You’ve probably heard all the buzz about NFTs lately. These collectible tokens are the hottest trend in cryptocurrency these days.
Despite the splash they’ve made, figuring out what NFTs actually are can be tough. If you’re looking for ways to expand your investment profile, it’s important that you learn all about this trend.
Keep reading this brief guide and we’ll break down what you need to know about NFT art.
What Are NFTs?
“NFTs” stands for non-fungible tokens. When something is fungible, that means you can replace it with an identical item. Non-fungible tokens are the opposite; even if something looks just like an NFT, it doesn’t have the same value.
A piece of NFT art is a digital image. The digital image has a unique digital signature that cannot be replicated. If you own an NFT, your ownership is certified and on public record where anyone can see it.
An NFT is an investment. You can buy an NFT in hopes that it will appreciate in value over time, allowing you to resell it at a profit.
How Do You Buy NFT Art?
Currently, NFTs must be purchased using the cryptocurrency Ethereum. In order to buy NFT art, you must own Ethereum and have an Ethereum wallet set up.
Artists create their own NFTs and sell them on NFT marketplaces. If you find a particular artist that you love and want to support, a great way to do that is to invest in their future by buying one of their NFTs.
If you’re wondering where to buy NFT art, you have options. Some of the most popular NFT marketplaces include OpenSea, SuperRare, Foundation, and Rarible.
NFT marketplaces use a bidding system to sell art. Think of them like eBay, but for digital items purchased with cryptocurrency.
Why Buy NFT Art?
Some skeptics doubt that NFT art has meaning in the same way that traditional art does. However, there is value in owning these tokens, even beyond their financial worth.
Investors buy NFT art for the same reason they buy impressionist paintings; there is inherent value in owning a piece of art that no one else can.
As we mentioned before, buying an NFT is a great way to support an artist that you love and see a bright future in.
These days, it can be hard for independent artists to establish themselves. NFT art allows independent digital artists to use the free market to their advantage and set themselves up for financial success.
You can learn more here about the advantages of owning unique works of art.
Start Your NFT Investment Journey!
Are you ready to learn more about buying NFT art? Get your Ethereum wallet ready and hop over to one of the many emerging online NFT markets.
For more tips like these, check out the rest of our blog. We’ve got the information you need to get into crypto, investing, and more!