Buying and selling NFT in UAE – The Easy Guide

If you are comfortable with hazardous investments or simply wish to buy NFT because you feel its value will increase over time, here is a simple, step-by-step instruction on how to buy NFTs in UAE.

First, What Are NFTs:

A non-fungible token is a digital asset maintained on the Ethereum network that verifies the authenticity and uniqueness of a given asset.

To simplify the notion, let’s imagine you received a pair of Adidas sneakers that were made just for you.

You also possess an official online certificate from Adidas stating that this pair of sneakers is one-of-a-kind and unique.

Similarly, NFTs are exclusively developed digital assets (e.g. animations, graphic designs, GIFs, audio files, memes, and even tweets). Like your Adidas sneakers,

A digital proof of authenticity makes non-fungible tokens desirable to collectors.

How To Buy NFTs From UAE:

If you are looking to buy NFTs from the UAE, then you need to follow the below steps.

1. Open an Account with a Crypto Exchange

If you do not yet have an account with a cryptocurrency exchange, click here and sign up. If you don’t know how to sign up, you can watch our video on our YouTube channel through this link.

2. Buy Ethereum

Since the majority of NFTs are tokens based on Ethereum, the majority of marketplaces for these collectibles only take ETH tokens as payment.

You can acquire Ethereum using your exchange. You are not required to purchase an entire Ethereum; you can purchase fractions and sections.

3. Create a MetaMask Wallet

• You can download the Meta Mast wallet app and create a wallet on your phone.

Here is how to set up and install MetaMask on mobile devices:

1. Download the MetaMask app from Google Play or the App Store
2. Click on the “Get Started”
3. Select “Create a Wallet” and create a strong password
4. Write down your Secret Backup Phrase on an external paper so you can restore your wallet if it got removed.
5. Confirm your Secret Backup Phrase to ensure you have it correct

Here is how to set up and install MetaMask on a desktop browser:

1. Download and install the MetaMask extension for your browser
2. Click on “Get Started”
3. Select “Create a Wallet” and create a strong password
4. Write down your Secret Backup Phrase on an external paper so you can restore your wallet if it got removed.
5. Confirm your Secret Backup Phrase to ensure you have it correct

<4. Transfer Your ETH to Your Metamask Wallet

The ETH you purchased on the exchange needs to be transferred to your Meta Mask wallet now. Make sure you have enough Ethereum to buy the NFT you desire.

5. Choose a Marketplace

You have to decide which NFT marketplace you want to buy from. In this article, we’ll teach you how to buy NFTs in the UAE using OpenSea, one of the several marketplaces where you may buy NFTs.

How to buy an NFT on OpenSea:

• Go to OpenSea.io and connect your Meta Mask wallet by clicking on the wallet icon on the top right of the page

Click “connect” in Metamask after selecting Ethereum from the drop-down menu.

Once you’ve connected your Metmask wallet, go to the Market.

Thousands of NFTs can be found in a marketplace.

The NFTs can be sorted by category using the left-hand panel (e.g. art, sport, trading cards, etc.).

• Once you find the NFT that you want to buy, click on it.
• The price will be in ETH, but it will show you its cost in USD as well. If you are ok with the price, click “Buy Now.”
• You will be prompted to sign into your Metamask wallet. Click on “Sign in” and type in your credentials.
• A “Complete checkout” window will appear showing you the total price of the NFT. Tick the “Terms of Service” box.
• Click on “Checkout.” A Metamask window will pop up giving you information about the Ethereum gas fee you’ll have to pay in addition to the NFT.
• You’ll be taken to a page titled “Your transaction has started.” There will be a link that says “View on Etherscan.” If you click on it, it will give you information on the progress of your NFT transaction.

There is nothing to be concerned about if your transaction is not completed right away. Transactions on the blockchain might take anywhere from a few minutes to many hours to be accepted.

Your NFT can be viewed by browsing to your profile symbol and selecting “My collections” on OpenSea.

Once the transaction is completed, you are the legal owner of the NFT. Alternatively, you can move the cryptocurrency to your MetaMask wallet and keep the funds safe there until someone offers you a deal.

Pros and Cons of NFTs:

Before NFTs, verifying the authenticity of digital media was challenging because anyone could copy and paste any file.

There are advantages and disadvantages of using NFTs.

Pros

• NFTs make it easy to buy and sell digital media online.
• The blockchain technology makes it easy to verify authentic artwork and digital ownership.
• NFTs can make collectibles such as trading cards more interactive and engaging.

Cons

• The NFT spike has made prices for many collectibles extremely expensive, and they may lost their value in the future.
• Such as cryptocurrency, If you don’t store your NFTs properly, they may be at risk for being hacked.

Bottom Line:

A fantastic method to broaden your investment horizons is to put your money into NFTs in the United Arab Emirates. As a result, it’s important to be aware of the hazards involved with investing in NFTs.

If you buy NFTs, there is no assurance that their value will rise, and you could end up losing some or all of what you paid. If you don’t already know, make sure that you have a wallet that’s compatible with the platform you’re using, and that you know what currencies are accepted in any market.

Consider NFTs as an alternative investment, akin to collecting collectibles, if you have some spare cash.