How Can I Buy NFT In Nigeria In 2022

Nigerians are not left out in the buzz about NFTs in our world today. If you haven’t heard about this latest investors’ favorite called ‘Non-Fungible Token’, you can learn more here.

Digital files in form of artworks, texts, mp3, mp4, GIFs, and so on are being sold by owners at a huge price that can’t be replicated.

In this post, we’ll learn how to buy NFT, especially if you are in Nigeria.

What are NFTs?

NFTs are Non-fungible tokens that are unique and non-interchangeable units of data stored on a digital ledger called the blockchain. The blockchain is a digital database underpinning cryptocurrencies such as Bitcoin and Ethereum.

NFTs are non-fungible meaning that they are unique and not mutually interchangeable. This also means that no two NFTs are the same.

How To Buy NFTs

NFTs have been a huge payoff for artists, investors, musicians, influencers, companies, individuals, and so on. Jack Dorsey‘s first tweet sold $2.9 million while a video clip of basketball player, Lebron James‘ slam dunk sold for over $200,000. Nigerian artist, Jason Osinachi, is one example who has earned big in NFT is Nigeria.

NFT art

If you want to be a buyer of this digital pieces, then you’ll need to buy with crypto coins or in USD. You’ll also need a crypto wallet (ETH) to buy NFTs. There are many ETH wallets out there which once you install allows you to store ETH & ETH-based tokens.

You can fund your crypto wallet with a dollar or pound dominated Master/Visa card to buy tokens. P2P platforms also allow you to buy tokens with your naira card in Nigeria. When you send naira to a peer/trader, you’ll receive the equivalent of your amount in tokens to your digital wallet.

You’ll then need to explore the marketplaces to buy NFT. Some of the most popular NFT marketplaces include OpenSea, Mintable, Nifty Gateway and Rarible.

How To Buy NFT In Nigeria

The steps below is what you need to buy NFT in Nigeria.

Step 1 – Create An Account

Kucoin is regarded as one of the most popular platforms in the world. Characterized by massive benefits, it is very simple to buy NFT on Kucoin. Similar to regular currency trading, you pay a small fee on every trade you make at excellent rates. After the purchase has been made, you have the option of either sending it to your crypto wallet or keeping the coins online.

1.1 Create a Kucoin Exchange account.

1.2 Secure your account with 2FA. This will help to prevent other people to get access to your account.

Step 2 – How Much Of NFT To Buy

Cryptocurrencies are interesting such that they can be divided while you buy a few pieces. Like this, you can own your piece of NFT with the capacity to use or hold it.
It is good and safer to start trading with a small amount of Nigerian Naira to gain confidence about the process of buying NFT and then scale up your transactions and buy more NFT.

Step 3 – Payment Methods Of Buying NFT

With Kucoin, there are over a hundred payment methods to make a money deposit and buy NFT. Select your local currency and your preferred payment method. They also provide the most used payment options like Credit Card, Bank transfers, and PayPal.

Step 4 – Buy First NFT From Nigeria

On the crypto platforms like Kucoin, you might not be able to make purchases of all coins directly with fiat currency, hence stable coins like Tether are created by the exchanges.
These stable coins are cryptocurrencies you can buy and later exchange for your preferred currency. Before buying your preferred coin, it is advisable to look-up up what coins are paired to the coin you want to buy.