NFTs or Non-Fungible Tokens are growing in popularity day by day. And I guess you know about many trending NFT projects, like Bored Ape NFTs or Crypto Punk NFTs etc. In this blog, you will learn how you can buy or sell nfts if you are in Pakistan.
Things You Need Before Buying NFTs:
Before buying NFTs you will need 2 things:
- A Crypto Wallet
- Crypto Currency( Ethereum & Solana)
There are plenty of crypto wallets available on the market for you to select. But here will discuss the 2 most popular wallets. Those 2 popular wallets are
- MetaMask Wallet (for Ethereum)
- Phantom Wallet (for Solana)
To buy nfts of course you will need cryptocurrency. Ethereum and Solana are two major cryptocurrencies which are used in buying and selling nfts. To get cryptocurrency in Pakistan you can use Binance, Kucoin or bybit to buy crypto. All these exchanges provide you will a P2P option where you can contact the seller and you will transfer the money to his Easypaisa, JazzCash or Bank account and he will deposit the crypto in your exchange wallet.
NFTs Buying Process:
Now you know what will you need. So let’s start the process. First of all, add Metamask or phantom as an extension in your chrome browser. After adding the extension you will click on the extension and start the account-creating process on the wallet. You will provide basic details, you will set up the password for your wallet. During the wallet creation process, you will be shown a private/secret key or phrase. Note down that secret key or phrase on a piece of paper or a notebook and backup it.
Note: If you forget your password and you don’t have the security phrase or key then there is no way you can recover your cryptocurrency. You will be permanently locked out of your crypto wallet and you cannot recover your crypto. Even the meta mask or phantom will not be able to help you recover.
So make sure you save the key. Plenty of videos are available on youtube to watch on the complete wallet creation process. I will add a video below for you to see.
As I told you above you can use binance or other exchanges to buy crypto. Once you bought crypto, especially Ethereum or Solana, you will need to transfer that crypto into your meta mask wallet as we will be going to use the wallet to buy or sell nfts. I attached a video below for you so you can watch the process.
Now after this process the Ethereum will be shown in your meta mask wallet.
Now the 3rd and last step is going to nft marketplaces to buy or sell nfts. The most popular Ethereum-based nft marketplace is opensea.io.
Go to opensea.io and click on the profile icon on the top right side. And will take you to the wallet selection screen.
Now log in using metamask wallet. After login, visits or navigates to any nft project. Here you can see the price of nfts, total volume, total items, floor price and total owners.
Click on any nft and now you can see the price and other details with the buy now button. Click on buy now and it will open the metamask wallet and you can complete the process of buying there.
Selling NFTs from Pakistan:
The process of selling nfts is completely the same. You will need to connect the metamask wallet with the nft marketplace to receive crypto on successful nft selling and click on create a button as you can see below.
You will a screen like the above. Here upload your nft image set price, add properties and description and give it a name and you are good to go.
Note: Selling nfts on the Ethereum chain is expensive. The GAS fee varies a lot. It varies a lot like from 50$ to $500+, just to list your nft for selling on the marketplace. Solana on the other hand is very cheap. Solana’s GAS fee is usually near $1.