As digital currencies are gaining ground across the globe with their use and utility, big innovations are coming through using blockchain technology. More recently, NFT which has reportedly been in existence since the mid-2010s has gained traction, especially among creative professionals, and is said to be the next big thing after cryptocurrencies such as Bitcoin and Ethereum, which are fungible.
However, Nigeria is not exempted from the NFT wave as practitioners in the country’s creative sector are already leveraging on the prosperity to make fortunes. To this end, it is important to have a lucid knowledge of how to buy NFT in Nigeria with a step-by-step process. When you follow these steps you then become an NFT buyer. To buy NFTs, you will be needing an ERC-20 token-supported wallet and some funds in it. Platforms, where one can buy NFTs, include Kucoin, OpenSea, Enjin, etc.
Table of Contents
Step 1 – Create An Account
Kucoin is regarded as one of the most popular platforms in the world. Characterized by massive benefits, it is very simple to buy NFT on Kucoin. Similar to regular currency trading, you pay a small fee on every trade you make at excellent rates. After the purchase has been made, you have the option of either sending it to your crypto wallet or keeping the coins online.
1.1 Create a Kucoin Exchange account.
1.2 Secure your account with 2FA. This will help to prevent other people to get access to your account.
Step 2 – How Much Of NFT To Buy
Cryptocurrencies are interesting such that they can be divided while you buy a few pieces. Like this, you can own your piece of NFT with the capacity to use or hold it.
It is good and safer to start trading with a small amount of Nigerian Naira to gain confidence about the process of buying NFT and then scale up your transactions and buy more NFT.
Step 3 – Payment Methods Of Buying NFT
With Kucoin, there are over a hundred payment methods to make a money deposit and buy NFT. Select your local currency and your preferred payment method. They also provide the most used payment options like Credit Card, Bank transfers, and PayPal.
Step 4 – Buy First NFT From Nigeria
On the crypto platforms like Kucoin, you might not be able to make purchases of all coins directly with fiat currency, hence stable coins like Tether are created by the exchanges.
These stable coins are cryptocurrencies you can buy and later exchange for your preferred currency. Before buying your preferred coin, it is advisable to look-up up what coins are paired to the coin you want to buy.
It is a probable envision that NFTs will continue to accrue investors with their popularity as the world fully accepts digital currencies and digital assets. Moreover, regulation of NFTs and other digital assets will continue to be a topical discourse amongst regulators around the world, even as there is a need for regulators in Nigeria to frame up policies that will be at a bottleneck with different innovations in the crypto space.