The popularity of NFTs has drastically risen in the past few months. Although many collectors and investors buy and sell non-fungible tokens daily, buying one for the first time can be challenging.
However, collecting art can be a great deal of fun and can be financially rewarding as well. Banksy’s recent popularity boom has led to growth in the secondary market for his work. A great way to get involved with popular street art is by buying non-fungible tokens (or NFTs) representing pieces of street art by renowned artists.
Artists often sell NFTs to represent their work on the blockchain through tokenization, which allows users to buy, trade, and own unique digital copies of original artworks directly from artists.
What is Banksy NFT?
A Banksy NFT is a non-fungible token (NFT) representing the rights to Banksy artwork. NFTs are unique digital assets that cannot be copied, meaning they must be purchased, traded or transferred from one owner to another. In the same way, physical art is owned.
It is a digital collectable art piece available for purchase using the ERC-721 protocol. Each artwork has a unique token that identifies its authenticity, ownership and origin.
Buying NFTs is pretty simple; you don’t need a degree in finance or any special knowledge. To purchase a new generation of blockchain-based art, you should simply:
2. Open an eToro Account (other accounts available)
eToro is the best social investment network with a solid track record of successful crypto traders. Click here to open an account, complete your registration and verify your account to start.
2. Make a Deposit
If you are new to eToro, you must create an account and verify it before transferring fiat money. Once the account is verified, you can send funds from that account to your eToro wallet using e-wallets like PayPal and credit or debit cards.
3. Buy ETH as it’s Needed to Buy NFTs in eToro
If you haven’t already, you will need to buy ETH on a crypto exchange before purchasing NFTs. This follows the same process as buying any other cryptocurrency on eToro, which does not currently offer direct purchase of NFTs.
4. Install MetaMask and Send ETH to MetaMask
The next step is to download Metamask and use it to send your Ethereum to the digital wallet. This will be your Ethereum address when you buy a Banksy NFT and should be kept secure for future transactions involving digital collectables.
Once you have MetaMask installed and activated, you’ll see an Ethereum address on your screen. This is the digital wallet you will use to purchase artist-created NFTs, such as Banksy’s flowers, through the auction house.
5. Establish a Connection with an NFT Marketplace and Buy the NFT
Once you have purchased Ethereum, you can move over to a marketplace that offers Banksy NFTs and connect it to your MetaMask. You can then use the Ethereum funds in your MetaMask wallet to buy Banksy NFTs.
What are the Benefits of Buying NFTs?
Banksy is an internationally renowned street artist. His art has been sold for millions, but you don’t have to be rich to own a piece. The benefits of buying Banksy NFTs are numerous. They include:
- They are an investment that appreciates in value over time.
- You can buy them as gifts for family, friends, or yourself.
- The artwork is on the blockchain and cannot be stolen or lost.
- Artworks have a limited supply, which means that scarcity will drive up their value in the future.
The number of Banksy fans buying NFTs is definitely on the rise, with over 360,000 people owning an NFT. If the current trends continue, you can expect to see even more owners of NFTs in the near future. This is an efficient and rewarding way for fans to own and share their favourite artists for a fraction of the price of traditional artwork.
Image Source: Adobe Stock
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
