NFT stands for Non-Fungible Token.
“Non-fungible” means that it is completely unique. “Token” means that it can be transferred on a blockchain. Essentially, NFTs are assets that carry a unique digital identity and can be traded between users on a public blockchain.
What is NFT Art?
NFT art comes in various forms, such as static and dynamic images, music and videos, and more. Additional information related to each NFT can be stored within the NFT’s metadata, giving each asset a unique history.
Why buy NFTs?
Many people wonder if buying an NFT is just like purchasing a JPG image online. The answer is no—NFTs are completely different from regular images online. They have unique identities and a trackable history, allowing them to be scarce and carry provenance.
As an example, consider one of the most famous art pieces, the Mona Lisa. At any point, it’s possible to commission an artist to recreate the Mona Lisa. You can even take a picture of the Mona Lisa or order a print to hang up on a wall.
As the original, the real Mona Lisa will always be more valued and sought after than any recreations or printouts – this is due to provenance and originality. NFTs provide a similar uniqueness for digital images that were once only reserved for physical art.
How to Buy NFTs?
To get started, you’ll need a compatible crypto wallet and a balance of crypto. For example; Metamask for ETH or Temple TEZ. Buy from an exchange like Coinbase or Binance and send it the appropriate Wallet. Both platforms have excellent guides on how to get started including Chrome extension if you’d rather browse NFTs on a computer.
Once you have topped up your wallet, browse to an NFT on weserhalle.com that you like the look of, and follow the link (we have our NFT’s hosted over two marketplaces; foundation and Objkt). Once here, you can connect your wallet and purchase the NFT. Some items are sold via auction, while others can be bought immediately via a “buy now” button. Once you buy it, you can access the NFT via your crypto wallet.
Bear in mind that you’ll still have to pay fees to make the transaction happen. All of the digital collectibles that use the blockchain charge a “gas” fee for transactions like NFT sales. Gas prices rise and fall depending on how busy the network is.
Further questions?
If you have any further questions, please get in touch via our contact page.