best marketplaces. People are investing in getting these digital assets like no tomorrow.
NFT got fame explosively when Beeple sold his art “Everyday: First 5000 days” for $69 million.
Continue reading, If you are deciding to buy NFT in Singapore.
What is NFT?
NFT was first launched in 2014. NFT, non-fungible tokens, are unique digital assets that can not be replaced. These digital tokens can not be copied because the ownership of the NFT is recorded in the blockchain. NFT is stored on blockchain under the protocol of ERC-721. The ERC-721 standard is designed to create and store NFT in blockchain under certain rules.
Does NFT only art? This is a question that must arise in your mind.
NFT can be anything, including music, arts, gif, memes, games, virtual real estate, etc. If I could tell you about NFTs, tweets are also NFTs. People are buying tweets. Jack Dorsey, the founder of Twitter, created the NFT of his first-ever Twitter post on blockchain and sold it for $2.9 million.
$2.9 million is a huge amount for just a tweet, but it has been sold as NFT. I know it is silly, but you can not deny it.
Ethereum Blockchain: It is used to store the legal information of NFT in the blockchain, which can not be changed. Ethereum saves the original owner ID and authenticity in the blockchain. So, you can download and use NFT but can not change its legal information on the blockchain.
Popular NFT Collections for Buying Today
As we discussed above, NFT can be anything. There are an unlimited number of these tokens. So, it becomes difficult for you to find which NFT Collection is famous before buying an NFT.
Bored Ape Yacht Club
Bored Ape is one of the most famous NFT collections. It is a collection of 10,000 unique NFT arts of “Bored Apes” on the Ethereum blockchain. This collection was generated by artificial intelligence and sold as a limited edition in the market. This collection has sold for over $1 billion. Many celebrities like Stephen Curry and Jimmy Fallon have purchased this collection.
You can purchase these artificially generated bored apes for a big amount If you like them.
CryptoPunks
Another 10,000 unique characters collection can be a big asset in the future if you invest in it. CryptoPunks is a vintage collection of characters that previously sold for very high prices in the past. CryptoPunks are mostly portraits of males and females. This has a rare collection of apes, zombies, and aliens, apart from human beings.
CryptoPunks are also famous because of the involvement of artist Beeple who is well known in the NFT community with a massive following.
Axie Infinity
Axie Infinity is an NFT game that is based on blockchain. In this blockchain base game, users can choose six types of creatures. These creatures(monsters) are called Axie. The game is termed a “play to win”. The users compete with other users’ monsters to win Smooth Love Potions(SLP). Users can trade SLP and use them to level up their axie and put it up for auction. Axie has different attributes. Some of these attributes are very rare.
Axie Infinity structures(called Axie) can be traded like other NFTs on Axie Marketplace. These items are sold for very high prices. In 2021, an Axie monster called “Angel” sold for $1.1 million.
Decentraland
If you want to buy virtual real estate in the metaverse, decentraland is best for you. An Ethereum blockchain powers it. It uses MANA currency instead of ETH.
Decentraland can be traded like other NFTs on the Ethereum blockchain. In decentraland, you can buy virtual lands, apparel, weapons, arts, etc.
If you are interested, you can buy them at Decentraland Marketplace or OpenSea.
Cool Cats
If you love cats and also want to buy digital art of cats, then Cool Cats are for you. Cool Cats is a collection of 9,999 randomly generated NFTs hosted on the blockchain. Cool Cats holders can participate in community giveaways, raffles, and plans.
What to Look Out for Before Buying
The NFT can give profit or loss to an investor. You can not assume exactly that you will get profit from NFT. However, we can look at factors that could help you to invest in the right NFT, which could be profitable for an investor.
Creator of NFT
It is the foremost important factor to check before buying an NFT. It is proven in the NFT market that an NFT collection of famous creators perform well. The best example is CryptoPunk which sold for huge prices because of Larva Lab. Larva Lab was the creator of CryptoPunk.
NFT Price
Price is another factor you need to look at while making a buying decision. A good NFT trades at a reasonable price at the launch instead of years later. Taking the example of CryptoPunk, it was traded for $1 to $34 back in 2017. In 2021 CryptoPunk sold for millions.
Additional Features
Always look for features that organizations provide with NFT. These features are the reason for investment in NFT. Like Moonbirds, NFT organizations provide opportunities to holders to participate in events and plans.
Involvement of Celebrities
This is the most valuable factor for buying an NFT. An NFT collection in which celebrities invest can turn more valuable in the future. It is because of celebrities influence society. People like to invest in following these celebrities.
How to Buy NFT in Singapore?
Buying NFT in Singapore is the same as buying NFT in any other country. For investing, you need a wallet having ETH in it. When you transfer ETH to your wallet, you can buy NFT at the marketplace.
The first time it was very complicated to do all the processes. But for your convenience, we are guiding you step by step.
Step 1- Buy Cryptocurrency for NFT Marketplace
1- Open your eToro account by visiting etoro.com. Provide your Gmail account and choose your username for account creation.
2- Verify your account by providing legal information. Click on the “Profile completion” option and complete KYC checks. To access the full features of the account, provide your I(Passport or driving license) and the address(utility bill or bank statement).
3- After account verification, you need to deposit funds into the account. Choose a convenient payment method; eToro accepts credit/debit cards, bank transfers, and e-wallets for transection. Enter the deposit amount(minimum $10) to transact.
4- Now, you need to buy crypto at the NFT marketplace. Type the name of currency at eToro and trade on it. Put the amount in the order box and click the “Open Trade” option.
5- Set up your crypto wallet for connecting with the NFT marketplace. You can set a wallet at MetaMask or choose any other. There are numerous options available in the market.
6- Finally, download the eToro money app. Log in with your credentials and go to the eToro main dashboard to send investment to eToro money by clicking the “ Portfolio” option.
Step 2- Connect to NFT Marketplace and Buy NFT
You have to transfer funds into your crypto wallet. Now you need to find the NFT marketplace to buy it. There are a lot of marketplaces for buying and selling NFTs. You can go to anyone suitable for you. Crypto and OpenSea are famous digital marketplaces.
You can head towards any market and purchase NFT, which is within your budget. However, you need to go through the account creation and wallet attachment process at any marketplace.
Conclusion On ‘How To Buy NFT In Singapore?’
To summarise, this post is about NFTs, popular NFT collections, and how you can buy NFT in Singapore. The process is similar in almost all the countries. Despite that of what companies in your country have special to offer in the Metaverse. Art, gaming, entertainment, and photography will have a tremendous impact on the Meta world. It is convenient to buy NFT in Singapore through several marketplaces if you’re interested to know about. However, transferring funds is a little complicated for newbies, but you can follow our guide for ease.
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