HOW TO BUY NFTs – [READ]

Non-fungible tokens have become a polarizing topic among artist compensation and sustainability discussions. While more people are beginning to understand what NFTs are, there’s still some uncertainty regarding how to buy them.

For those unfamiliar with NFTs, the easiest way to think of them is as digitally-secured certificates of ownership. Any art sold as an NFT gains value from its uniqueness, which is verified using the same blockchain technology that backs many cryptocurrencies today.

The popular “Cryptopunks” NFT series boasts various one-of-a-kind avatars to pick from

In simpler terms: NFT collectors are paying more for the blockchain-backed proof of ownership, rather than they are for the art. Anyone can go online and screen-capture the digital media, but the record will show a single owner. (This is another factor that contributes to NFTs holding value well).

If you’re still confused about non-fungible tokens, we recommend reading our introductory piece about the topic.

Mock-up of digital wallet used to house popular cryptocurrencies like Ethereum (credit: Computerworld)

With a base knowledge of NFTs, we can now delve into the obscure purchase process all collectors undergo in order to obtain them.

First you’re going to want to install and add funds to a digital wallet. These digital wallets are mainly used to store and exchange cryptocurrencies. Ethereum (a.k.a  ETH) is currently the most widely-accepted cryptocurrency for NFT purchases. 1 ETH currently goes for around $1,600, but traders can also purchase partial fractions. If you’re new to crypto trading, you can visit cradio to learn how to start trading cryptocurrencies immediately. 

NFT offerings also include sports highlights and iconic plays, like NBAs “Top Shot”

Once you have a digital wallet containing some Ethereum, you’re ready to browse crypto-collectible sites like OpenSea (the largest NFT marketplace). Collectibles range from looped animations to professional sports footage — if it can be distributed via a screen or speaker, chances are it’s already an NFT.

Recently, an NBA highlight of Zion Williamson sold for $100,000 or 62 ETH. Don’t let that discourage you, the blossoming market provides options for all budgets. In fact, there are many independent creatives and graphic designers who are selling their art for less exorbitant prices. Safehaven (SVDDEN DEATH’s art director) recently sold an animated piece for around 2 ETH or $3,338.

LOSTINTHECLOUDS (999)
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— 𝐬𝐚𝐟𝐞𝐡𝐚𝐯𝐞𝐧 ✾ (@safehaven__hq) March 24, 2021

The current market cap is estimated to be around $185 billion, signifying that NFTs are more than a trend. If you want to support your favorite artist or begin to collect and trade digital memorabilia, we recommend starting sooner rather than later.