Digital art is all the rage these days. A famous YouTuber made $535,000 profit on one NFT. That’s crazy!
Cryptocurrency and art don’t seem like they should go together but they do. It seems like a strange combo and if you haven’t heard, people are going crazy and can’t wait to get their hands on a rare nft .
If you understand it, don’t worry you will, we are here to help. Keep reading and we will explain everything.
NFT stands for non-fungible token. To put it simply, it just means it’s one of a kind. NFTs look like just photos or videos but when you buy digital art you are buying ethereum’s (a form of cryptocurrency) blockchain.
The term “mint” or “the mint” is used in a couple different ways. The first is when a creator or artist releases his or her NFT collection. It can also be used by the purchaser if he or she were the first to buy or “mint” the digital art piece.
Artist will usually set a time that they are going to release their NFTs. If you want to buy one then make sure you have the right currency and your digital wallet is set up. At the time of release be ready to click the buy button quickly.
The thing about buying from an artist’s collection is you don’t get to pick which one you get. It’s random and you may not get the one you want. Sometimes the creator will have 2 or 3 rare NFTs and the rest won’t be worth as much.
Once the “mint” is over you have the option to sell it for a potential profit. There was a limited number and if you’re lucky enough to get one someone might be willing to pay more for it since it’s no longer available.
One thing to keep in mind when you buy digital art is there are fees called gas fees. Be aware those can effect your profit.
We know there are bad people in the world and the cryptocurrency/digital art world are not without scammers. It’s sad but it’s true. It can be hard to tell so be on the look out.
One tip if you’re going to try and buy a rare NFT, only use money you have and not a penny more. Don’t use your rent or grocery money just in case.
Better to be safe than sorry. Discover more here about artist, rare NFTs, and a community to share your interests.
The New Age of Digital Art and Crypto
NFT’s are the new and modern way to enjoy art and at the same time involving the crypto world. A rare NFT could make you a lot of money but it can also be risky.
It’s important to do your research if you’re thinking about purchasing one. We hope you understand the digital art world a bit better now and check out more of our articles to learn even more.