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Where to Buy NFT Art & What Is It? – GOBankingRates

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Whether or not you know how they work, you must have heard about NFTs. They became extremely popular this past year after a digital artist named Beeple sold an NFT for $69.3 million online.
In this guide, we will explain what crypto art is and where to buy NFTs.
A non-fungible token or NFT is a digital asset that you can collect. It holds value in cryptocurrency and can be bought or sold.
These tokens are considered non-fungible because you cannot exchange one NFT for another. For instance, if you have 1 Bitcoin, you can exchange it for another Bitcoin and still have one Bitcoin, functionally identical to the first. Thus, Bitcoin is a fungible token.
On the other hand, an NFT cannot be exchanged since two NFTs do not have the same value, since every NFT has a unique digital signature.
NFTs are present on a blockchain, usually Ethereum, and are “minted” or created from digital objects that can represent intangible or tangible assets, such as:
Even legendary tweets can be sold as NFT art. For instance, Jack Dorsey, the founder of Twitter, sold his first-ever tweet as an NFT for $2.9 million.
Before NFTs came to the surface, it was hard to cash in on making digital art. No one believed that digital artists could earn millions of dollars for a single artwork.
However, as NFTs became more mainstream, arthouses and artists started seeing the untapped potential of the digital art market. Sotheby’s, Christie’s and other fine art auction houses opened their doors for digital art and held NFT exhibitions.
Art connoisseurs can also indulge in a new form of collection with the rise of NFT art.
To some, it is pretty baffling that a piece of digital art could sell for millions.
Mike Winklemann, commonly known as Beeple and the seller of the historic million-dollar NFT discussed earlier, explained it in a School of Motion podcast: “The value is the scarcity, and other people want it. That’s it. If nobody wanted it, there would be no value.”
When you buy an NFT, you get a piece digitally signed by the artist. The sale is tracked on the Blockchain so that nobody else can claim ownership of the NFT.
Metadata and unique ID manage the ownership of an NFT. Each minted token comes with a unique identifier linked to an address hosted on a blockchain, such as Ethereum.
You can either hold the NFT in your wallet forever or sell it down the road. In some cases, the original creator of the NFT will get royalties from the resale.
For artists, this means they can expand their source of income by tokenizing their work, such as digital art, memes, videos or music.
Artists can leverage smart contracts to ensure consistent income. A smart contract refers to a digital contract set in code, which can be programmed to execute if certain predefined conditions are met.
Crypto art is minted via smart contracts that then assign ownership to the creator and manage transferability. When you mint an NFT, you execute the code in a smart contract. Smart contracts must comply with specific standards, like the ERC-721.
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As a result, the information gets added to the blockchain managing the NFT. The creator’s public key becomes a permanent part of that token’s history. Therefore, the original artists can receive royalties every time the NFT is sold.
For instance, platforms such as Zora and Foundation give royalties to the artists. Likewise, Euler Beats Originals’ owners get 8% in royalty whenever the royalty is sold further.
Traditionally, artists have to rely on an intermediary to make their work available to the public: galleries, record labels, publishers and others.
For selling NFTs, artists can use different NFT marketplaces and platforms, such as SuperRare, Foundation VIV3, OpenSea, NFT ShowRoom and Axie Marketplace.
For art collectors, NFTs are a means of making profits. You can buy a piece of crypto art in the hope it will increase in value a few years down the line. Then you can resell it for a profit.
The first experiment in crypto art was carried out by Anil Dash and Kevin McCoy, who wanted to create “monetized graphics.” The idea was born when people were sharing media on Tumblr without any compensation or attribution, leaving artists high and dry when it came to capitalizing on their work, even if the work was very successful.
McCoy and Dash managed to create the first blockchain-backed method of asserting ownership over a digital artwork, and they did not patent this idea. They believe technology should enable artists to control their work so that others cannot appropriate it without their permission.
By creating monetized graphics, the duo wanted to prevent the technology from becoming another method of exploiting artists. Dash believes that their vision to empower artists has not come true, although it has created a lot of “commercially exploitable hype.”
After them, John Watkinson and Matt Hall made a set of pixelated head collectible characters. They made 10,000 of these CryptoPunks and sold 9,000, keeping the rest to themselves and hoping they would increase in value with time.
Initially, this project did not get much hype. But when Mashable wrote an article about CryptoPunks’ influence on digital art, the Punks sold out in just a day. One recent sale of a Punk, CryptoPunk 7253, also known as Covid Alien, garnered $11.75 million at Sotheby’s.
NFTs have also made a big splash in the sports world. Many people around the world watch sports, and many of those are die-hard fans who would pay thousands for their favorite player’s autographs or a signed item.
NBA Top Shot pioneered sports NFTs by allowing fans to bid on digital highlight reels. The highlights were called “moments” and the buyers could keep them in their online wallets.
With over a million users, NBA Top Shot is among the most successful NFT projects. By Feb 2021, $230 million had been spent on the platform trading and buying digital collectibles.
The crypto market overheated during 2019, and by the following year, the prices of crypto art pieces were through the roof. As cryptocurrencies like Ethereum and Bitcoin saw a price increase, the value of NFTs also rose.
As for the future, NFTs seem to be going strong, despite the pandemic and changes in the crypto market. Mintable, an NFT marketplace backed by the billionaire Mark Cuban, raised $13 million in its Series A Round. Cuban was not the only renowned investor involved with the project. Other investors, such as Expedia Group, 640 Oxford Ventures, Spark Digital Capital, and Digital Finance Group, also partook in the event.
You can buy NFT art from several marketplaces, including:
All these platforms have different kinds of art pieces, such as music, digital paintings, images, PDFs and more.
Alternatively, you can buy NFT art from arthouse auctions, such as the ones at Sotheby’s or Christie’s. Sotheby’s sold its first NFT in an online auction in June this year.
Meanwhile, Beeple’s $69.3 million artwork was sold at Christie’s.
If you are an artist and want to know where to sell NFT art, you can check out the following platforms:
Another way to sell your NFT art would be to auction it at an art house. Even younger artists are getting in on the action at major auction houses. Eighteen-year-old FEWOCiOUS is the youngest featured artist at Christie’s, his digital art selling for an impressive $2.1 million.
NFTs are extremely popular and earn artists millions. While not everyone who mints an NFT will become a crypto art millionaire, NFTs have debunked the myth that digital art is unprofitable.

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4 Steps to Take Before Buying Your First NFT – The Motley Fool

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by Emma Newbery | Published on March 26, 2022
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Read this before dipping your toes into the NFT waters.
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At the start of 2021, most people hadn’t heard of the word non-fungible token (NFT) and fewer still had any idea of what it meant. By the end of the year, Collins Dictionary had declared NFT its word of the year, and the market was worth an estimated $40 billion.
If you’re considering buying your first NFT, there’s a lot to think about. Here are four important steps to take first.
NFTs are essentially digital certificates of ownership, and those certificates can apply to a broad range of things. These include art, music, videos, sports collectibles, gaming items, and much more. You need to be clear on what type of NFT you’ll buy, and why you’re buying it.

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If you’re buying an NFT because everybody’s talking about them, you may need to dig a little deeper. Otherwise it’s a bit like buying a book because you want to own a book, with no care as to who wrote it or what’s inside it. Choosing an NFT should depend on your own personal interests, and there are big differences between NFT sectors.
For example, perhaps you’re a gamer and want to buy an NFT avatar. You’ll have very different needs from a big basketball fan who wants to own an NFT of a favorite sporting moment. And someone who’s an art collector considering branching into digital art will also have different requirements again.
Every investment is different, but the fundamentals of investing are often the same. You need to understand what you’re buying — whether it’s a piece of art, shares in a company, cryptocurrency, or your first NFT.

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We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.
Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.
Here are some aspects of NFTs to get to grips with:
You’ll probably come across several NFT marketplaces during your research. These are platforms where you can create, buy, sell, and explore NFTs. First and foremost, look for a platform that trades the types of NFTs you want to buy.
Also consider what blockchain network is used — as we mentioned above, Ethereum is the most common but Solana (SOL) and Tezos (XTZ) are also getting in on the NFT game. This is important because it’s difficult to buy NFTs using traditional money such as U.S. dollars. Not only do you need to own cryptocurrency, you need to own the right cryptocurrency.
Given the prevalence of NFT fraud, look at what each platform does to ensure the NFT you buy is properly authenticated. You don’t want to buy your first NFT only to find it’s not legit and the original artist didn’t even know it had been made.
Finally, you’ll need an NFT wallet. These are crypto wallets that also support NFTs. It’s easy to set up a wallet, and there’s plenty of useful information online to help if you get stuck. When you first create your account, you’ll be given a kind of master password in the form of something called a seed phrase. Keep it somewhere safe, as this will help you access your NFTs if you ever forget your password.
You’ll need a wallet that’s compatible with the trading platform and blockchain network you chose above. Another key feature to watch out for is security — two factor authentication is a must. If you become a frequent NFT shopper, you might consider a hardware wallet that keeps your NFTs offline. But to start, a software wallet connected to the internet will do the job.
We don’t know how the NFT sector will evolve, but these assets could change the way we own items online. However, there are a lot of issues to address, including the environmental cost and copyright infringements. Right now, the best way to approach NFTs is to pursue your existing interests. This will help you judge the quality and value of the items you buy.
Be aware that there’s a lot of speculation, hype, and outright scams in the NFT world. There are no guarantees that NFT prices will continue to rise, in fact, many may fall. That’s why it’s best to only spend money you can afford to lose. If prices fall, it won’t prove financially devastating. Most of all, take your time and enjoy learning about a new world of digital ownership.
Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Emma Newbery owns Ethereum, Solana, and Tezos. The Motley Fool owns shares of and recommends Bitcoin.
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How to Determine the Value of an NFT Before Investing – MUO – MakeUseOf

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When it comes to NFTs, there are a few ways to figure out if you should invest or not.
Like in the stock, forex, and crypto markets, where there are yardsticks to evaluate the strength of assets, there are metrics you can use to rate the worth and potential value of an NFT before investing in it. Four of these metrics will be explained in this article, along with some benefits and risks you should be aware of before investing in an NFT.
NFTs can be pretty valuable in a couple of ways. Apart from being investment instruments with high-profit potential, they are also used to establish identity, community, and ownership. Some people buy NFTs to support artists, and often, the artists earn more from this since they profit directly from their works without any intermediary.
As a new form of collectible, they are digital upgrades to items like comic books, arts, posters, sports cards, etc., attracting many to buy NFTs not because of any monetary gain they expect from them but because of the other values they have. Sometimes the value could be in the form of exclusive access to events, for gaming purposes, and some just buy it for the novelty of it.
For investors, NFTs have also become a profit-making technology (even though only a few people have become rich by getting involved in NFTs!).
One question you might then ask is how to spot which NFTs have the potential to offer you financial value and the ones to skip for investment purposes.
Below are four factors you should consider when trying to invest in an NFT.
NFT rarity will determine its value. For example, a rare NFT can be a first-of-its-kind piece of digital art by an illustrator; some NFTs made by celebrities also fall into the category of a rare NFT.
An example of an NFT that falls into this category is a project by Mike Winkelmann (aka Beeple) named "Everydays: The First 5000 Days." It's been called an "accumulative piece" because it's made up of 5,000 images, one for each day since May 2007, a total of 13 years. Speaking to Artnet, Metakovan and Twobadour, NFT collectors from Singapore, said they bought the piece because they believe it "is going to be a billion-dollar piece someday."
This covers how an NFT is used in the physical or digital world. In addition to being unique digital assets, certain non-fungible tokens also serve other purposes. Some NFTs, for example, give the owner rights and benefits they otherwise wouldn't have.
The Bored Ape Yacht Club started as a set of NFT images, but now they are tickets to special events and give rewards to their owners, such as the ability to print new NFTs. Many NFTs are also used in games, and they are valued differently based on the functions they play.
The ease with which an NFT can be bought or sold within its network refers to its liquidity. Investors like to invest in liquid NFTs (those with significant trading volumes) since the risk of holding them is reduced. ERC-standard NFTs are instantly tradable across a wide variety of exchanges. The ease of trade adds to the value of such NFTs.
The people and projects behind an NFT can stir up speculation, which can affect the growth and price of the NFT. In addition to who the creator is, the caliber of the people who have owned a certain NFT also affects its value. For example, NFTs owned by people of high social standing or celebrities usually have a high value. This way, we can also say that an NFT's price can be increased by affiliating it with a strong brand or famous figure.
If you choose to invest in NFTs, you should also be aware of some of the benefits of investing in them.
There are endless possibilities in the NFT space as they can be used for almost any project. Moreover, the use cases are also increasing steadily, making the future of NFT promising.
Another reason NFT investment might be a good idea is that they are accessible to everyone; it is not for any selected group of people. It is also easily transferable from one person or place to another. With this, there is an expectation that the technology will continue to grow more popular.
Investing in NFTs offers another way to diversify your portfolio, thereby reducing your overall risk. Even within the NFT space, there are different categories of assets you can invest in. Just make sure you do your research well before settling for any asset.
Ownership of NFT is secured through blockchain technology. This feature also helps to fractionalize ownership of assets. It is easier to divide ownership among several owners while everyone has a secured irreplicable record of their shares. Blockchain makes all records and transactions transparent, making trades more straightforward with less chance of fraudulence.
Since all NFT transactions are recorded in a blockchain, the data cannot be changed or tampered with, making NFTs easier to authenticate than physical assets. If you are buying a piece of art from an online store, you might not be able to know if you are getting the original or a copy. However, when buying an NFT, you can check the blockchain to validate the authenticity of the piece of art before paying for it.
Investing in NFTs is also not without certain risks. These concerns are issues that may hinder the growth of NFTs in the future.
Most NFTs are supported by the Ethereum network, which uses the proof of work (PoW) consensus method (although Ethereum is set to switch to proof of stake). The PoW consensus process takes a lot of energy to record and confirm transactions. To mint a single NFT, heaps of electricity is needed. Concerns have been raised that this could negatively affect the environment.
NFTs are very volatile, and the prices change rapidly, making it a little challenging to predict the future value of an NFT. You can lose your money if the NFT you buy doesn't retain its value.
NFT tech is still in its infant state and isn't very liquid. Many people still don't know what NFTs are, which makes it hard to trade because there aren't as many buyers and sellers. Furthermore, as you'll read below, their association with fraudulent activities harms their image.
NFTs can also be used to carry out fraudulent activities. There is no doubt that the integrity of blockchain is unquestionable. However, there have been cases of the sale of properties as NFTs without the consent of the real owners, violating the essence of using NFTs to sell properties. Several other NFT scams have been done, and this makes it necessary to be careful when trying to buy an NFT.
It cannot be overemphasized that, as much as there are advantages to investing in an NFT, there are also risks to it. You should not just invest in an NFT because it is an NFT. Rather, you should assess it to see if it has the potential to be more valuable in the future.
We understand that the NFT world is rapidly growing, and many things are bound to change. In this light, you should open your mind up to the possibilities while also being careful in the NFT space.
Temitope holds a B.A. and M.A. in linguistics. He started trading forex five years ago, and not long after that, he picked up interest in the crypto and blockchain systems. He has been a writer since 2019, and his experience in the Fintech industry has inspired most of his articles. When Temitope is not writing, he takes his time to learn new things and also loves to visit new places.
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Asia’s largest Web3 event Token2049 exclusively unveils NFT assets valued over $100 million – Cointelegraph

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Token2049, Asia’s premier crypto conference, announced that it will be showcasing a first-of-its-kind, immersive NFT experience, titled the Op3n Whale NFT Exhibition, at its upcoming Singapore edition from Sept. 28 to 29. The exhibition will be presenting NFT assets with a market value exceeding $100 million. This will be the first time such a collection owned by a single entity has ever been on display to the public. 
The exhibition was developed by Op3n, a launchpad for IP and communities in Web3, and Whale, the omniversal membership club with a treasury that includes the world’s largest collection of rare, high-value NFTs spanning gaming, art and virtual real estate.
Raphael Strauch, founder of Token2049, said: “Today’s Web3 ecosystem reflects the exciting creativity and innovation being brought by a myriad of industries by way of their growing interest in NFTs — and so much of this is taking place in Asia. We have an exciting program for our attendees, and this exhibition is just one part.”
Showcasing creatives, brands and curators from the region that exemplify the global dynamic of East meets West, the exhibition will make its exclusive debut at Asia’s largest Web3 event and Token2049’s largest-ever conference in its history. An estimated 7,000 visitors are expected to attend.
The exhibition includes artworks by renowned digital artist Pak, famed for spearheading Sotheby’s first-ever NFT sale; leading glitch artist Xcopy; Milanese artist duo Hackatao; and award-winning Asian-American photographer Michael Yamashita.
Token2049 Singapore will also feature a rotating display of generative art masterpieces from MoMa’s permanent collection artist Brendan Dawes and Instagram photography sensation Ryosuke Kosuge. These works will be displayed at Whale’s solo booth at the conference. 
Renowned NFT collector and Whale founder WhaleShark said: “Nonfungible technology has ignited a global digital renaissance of art and culture, and the ability to partner with Token2049 and Op3n to showcase some of the earliest and most renowned pioneers of this sector is truly an honor. The exhibition puts the spotlight on this inevitable revolution of the arts with a focus on a time-tested creative industry, rather than the flavor of the month.”
In addition, attendees will be able to see Op3n’s latest NFT drop “A3,” developed by YOON and VERBAL who are behind the iconic Tokyo-based fashion brand Ambush. The iconic phygital “A3” NFT will be uniquely presented in a glass display case on the exhibition floor. 
“Art, culture and technology are intersecting in exciting and completely new ways, with many industry-firsts taking place around the globe,” said Jaeson Ma, co-CEO and founder of Op3n, the world’s preeminent contemporary NFT experience brand. “From digital creators and traditional artists to fashion brands such as Ambush who have been expanding their presence in the NFT space, we’re bringing together an incredible pool of talent to celebrate and honor their work.”
Ma will also be speaking for a panel on the future of IP and communities in Web3 on Sept. 29 at 2:45 pm along with Verbal, who will speak more about “A3” in detail.
Token2049 Singapore’s agenda will be featuring a series of discussions touching on the latest developments in the Web3 ecosystem — from the global macro narrative for crypto, the rise of Web3 gaming, the emerging social and creator economy, the future of AI and generative art, present and future Web3 infrastructure and much more. 
As part of Asia Crypto Week, Token2049 attendees can expect to attend a full line-up of side events, conferences, networking events, workshops and parties taking place throughout the week. 
Visit the site for more information and continued updates on Token2049 Singapore. 
Token2049 is a premier Web3 event, organized annually in Singapore and London, where decision-makers in the global crypto ecosystem connect to exchange ideas, network and shape the industry. Token2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors and those with a strong interest in the crypto and blockchain industry.
Founded in 2021 as a subsidiary of EST Media Holdings, Op3n imagines a world where communities can come together to create, own and bring their ideas to the world. Op3n’s mission is to be a launchpad for ideas and communities to create meaningful experiences together. By consolidating the tools needed to mint, share and engage with NFTs and digital tokens into one vertical stack, Op3n leverages its cross-industry expertise from the entertainment, gaming and tech ecosystems to lay the foundations for a new era of community-driven, inclusive entertainment while bringing everyone together on a journey into Web3. 
Media Contact 
Melissa Esguerra

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