As of 2021, only about 20% of Americans knew what NFTs were. Far fewer had ever actually purchased one. But the size of the market is blowing up, and many artists are making a name for themselves in this not-so-niche market.
Artists aside, NFT collectors understand how great of an opportunity the NFT art marketplace is. Many pieces and collections rise in value dramatically, offering collectors the chance to resell their NFTs for handsome profits.
Whatever your goals are, making money or collecting unique pieces of digital art, you need to know what the NFT blockchain is and how various online marketplaces work, so you can actually start buying and selling.
Keep reading below to learn all about NFT art and how to buy it today.
What Is NFT Art?
So what are NFTs, and how does it work? First off, you need to know what the blockchain is.
Blockchain technology is the same digital infrastructure that enables the use of decentralized cryptocurrency. Essentially, it’s a digital financial system that doesn’t need the approval or management of banks, governments, or high-paid CEOs to manage.
Blockchains are essentially ledgers that log all transactions of a particular cryptocurrency or network. Cryptocurrencies are tokens that exist on the blockchain, moving from one wallet address to another.
Likewise, NFTs are tokens on the blockchain as well. But they are nonfungible tokens. Unlike dollars, which can be exchanged like for like, NFTs are unique assets, much like trading cards or fine art.
Each individual NFT will have a token address, which can be tracked on the blockchain. You can see who created the NFT and who owns it currently.
When it comes to NFT art, the token address will be attached to an image, which is displayed when viewing your NFT.
While others can screenshot the image associated with an NFT, only one person can own the token at a time, and only one person can sell it.
Using an NFT Art Marketplace
So what art NFT marketplaces? They are the websites that allow artists and creators to list new NFTs for sale. And they are also the places where collectors can resell any NFTs in their collection.
Some marketplaces allow you to purchase an NFT with a debit card. While this is a convenient option, the fees can be quite high.
Instead, you should learn to buy NFTs the standard way, which is a bit complicated at first.
To do so, you’ll need two things; cryptocurrency (like Ethereum) and a browser-based crypto wallet (to interact with website marketplaces).
To buy crypto, use a platform like Coinbase, create an account, and purchase Ethereum using a debit card or by making a bank transfer.
Then download a free browser wallet extension, such as MetaMask. Setting it up only takes a few seconds. You can transfer your Ethereum to your new wallet.
Then, visit Superrare.com or another NFT marketplace, connect your wallet, and you are free to purchase NFTs as you please.
Be an Early Adopter
NFTs have grown in popularity, but most people have yet to understand them. Be an early adopter and learn how to collect NFTs today. In the near future, when the masses finally come, you’ll be glad you did.
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