NFT art offers charm enabling anyone to participate in art markets through purchase and listing, providing new art forms as digital assets. However, those first encountering NFT art may have questions like “what preparations are needed” and “how to proceed with purchases.”
This article explains preparation for starting NFT art and actual purchase procedures clearly for beginners.
Starting NFT Art: Necessary Preparations and Basic Steps
Entering the NFT art world requires several preparations and basic steps. Understanding processes like creating cryptocurrency wallets, purchasing cryptocurrency, and registering on NFT marketplaces enables smooth transaction starts.
Here we explain each step in detail.
Creating and Setting Up Cryptocurrency Wallets
Starting NFT transactions first requires creating a cryptocurrency wallet. Wallets are digital wallets for managing and storing cryptocurrency and NFTs. Representative wallets include MetaMask and Coinbase Wallet.
Wallet creation is simple through downloading corresponding apps or browser extensions and registering accounts. At creation, private keys and recovery phrases (12-24 English words) display – record these safely. Losing this information risks wallet access loss, requiring careful handling.
Additionally, wallets need network settings matching NFT marketplace blockchains (e.g., Ethereum or Polygon) for appropriate configuration as first transaction step. For example, MetaMask enables NFT transactions on corresponding blockchains by adding specific networks.
Purchasing and Acquiring Cryptocurrency through Exchanges
Next, acquire cryptocurrency for NFT purchases and transactions. Many NFT marketplaces primarily use Ethereum (ETH), making its purchase standard. Cryptocurrency can be purchased through exchanges like Coincheck, Binance, and Coinbase.
The purchase process follows these steps:
- Register account and verify identity at exchange
- Register bank account or credit card and deposit JPY or USD
- Select and purchase Ethereum
After purchase, transfer cryptocurrency to wallet for storage. Be careful with wallet addresses during transfer. Wrong addresses risk cryptocurrency loss, so always copy & paste and verify correct entry.
NFT Marketplace Registration and Usage Preparation
Finally, register on marketplaces for buying and selling NFTs. Representative platforms include OpenSea, Magic Eden, Rarible, SuperRare, Blur, and Foundation. Each marketplace differs in features, fees, and supported blockchains – choose platforms matching your purpose.
Platform registration is simple through connecting previously created wallets to sites. Connecting wallets enables using wallet addresses as accounts for purchasing or listing NFTs through these accounts.
However, wallet connection risks phishing scams, so take precautions like accessing through official sites.
For first transactions, checking marketplace basic functions and fee structures provides reassurance. Some platforms charge gas fees (transaction fees) for first transactions, so preparing sufficient wallet balance enables smooth progress.
Particularly when using Ethereum network, gas fees may surge, so checking transaction timing and network congestion helps.
How to Purchase NFT Art
NFT art purchases basically involve marketplace transactions. Marketplaces offer various purchase methods like fixed price sales and auctions. Additionally, selecting reliable art is important.
Here we explain NFT art purchase procedures and considerations in detail.
Purchase Procedures on NFT Marketplaces
Follow these steps for marketplace purchases:
Accessing Marketplaces and Connecting Wallets
Access chosen NFT marketplace (e.g., OpenSea, Magic Eden, Rarible, SuperRare, Blur, Foundation) and connect cryptocurrency wallet. Connection completes by clicking site’s “Connect Wallet” button and approving wallet information.
Searching for Desired Works
Search for interesting NFT art on site. Filtering by genre, artist name, and price range makes finding preferred works easier.
Purchase Procedures
Fixed-price NFTs can be purchased immediately through “Buy Now” button. Confirm amount and fees on purchase confirmation screen to finalize transaction. Gas fees (transaction fees) may apply separately. Check each platform’s regulations.
After purchase, NFTs store in your wallet, viewable through marketplace profile or management screen.
Auction Purchase Methods and Considerations
Purchasing auction-format NFT art requires different attention from fixed price purchases. Specifically, auction NFT art listings set minimum bid prices. Bid above this amount and compete with other bidders during auction period.
With intense competition, final purchase prices may exceed initial budgets, requiring bid-time wallet balance confirmation to cover amounts. NFT transfers to purchaser upon becoming highest bidder at auction end.
Auctions cannot be canceled, requiring responsible bidding. Since popular artist works and limited collections often list at auction, understanding mechanisms is important for participation.
Selecting Reliable Artwork
While many works circulate in NFT art markets, selecting reliable art is important. Consider these points:
Artist Track Record
Check artist profiles and past sales history. Officially verified accounts and artists active on reputable platforms offer high reliability. Additionally, checking official websites and social media accounts (X, Instagram, Discord) helps judge reliability through follower counts and post content.
Work Authenticity
Check issuing account and related information on NFT detail pages. With unauthorized copies circulating, using official marketplaces is recommended. Specifically, check for official verification marks, social media links, and transaction histories for unusual points.
Project Future Potential
Examining artist/project vision and community activity vibrancy helps evaluate potential for maintaining long-term value. Specifically, check for roadmaps, community activity status, and partnerships with other reliable projects or companies.
Selecting reliable artwork enables confident enjoyment after purchase. NFT art purchases offer possibilities beyond new art experiences as collections and investments, so conduct thorough research.
NFT Art Storage Methods and Management Tips
Proper storage and management are essential for maintaining value and secure ownership after NFT art purchase. Assets can be safely protected through thorough wallet storage and security measures.
Additionally, certain points require attention when considering long-term holding or resale. Here we explain NFT art management tips.
Wallet Management Methods for Purchased NFT Art
Purchased NFT art manages through cryptocurrency wallets. Wallets are important tools storing data proving NFT art ownership, with selection and usage forming management basics.
Wallet Selection
Representative wallets include MetaMask and Coinbase Wallet, plus hardware wallets like Ledger and Trezor for physical device management. Beginners are recommended easy-to-use online wallets, but hardware wallets offer better security for high-value NFT art.
Wallet Usage
After NFT art purchase, NFTs add to wallet. Wallets enable unified management of purchased NFTs, plus sales and display through marketplace connection.
Security Measures for Safe Storage
Strengthening wallet security is important for safe NFT art storage. Implement these measures:
Private Key and Recovery Phrase Management
Private keys and recovery phrases issued at wallet creation mean wallet access rights. Store these safely offline, avoiding digital device storage. Consider measures like paper recording in safe places, anticipating potential computer or smartphone hacking.
Two-Factor Authentication Settings
Setting up two-factor authentication (2FA) significantly reduces unauthorized access risk. Strengthen login security using SMS or authentication apps. However, SMS authentication risks SIM swap attacks, making authentication apps safer.
Using Trusted Networks
Enhance security by avoiding public networks like public Wi-Fi used by many unspecified users, accessing wallets in trusted environments. Additionally, VPN use enables communication encryption, further strengthening security.
Phishing Scam Vigilance
Cases of phishing sites and fake marketplace redirects are increasing. Always verify official URLs when requested to connect wallets. Important to develop habits of accessing official sites directly rather than clicking links from emails or social media.
Long-term Holding and Resale Considerations
Several points require attention when considering long-term NFT art holding or resale. For example, while NFTs avoid physical damage through blockchain recording, they depend on wallet and platform continuation.
Need to verify used wallet and platform reliability, considering future service termination risks. For resale, understanding marketplace fees and gas fees (transaction fees) is also key.
Monitor artist activity and market trends, conducting transactions at appropriate timing to maintain NFT value. Higher transparency in work origin and ownership history increases reliability and smooths transactions, requiring accurate information provision to purchasers during resale.
Utilizing Communities to Enjoy NFT Art
NFT art offers deeper appeal through community utilization beyond individual enjoyment. Online community interaction and information gathering through social media and specialized media enables deeper art understanding and richer art experiences.
Here we introduce specific methods for community utilization through NFT art.
Online Communities for NFT Art Fans
Online communities gathering NFT art fans and collectors are popular for sharing latest information and knowledge about NFTs. Main community platforms include:
Discord
Each NFT project has dedicated servers providing project progress and event information. Equipped with chat rooms for fan interaction and artist broadcast spaces. Often requires invitation links, recommended accessing through links provided on official sites or social media.
Telegram
Tool enabling real-time communication for quick information exchange with NFT project operators and participants. However, fraudulent groups exist, making official link participation important.
NFT-specific subreddits (forums) cover broad topics from beginner information to core discussions. Communities include r/NFT and r/CryptoArt. Recommended checking poster history and comment evaluations to verify information reliability.
Conclusion
Enjoying NFT art requires deepening interaction with other collectors and artists through online communities and social media. Community participation enables multifaceted NFT art experience through obtaining latest information and understanding work stories.
Additionally, information gathering through social media and specialized media effectively helps grasp trends and enrich collections. NFT art provides opportunities for connecting with people sharing common interests beyond mere digital assets.
Why not actively engage in the new digital art world by understanding these points and enjoying NFT art more deeply?
