We are going to list the popular and less-known NFT trading platforms, provide the basic guidelines on how to buy such an asset, and share some insights into the general market state.
For now, though, let’s start with the basics: what are NFTs, how are they implemented on blockchain, and why are they valuable?
Where to buy NFT art: definition
Non-fungible tokens are unique digital assets stored on blockchain. The actual standard the code of the said asset relies upon may differ, especially as technology develops so rapidly. For example, most of the NFTs on Ethereum are ERC-721 compliant while there are also ERC-1155 tokens in circulation, and ERC-3664 is just around the corner.
You can track the token data on Etherscan.io.
Where to buy NFT art: technical implementation
The mechanism that ensures NFT uniqueness is pretty straightforward: each such token is assigned an unsigned integer value. In theory, the number of tokens is limited but the ERC-721 standard won’t see the range overflow issues any time soon because the uint256 data type stores plenty of values.
Buy NFT art
It is late October 2021 now and Bitcoin has recently hit its new all-time high. The price of every asset crawls up, so it is safe to assume that we witness the bull market right now. This is where the controversy comes from: should you wait for the upcoming market correction? Should you buy and wait for the next growth cycle, disregarding any possible price drop?
There is no trader who could foresee the near future of the NFT art market, not to mention the years ahead. Remember how no one really expected Ethereum to lose about 50% of its price this summer?
Buy NFT art now and hold for a decade
Keeping an eye on popular crypto traders’ Twitter accounts we’ve noticed the skeptic mood towards NFTs. They are being compared to ERC-20 tokens, and their price is expected to behave similarly. There is a risk that the NFT market will lose about 80% of its market cap. Notice the painful price fall of ERC-20 assets during the 2018:
Buy NFT art during the next accumulation period
Instead of waiting for the next cycle to make profit on your assets, wait for the price correction. NFTs may be overpriced at the moment, the reason being they are trending right now. On top of that, the market is bullish as we witness another periodic Bitcoin price surge that repeats approximately between the halvings.
Fine! We are done explaining the risks, so there you go with the list of NFT trading platforms.
How to buy NFT art
The first step you take before buying an NFT is to locate a marketplace on the web.
We are going to list marketplaces that trade NFTs of various blockchains, so you must have a respective coin in your wallet to pay for the asset and possibly for the transaction. For example, to trade Binance Smart Chain (BSC) NFTs, you need some BNB, and so on.
Then, you must connect the wallet to the NFT art trading platform.
Link the wallet with the websites you trust. Never disclose the wallet’s private keys.
Link your Trustee wallet via the WalletConnect option. The purchased Ethereum NFTs will display on the main screen of the app. See our guideline for more info on how to connect your wallet.
As soon as the wallet is linked, you are a few clicks away from owning an NFT art piece! Make sure you have enough coins on your balance to cover the asset price and the related fees, click “Buy”, and confirm the transaction.
How to buy NFT art: dedicated platforms
Ethereum blockchain holds the richest choice of digital art pieces at the moment. Where to buy Ethereum NFT art pieces? See the following marketplaces:
- or a more elitist SuperRare.
By the way, Rarible recently enabled the option to mint an NFT as soon as it is bought. The payer covers the gas fee for minting, and the asset is being sent to the buyer’s account immediately after that.
Tryshowtime is a layer-2 solution that enables creators and collectors to trade NFT art for MATIC token on Ethereum, cutting on the overall expenditures.
Watch out for pitfalls though. If a given art piece does not comply to the Terms of Service of a given platform, they may cease to display it and remove the associated links. Your wallet or Etherscan itself may not display the token properly as well.
How to buy NFT art: game assets and stores
Although game assets are not considered traditional art, they are technically identical to any NFT that shares the same standard. These assets are usually found on a game developer official website.
They are worth mentioning because they might be a good long-term investment: think of the success of CryptoKitties or Axies.
Final tips for buying NFT art
The niche of digital assets used to be full of scammers just a couple of years ago. As major companies began to introduce safety regulations, the users began to feel more or less at ease. Still, you have to read a lot of credible news on the subject to be able to tell a trustworthy venture from technologically weak or fraudulent ones in the world of blockchain.
Buying NFT art: a simple all-fitting guide
There are a few golden rules to follow:
- Monitor the news regarding NFT art;
- Stick with the community and build connections;
Buying NFT art: conclusions
What if you are all new to this topic and would rather buy NFT art for fiat money? The good news is that with Trustee wallet you can privately exchange fiat for crypto and start trading in a minute!
Have fun and stay safe as you purchase blockchain art, be it for aesthetic pleasure or profit.