Buying NFT’s in Canada — Part 1
Introduction
This topic could end up being a lengthy read and as I was writing it, I decided to break it up into sections to make it easier to follow and digest in bite-sized pieces. Part 1 is just a primer for what’s to follow. I promise Part 2 in less than a week and it will get you on your way setting up your accounts.
Before we go any further, I want to give you the disclaimer that the following information is based on my personal viewpoints and must be taken as such. The information provided is based on my personal experiences and you must do your own research prior to jumping into this extremely volatile and risky endeavor. I am not endorsing any website or service or platform. The ones I mention below are the ones I have personally used and that's about it. May not be the right one for you based on your own research and understanding.
So, you have been hearing about the recent buzz in the media about NFT’s. Like most normal people, you are skeptical at first and then think…. hmm, why not take a peek at what is an NFT? That may eventually graduate to you wanting to dabble your toes in this space, albeit in a very conservative way. The next MDQ (million-dollar question) is, how?
This article is not about explaining what NFT’s are. I will likely cover that in another article. Suffice it to say that NFT’s are digital assets that have absolutely NO tangible value. In this context, tangible is defined as something you can actually hold and feel. NFT’s are not that. Have a read at Investopedia if that interests you.
Introduction to the Process
Before we get into the process of buying NFT’s, understand that most credit cards (if not all) do not allow the purchase of NFT’s or anything “crypto”. Having said that, there are ways around it and I will go through them.
There are a few things you will need to set up and plan for in order to purchase NFT’s in Canada. You will need a minting+trading platform, a form of cryptocurrency wallet, and a platform to purchase cryptocurrencies. Subsequent posts will cover all of these processes in as much detail as I am able to provide.
