You may already be well-versed in NFTs, or you may have no idea what exactly an NFT even is. Either way, knowing how to collect and buy NFT memes may leave you wondering where even to start.
Luckily for you, today, we’re going to show you how to collect and buy NFT memes in 6 easy steps.
First, visit a site like Foundation.app, Rarible or OpenSea. Second, connect a digital wallet (Coinbase is a great starter wallet) with enough Ether for what you would like to bid on. Third, browse to find what you’d like to buy. Fourth, confirm the transaction. Fifth, your funds will move into escrow on the Ethereum blockchain. Lastly, you’ll get to enjoy owning your NFT, which you can trade or sell should you want to.
This article will first cover NFTs and NFT memes for those people who may be unfamiliar with the topic; then, we’ll offer a bit more depth into these 6 easy steps so you can start buying and collecting NFT memes right away.
What are NFTs and NFT memes?
If you’re new to the NFT craze, read on. If not, feel free to skip to the next section.
NFT is an acronym for “non-fungible token,” which simply means that each token is unique for all intents and purposes. (Fungible goods, on the other hand, would be something like a company’s shares of stock or dollar bills, i.e., they’re interchangeable.)
In essence, this means that NFTs are not interchangeable. Instead, they’re given unique identification on platforms like Ethereum using smart contracts. Ethereum and its cryptocurrency Ether are among the most popular options used by NFT marketplaces.
NFT memes are simply memes in NFT form; that is, they’re images or GIFs sold as unique, digital assets (or NFTs).
Why do people collect NFT memes?
People collect NFT memes (and NFTs in general, for that matter) for all kinds of reasons. They may be motivated by passion or nostalgia, which has helped fuel the recent rise in sports cards since the Covid pandemic, or they may simply see it as an alternative investment compared to traditional ones such as stocks or bonds.
In 2021, NFT memes have proven that there is a ton of demand in the NFT space in general, with some $2.5 billion in NFT sales in the first six months of 2021.
Some of these NFT meme sales include “Disaster Girl,” which sold for roughly $500,000, and the Doge (Dogecoin) meme brought in a whopping $4 million. Two other lucrative sales were the “Charlie Bit My Finger” viral YouTube video, for around $760,000, and the “Nyan Cat” gif, which sold for roughly $600,000.
It should be noted that the sales price can vary widely in USD at a given time because these NFT memes were all auctioned off for Ether (ETH).
How do I collect and buy NFT memes?
So, how do you get in on the action? Simply follow these steps to start buying and collecting your own NFT memes:
- 1) Visit a site like Foundation.app, which has hosted NFT meme auctions and regularly sells NFT art.
- 2) Connect a digital wallet to Foundation and ensure you have enough Ether in it for bidding and paying for fees. (You’re going to have to obtain Ether by using a service such as Coinbase. You can connect your bank account. You can also use credit cards to buy NFTs.) If you need wallet info check out this article on the top 9 crypto wallets.
- 3) Browse the site and find items that you’d like to bid on.
- 4) If you win the auction, you’ll need to confirm the transaction (using your wallet) and cover a “gas” fee to finish the process. Gas fees are not cheap especially when you mint an NFT.
- 5) The funds will move out of your wallet into Foundation’s (or whichever NFT platform you use) smart contract escrow using Ethereum’s blockchain.
- 6) Now you can enjoy being the owner of a unique digital asset, which will form part of your collection and be something that you can trade or sell down the road if you so desire.
Setting up your wallet can be a bit of a challenge if you’re completely new to cryptocurrency and NFTs. Luckily, there’s plenty of support online through sites like Foundation or third-party discussion forums, or check out the MetaMask website which has a nice video tutorial.
Just remember that cryptocurrencies such as Ether will fluctuate in price, so this may impact how you might want to buy, trade, and sell NFTs.
Wrapping up
The NFT space has been massive so far in 2021. Digital sports collectibles, digital art, and memes have all brought in millions of dollars. The types of NFTs are also expanding into other mediums like poems, digital flowers, metaverse, and games.
While buying and collecting NFT memes might not be for everyone, it’s a fun and intriguing space that isn’t likely to go away anytime soon, given the general rise in both cryptocurrency and the NFT space.
Since our website is artistically inclined we have written numerous articles on NFTs and digital art. If that’s an interest to you as well then check out these popular articles.
- Top 5 Reasons to Buy NFT Art | A Collector’s Perspective
- NFT Crypto Art Collector Starter Guide | Why It’s So Easy
- How Much Does It Cost to Mint an NFT?
- How To Become An NFT Digital Artist
Those articles should get you going in the right direction. If you need design help then check out our YouTube channel for easy-to-follow tutorials. Good luck out there in the metaverse!