Review of cryptocurrency platforms that support the buying and sale of NFTs for investors and artists.
Art has always attracted people. Moreover, people are interested in both the beauty of paintings and their cost. Quite often, investors buy works by artists just because it is a good investment. With the development of technology, art began to develop. More digital paintings and even virtual galleries are appearing.
The abbreviation NFT is increasingly heard. Users are interested in how to create digital images and develop on them. Digitalization leads to artists creating virtual images and making money from them. People are interested in how to properly invest in NFTs, whether it is possible to create their own platform, what the crypto exchange development cost from Merehead for storing tokens is. Let’s together understand all the features of digital images and investing in them.
What is NFT
NFT (Non-Fungible Token) is a non-fungible token. Simply put, it is a certificate that gives ownership of digital art. This could be an image, music, or a skin in the game.
NFTs operate on a blockchain, which guarantees their authenticity. But do not confuse non-fungible tokens with cryptocurrency. Yes, both assets operate on the same technology. But users can use one virtual currency instead of another. For example, make a payment in Bitcoin, not Ethereum. This will not work with non-fungible tokens. Each NFT is unique and has special features that make it impossible to use one token instead of another.
It is important to understand that when buying an NFT you are not buying a painting, but only the right to own it. The image will remain on the network, and not just in the token holder’s collection. Then only the owner of the NFT can sell it. It is also worth noting that there can be several tokens per unit of art. And each holder will have rights equal to the size of the NFT.
It’s worth noting that a non-fungible token can be anything. And these are not only game elements, music, paintings. Some unusual NFTs include:
- digital perfumes from the Look Labs brand. 1 token cost almost $2,000;
- $4,100 Charmin virtual toilet paper;
- land in the game The Sandbox. Was sold for $450,000.
Many people find it unclear why they should buy NFTs. These are virtual things that cannot be touched or hung on the wall. But you should understand that this is modern art. Many collectors create special cryptocurrency exchanges to store tokens. The cost of developing a cryptocurrency exchange allows you to create a safe place for your collection. As the trend shows, the value of NFTs will only increase. And many choose this option to expand their investment portfolio.
How to create an NFT
An NFT can be created by anyone. Moreover, the creation of a token is available to all Internet users, regardless of age.
The first thing you need to do is choose what exactly you will tokenize. Moreover, it does not have to be art in the broad sense. As practice shows, even the strangest things can create a successful NFT.
Next, you need to create a cryptocurrency wallet. It is best to choose storage on the Ethereum blockchain. It’s also worth checking if it supports NFTs.
After this, you need to go to the platform for trading non-fungible tokens. There are many different sites, which allows you to choose the most convenient option. Then you just need to download the selected object and follow the instructions on the platform.
Typically, creating a token takes 10-15 minutes. But in order for an NFT to generate income, you need to promote it. Famous artists and brands easily sell tokens for large sums. Little-known artists need to make enough efforts to attract attention. Social networks and drops are used for this. Giving away small NFTs will help increase the awareness and price of the token.
Where to buy and sell NFTs
There are special marketplaces for NFT trading. These are platforms where artists can put their tokens up for sale and investors can buy a famous painting for their collection.
There are many platforms. There are universal options that feature various NFTs. There are also themed ones. For example, only for games, or only for paintings.
The most popular NFT marketplaces are
- NBA Top Shot;
One of the most famous platforms is OpenSea. It is available to all artists who want to monetize their art. The site supports all types of digital currencies, which allows investors to easily buy a token without resorting to an exchange on a cryptocurrency exchange. The marketplace regularly holds auctions, so creators can get good money for their NFTs. There is also a fixed cost trading function.
The NiftyGateway platform has an ideal reputation and very convenient functionality. The peculiarity of this platform is that it accepts different types of currencies. Users do not need to use cryptocurrency exchanges to convert funds. On NiftyGateway you can buy NFTs with fiat currency.
The SuperRare website features a huge amount of art for every taste. The authenticity of the paintings is confirmed by special certificates. You can find out the cost of developing a cryptocurrency exchange to store a collection of tokens. Artists can list their work for free on SuperRare, helping to grow the non-fungible token space.
NBA Top Shot is a platform for football fans. Investors can buy NFT cards from their favorite clubs and famous athletes. Valuable videos are also available that will become a worthy part of your virtual collection.
Auctions with non-fungible tokens are constantly held on the Foundation website. The peculiarity of this site is that access is only possible by invitation. This not only rids the platform of uninterested visitors, but also increases its value. The Foundation brings attention to artists and their art. This is a great option to express yourself and make money from your own talent.
Instructions for purchasing NFTs
In order to buy NFT you need cryptocurrency. Due to the fact that non-fungible tokens operate on the Ethereum blockchain, it is best to use this coin. Many people use their own coins, because the affordable cost of developing a cryptocurrency exchange allows you to create your own coin. But you should understand that in this case the cost of the NFT will be higher due to the commission.
Then, you need to choose a marketplace. It is best to buy tokens on trusted platforms with a good reputation. The developed NFT marketplace must have a high level of security. Then you need to connect your wallet according to the marketplace instructions.
The last step: is to select an NFT and exchange it for Ethereum. You just need to confirm the operation and receive a non-fungible token.
The best way to store NFTs is to use cold wallets. They are not connected to the Internet, which eliminates the possibility of theft. Paintings and images can be printed to decorate the interior. It is better not to use game items. Virtual scratches and other imperfections may reduce the resale value of the NFT.