Although NFTs have been with us since the dawn of cryptocurrencies, they hadn’t drawn as much attention to that asset class as they did in 2021. Heading into 2022, the buzz around NFTs hasn’t let up.
So, you may wonder, why do people care so much about NFTs? And, how can you buy one in New York? Join us as we discuss that in this article.
Why Buy NFTs
NFTs are quite popular in early 2022 for these reasons:
If you’re a lover of fine art or like to collect unique items as a hobby, then you should definitely consider NFTs.
NFTs are a form of digital art, and because of their Non-Fungible (unique and irreplaceable) nature, they’d make excellent additions to your collection.
A great example of an NFT art collector is Pablo Rodriguez-Fraile, a crypto investor. He has over 2000 NFT in his collection and made a record for selling a 10-second Beeple Video NFT for $6.6 million after purchasing it for just $66,000.
NFTs are excellent assets to buy and sell for a profit if you’re a crypto trader or investor.
Many people have become crypto millionaires by purchasing NFTs at low prices and later selling them for massive profits after their value increases.
Pablo, in the case above, is one example, but hundreds more have done the same.
Warning: Investing in NFTs, and crypto in general, has inherent risks. Never invest in a project without studying it in detail.
To Support Artists
You can also buy NFTs to support the artists who create them.
For every NFT you purchase, a percentage of the price you pay goes back to the artist. This royalty ensures the artist who created the NFT benefits from it every time it’s resold to a new owner.
With celebrities, billionaires, and influencers flooding the space, owning an NFT makes you one of the cool kids in the club.
Beyond that, it has led to an increase in exclusive communities of NFT owners.
So, if you own, say, a CryptoPunk, a Bored Ape, or a Pudgy Penguin, you’re automatically a member. This comes with perks, like exclusive meetings and parties.
Is NFT Popular in New York?
NFTs are extremely popular in New York. In fact, NFT.NYC, one of the world’s largest NFT conferences, is held in New York yearly. Since 2019, It has attracted hundreds of sponsors, thousands of attendees, and massive social media attention worldwide.
Additionally, many high-profile New Yorkers either own or invest in NFTs. One of them is Billionaire Steve Cohen, the owner of the New York Mets.
Also read: Does Opensea Work In Canada?
Best NFT to Buy
It isn’t easy to pick the best NFTs to buy because people have different tastes and preferences. However, here are some of the most popular NFTs you can buy:
- Bored Ape Yacht Club
- Mutant Ape Yacht Club
- Cool Cats NFT
- Bored Ape Chemistry Club
There’s no limit to NFTs, however. You can search OpenSea, LooksRare, SuperRare, or other NFT marketplaces for something you like or prefer. No matter how much ETH you have, you’ll find something you like.
How to Buy NFTs in New York
Before you can buy an NFT from any marketplace, you’ll need a couple of things:
A Crypto Wallet
Metamask is an excellent place to start. This Ethereum wallet gives you two options.
You can download it as an app on your smartphone or an extension on your Chrome web browser.
To further secure your Crypto assets, you can link your Metamask wallet to a hardware wallet. Doing this reduces your risk of losing your ETH or other crypto assets if you’re hacked.
Other excellent alternative wallets include:
- Trust Wallet
- Coinbase Wallet
- Trezor One
Most of these wallets are pretty easy to set up, and you’ll be ready to buy Ether and NFTs in no time.
Also read: NFT Tokens in Australia (Full Guide)
You’ll also need ETH (or Ethereum Tokens) since most NFTs are built on Ethereum and hosted on Ethereum-based marketplaces.
Once you purchase Ethereum from a Crypto Exchange, you connect your account to the Exchange and transfer your ETH to your Metamask (or other Crypto) wallet. You can also swap your altcoins into ETH.
So, if you own Bitcoin, Solana, Ripple, or Cardano, you can swap them into ETH directly using Uniswap, Sushiswap, or PancakeSwap.
Buying NFTsTo buy an NFT, log on to OpenSea, LooksRare, or any other NFT marketplace. (Here, we’ll use OpenSea as the most popular marketplace)
Ensure you’ve already funded your wallet with ETH. If not, please go back and do so.
The first step is to create an account with the platform.
To do so, connect your wallet to OpenSea. Depending on the platform you’ve chosen, it may support more or fewer wallets. Most times, a Metamask wallet should be enough.
Once connected, buying an NFT is pretty straightforward. Select the NFT you want, pay the price in ETH, and your asset will be transferred to your wallet.
You may also find your NFT on an auction. You can submit your bid, and if it wins, your NFT asset is transferred to your wallet.
Note: Some auctions support both the highest bids and lowest asks. This means you can bypass the bidding process and pay the reserve price of the NFT if you like it a lot
The beauty of all this? You won’t even have to leave your apartment to get yourself an NFT. Just a few clicks on your browser and that’s it.
So what’s the future of NFTs?
NFTs could find good use if you want to tokenize any real-world asset. It would make ownership and transfer of physical assets transparent. It would also eliminate fraud and other financial crimes. Things like real estate deeds, car documents, intellectual property rights, and business documents could become impossible to corrupt.
The future of NFTs remains uncertain, but the technology behind them has the massive potential to change how the internet, business, and government works. Let’s wait and see.
At this time, most NFTs are either digital art pieces or collectibles. This new trend certainly raises questions about whether it will go away or change into something else. Who knows? It could become a new way of exchanging other collectible physical assets like baseball cards or physical artwork.