NFT art: a new way to trade artworks

NFT Art Finance is a new cryp­tocur­ren­cy that should be of interest to artists and art investors. The platform of the same name provides the tools to create NFT art tokens and trade them like currency.

The NFT Art Finance platform launched in 2021 and aims to make it easier for artists to trade in NFTs. Non-Fungible Tokens (NFT) are a type of digital ownership cer­tifi­cate that can be traded and used to monetize digital art, among other things. Through the platform, classical works of art can be converted into NFTs via the enter.art gallery, and pieces of music can be converted into NFTs or linked to them via enter.audio. In­ter­est­ed parties can purchase the cor­re­spond­ing NFTs.

At the same time, investors can trade with the NFT Art Finance Tokens (NFT art). What’s special about the token is that it only indicates ownership of an artwork, but can be bought and sold in a similar manner to other cryp­tocur­ren­cies. Each time an NFT art is traded, a ten percent trans­ac­tion tax is levied. Five percent of it is burned and five percent goes to the re­spec­tive holders of the token. Thus, NFT art not only provides a passive income for artists and traders, but the tokens are also inflation-proof.

Operators of NFT Art Finance have created their own cryp­tocur­ren­cy, which is based on a well-known tech­nol­o­gy or currency – the Binance Coin (BNB) that you can use to purchase NFT art.

Because NFT art tokens and the as­so­ci­at­ed concept are still in their infancy, only a few NFT exchanges exist that trade directly with this type of token. The idea of NFT Art Finance is that both mining and trading are done via their own platform using the rec­om­mend­ed tools. There are two ways to get hold of NFT art tokens:

On enter.art and enter.audio, you can purchase a work of art or piece of music and the as­so­ci­at­ed NFT art token from the artist – either at a fixed price or via auction. The works are sometimes offered in BNB or another cryp­tocur­ren­cy, sometimes also in euros or US dollars. Either way, you’ll need a com­pat­i­ble crypto wallet.

If you are more concerned about NFT art as a cryp­tocur­ren­cy to trade, the following is rec­om­mend­ed:

1. First log in to the Binance trading platform and set up a Metamask wallet to purchase cryp­tocur­ren­cy.
2. Purchase the Binance Coin cryp­tocur­ren­cy and transfer it to your wallet. A small trans­ac­tion fee will be charged.
3. Connect your wallet with the de­cen­tral­ized crypto mar­ket­place Pan­cakeSwape which is one of few i.e., the most important mar­ket­place for dealing NFT art.
4. Exchange BNB for NFT art at the going exchange rate.

If you want to resell an NFT Art Finance token to generate profits in classic currency, run these steps in reverse: exchange NFT art for BNB or another cryp­tocur­ren­cy, and exchange it into your preferred currency.