What crypto is used to buy NFT

In recent years, Non-Fungible Tokens (NFTs) have gained immense popularity in the world of digital art and collectibles. These unique digital assets are sold and purchased using various cryptocurrencies. In this article, we will explore the most commonly used cryptocurrencies to buy NFTs.

1. Ether (ETH): Ether is the most widely accepted cryptocurrency used to buy NFTs. This is because most NFTs are created and sold on the Ethereum blockchain. NFTs are unique tokens that are created on the Ethereum network as ERC-721 or ERC-1155 tokens, and these tokens are stored on the Ethereum blockchain. Therefore, Ether is the primary currency used for NFT transactions.
2. Binance Coin (BNB): Binance Coin is the native cryptocurrency of the Binance exchange. Binance is one of the largest cryptocurrency exchanges in the world and has a growing NFT marketplace. The exchange accepts Binance Coin as a form of payment for NFT transactions. NFT collectors and enthusiasts can buy and sell NFTs on Binance’s NFT marketplace using Binance Coin.
3. WAX (WAXP): WAX is a blockchain platform designed to facilitate the creation and trading of NFTs. It is built on the EOSIO blockchain and provides a user-friendly platform for NFT creators and buyers. WAX has its own native cryptocurrency, WAXP, which is used for all transactions on the WAX blockchain, including buying and selling NFTs.
4. Bitcoin (BTC): While not the most common cryptocurrency used to purchase NFTs, Bitcoin is still accepted by some NFT marketplaces. Some NFT platforms, such as OpenSea, allow buyers to use Bitcoin to purchase NFTs. However, Bitcoin’s slow transaction speed and high transaction fees make it less popular than other cryptocurrencies for NFT transactions.

In conclusion, Ether is the most commonly used cryptocurrency for buying NFTs, followed by Binance Coin and WAX. While Bitcoin is also accepted by some NFT marketplaces, its slow transaction speed and high transaction fees make it less popular for NFT transactions. As NFTs continue to gain popularity, we can expect to see more cryptocurrencies being accepted as a form of payment for these unique digital assets.