NFTs boom and trading cardsPeople went crazy for the infamous NFTs, or non-fungible tokens, in May 2021. The majority of these tokens are utilized for creative content like music, films, drawings, photos, GIFs, and so on. (Our interest in digital cat art was serious.) Everything from cryptocurrency art to trading cards sold like hotcakes during this investing craze. Even the illustrious New York Times made the decision to comment on this occurrence. Many people were in shock after learning that an NFT by the artist Beeple called “Every day’s – The First 5000 Days” had been purchased for a startling 69 million dollars. Unquestionably, that work of art set a record for the cost of digital art. A single trading card that cost $1,3 million was another acquisition that gained global fame. Tom Brady, the quarterback for the Tampa Bay Buccaneers, was seen on the card. Huge sums of money appeared to be being spent by people on such absurd items. On the other hand, the trend of amassing random items, both digitally and physically, has continued to gain popularity. Sneakers are one of the other items that have turned into collectibles. People claim that investing in sneakers is both smart and profitable all over the Internet. We are leaving it to your discretion because we are unsure of just what to make about it. There is no doubt that it makes sense. We can picture a pair of really popular shoes, like Air Jordans, costing a fortune if they were the only ones remaining in existence. People enjoy owning unique items. For some reason, it appears to be in our nature to do that. It justifies the whole situation surrounding meme currencies and the investing craze, where everything from crypto art to trading cards fetches exorbitant prices.
The Connection Between Crypto Art and Blockchain
- You can use the technology to register and authenticate existing physical artwork like paintings and sculptures. To prevent forgeries and track the ownership of the artwork, you can do this through tokenization.
- Digital artwork registered directly onto a public or private blockchain is another fantastic example of how these two things may coexist. In this case, each piece of art is represented by a distinct non-fungible token (NFT). As a result, it is now possible to own and trade works of art in a decentralized setting.
What are NFTs (Non-Fungible Tokens)
The Size of the Crypto Art Market
Where to Invest in Crypto Art
- OpenSea – the oldest NFT platform.
- Nifty Gateway – currently, the largest platform by sales volume.
- SuperRare – this one accepts only 1% of applicants.
How to Invest in Crypto Art on OpenSea
- First, you have to insert a Web 3 wallet into your browser. MetaMask is the most popular. When you click “Buy,” OpenSea will automatically establish a connection with your MetaMask wallet and transfer the money to the artist.
- The next thing you do is visit OpenSea’s Browse Page and select your favorite artwork. You can sort the works by the most recent, lowest or highest price, most popular viewer, and more.
- When you find an NFT you like, you just need to click on it and, if it has a fixed price, hit the “Buy now” button.
- Finally, you’ll be sent to the page where you finish the proceedings.