How to get started with NFTs

If you are completely new to NFTs, it can all seem a little confusing at first. There are new words, different platforms, digital wallets and cryptocurrencies, and a lot of information that assumes you already know what everyone is talking about.

You don't need to know all of it to get started.

The easiest way is to take it one step at a time.

1. Start by looking

Before buying anything, spend some time looking at NFT art.

Explore different artists, collections and marketplaces. Look at the artwork, but also look at how the artists describe their work and how collectors interact with it.

You will quickly discover that NFT art is not one particular style. It can be photography, illustration, animation, generative art, 3D work, video, sound or something completely different.

This is probably the best place to start because you can learn a lot without spending any money.

2. Set up a digital wallet

If you decide you want to buy or collect an NFT, you will usually need a digital wallet.

A wallet is where you manage your cryptocurrency and digital assets. It also gives you an address that can be used to receive and send things on the blockchain.

One of the important things to understand is that your wallet is not quite like a bank account. Your recovery or seed phrase is extremely important.

Never give your recovery phrase or private keys to somebody who asks for them. A legitimate service will not need you to send your secret recovery phrase to them.

Write it down somewhere safe and be very careful about where you store it.

3. Understand the blockchain

NFTs exist on blockchains.

Ethereum is probably the blockchain most people first associate with NFTs, but it is not the only one. There are now many different blockchains and NFT ecosystems.

Different blockchains have different costs, communities and marketplaces, so it is worth understanding which blockchain an NFT belongs to before you buy it.

4. You'll probably need cryptocurrency

Many NFTs are bought using cryptocurrency.

The cryptocurrency you need depends on the blockchain and marketplace you are using.

Before buying anything, make sure you understand:

  • what cryptocurrency you need
  • how much the NFT costs
  • transaction or gas fees
  • any marketplace fees
  • the cost of moving cryptocurrency into your wallet

Don't assume that the price you see next to an artwork is the total amount you will pay.

5. Find an artist you actually like

This is the part I think is most important.

There is a lot of speculation around NFTs, but if you are interested in NFT art, start with the art.

Find artists whose work you connect with.

Look at their previous work. Find out how long they have been creating. Look at their other projects. Follow them if you like what they are doing.

You don't need to buy something just because somebody says it is going to increase in value.

6. Learn about the marketplace

Once you've found an artist or artwork you're interested in, learn how the marketplace works before making a purchase.

Check that:

  • you are on the genuine website
  • the artist's account is the genuine account
  • the NFT is actually associated with the artist or collection
  • you understand whether you are buying an individual artwork or part of a larger collection
  • you understand the fees
  • you know which blockchain you are using

There are unfortunately scams and fake accounts in the NFT space, so taking a few extra minutes to check things can save you a lot of trouble.

7. Make your first purchase small

There is absolutely no need to spend a lot of money to become an NFT collector.

If you decide to buy something, start with an amount you are comfortable losing.

NFT prices can change dramatically, and there is no guarantee that something you buy will increase in value or even retain its original price.

Think of your first purchase as learning how the system works, rather than trying to make money.

8. Learn as you go

You will come across words like:

mint- creating or issuing an NFT on a blockchain

gas- a blockchain transaction fee

wallet- software or hardware used to manage your digital assets and interact with blockchains

blockchain- the distributed record on which transactions and other information are recorded

1/1- a one-of-one artwork, meaning there is a single NFT representing that work

PFP- a profile-picture NFT, usually part of a larger collection

You don't need to memorise all of these before you begin.

NFTs have their own language, and it becomes much easier once you start seeing the words used in context.

9. Don't forget that you can simply be interested

You don't have to buy an NFT.

You don't have to create one.

You don't have to become a collector.

You can simply look at the art, follow artists, learn about the technology and watch how this part of digital culture develops.

That is actually where I would recommend starting.

Look first. Learn a little. Take your time. Then decide whether you want to take the next step.

The NFT world can sometimes move very quickly. There is no reason you have to.

Popular posts from this blog

NFT Weekly Archive Dec 2023

Image
Nine artists, nine different approaches to digital art. This original NFT Weekly feature captures a moment in the early NFT art movement, bringing together artists who were creating, experimenting and finding their place in a rapidly changing digital world. Artist: Sam Spratt X Profile: @SamSpratt Artwork: Infinity Ceremony Sam Spratt has created a striking scene. Two primal figures, reminiscent of our ape ancestors, engage in a gentle exchange inside a cave. The male offers the female figure something that appears to be of great value, possibly water or food, inside a skull. The earthy tones surrounding this scene bring a sense of ancient intimacy, making us feel as though we are looking back at the very roots of human connection. The natural hues and cave-like setting transport us to a time before civilization, when survival and companionship were vital. Spratt's skill lies in his ability to show both the harshness of existence and the warmth of sentient interaction. He invites u...
Read more

NFT Weekly Archive Nov 2023

Image
A look back at nine artists featured by NFT Weekly during the early years of the NFT art movement. Discover the artists, styles and ideas that were part of a rapidly changing digital art world Artist: Data Velvet X Profile:  @DataVelvet Artwork: River of the Sun Data Velvet has created a stunning piece with such  peaceful and vibrant beauty. The way the trees, and the rays of the sun, snake out of the darker areas of the composition is so effective. The piece has a traditional Japanese feel to it, especially in the stylisation and the use of colour. A truly gorgeous piece and an artwork which encourages the viewer to sit and admire the intricate details in the landscape.   Artist: Grace Anata X Profile:  @grace_anata Artwork: Help Me Breathe The wafting fabric and the nude, unfocused, figure give this piece ethereal beauty. The sense of movement is enhanced by the way the figure emerges out of the black background. This piece has a Man Ray type simplicity to it ...
Read more

NFT Weekly Archive Oct 2023

Image
Nine artists, nine different visions of digital art. This original NFT Weekly feature captures a moment when artists were exploring new ways to create, share and collect art online. Artist: Arya Bima X Profile:  @rearyabaim Artwork: Present This quirky piece, by Arya, has a fantastical quality to it like a more classical version of the Surrealist Salvador Dali. The details are delicate and beautiful, the brains in a covered dish and the little yellow butterfly, for example, have a natural history element to them, which is both whimsical and interesting. This is a very seamless work and the muted tones and creative imagery make it a wonderful artwork to view.   Artist: Oveck  X Profile:  @oveck Artwork: Balance Oveck's piece is such a beautiful work, with such a lovely colour palette. The central figure appears to be melting or succumbing to the power emanating from the omnipotent hand from above.  The two figures behind have an alie...
Read more