NFT Index (NFTI) is a leading cryptocurrency with consistently-improving prices and high demand. NFTI is available in most centralized and decentralized exchanges (DEXs) using a Metamask wallet to store ETH and your NFT.
To take advantage of NFTI price actions and other indexes available in the marketplace, you can learn everything you need in this short post on how to buy NFT Index.
NFTI: A Background
NFT Index is a digital asset index that tracks eight of the top NFT assets currently available in the market using each asset’s weighted price according to all available circulating supply. Currently, it has 2,230 NFTI coins circulating with no determined maximum supply. NFT Index focuses on NFT projects with continued developments and commitment to its communities.
NFTI tracks the following NFT assets:
● Polygon (Matic)
● Enjin
● Decetraland
● Sand
● Axie Infinity
● Aavegotchi
● Rarible
● Meme
Alternative: RHNI
Red Hare NFT Index (RHNI) is an alternative to NFTI in function and capacity. It tracks top-performing NFT assets to give investors accurate barometric readings on general market sentiment and the overall performance of NFT assets. RHNI is not yet available in most centralized and decentralized exchanges, but its adoption will soon increase in the coming years as it becomes a reliable tool for price discovery and beyond.
With these two NFT Indexes fully understood by you, here are the steps to buy your very first NFT in the marketplace.
Choose a Marketplace Wallet
You can choose between a centralized or decentralized exchange to start purchasing NFT Index.
Centralized marketplaces like Coinbase and Binance give you an account with a ready-made “hot” wallet where you can exchange your fiat money into Ether (ETH), the cryptocurrency and protocol NFT collections primarily use. It costs nothing to create an account on centralized exchanges, and you won’t face too many challenges understanding how to trade because of their streamlined tutorial.
DEXs requires you to create your own wallet and find a peer in many decentralized exchanges, such as Gemini, Uniswap, Pancake Swap, and Quickswap. Keep in mind that DEXs do not have any streamlined approach, meaning you’ll need plenty of research to see it through.
Store Your Recovery Phrase
Your wallet will have a recovery phrase using 12 random words. You can store this key phrase in an offline wallet (called a cold wallet). Otherwise, memorize and never share this phrase with anyone, not even with people claiming to be from exchanges or authorities in the exchanges.
Plan for ETH Network Fees
Ethereum miners use their high-powered machines to process your transactions. Their machines’ calculations can become complex, so set aside some cash for these gas fees. Ethereum processing fees and speed will increase or decrease at any time of the day, depending on the complexity involved.
Buy and Transfer ETH
Your centralized exchange can turn your fiat money into ETH. Find the “deposit” option or anything equivalent to fund your wallet and purchase ETH that you can store on your hot wallet. For decentralized exchanges, you’ll need to buy ETH from peers you can find in the exchange.
Use ETH to Buy NFT Index
Now, you can head to various NFT exchanges, purchase NFTI, and send it straight to your centralized exchange wallet. You can use a Metamask wallet to store NFTI tokens if you’re using a decentralized marketplace.
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