In this post, I am going to show you how to buy a Bitcoin NFT. You’re going to see the process step-by-step in a simple method that everyone can understand. The NFT party is already kicking, but its still early. Most people still aren’t aware of what NFT’s are, or the disruptive effects they will not only have in the world of art, but on our entire financial system.
For those of you who may not be sure of what an NFT actually is. “NFT” is an acronym that stands for non-fungible token. It means that what you now own is exclusive, and unique, even though it can be readily seen and enjoyed by many others (when it comes to digital art, anyone with WiFi can view and enjoy it). Well, if it is available for everyone, then what’s the upside for those who own an NFT?
The ownership of that digital art by that person is now recorded and certified on the blockchain. They now retain digital ownership rights to that meme, punk, penguin, or whatever is hot in the NFT streets right now. Depending on several factors including the popularity and rarity of a particular NFT. Just like pulling up in a Lamborghini or wearing a Rolex, that can be a pretty huge flex.
Why Bitcoin NFT’s on Stacks?
Stacks NFT’s are secured by the Bitcoin blockchain. Interest in Bitocoin NFT’s has exploded. With Stacks, Bitcoin is no longer simply a store of value, it now has utility. We’ve seen some amazing artwork so far. As an added bonus, you’ll never deal with those gas fees that jacked up the transaction costs for Ethereum NFT enthusiasts.
Where can I Buy Bitcoin NFTs?
You can get them at Byzantion.xyz or Gamma.io. Go ahead and look for something that suits your tastes and your budget. Want to get in the NFT game for less than an Andrew Jackson? Check out Stacks Pops. Have a love of Game of Thrones? ByteFighters is the move. You’ve got the bankroll to ball out? Bitcoin Birds. You’re a fan of Star Trek and SeaQuest 2032? Try Space Whales. You get the idea.
Here’s how to buy a Bitcoin NFT step-by-step. We used this same method to buy our own Bitcoin NFT’s including this Miami Degen, which now doubles as our website logo:
Before you do that, you have to fund your wallet. Here’s how I did it:
How to Buy a Bitcoin NFT:
Funding your Hiro Wallet
- You need a wallet to purchase NFT’s, so I installed a Hiro Wallet at Hiro.so and added it to Google Chrome on my desktop. The process took seconds and was very quick and painless even for a total rookie. They will give you a 24 word seed phrase that will be the “keys” to your wallet, should you ever forget your password. New people, please take note, DO NOT LOSE THIS and do not give it out, ever. Only you will have this key and this is the only method to recovering your wallet. You should keep this written somewhere safe where only you can access it.
- I transferred some of my Stacks crypto (STX) from my OKCoin account. You can purchase STX on KuCoin and OKCoin. We prefer OKCoin and you can get $50 of Bitcoin by clicking on this link (for details, read our message at the end of this blog).
- On OKCoin choose Withdrawl. On the Select Currency tab choose STX. For Method choose On-Chain.
- Go back to your Hiro Wallet and click “Receive.” A very long Wallet ID will pop up, just click copy.
- On OKCoin paste that long number into the STX Address you are sending it to.
- Choose the amount you will send. Whatever the floor price is, you’ll need to send more than that depending on the Bitcoin NFT you have in mind.
- Click Trading Account. It will show a Network Fee of 0.5 STX (around 70 cents as of today). Another side note: This is incredibly inexpensive compared to the ridiculous gas fees that you can incur on the Ethereum blockchain.
- I like to re-check my details prior to transfers. You can do this by making sure that the first four and last four alphanumeric digits are the same on your Hiro Wallet as it is on the OKCoin transfer link. One digit off and your Stacks disappear into the ether. If you’d like to test it first, send a few STX and make sure it transfers properly.
- Enter your Funds Password and send it!
- Check your Hiro Wallet. It took my STX about 30 minutes to arrive, so don’t worry if it’s not there right away.
- Once your STX arrives in your wallet… time to go shopping!
Okay, so you’ve sent your STX to your wallet. Those steps should only have taken you a few minutes. Now, let’s go shopping for the object of your digital affection.
- Find your Bitcoin NFT of choice on Byzantion.xyz or Gamma.io and click Buy (it will automatically connect to your wallet).
- A new window will pop up outlining the smart contract including Functions and Arrangements. There will be a 2.5% Sellers Commission.
- Once you click Confirm, you will be directed to your “receipt,” if you will. You’ll see all the technical details like the Bitcoin block height, Bitcoin block hash. You’ll also see the “conditions” of the smart contract, an outline of your trade looking something like this:
Transfers no more than (purchase price) STX
Stacks-punks-marketTransfers 1 u (followed by the number of your Stacks Punk NFT)
This basically outlines the terms of the deal executed via smart contract (one reason why NFT’s are about to change our financial systems forever). If and when you’re ready to sell your Stacks NFT, you can list it at either marketplace.
How Do I Buy Stacks Crypto?
STX (and of course, MIA Coin) is now available for purchase on the OKCoin exchange. You can start investing in STX today and receive a FREE $50 in BitCoin for signing up with OKCoin. You’ll get $50 in BitCoin for free and you’ll help us keep this page going. And hey, who doesn’t love free money?
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-The Crypto Trend Analyst Team