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Cryptos and NFTs are selling like hotcakes and almost everyone is thinking about investing and becoming a millionaire. The crypto art investors think that’s because of pandemic and rise in bitcoin prices mainly.
NFT crypto is a digital asset built on blockchain technology and often NFTs and cryptocurrencies are considered relatable because of some similar characteristics.
NFTs are like cryptocurrencies such as Bitcoin and Ethereum. Unlikely, each and every NFT is unique in its core nature which is why this makes sense that why they can’t be traded for each other.
However, the considerable thought here is NFT crypto art. In the last few months, crypto artists are getting attention because of NFT marketplaces and the amount they are selling their NFT crypto art.
In this blog post, we will try to understand the concept of NFT crypto and cryptocurrencies.
What is NFT crypto?
NFT crypto is a form of digital asset for buying and selling on NFT marketplaces. To articulate in simple words, non-fungible tokens act like digital ownership certificates which cannot be interchanged or traded with each other. And NFT cryptos are often used in digital ledger-based transactions.
Never the less, NFT crypto can be sold and traded online and are built and protected on blockchain network.
NFT crypto art examples
-Beeple, Everydays: the First 5,000 Days
-Bored Ape Yacht Club
-Axie Infinity
-CryptoPunks
-Hashmasks,
-Blake Kathryn
-Nyan cat
And more
NFT crypto art is a term that is widely being used and that is because NFT and cryptocurrencies are so relatable to each other or can say a lot like each other.
Similarities between NFTs and cryptocurrencies
1-NFTs and cryptocurrencies are built on blockchain network and they stoe digital records there for transparency andall sorts of transactions.
2-Both are highly volatile and unstable, you can’t be certain about any digital asset value for certain period of time.
3-Both sell and buy digitally.
4-Value of NFTs and cryptocurrencies depends on market fluctuation.
What can you buy from NFT crypto?
NFTs are tokens for selling and buying of digital assets mainly artwork, music, gifs and game assets. NFTs represents unique items ownership.
You can buy tokenized items like collectibles, art, gifs, music, memes, etc. such tokenized things can only have one owner at the time and they are usually built of Ethereum blockchain network, no one can breach or modify ownership records.
Possibilities around buying and selling NFTs are unlimited.
List of popular marketplaces from where you can buy NFTs
Non-fungible tokens, cannot be replaced/traded with the same digital asset.
Fungible can be replaced with each other
Each token holds a unique value.
Can be accumulated, exchanged, and used for payments.
NFTs are decentralized, managed by communities who run them
Digital currencies are centralized and regulated by banks, governments, etc. usually.
Low risk, may or may not high reward
High risk, high reward
Why do people buy NFTs using cryptocurrencies?
People buy NFTs using cryptocurrencies because they can only buy NFT tokens using a digital wallet.
NFT cryptos are purchased by connecting the digital wallet to the marketplace from where the buyer intends to buy. Bear in mind, not all digital wallets are compatible with all sorts of marketplaces. Each NFT marketplace demands may vary as they type of NFT they sell.
What kind of digital wallets do you need for buying NFTs?
Metamask – one common wallet used almost on many NFT marketplaces is Metamask. Users can create their Ethereum wallet for minting and trading.
Coinbase Wallet – ideal for beginners. It helps users in sending and receiving NFTs instead of public wallets. Also, this wallet offer support for Bitcoin, Litecoin, Stellar Lumens, ERC-20 etc.
Alpha Wallet – an open source blockchain wallet based on Ethereum. Supports minting and collecting NFTs. Compatible with in-game assets which are based on Ethereum.
Enjin – enables collection of in-game assets/NFTs and other collectibles.
Trust Wallet – enables buying and selling of NFTs. Users can access list of decentralized apps for art marketplaces and offers 1-click access to popular marketplaces like Axie infinity, OpenSea etc.
Final verdict
Regardless of the fact that, we still can’t believe JPEGs, or Gifs selling in millions, people are actually spending money. What is interesting is, more and more NFT investors are not from art creator’s fanbase, they are from outside of crypto community. Since the rise of Bitcoin last year, NFTs are in demand and who knows if NFTs are more than a bubble?
Contact Phaedra in case you are looking for NFT marketplace development.
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