The future of art has arrived! It’s digital and purchased with cryptocurrency. You’re probably familiar with traditional art — the physical kind, usually in the form of a painting that hangs on a wall, renamed by this generation as Art In-Real-Life (IRL). Digital art comes in the form of a Non-Fungible Token (NFT) and exists on a blockchain.
NFTs are in their infancy and if you get in early you could make bank, kind of like when Bitcoin was in its infancy in 2010 and if your struggling self scraped up $100 to invest, you would be a millionaire today and probably spending the pandemic on a yacht in Monte Carlo. What? Yep. Today 1 Bitcoin is worth more than $46,000. In mid-2010, 1 Bitcoin was worth 6 cents.
Art NFT marketplace is an appreciating asset in two regards. If the artist blows up, so will the value of the artwork. Secondly, the lead cryptocurrency used to purchase an NFT, Ethereum, is an appreciating asset just like Bitcoin, so your NFT will appreciate as Ethereum appreciates.
Ready to get rich already? Ok, here’s how to buy your first Art NFT:
1. Marketplace — Where to Shop!
We’re all familiar with Amazon for our online shopping needs. Digital art has its equivalent shopping sites including OpenSea, Mintable, Rarible, and Foundation.
2. Search Artists
NFT artworks like CryptoPunk #7804, worth $7M and listed for sale by the current owner at $397.58M, prove that digital artwork can be just as valuable as traditional art. Move over Picasso! If you stumble on an up-and-coming artist before they officially blow up, you could be purchasing the next $7M masterpiece at dirt-cheap. Then you can turn around and resell it for whatever insane amount because, in this new world, freedom and creativity are one. Emerging artists like Moriartsy, who was recently featured in Beijing’s first NFT Show, Stratosphere NFT Art International, have NFTs listed for as low as 0.10 ETH (around $300US equivalent) including a humorous piece of Carole Baskin as Catwoman. Find artists you like and invest in them. It’s shopping so it should be fun. Just think of it as Pinterest meets real-life Monopoly.
Read also: Five Trends Shaping the Future of Art NFTs
3. Create a Digital Wallet
You’ll need to set up an online wallet to finalize your NFT purchase. The most popular one is MetaMask. Follow the prompts and then purchase Ethereum using PayPal or Venmo.
4. Buy or Bid
You can purchase some NFTs directly. Others you bid on in an online auction, much like eBay. You got this!
5. Display it or Leave it and Wait for the Money Gods to Come!
Once you’ve purchased your first NFT, you’re done! If you want to show off your purchase, you can display your NFT in a virtual gallery like Decentraland. If you love art and want to visually enjoy it, you can purchase a digital frame and hang it on your wall or plonk it on your desk. Kinda meta — of NFT art doubling as Art IRL. Trippy, right? If you’re looking at this purely as an investment, just live your life and your digital art asset will live its too. If the artist suddenly has a Beeple style breakthrough (that’s the artist who sold his Everydays collection via Christie’s for $69 million), you might find yourself the accidental owner of an artwork worth millions.
Blog Credits: Medium