Non-fungible tokens, or NFTs, have taken the digital world by storm in recent years. These unique digital assets are a type of e-currency that is used to represent ownership of a specific piece of digital content, such as artwork, music, or video. NFTs have opened up a new world of investment opportunities for digital coin users, including the ability to buy and sell digital art.
In this blog post, we will be discussing the basics of NFTs and how users can invest in NFTs in Australia, with a particular focus on indigenous NFTs.
Before we dive into the world of buying NFTs, it’s important to have a basic understanding of what they are. NFTs are a type of digital asset that are created and managed using blockchain technology, the same technology that underpins digital currency products like Bitcoin and Ethereum.
Unlike cryptocurrencies, which are fungible and can be exchanged for each other, NFTs are unique and cannot be replicated. Each NFT represents a specific piece of digital content and includes a digital signature that confirms ownership.
NFTs have gained popularity in the art world because they allow artists to sell their digital creations as unique, one-of-a-kind pieces. They also provide a way for collectors to invest in digital art in the same way that they would invest in traditional art.
If you’re interested in investing in NFTs, the first step is to find a marketplace where you can buy and sell them. There are several popular NFT marketplaces available, including OpenSea, Nifty Gateway, Rarible, and SuperRare.
Once you have found a marketplace that you are comfortable with, you will need to create an account and connect it to your digital currency wallet. Most NFT marketplaces accept payment in Ethereum, so you will need to have some Ethereum in your wallet to make a purchase.
When you are ready to buy an NFT, simply browse the marketplace and find a piece of digital art that you are interested in. Each NFT will include details about the piece of art, including the artist, the date it was created, and any other relevant information.
When you are ready to make a purchase, simply click the “buy” button and confirm the transaction. The NFT will then be transferred to your wallet, and you will become the owner of that specific piece of digital art.
NFT Art Scams:
While NFT art is a potentially lucrative investment opportunity, it is not invulnerable to potential scams out and about. Here are some art scams to watch out for, as compiled by the team at Finance Magnates:
- Phishing – NFT phishing scams operate like ordinary phishing scams run over emails and text messages, in the case the scammers use fake links and ask you to click and share them over social media. The links will have hidden malware to enable them to access your NFT account or worse your cryptowallet.
- Rug-pulls – As the term implies, an NFT rug-pull involves the scammers generating hype around a much-touted NFT with the appropriate wording to pull in investors, leading for the project to just disappear.
- Plagiarism – As NFTs are basically art pieces in digital form, NFT plagiarism is the same as proliferation of fake art. You must exercise due diligence to learn if the NFT is from the artist themselves and released with official consent.
Investing in Indigenous NFTs:
In recent years, there has been a growing movement of Indigenous artists who are using NFTs to showcase their work. These artists are creating unique digital content that reflects their culture and heritage, and selling it as NFTs on various marketplaces.
Investing in indigenous NFTs not only provides an opportunity to support these artists and their communities, but it also allows collectors to own a piece of digital art that is deeply rooted in history and culture.
It’s important to note that when investing in indigenous NFTs, it’s important to do so in a respectful and ethical manner. This means researching the artist and ensuring that they have given consent for their work to be sold as an NFT. It also means paying a fair price for the work and supporting the artist’s community.
One such example of Indigenous Australian artists showcasing their work in NFT form is the Digital E/SCAPES touring exhibition by Pullman Hotels. Kicking off last November at the Pullman Hyde Park Sydney, the tour ran for a few weeks each at Pullman hotels in Adelaide, Melbourne’s Albert Park, and King George Square in Brisbane. The show featured 16 art pieces from four Indigenous and overseas-based artists, with the aim of auctioning them off, half the proceeds to a charity of the artist’s choice. Another example of consented Indigenous work used as NFTs is the Yolngu from East Arnhem Land’s Yirrkala community, which have taken some of their artworks using a digital camera and converted it into moving images.
A digital currency wallet provider like QOIN will be a safe handle to help you in buying NFTs. All you need to do is register on the associated app and put in a corresponding amount of cash to be converted as coins, which will be used to buy your ideal NFTs from partner merchants.
NFTs have opened up a new world of investment opportunities for crypto users, including the ability to invest in digital art. By understanding the basics of NFTs and finding a reputable marketplace, anyone can buy and sell NFTs. Investing in indigenous NFTs provides an opportunity to support the local artist’s business and to give back to the community.
What is Qoin?
Qoin is a digital currency that is designed for everyday payments to help business owners use their surplus capacity to maximise their earning potential and provides an additional sales channel that is simple, secure, and super-fast for your customers. Built on a world class blockchain, Qoin is backed by participating businesses that accept Qoin as payment or part payment for real goods & services.
DISCLAIMER: This article is for informational purposes only. QOIN has no business relationships with any company mentioned in the article.