NFT Art Coins are another cryptocurrency that you may want to keep track of as it allows creators to turn their art, music, or even ideas into NFTs. Implemented by NFT Art Finance, you can buy an NFT Art Coin by using such wallets as MetaMask though there are other wallets too.
As with any cryptocurrency, buying an NFT Art Coin can be quite tricky, and many of us new to the world of NFTs and coins find ourselves overwhelmed and unsure where to turn or who to trust.
And that’s where we come in. today, we are here with a guide that will walk you through purchasing an NFT Art Coin and everything else you need to know!
What Is An NFT?
An NFT is a non-fungible token. In other words, it is a digital asset that can represent an object in the real world such as a piece of art but also a piece of music.
These can be bought and sold online via the blockchain. As with any asset or piece of art, their value can increase and decrease over time.
What Is NFT Art Finance?
NFT Art Finance labels itself as a decentralized network that aims to connect content creators, including artists and musicians, with investors. Artists can upload then sell their visual art in the form of NFTs on the marketplace with low transaction fees.
Similarly, musicians can use the platform too while content creators can use the NFT Art Finance app to create and then trade NFTs directly from their smartphones.
What Is An NFT Art Coin?
In the world of NFTs, Art Coins or Art Finance Coins, are another new cryptocurrency that is based on the Binance Smart Chain.
The main aim for NFT Art Finance is to be part of a marketplace that allows artists to tokenize then sell NFTs as private labels. Similar to pieces of art, their value can change markedly over a period of time as any NFT can.
One of the most noticeable factors with an NFT Art Coin is that you will be charged a 10% transaction fee if you want to sell one.
Part of that fee is burned with the rest divided into containers of NFT Art tokens which are similar tokens to those found on the Binance Smart Chain. These are structured schemes whereby token holders will rely on other investors to buy the coins.
Should you buy an NFT Art Coin, you will be motivated to hold onto it. If only to avoid those transaction costs which are built-in. The 5% redistribution occurs on every transaction so your funds should increase the longer you hold onto your token.
How To Buy NFT Art Coins
If NFT Art Coins are your first purchase then you will need to stock up on some cryptocurrency first which you will eventually exchange for Binance tokens (BNB).
You can start by buying Ethereum as the dominant blockchain network with access to the most NFTs via the biggest marketplaces. Do this via a regulated exchange or broker such as eToro which is FCA-regulated.
Set Up An eToro Account
You will need to set up an account on eToro with a username, password, and create your username. There will be some KYC checks and required proof of ID such as a driver’s license or passport as well as proof of address in the form of a bank statement or utility bill.
Invest as much, or as little as you want down to just $10 via a deposit which can be done via conventional means such as a bank transfer, credit or debit card but also PayPal, Skrill, Neteller, and Klarna.
Simply type in ‘ETH’ into the search bar then click ‘Trade’ with your desired investment amount then click ‘Open Trade’.
Find A Ethereum Compatible Wallet
Next up you will need an Ethereum compatible wallet for your cryptocurrency, such as a MetaMask wallet, to transfer your Ethereum into. Install the wallet from an app on your browser then set up your wallet.
Your Ethereum can be identified when you can click ‘View Account’ and the public wallet address will be in the form of a long string of unique alphanumeric characters.
Now you can send your Ethereum to your MetaMask wallet but you will need to download eToro Money which is eToro’s crypto wallet app.
Transfer Your Ethereum
Use your eToro credentials to log in then return to the eToro trading platform, click ‘Portfolio’. Select your Ethereum position then click ‘Edit Trade’ where a box should appear and you can choose ‘Transfer to Wallet’ which will effectively send your Ethereum to eToro Money.
Open the eToro Money app and pick the ‘Crypto’ tab then tap on Ethereum and click ‘Send’ where you can enter the address of your crypto wallet.
This is your MetaMask address, click ‘Send’ again and eToro should send you a quick SMS with a unique code which you can enter on the eToro Money app.
With that code entered, your Ethereum holdings are now being sent to your MetaMask wallet. Now you have some Ethereum in your wallet, you can head trade it for some NFT Art Coins, as long as you have enough Ethereum to pay for it with.
Buying NFT Art Coins
Though you have some Ethereum holdings in your wallet, you need to exchange this for Binance tokens, also known as BNB. You will also need to use PancakeSwap.
Open Up A Binance Account
Creating a Binance account is similar to any account, you need an email address, a strong password and you need to verify your account before you can begin to invest.
You will also need to complete further verification, usually in the form of a security puzzle and a verification email though you may also need to provide proof of ID and/or address.
Now you can buy some BNB. you can purchase as much as you want, but it’s best to stick to your financial limits. That might mean one or two tokens, or you can purchase a fraction of a token if you want.
Just as long as you have enough BNB for your chosen NFT Art Finance Coins, then you are good to go.
Send Your BNB To Your Wallet
You can use the MetaMask wallet you have already created but also Trust Wallet which is a crypto wallet from Binance that comes for free. Send the BNB to your wallet by using the ‘Withdraw’ option and then providing the wallet’s address.
For Trust Wallet, you can either transfer BNB from Binance or buy the BNB directly. Unfortunately for MetaMask, the wallet is not configured to be used with the Binance Smart Chain as a default.
Instead, you will need to change the settings from the dropdown menu. Find the ‘Networks’ option and click ‘Add Network’ to add the Binance Smart Chain as it doesn’t come with MetaMask.
There will also be some technical details to include, after which you can visit your wallet. Check that the wallet is indeed on the Binance Smart Chain network then click on the address and it should copy automatically, you will need it to withdraw your funds.
Choose Binance Smart Chain for your transfer network, fill in the amount you want to withdraw then go ahead with the confirmation screens to finish up your transaction.
You’re nearly done but you will need to use PancakeSwap to exchange your BNB for NFT Art Finance Coins. For Trust Wallet, you will need to access the DApps on Android to connect to PancakeSwap.
However, for iOS, you have to visit PancakeSwap via WalletConnect to connect your Binance Smart Chain wallet.
With a mobile version of the MetaMask wallet, you can tap on the burger icon which should be in the top-left corner.
Click on the browser then type in ‘PancakeSwap’ and begin searching. Right at the top should be the PancakeSwap exchange and you should be asked to connect.
A desktop version of MetaMask requires you to visit the PancakeSwap website. There will be a ‘Connect Wallet’ button in the top right corner and you need to choose MetaMask when prompted. As long as you adjusted the settings to the Binance Smart Chain then this should be fine.
In the ‘Exchange’ tab on PancakeSwap, BNB should be in the ‘From’ section with Cake as the predetermined option in the ‘To’ section. To select NFT Art Finance Coins you will need to search for NFTArt.
You may need to paste in a token address, after which you can swap your BNB for NFTArt Coins. The cryptocurrency should be automatically sent to your MetaMask or Trust Wallet via PancakeSwap.
If you want to support artists and musicians then NFT Art Finance Coins are something you should be interested in. You may need to open up various accounts to ensure you have the right tokens for your purchase.
Be wary of the 5% redistribution which is great for adding value to your tokens but does mean a 10% fee whenever you decide to sell one.