With the NFT boom in full effect, you might be wondering how to get your hands on an NFT— or even more specifically — what kind of NFT you should purchase. Since one of the most popular NFT categories is art, the following is a quick step-by-step guide to snagging your first NFT art piece.

Finding Your Art

The first step to procuring NFT art is simply knowing where to look, and the place to look is on a marketplace. NFT marketplaces continue to pop up, so you’ll want to make sure that the NFT marketplace you’re using is reputable. Because NFTs are still in their relative infancy, scams abound, but fortunately, there are several proven marketplaces for NFT artwork available to you such as SuperRare, OpenSea, and Nifty Gateway. No matter which marketplace you choose, the key is to first and foremost identify the art you desire and then access whichever marketplace it resides on. 

Making A Bid Or Purchase

Once you’ve determined the artwork you wish to buy and the marketplace on which it resides, you’ll then need to create an account on that specific marketplace and fund your wallet. Most likely the wallet on the marketplace will have its own rules and regulations and will be able to be funded by a few different types of methods such as via crypto or USD. Once your account is funded you’ll be able to make your purchase, or if the art is being auctioned, you’ll be able to place your bid. If your purchase or bid is accepted, it will be processed on the blockchain and your account will then possess — and be the sole owner of — your desired NFT artwork.

Ownership Of Your NFT Art

Congratulations! You now own NFT artwork. Hopefully it didn’t cost you too much of your hard earned dollars (or crypto). As an NFT art owner, your next move is pretty much dictated by supply and demand and how much you think your particular piece will appreciate in value if you’re looking at your NFT as an investment. Typically, with highly sought after art, the longer you hold onto a piece, the more its value will rise over time. With NFT art, the same concept applies, especially if the art you own is desired by many and only exists in limited quantities. That’s also what makes NFT art — at this current juncture — more of a risk, since, unlike a Picasso, what’s popular in these next 5 years may not be popular in the next 5. We don’t yet know since the NFT sample size is so small. So if using NFT art as an investment is your goal, be sure to evaluate your potential buys thoroughly before making any sale final.

Selling Your NFT Art

Speaking of sales, what do you do when you’re ready to sell your NFT artwork? You venture back onto the marketplace on which you made your purchase and you sell it. Or, if you’re able to move the piece to another marketplace without a hassle, sell the art on another marketplace. You may incur a transaction fee as part of the sale, which is a standard marketplace “rake” for helping to facilitate the blockchain transaction. Your proceeds from your sale should go directly back into your marketplace wallet, and from there, you’ll be able to withdraw your funds into your bank account or another crypto wallet of your choice.

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