NFTs, or Nifty’s as they are sometimes known, are Non-Tangible Tokens. Each token contains unique information, so it cannot be replicated. It is a digital token attached to anything digital, whether it is an image or video.
As an NFT is unique, it can be used in basically unlimited ways. For example, an artist could sell one piece of digital art, which is the only piece in the world to have a token, an artist could design a fan art version of a famous movie poster, and the first 100 could have NFTs attached.
Kings of Leon recently released an album in which certain downloads contained different types of NFTs. Some allowed for extra tracks and others that enable front row seats at future concerts.
NFTs work on the principle that the token makes the piece rare, which makes it collectible. Yet, if you want to make your own NFT’s, so people pay you, you will want to head over this article which shows you how to become an NFT artist.
Get a Wallet
The first thing you will need to do is get a crypto wallet. The wallet basically allows you to store your cryptocurrency and use it to make offers on NFT artwork.
Just know the NFT space uses Ethereum primarily as the go-to cryptocurrency (now but will it change?), so be sure your wallet is Etereum compatible.
Here are some wallets that are used regularly on the below mentioned NFT platforms.
Basically, whichever platform you go to will have a prompt that lists the wallets that are compatible with their site. There are numerous ones, but as we mentioned above, our go-to is Meta Mask.
Load up on Ethereum
Now that you have your cryptocurrency wallet, you can exchange dollars for Ethereum or whatever is needed for your particular purchase.
There are fees involved with the exchange, but they should be minimal and not deter you from pursuing your favorite artists.
You will also be able to re-exchange your Ethereum for dollars when needed but know that the value of Ethereum fluctuates, so it could go up and down.
Where can you buy, sell, and trade NFTs
Nifty Gateway is an excellent site, especially for beginners. There is a drop section, and you can also sign up for the drop newsletter.
This means you will get an advanced warning of what NFTs will be available in the near future. This gives you time to research the pieces, what the NFTs contain, and if you are interested in buying them.
There is a discover section where you can search through the NFTs on the site so that you can see what is selling and how the price is changing. The Marketplace section is where you can find anything that is currently for the initial sale and which NFTs people are willing to consider offers on.
It is so easy to buy on Nifty Gateway; in fact, it reminds me of eBay. There are Buy Now options where the NFT is yet to sell or sell out, so you can basically add it to the cart. Then if the seller is open to offers, you can place an offer as you would on eBay. The only difference is that they don’t have to accept it and there is no deadline.
In effect it is a digital stock market where you can buy and sell digital art, whatever that means to you.
The amusing bit is that you can join their creator section, and they will help you create the art, devise the NFT, and make it available for you on the marketplace.
Currently, this will only be worth it if you are a really talented artist or have a strong following on social media and YouTube to sell to.
But if you are curious and want to learn about making money with NFTs as a digital artist you will want to read this article.
Open Sea claims to be the largest NFT marketplace globally, which I would imagine they are going to have to work hard at to keep that title.
It is very similar to Nifty Gateway because you can buy, sell, and trade, plus you can browse and see rankings and activity.
The home page of Open Sea is a little easier to browse as it gives you categories that you can quickly use to find NFTs of interest.
The sections are new, art, domain names, virtual worlds, trading cards, collectibles, sports, and utility.
The creator section appears to be more clear and more varied than Nifty Gateway. It appears to run more like a Shopify store where Open Sea allows you to set up a Store Front, and they help you set up the NFTs, easily attach them to your store, and they handle the payment side of things for you.
Currently, Super Rare isn’t at the same level as Nifty Gateway and Open Sea regarding pieces available to buy, sell, and trade.
However, it certainly appears to have greater quality on offer. At the time of writing, they vet the artists, so your portfolio will be checked for quality, and they will decide if they are going to allow you to sell on their site.
This means it is probably a better website if you are genuinely interested in the art itself, and the potential profit is secondary.
The other sites are probably better for beginners or people obsessed with blockchain technology. They are just buying anything because they think it is a way to potentially make a lot of money as people have with Bitcoin.
The Top 10 section is excellent. It is a blog page that highlights different artists, detailing what the artists and the art is about and why you should buy it.
If you are new to buying NFT art pieces, then you should read everything here. You can use the information to build your knowledge on what sells and what does not.
Plus, you might find an artist you really like and decide to collect their art range for personal pleasure.
Makers Place is a fantastic NFT site. It’s very similar to the ones mentioned above. You have the opportunity of setting up your wallet and making bids on your faves.
They also have drops and most recently have included football superstar Patrick Mahomes onto their roster. We constantly see the NFT evolve into different digital mediums and professional sports and athletes are a big target.
If you are a creator and want to sell on Maker’s Place, you will need to fill out an application and pray you get accepted. They look at your social media following as well as your portfolio.
The Foundation platform is a big-time player in the NFT space right now. They have an eclectic roster of artists and creators that all have amazing collections of artwork.
The major NFT art collectors hit up this platform on the regular to find the next best artist to spend and invest crypto on.
The other cool thing about Foundation is they are also selective with who is allowed to showcase their work on their platform. Currently, they allow each artist that is already on the platform to invite two other artists to showcase their work. However, they must have already sold a certain amount of NFTs to be able to invite.
Many more to come
We are at the bottom level of the NFT market and there are already new platforms sprouting up. In fact, we don’t expect it to stop. So for now the above-mentioned platforms are the more popular but that doesn’t mean tomorrow there will be an even bigger one.
You will probably find more and more sites like these popping up in the future; some will be good, some will be bad, and some will be ugly.
Like anything, do your research and make sure the sites you are selling, buying, or trading on are trusted sites as they will be holding a lot of your information. Also, take into consideration the copyright laws surround NFT art. This article sums it up here.
Be aware any marketplace on the web or anywhere for that matter, they will be taking a cut, probably from both the selling and buying side. This is not unusual, and they deserve to make a profit if they are giving a good service.
It is no different from a Financial Advisor taking a cut off your investment portfolio.
The opportunities are endless, and I find it very exciting that they will help you create the NFTs for your own projects, regardless of your own technical knowledge.