Blockchain / Art

I Tried To Buy an NFT and Regret It

Here are the basics I should have known

Photo by Alexander Schimmeck on Unsplash

I am new to the topic of blockchain & cryptocurrencies.

A few minutes ago, I wanted to buy an NFT since I heard about the hype. Stupidly, I tried it before I did any research.

Here is what I should have known.

With what to pay at all?

Unlike real trading cards, artwork and music, NFTs are not usually paid for with fiat currencies. Fiat currencies are money issued by governments — euros, dollars, yen.

NFTs, on the other hand, are usually paid with cryptocurrencies, especially Ethereum. If you thought that buying an NFT is so easy, I have to fail you.
That was my first disappointment, too — I had to buy some Ether first.
But it got worse.

The fees

I bought the cryptocurrency Ether on the platform Binance — in total for $35.
So far, so good. To buy an NFT with it, I need to transfer that amount to a local wallet in my browser — but I forgot about the transaction fees.

Transferring from one wallet to another works through the Ethereum network. Such a transfer costs…