The first step in understanding how to purchase a piece of NFT art, or even how to start collecting, begins with understanding what an NFT actually is. The acronym stands for non-fungible token. In short, these tokens do not possess equal qualities among themselves as fungibles do. In other words, each piece has its own unique attributes.
What are Non-Fungible Tokens (NFTs)?
A non-fungible token (NFT) is a cryptocurrency token that is unique and cannot be exchanged for goods, services, or other cryptocurrencies.
What is crypto art?
Crypto art is a type of non-fungible token (NFT) which can be used as a medium of exchange or simply held as an investment.
Where can I buy crypto art?
All major crypto exchanges sell non-fungible tokens (NFTs), and new sites are popping up all over to help you buy and trade them. But it can be confusing for beginners, so we’ve written a step-by-step guide for how to get into crypto art. We cover where to buy NFTs, how they work, how much they cost, and more!
You can buy crypto art on several exchanges. To name a few, OpenSea and Rarebits are two platforms that buy and sell digital assets. If you’re interested in buying NFT art from a gallery or another platform, we recommend checking out Codex Protocol. This is an open registry that allows collectors and investors to verify ownership of limited edition digital assets (like collectible CryptoKitties) on their own terms. The Codex Registry supports non-fungible tokens like CryptoKitties as well as fungible tokens like Bitcoin; not only does it ensure provenance for your purchase, but it also gives you access to built-in insurance for any transactions made through their platform.
How can I trade crypto art?
There are many ways to trade crypto art. You can buy crypto art on exchanges, you can use a peer-to-peer exchange like LocalBitcoins, or you can get creative and trade directly with another person in real life.
What is the value of crypto art?
Crypto art can be appraised just like any other piece of fine art by a professional.
When did CryptoKitties launch?
CryptoKitties launched November 28, 2017. Users were able to create their own cattributes for a small amount of ether.
How does it make money?
There are two ways for a crypto-collectible to make money: by being bought, or by earning tokens in some way. For example, CryptoKitties can be bred and then sold for more Cryptokitties, or they can earn rent. Once you own a CryptoKitty, you can choose if you want to breed it (which costs ether) or leave it unaltered and rent it out. Think of renting like Airbnb: The owner gets paid in ETH every time a renter uses their CryptoKitty while they are away. Renting is probably not worth it unless there is something special about your kitty; perhaps you have an incredibly rare cat that you hope will increase in value over time, for example!
