All About NFTs

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:

• OpenSea
• Rarible
• etc.

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!

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.