If you have been wondering what the buzz is all about with NFTs and are now wondering how to become an NFT art collector, you are in the right place. In this article I will walk you through step by step how to collect NFT Art Works. I am an NFT Artist and a collector. There are so many talented artists that sell their work as NFTs, so If you are looking to collect your first NFT Art Work, read on.
What are NFTs?
NFTs are a modern way of collecting digital works of art using cryptocurrency. It relies on a technology that records a transaction on a blockchain. The blockchain acts as a digital ledger for collecting NFT Artworks. One question I always get asked is, how to become an NFT Art Collector.
How are NFTs different from Traditional Artwork?
NFTs are different from traditional art because they are collected digitally. The Artwork is available as a digital file, that is recorded on a blockchain. Depending on the artist, some NFTs can come with a physical piece.
People collect Art for a variety of reasons. I usually collect work that resonate with me. For instance, I am a lover of food and I photograph fine art food, so if I see an artwork that has food symbolism, I’ll give it a deeper consideration. I also collect things that have sentimental value to me and resonates with me.
If you wish to collect NFTs, there are several things you will need. You will need your debit card, an account with a Cryptocurrency Exchange and a Digital Cryptocurrency Wallet.
How to purchase Cryptocurrency on a Cryptocurrency Exchange
The first step you would need to do is to sign up with a cryptocurrency exchange like Coinbase, Binance or Crypto.com. To start, you will need a debit card with funds in it. You will then purchase Cryptocurrency with your debit card or direct deposit from your bank account. When you purchase cryptocurrency on an exchange, you will get a unique wallet address for that currency. Alphanumeric characters make up the wallet address. This is what identifies that particular wallet on the blockchain. The wallet address is not interchangeable between marketplaces. If you move to another marketplace, you will have to transfer your crypto from one wallet to another.
How Transferring Between Wallets Work
Each cryptocurrency you purchase will have its own wallet. For example, if you purchase Doge, it will be stored in your Doge Wallet. If you purchase Bitcoin, it will be stored in your Bitcoin wallet, and so on. Keep in mind, Ethereum cannot be given the same wallet address or stored as Bitcoin. You can however, exchange between currencies.
When you need to purchase NFTs, you will need to transfer cryptocurrency from your Exchange account to your Digital Wallet. If it is your first time, it will create a new cryptocurrency wallet based on whichever cryptocurrency you are transferring, in your digital Wallet.
It is good practice when starting out, to be sure which exchange you wish to use, and be sure which Digital Wallet you wish to start with. This will reduce how many wallets you must transfer to and from.
Which Cryptocurrency should I buy for NFTs?
The most popular cryptocurrency used for collecting NFTs as of the time I am writing this article is Ethereum, also known as ETH. There are a lot of cryptocurrencies on the exchange that you could purchase. For the sake of this post, we will focus on Ethereum. Currently, Ethereum is the most popular token being used to collect NFTs. If you are new to purchasing NFTs it is probably a good idea to start with a purchase of Ethereum.
How to Get a Digital Cryptocurrency Wallet
A digital wallet is different from a cryptocurrency exchange. Services that provide cryptocurrency exchange can be compared to the ATM machine, while the digital wallet is your physical wallet. Cryptocurrency stored in your exchange account can be transferred to your digital wallet account. The cryptocurrency in your digital wallet is then used to purchase NFTs. Some digital wallets like Coinbase, will also store your purchased NFTs in the wallet for you to view them.
There are several companies that offer digital wallets. Two popular ones are Coinbase Wallet and Metamask. Keep in mind that, Coinbase Wallet is not the same as Coinbase. Coinbase is an exchange provider while Coinbase Wallet is a digital wallet provider. This is the wallet you will use to purchase NFTs.
How to Fund Your Digital Cryptocurrency Wallet
Most NFT art are collected using the cryptocurrency Ethereum. To fund your digital wallet, you will simply need to transfer cryptocurrency from your exchange account wallet to your digital wallet account. Some wallets like Metamask allow you to fund your wallet directly, using a service provider, so you might be able to bypass the steps that include transfering cryptocurrency from an exchange account.
How to Connect your wallet to an NFT Marketplace
There are several NFT marketplaces that you can purchase NFTs from. I personally have my art listed on Rarible, Opensea and Foundation. In order to make a purchase, you will need to connect your wallet.
Coinbase wallet allows you to connect via their app. You will need to sign digitally, that you authorized the sign in. Metamask also lets you connect using their app, but they also offer a google chrome extension that stays connected on your computer. It is not recommended to connect your wallet on a public computer. When you are done using your wallet, even on your private computer, it is good practice to disconnect it. Both apps have a browser, so you can also connect by typing the marketplace web address in the browser and signing in.
Purchase the NFT Art you like
Now for the fun stuff. When you enter an NFT marketplace, you will find an abundance of art that you will love. Once you see the one you want, simply click on it for more information. The price will be listed in Ethereum and its dollar equivalent. If you wish to purchase and use the buy button, it will take you to several confirmation pages. Your Metamask or Coinbase wallet will also ask you to verify if you indeed want to make this purchase. Keep in mind, with the price of the Artwork, there is also a gas fee. The gas fees are paid to Cryptocurrency miners, not the artist. Miners work to record the transaction on the blockchain. This makes it easy to verify ownership
Verify Ownership of NFT
Check your wallet or marketplace account to make sure it now shows you own the artwork. At this stage you are no longer wondering how to become an NFT Art Collector. Keep in mind, owning an NFT does not mean you own the copyright to the image, unless of course the artist gives it to you. You simply own it as an NFT on the blockchain and will get whatever utilities, if any, it comes with. You can view your NFTs across platforms like Rarible and Opensea, as long as you connect the wallet you purchased it from.
Things to look out for before you purchase an NFT
It is a good idea to research the artist before purchasing an NFT. This helps you ensure that the artist in in fact the one listing their work and not someone else. One key component in how to become an NFT Art Collector is doing research. On twitter, Instagram and other social media websites, you can find different NFT Artists promoting their work. If you are unsure, send me a tweet and I will do my best to retweet it to the NFT Community. This way, you can see if anyone can verify that the artist is the real deal.
I hope this article has been helpful and will make it easier for you to collect NFTs. It’s a beautiful feeling to support art and its creators.