What to Know Before Purchasing an NFT

This morning I took the plunge and bought my first NFT, here is what I learned

After weeks and weeks of lurking, I finally found it in me to jump in and buy my first NFT, this fellow above from the I’m Frank Season 1 collection. Being a complete crypto/NFT newbie it was a learning process to be sure.

Here is what to consider when buying your first NFT.

The sticker prices aren’t really the final cost

When looking through NFTs on opensea.io it is important to note that while the floor price may be low, you are not only going to pay the floor. There are always fees involved.

For example, I was looking at Roo Troop (I still am), which is based on Etherium blockchain, and the price was .02 eth, or around $70. I got super excited and was like, man I have 250 bucks, I am going to pick up 3 of these bad boys at the floor.

Not so fast.

I clicked buy now only to be hit with “Gas rates are exceptionally high right now,” and discovered that I would pay around $240 total for my NFT, not 70 bucks. Over 3x what I was hoping to pay. This is because miners are able to charge fees based on demand in the market, buying at a busy time means higher fees. I was…