The sports industry is expected to grow to $623.63 billion by 2027, and sports NFTs is a new, rapidly growing part within this market. These unique digital assets can be verified on a blockchain and represent various sports items, such as sporting moments and digital memorabilia. Owning a sport related NFT allows fans to have a unique piece of their favorite athlete or team, and they can even be traded on various NFT marketplaces for potentially high profits. But how to buy sports NFTs?
In this blog, we will guide you through the process of purchasing sporting NFTs step-by-step.
Step 1: Get a crypto wallet (if needed)
To buy and sell NFTs, you often need a crypto wallet with cryptocurrency to facilitate your purchases. If you don't have one already, you will need to set it up to store your tokens. Ethereum (ETH) is the preferred token for most NFT marketplaces, so it's recommended that you have ETH in your wallet to purchase NFTs. However, some marketplaces allow you to buy an NFT, even with credit and debit cards, Apple Pay, and more. For example, on the MO:ME:NT marketplace, you can purchase a Sporting NFT just by paying with your credit card. We'll automatically set you up with a crypto wallet while registering.
Step 2: Choose a Sports NFT marketplace
The next step is choosing a marketplace to purchase sports NFTs. Each marketplace has unique features and offerings, so it's essential to research and choose one that aligns with your interests. For example, NBA Top Shot offers digital collectibles featuring NBA players and moments, while Sorare is a platform for collecting and trading digital soccer cards. Our platform, MO:ME:NT, features sporting NFTs minted live as and when they happen, exclusively for sports enthusiasts, collectors, and brands. To learn more about the sports NFTs marketplaces and what they offer to users, check out our latest blog.
Step 3: Create an account
Once you have chosen a marketplace, the next step is to create an account. This usually involves providing personal information, like your email address, creating a username and password, and completing any necessary verification steps. Read the terms and conditions carefully before creating an account, and ensure you understand the platform's fee structure. Once you've signed up for an account on your preferred NFT marketplace, linking your digital wallet to your account is the next step. By doing this, you'll be able to conduct transactions on the NFT marketplace.
Step 4: Browse the marketplace
Once your account is funded, you can begin browsing the marketplace for sports NFTs. Most marketplaces offer various options, including player cards, game-used items, and other collectibles. It's essential to take your time and do your research before making a purchase. Look for NFTs in high demand or with a special value for you as a fan, for example, the NFT commemorating the victory of your favorite football team. You can also use the marketplace's search feature to find specific NFTs or filter the listings based on your preferences.
Step 5: Place a bid or buy now
Once you have found an NFT you're interested in purchasing, you can place a bid or buy it now. If you place a bid, you will need to enter the amount of cryptocurrency you are willing to pay for the NFT. When the auction ends, and you have set the highest bid, the marketplace will initiate the purchase process. The bid amount you offered will be deducted from your wallet along with any additional fees charged by the marketplace. If you buy now, you will need to enter the total amount of cryptocurrency required to purchase the NFT. Once the transaction is complete, the NFT will be transferred to your account.
Done! You are now an exclusive owner of a Sports NFT.
Upon completion of the transaction, you become the owner of your NFT. This grants you sole ownership of the digital asset you acquired. Although duplicates of the asset may exist online, the one you own is authentic, and its blockchain characteristic allows easy verification of your ownership of the NFT. Once you become an owner, you can store it as a part of your collection, trade it or use its additional utility (if provided), such as exclusive access to an event and more.
Factors to Consider
When choosing an NFT marketplace, it's important to consider factors such as fees and commissions, rules and procedures for buying NFTs, security measures against scams, and your purpose for buying NFTs. Look for marketplaces with reasonable fees and an easy-to-use interface and adequate security measures. If you're looking to invest in NFTs, focus on rare and popular pieces, while if you're adding to a personal collection, the critical factor is your interest in the piece and its value for you as a fan.
Conclusion
Sports NFTs allow fans to own unique digital assets representing their favorite athletes and teams. By following this step-by-step guide, you can purchase Sports NFTs and become the exclusive owner of a digital collectible associated with sports. With proper research and consideration, purchasing sports NFTs can be a fun and potentially profitable venture for sports enthusiasts and collectors alike.
Sources: https://www.businessinsider.com/personal-finance/how-to-buy-nfts?international=true&r=US&IR=T
https://www.finder.com/nfts/nft-sports https://influencermarketinghub.com/how-to-buy-an-nft/#toc-4