New, interesting things are happening in the world of crypto and we are not talking about cryptocurrencies prices or volatility.
What we’re talking about is crypto art also known as non-fungible tokens or NFTs. Oftentimes, there may be some confusion as to what crypto art is.
What is crypto art?
To some, crypto art refers to creative works that revolve around the discussion of culture, politics, economics, or philosophy of blockchain technology and cryptocurrencies.
But most of the time, crypto art is the term used to describe digital works of art that have been transferred directly onto the blockchain… And allowing it to be transferred in the form of an NFT.
So, why are NFTs are relevant?
Just like cryptocurrencies, NFTs only exist on a blockchain.
The blockchain acts as a decentralized archive and stores information about the NFT’s ownership and originality.
Meaning that while the artwork stored on the NFT can be copied multiple times, the actual ownership of the work remains with the individual who owns the token.
Where others can make copies of the artwork, it is only truly owned by the holder of the NFT.
Think of it as owning an original Monet painting. Where others are free to buy replicas of it, you own the one true original.
And this is why some NFTs can be sold for millions of dollars at a time, as you can see in this article from Screen Rant.
Should you invest in NFTs?
Unlike cryptocurrencies, NFTs are more like collectibles than they are investments. Most of the time, NFTs are snapped up by individuals looking to get a more personal connection with the original artist.
NFTs are unique in the sense that they allow a person to own something that is truly original albeit digital.
Of course, this doesn’t mean that NFTs are playthings of the rich. Just like physical works of art, NFTs can be a fairly decent store of value.
While they are not tradeable like their crypto cousins, NFTs are valued for their rare and unique nature.
For example, there are 21 million Bitcoin tokens in total and each one can be traded or exchanged, meaning that there are no unique Bitcoin tokens.
In stark contrast, every NFT issued is unique in its own right. They cannot be copied or duplicated and this is what makes them so valuable.
But of course, the value of an NFT is heavily reliant on the types of artwork it contains. Given how the NFT craze has taken off, the market has become flooded with would-be artists trying to make their mark.
So, should you buy NFTs?
In a nutshell, the answer is yes and no… NFTs are a great investment if you know exactly what you’re getting yourself into.
Jumping into the market and expecting to make it big will only cost you money.
But given the sums of money being thrown around, the NFT market is definitely hard to ignore. And if you’re serious about investing in NFTs or crypto art, here is how you can get started.
Getting started with crypto art
If you’ve decided to become a crypto art collector, you’ll be glad to see how easy it is to get started.
All you need is the following:
1. A digital wallet
Before you can start buying crypto art, you need to sign up for a digital wallet. That’s because NFTs are bought and sold only with Ethereum (ETH) And to store your ETH, you’ll need a digital wallet.
2. Ethereum (ETH)
As NFTs are based on the Ethereum blockchain, it’s easy to see why NFTs are bought and sold using Ethereum. That means you need to use Ethereum to buy NFTs. Like all cryptocurrencies, Ethereum can be bought from any decent cryptocurrency exchange, such as OKX.com.
The Best Crypto Art Marketplaces
Now that you’ve got the basics down, let’s take a look at the best crypto art marketplaces to help you get your crypto art collection started.
ArtOlin is a crypto art platform that supports artists and creators as well as buyers and sellers. The site features works of art by independent artists and allows you to support them by purchasing NFTs from them directly.
Besides that, ArtOlin also allows artists to create, display, and monetize their works in their eternal museum. With an active crypto art community, ArtOlin offers up a rich and interesting selection of art pieces for potential buyers.
Hong Kong-based, Crypto.com is an exclusive NFT marketplace that features artwork from creators like Boy George, Snoop Dog, and even the Aston Martin Cognizant Formula One team.
The team at Crypto.com, claims that creators on the platform are brought in on an invite-only basis. And given the quality of art on display, this can clearly be seen.
From intricate art pieces to music and photos, Crypto.com offers up a wide selection of NFTs to choose from.
One of the first companies to recognize the value of NFTs, Portio.io is a premium NFT marketplace that offers a selection of collectibles and art.
Besides that, the platform also allows buyers and sellers to store and manage their collection of NFTs with their Portion.io account.
NFTs can be exchanged with other users while artists and creators are free to develop and list their own works of art.
SuperRare.com is an all-in-one auction house, social media platform, and museum for NFTs. On this site, you can browse the collection of art on display, purchase NFTs, and read through engaging editorials written by the team.
Unlike other sites, art displayed on SuperRare has been handpicked and curated by the team. This ensures that only the most interesting and exquisite works are made available on the site.
So, if you’ve got a discerning eye for art, you’ll definitely want to give SuperRare.com a try.
The market for NFTs is a great place to snap up collectibles and a few investments along the way. You can find other marketplaces for trading crypto art in this article from Tezro.
However, just like any other investment, it’s always best to do your homework before you dive in headfirst.