Shopping for NFTs: Securing the .JPG
Today we’ll be continuing the conversation around NFT drops, bidding and buying. You may have come here for the basics: the where and the how. Got you covered there. While I can’t give you investment or buying advice, I can tell you a bit about what’s out there and give you (let’s go with an obvious analogy) directions to the mall.
You Know the Saying: Phone. Keys. Wallet.
Much like heading out to a physical store, you probably wouldn’t want to forget your wallet. With digital art and collectibles, setting up a wallet is the first step to ensure you’re ready for a purchase.
There are different wallet options, and you might choose one based on which blockchain supports a specific NFT and which marketplace is selling it. Some examples are MetaMask, Trust Wallet, and Coinbase Wallet (of the crypto exchange). Wallets can serve to not only hold the funds used to buy the NFT, but as storage for the NFT itself.
Note: sometimes it can take a little while to see the money transferred show up there.
In the interest of time, I am not going to detail how to set up your wallet…but as always, do your best homework through resources that you trust.
On IG, Chris from @alchemistpoetry has cultivated The Thriving Artist, a collaborative space for poets to explore the possibilities of NFTs and learn about crypto together. One recent show includes a walk-through of setting up a MetaMask wallet for those interested in seeing the process unfold on-screen.
Whether it’s an educational podcast or a trusted friend or mentor, a little guidance or practice can help with the learning curve that comes with moving crypto around.
Once you have a wallet (or several) set up, there are different methods of copping your digital art. Some NFTs are sold at a fixed price, while others are auctioned off for a set duration of time.
A smaller number of marketplaces take a debit or credit card transaction if you want to pay in USD/fiat, without purchasing or moving your cryptocurrency. These tend to be smaller, more niche drops. An example would be Nifty’s (different than Nifty Gateway).
Which Way to the Mall?
A few popular marketplaces include:
Open Sea
Supports many payment types and allows artists to create and mint their own NFTs on site, sold in ETH. One of the most popular options with a wide assortment of collections.
Rarible
Multi-chain (ETH, Flow and Tezos) platform for creating, selling and buying NFTs. Features coveted art from creators like Pak, LIRONA and eBoy. $274M trading volume with 1.6M users. Connects to MetaMask wallet and they have their own RARI token. They’ve also opened the platform to metaverse land, wearables, domains and more.
Axie Marketplace
Online shop for Axie Infinity gaming. You’ve likely been hearing buzz about the metaverse this year, and these two go hand-in-hand. In this colorful world, users can explore in-game NFT experiences and play-to-earn opportunities.
Nifty Gateway
Digital art platform and auction “house” for some of the most popular NFT artists like Beeple and LOGIK. Acquired by the Winklevoss Twins (owned by Gemini). This is a custodial marketplace, so your NFTs are stored on the platform itself.
SuperRare
White-labeled marketplace for NFT creators and buyers, accepting Ethereum. They have their own ETH-based token ($RARE).
NBA TopShot
Associated with the NBA and WNBA. Uses the Flow blockchain to bring elite names and sport fandom to the world of crypto collectibles.
Atomic Hub
Allows users to explore, create, trade or sell NFTs on the WAX (Worldwide Asset eXchange) blockchain. Some of these items can be used in play-to-earn games on WAX as well.
There are others, so please note this is not a complete list…but hopefully enough to get you familiar with the environment.
Waiting in the Queue vs. Window Shopping
Last note — some NFT drops require a lot of patience. This may mean waiting in line with thousands of other people to purchase the NFT you want, often receiving a number assigned to you (like at a deli counter, but let’s hope it’s more exciting) and having an NFT picked for you at random once your number comes up.
If you’re purchasing from a marketplace like Open Sea, the shopping experience is a bit more traditional and you can curate it to your liking — browsing various collections and exploring what makes them unique or appealing. There are typically dropdowns to help narrow NFTs by certain traits.
How Do I Know if the Bag’s Designer?
On Open Sea, a blue check mark indicates that the seller has been validated (like an accreditation, ensuring their identity is valid and the collection is authentic). This is a helpful tool if you’re unsure of who is behind a specific account or set of NFTs.
I like to double check by locating the account on Twitter or surfing the web for info about the artist or creator, too, since I enjoy learning the story behind the artwork I purchase. For a lot of people, the clout is what clinches the sale — but for others it’s more about the come up.
I hope this was helpful, and that you may come back to visit this post on occasion when you’re exploring the vast world of NFTs or want to send some info to a friend doing the same. As always, drop a comment if you have a question or something to say. Most of all, have fun!