How Does NFT Crypto Art Involves Cryptocurrency
If you heard of the term NFT crypto art and wondered to yourself what does that mean, we are here to explain this recent growing trend.
The NFT (Non-fungible tokens) is a trend that has exploded in recent months, the idea of NFT is that anyone can sell digital content like Gifs, music, fan art, videos, and even in-game items in return for cryptocurrency payment. This is a great way for artists to make the most out of their hard work, without a third party taking most of the money received. People believe this trend will not last and will fade away like many others before, while others suggest that it’s here to stay for the long run. So, how does NFT crypto artwork work? And how does it involve cryptocurrency?
What is NFT?
NFT is digital content that is sold online and bought using cryptocurrency, which is usually coded using the same software technology as crypto. The craving for these digital items comes from the idea that one can own the rights to a specific item. For instance, the famous “Nyan cat” meme was recently sold for a whopping $590,000. As another example of this astounding market, Lindsay Lohan sold a digital image of her face for $17,000.
Usually, these forms of images exist all over the internet and anyone can make a copy of these images. So how come people are willing to pay huge amounts of money for these types of art pieces.
Well, NFT are built-in with a verification code that serves as a validity of the ownership of the item, which gives the buyer the bragging rights of a specific piece of art.
What Is A Non-Fungible Currency?
Cryptocurrencies and physical money are referred to as “fungible” currency. it means they are tradable for one another, for instance, you can trade cryptocurrency for physical money and the other way around.
In the case of NFT’s, they are not equal. For example, one dollar is equal to a one-dollar bill, the same with Bitcoin, which makes them a “fungible” currency. NFT are encrypted with a digital signature which makes them unique from one another.
The Process Of NFT Transaction.
NFT’s are stored on Blockchain technology, which is known for verifying cryptocurrency transactions. Until recently NFT’s were stored on the Etherium blockchain. As the NFT market grew more currencies can be used as a payment method of securing NFT’s.
To purchase yourself an NFT art piece, you’ll first need to prepare a few things.
- Digital Wallet – a digital wallet allows you to store cryptocurrencies and NFT’s.
- Buy Cryptocurrency – for one to purchase an NFT he must use cryptocurrency, depending on what currencies the NFT seller supports.
Every currency has its value in the market, so keep an eye on the market and look for the best value for money. For each currency you buy, you’ll also need to pay a percentage of that transaction.
Platforms To Purchase Cryptocurrency
To purchase cryptocurrency you can use your credit card on various platforms like Oinbase, Gemini, BlockFi, Uphold, Kraken, and more.
The best and most secure platform to buy, sell and store cryptocurrency right now is Coinbase. The platform supports the most amount of currencies of all the platforms. Keep in mind, it also charges the most fees for purchasing cryptos up to $2.99. by using their Coinbase pro package you’ll only be charged $0.50 percent.
NFT Crypto Marketplaces
Many marketplaces sell NFT’s, here is a list of the leading marketplaces on the internet.
- OpenSea.
- So rare Marketplace.
- Crypto.com NFT Platform.
- Enjoy Marketplace.
- super rare.
- Waxstash Marketplace.
- Alcor Exchange.
OpenSea is the largest online marketplace to purchase NFT crypto collectibles. You can sell, buy and find new and exciting pieces of digital assets. Simply create an account and enjoy this peer-to-peer platform.
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