With so many options of Cryptocurrencies out there how do you choose which one to buy NFTs with?
The answer to this question is actually quite simple, as depending on which blockchain your NFTs are on, will determine which crypto it takes to purchase them. For example, let’s say you have several hundred thousand dollars lying around in USD and you want to purchase a BAYC (Bored Ape Yacht Club). These NFTs were created and minted on the Ethereum blockchain and therefore require you to purchase them in ETH, their respective crypto. You would need to go to a crypto exchange, purchase ETH with your money in USD and then send that ETH to a wallet, such as MetaMask, to purchase the desired BAYC NFTs.
The same goes for NFTs on the Solana blockchain. They require you to have SOL to purchase their NFTs. The process is almost identical. You purchase SOL on an exchange, send it to your wallet, in this case, your Phantom wallet (because MetaMask wallets handle primarily Ethereum, not Solana, while Phantom wallets use mainly Solana) and then mint or purchase your SOL NFTs. This method is the same for almost all NFTs. Cardano requires you to purchase their NFTs in ADA, for Tezos NFTs you need XTZ, etc, etc.
from exchanges to wallets to markets and back.
Now the bigger, probably more important question is, “how do I decide which blockchain I want to purchase my NFTs?” This has several more variables to it. Perhaps you’re attracted to the more popular NFTs on the Ethereum network and you’re not worried about the additional gas fees or Gwei. Or maybe Ethereum is too expensive for your tastes and you want to enter the NFT space for a little less, so you decide to go with Cardano as it’s (current: April 2022) price is significantly cheaper. Or perhaps you’ve read Solana’s network is growing and you want to jump in and be a part of the expanding ecosystem they’re creating. All of these thoughts, and opposing ones, are valid and are ultimately subjective in nature. I have many friends who only live on Solana’s blockchain and never stray and I also have friends who are Ethereum all the way.
As for me, I ultimately decided to dabble in several projects across different blockchains, giving me more versatility and accessibility for the consistently volatile markets that NFTs live in. Here is a link to the Noob2NFTs Favorite NFT Projects page, so you can see which projects I’m involved with or to just keep a watchful eye on. Happy NFT shopping, Noobs!
