How to Buy and Sell NFTs after Beeple Art Sells for $69.3 Million

One type of digital artwork that can be bought and sold online made headlines after a piece sold for $ 69 million on Thursday.

The sale quickly positioned the artist Mike Winkelmann, who created the artwork, as one of the top three most valuable living artists, according to auction house Christie’s.

The art was an example of an NFT – a non-fungible token – which is a digital image that comes with a unique code to prove who it belongs to.

Google Trends data shows that interest in NFTs has risen sharply since the popular March 11 sale, and people may be wondering how to buy and sell NFTs themselves.

The first step to do this is to log into a cryptocurrency wallet. This is because, much like cryptocurrencies like Bitcoin, NFTs are bought, sold, and verified – using a blockchain.

A blockchain is a network of computers that all track information independently of each other. In the case of Bitcoin or NFTs, these users inform all users on the blockchain network about who has bought or sold a particular digital item.

These digital items or the ownership contracts are kept in wallets, which is why it is necessary to own one in order to trade NFTs. Many well-known NFT marketplaces like OpenSea, Foundation and SuperRare accept some type of crypto wallet called Metamask, but sometimes others like Fortmatic are also accepted.

Once a wallet is set up, the method of purchasing an NFT will vary between locations. Some, such as B. Foundation, only accept the cryptocurrency Ethereum, and every purchase made through the website is stored on the Ethereum blockchain.

For people less familiar with the technology, Nifty Gateway may be preferable as it accepts regular cash on debit or credit cards for NFT purchases – although it also accepts Ethereum.

Selling an NFT differs between websites, but there are generally two ways to sell an NFT: Original NFTs can be created and sold by a digital artist, or traded on a marketplace by users who have already purchased them.

Selling as an artist means converting a work of art such as a video, image, or GIF into an NFT through a trading platform. The artists should then decide how rare the artwork should be. You can only sell one or make a number of copies as part of a limited offer.

Each one continues to come with a unique identifier so buying a copy still makes sense, even though multiple NFTs of the same artwork may look the same.

An artwork entitled “The Bitcoin Angel” by artist Trevor Jones is available on NiftyGateway. There are currently 4,157 issues available. Edition # 4144 is on sale for $ 5,555 and Edition # 2775 for $ 100,777.

An archive image shows someone holding a credit or debit card next to a laptop. On some platforms, NFTs can be bought with regular cash, while others only trade in cryptocurrency.
Sarinyapinngam / iStock

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