All About NFTs
Welcome to ArtAreas.IO
Technology has been evolving quickly, here are some explanations of the terminology we use, and some real life examples of how technology can be used to enhance our experiences of art.
What is an NFT?
Why is an NFT valuable?
How to invest in NFT art?
Here’s a step by step process to help you buy NFT art.
1. Setup an account with an exhange to get some crypto
You’ll need some cryptocurrency to buy NFTs. While most NFTs are purchased with Ethereum, there are some exceptions. A quick google search will give you a list of exchanges: https://www.google.com/search?q=cryptocurrency+exchange. Examples include Coinbase, Binance, Kraken, Gemini, and others.
Each exchange may provide access to only certain cryptocurrencies, and each exchange will also have different fees for trading in cryptocurrencies.
There are some places that can help you buy an NFT without needing to have any cryptocurrency first. ArtAreas.io is happy to help clients pay with wire transfers or credit cards for the objects of art we make available with both a Physical and Digital NFT. We’re also happy to help you setup a cryptocurrency wallet of your own.
2. Find the NFT art you want to buy
NFTs are availble in online stores called NFT marketplaces. Each marketplace has different requirements for which cryptocurrencies and wallets can be used. You’ll need to connect your crypto wallet to the marketplace to login and then buy or sell NFTs.
Some popular marketplaces are:
3. Buy the NFT using your crypto wallet
NFTs may be sold by auction, at a set price, or you may be able to make an offer on an NFT for the owner to consider, even if it’s not currently listed for sale. Look for the appropriate button to bid, make an offer, or purchase on the NFT’s page.
Some NFTs may be for sale or auction using a particular cryptocurrency. You may need to change which cryptocurrency you have in your wallet, or use a different wallet, for the NFT you’re trying to buy. Make sure you understand the process and requirements for the marketplace you’re using, you probable can’t cancel an offer, bid, or purchase.
If you’re the winning bid, your offer is accepted, or you’ve initiated a fixed price purchase, the transaction will typically take several minutes to complete. Usually, there’s a transaction id mentioned somewhere on the page that you can click on to watch the sale as it’s being processed. Once the needed number of confirmations occur, the NFT will then be owned by your crypto wallet.
Your profile page on the marketplace you used will show the NFTs you’ve purchased.
Remember, it’s always important to understand and research what you’re buying. Congratulations on becoming an NFT collector!
Are NFTs the Future of Art and Collectibles?
NFTs provide a new way for artists, musicians, athletes, celebrities and others to sell art and collectibles. An NFT is like a signature, but in the digital world. It also acts like a certificate of authenticity, and it can number items that are limited editions. These new capabilities mean that NFTs are here to stay.
They are already being used with digital artworks, music recordings, film, animations, video clips, and more. NFTs are also providing the opportunity for creators to collect royalties when they’re re-sold to new owners.
We’re beginning to see NFTs used in other industries beyond art and collectibles, like gaming and entertainment. They’re also being used as exclusive passes to online events and communities, and even for in-person experiences.
The technology around NFTs continues to evolve. Both adoption and innovation are rapidly growing. We’ll definitely continue to see new expanded use of NFTs in the future.
What is a Physical NFT?
Our Physical NFTs are tags that are attached or affixed to a physical object of art or collectible. The tags come in a variety of styles, depending on the type of object they will be attached to. Examples include name plates on framed artwork and tags that hang or stick to objects like paintings, artifacts, sculptures, ceramics, art glass, etc.
Each Physical NFT tag stores data, like the wallet address, token id, links, etc., and a PGP encrypted message on an NFC chip, so we can securely and strongly connect a tagged physical object with a digital NFT.
For more information, please see the page About our Physical NFTs
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Katy, Texas 77450
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