How to buy and sell Digital Collectible? | DigiArt Guide
This article aims to help you prepare everything you’ll need to buy NFT art from a collection supported by DigiArt, namely:
- Ethereum wallet
- ETH cryptocurrency
- NFT marketplace
When you buy or receive a gifted NFT artwork, you’ll want to see the related token in your crypto wallet. This NFT is your certificate of ownership. NFTs can be sent from one wallet address to another, but only one wallet can ever be in possession of the original NFT associated with an artwork. So, you’ll want a suitable wallet to interact with tokens on the blockchain first.
Which wallet for your NFTs?
ERC-721 tokens on Ethereum are a very popular choice for NFT art creators because art on Ethereum tends to attract higher bids. So, for DigiArt collections, you’ll need an Ethereum wallet. As you will own the private key to this wallet, this will put you in charge of your NFT. The ownership of the art you buy will change with the transfer of the related token from one wallet to another. When you buy an artwork, the associated token will be transferred to you.
DigiArt will support several Ethereum wallets — Coinbase Wallet and MetaMask. Whilst the popular Coinbase Wallet is very user-friendly, MetaMask wallet is even more versatile as it has become the default wallet for connecting to nearly all NFT marketplaces, web3 applications and games. With MetaMask you can even interact with multiple blockchains using a single wallet address.
MetaMask is available as both a mobile phone application and a web browser extension. You’ll want to set up a wallet and to write down and keep the associated ‘keys’ and password safely offline. Note that you may have to add the smart contract address related to the NFT collection you buy from, in order to actually see an NFT you buy in your MetaMask wallet.
To download and set up a wallet, simply follow the instructions at:
MetaMask: https://metamask.io
Coinbase Wallet: https://www.coinbase.com/wallet
Where to buy ETH
As DigiArt-supported NFT artworks are minted on the Ethereum blockchain, you’ll need some of Ethereum’s ETH cryptocurrency to pay for the artwork. You’ll also pay a ‘gas fee’ in ETH to move the related NFT to your wallet.
There are many crypto exchanges to choose from, but North Americans and Europeans may find it most convenient to buy Ethereum (ETH) from Coinbase, which simply requires you to register, provide some ID, and connect a bank account. Once your bank account is verified, you’ll be able to buy and withdraw ETH to your wallet. Buy enough ETH for your artwork purchase, plus gas. You’ll then connect your Coinbase Wallet or MetaMask wallet to purchase an artwork.
To buy ETH on Coinbase, see: https://www.coinbase.com
How to be the first to buy art from a DigiArt-supported collection
DigiArt will share the date and price details for the public sale or ‘mint’ of each new NFT collection as these are confirmed. Register with your email address on the DigiArt website to be sure to receive advance news of each sale. At the given sale time you should connect your Ethereum wallet (Coinbase Wallet or MetaMask) to make a purchase, following the instructions at: https://digiart.company
DigiArt-supported public sales will typically be on a first come first served basis until the available NFT artworks have all been allocated to buyers. In the unlikely event that any artworks remain unallocated, these will be put on sale on the OpenSea marketplace at a later date.
At the given hour for the start of the sale, individuals on DigiArt’s ‘allowlist’ will be able to connect their Ethereum wallet through the DigiArt web interface to place an order for an NFT/s at the advertised sale price per NFT. The allowlist is the list of individuals who already registered on DigiArt’s website for this NFT collection. Join DigiArt’s Discord to learn more about the allowlist and any opportunities for presale access.
For larger collections, NFT artworks will usually be randomly allocated during the public sale until none remains. You won’t know in advance which artwork you’ll get allocated, although previews or ‘sneak peaks’ of the main characters in the collection will likely have given you a good idea what to expect.
Some sales will allow the purchase of more than one NFT. Committing to buy more than one NFT from a Profile Picture collection will increase your chances of being allocated a variety of characters, with the possibility that one will be more rare than others in terms of its features or ‘traits’.
As the allocation of artworks will be on a first come first served basis, your allocation is only assured once your full payment is confirmed and deducted from your wallet and the relevant NFTs have been transferred to your Ethereum wallet in return.
DigiArt is currently exploring the possibility of a fiat on-ramp for art buyers unfamiliar with crypto exchanges. This article will be updated as more details become available.
Join the allowlist for the collection that interests you here: https://digiart.company
Where to buy and sell NFT art after the initial public sale
There are various marketplaces for NFTs where art can be bought and sold following its initial public sale. DigiArt will promote the use of OpenSea for its first NFT drops.
Get started by connecting your MetaMask (or Coinbase Wallet) to OpenSea. Click on the wallet icon top right on OpenSea, select MetaMask and unlock this with your password. Search for an NFT collection (eg. Haculla), select an NFT you’d like, hit buy, tick the boxes to agree terms, checkout, then sign and confirm your purchase by approving the related fees. On top of the artwork sale price, there will be gas fees to pay — typically from $25 to $50 in ETH.
To review the NFT you just purchased, click the circular profile picture icon top right on OpenSea and select the image for the NFT in question. You can then take further action if you like — for example, you can put the artwork up for sale (fixed price or timed auction), leave it on OpenSea so others can make offers on it, or transfer it to another wallet.
Lukassen Tutorials has produced a very helpful step-by-step video guide on connecting a MetaMask wallet to OpenSea to purchase an NFT.
Connect your MetaMask to OpenSea here: https://opensea.io
Which block explorer?
You’ll be able to track all your on-chain wallet activity on the feature-rich Etherscan block explorer. Just drop your MetaMask wallet address into Etherscan to see what ETH and other tokens, including NFTs, you hold on the Ethereum blockchain at that address.
Drop your wallet address into Etherscan here: https://etherscan.io
Ok — you’ve bought an NFT you love. What next?
Often buyers use an NFT they’ve bought for their social media profile picture. Twitter will even verify you are the real owner if you like!
DigiArt aims to support NFT collections by Harif Guzman, Santlov, Vollut and Paa Joe in the coming period, so we invite you to take your pick of a new uber-cool profile pic on their release :-)
For the latest on what DigiArt has to offer, including the soon to be released Haculla NFT collection, join the DigiArt community on Discord. Also, look out there for Q&As and quizzes and register on our website for the chance to win a pair of tickets to Miami Art Week (flight and hotel included)!
About DigiArt
DigiArt provides an authentic art and community-centric team that connects collectors with true artists and creatives through online and face-to-face events, NFT artwork drops and new and unusual experiences.
