Where, How,
and Why to Purchase
Non fungible tokens (NFTs) are a new way to manage and track the ownership of digital assets. For the first time, using blockchain technology, it is possible for artists and art buyers to track the ownership of digital art that previously could be easily copied and ‘stolen’.
You can still “right-click and save-as” many of the images you see here of course, but only one person can own the original – and it will always be obvious who owns it. Just like anyone can create or buy a copy of the Mona Lisa, but we all know where the original is located and who owns it. Of course I am not creating Mona Lisa’s here.
Why NFT?
For me, NFT’s are an interesting alternative to ordinary digital downloads. Instead of trying to sell hundreds of copies here, I sell just one of each on an NFT marketplace. It feels more like traditional art. I don’t have to worry about sharing or stealing, there will only ever be one true original.
For the buyer there are also some unique benefits. Unlike just buying a digital download, you can buy an NFT, download the art, and then either hold the original in your own collection or resell it for profit (or loss – no guarantees 😊). It’s not quite as convenient as just using your credit card in a store (at first) but it is a lot more interesting.
What Is It Exactly?
First and foremost you are buying a digital asset – an NFT is something you own and can resell, just like old-world art but without the need for insurance.
You can do anything you want with it except create new copies for sale (licence details here), and if someone else wants to download the images of your art, they will have to buy the NFT from you.
How to Buy?
Buying art as NFTs is undoubtedly confusing as it’s a whole new way of transacting, but it's only the initial setup that requires a bit of work.
You will need some Ethereum (ETH), Solana (SOL) or Tezos (XTZ) coin, and a digital wallet to store it in and use for the transactions. I recommend the Metamask wallet, for Ethereum, the Temple wallet for Tezos and the Phantom Wallet for Solana. They are very simple to setup and use, and you can easily purchase some coin using a credit or debit card.
It’s really not as mysterious as it sounds, and there are some helpful articles online that help to explain the process if you want to start buying NFT art. Check out this article on CNBC for a really simple guide: https://www.cnbc.com/2021/03/23/how-to-create-buy-sell-nfts.html