Want to jump straight to the answer? You Need Ethereum to buy NFTs, which you can get today on Gemini.
NFTs exploded onto the crypto scene in 2021, with sales ballooning from $100 million in 2020 to over $22 billion in 2021. As our world becomes increasingly digitized, the continued expansion of the NFT sector seems inevitable.
Art Blocks is an NFT platform that generates original art pieces. Learn how you can buy Art Blocks NFTs today.
What is Art Blocks?
Art Blocks is an NFT platform that generates original pieces of art on the Ethereum blockchain via algorithms. Generative artists upload their algorithms, and buyers choose an algorithm they like based on a gallery example.
The buyer then presses ‘mint’ without knowing how their NFT will look. When the NFT is minted, the blockchain records what algorithm was used and exactly how it ran to create the one-of-a-kind piece of art.
Brief History of Art Blocks NFTs
Erick Calderon founded Art Blocks in late 2020 as a way to focus on his passion for generative arts. Despite having a huge passion for art, Calderon discovered he didn’t possess the talent to create art with his own hands. Being an entrepreneur at heart led him to open his own ceramic tile business. This contact with design in the tile industry satisfied his artistic side for a while, but he wanted more.
In 2017, Calderon began surfing Reddit to learn more about cryptocurrencies. What excited him even more was the talk about non-fungible tokens (NFTs), which he thought might be a great way to create value for generative art.
Then one night, while reading through Reddit posts, Calderon ran across a thread by the founders of Larva Labs. They were encouraging people to check out their new project CryptoPunks. At the time, they were also giving away CryptoPunks ― all you had to do was pay the transaction fee.
Needless to say, Calderon took advantage of their offer and claimed a few. To Calderon, this first experience of owning NFTs was revolutionary. After watching NFTs struggle over the next few years to try and make it into the mainstream, Calderon began to formulate his vision for a better platform where artists could mint their own NFTs using an algorithm. Out of this vision, Art Blocks was born.
The birth of Art Blocks was anything but smooth sailing –– the first few prototypes were disappointing, and the project languished. It wasn’t until Calderon, a self-taught coder, wrote the code himself and launched the first version of Art Blocks in November 2020. By February 2021, Art Blocks was incorporated and had a full-time staff by April.
Despite the issues getting the project off the ground, things exploded in August when Art Blocks saw sales close to $600 million. The best day in August saw $69 million in transactions take place. Things got so crazy that people were buying almost anything they could get, which caused prices to skyrocket. One notable sale saw Crypto Guru Kevin Rose buy an NFT from Tyler Hobb’s Fidenza collection in June for $3,000 and sell it in late August for $2.5 million.
Top Art Blocks Projects
Here is a list of some top projects on Art Blocks.
All of these projects have been part of the curated collection. To have a project included in the curated collection, artists must load their script onto the Art Blocks testnet.
Once the script is loaded, the testnet will generate sample outputs for the curation board to consider. The curation board evaluates projects to see if they fit well into the broader curated collection.
Perks of Holding Art Blocks NFTs
With the sales and values of NFTs surging to unbelievable heights in 2021, the perks of owning Art Block NFTs has also surged. As NFTs move further into the mainstream, they will increasingly be viewed as status symbols. There also can be huge perks by getting into newly launched projects early.
Speculating on price has paid off big for many investors who have gotten in early. Prices have soared from hundreds of dollars per NFT up into the millions. NFTs are extremely risky as an investment. But for the avid collector, Art Blocks NFTs can not only make a beautiful collection, but they could also end up paying off big as an investment.
How to Buy Art Blocks NFTs
If everything you have read so far may make you want to jump on the NFT bandwagon. Keep reading for what steps you will need to take to buy and store NFTs.
- Open an online account.
The first step you will need to complete is to open an account at a crypto exchange that sells Ether (ETH). You will need ETH because the NFTs on Art Blocks reside on the Ethereum blockchain. Two of the most reputable exchanges are Gemini and Coinbase. Opening an account at either is easy, and both have well-designed, user-friendly trading platforms.
To open an account at Gemini, click on Get Started on the upper right side of the Gemini home page and follow the instructions. Be prepared to upload some form of ID. This is required so Gemini can verify your identity. Because Gemini is a regulated exchange and defined as an MSB (money service business), it must abide by KYC (Know Your Customer) requirements under federal regulations.
Now that you have your account, there is nothing left to do but buy some Ether (ETH). Click on Start Trading from the home page, then click on Ether. You should now see the trade entry box on the right side of the screen.
- Buy or download a crypto wallet.
Now that you have purchased some Ether, you will need a wallet to store your Ether and your NFTs. MetaMask is the first wallet you need and will connect to either Art Blocks website or OpenSea.
You will also want to invest in a good Hardware wallet to securely store your NFTs and your cryptocurrencies. The Ledger hardware wallet is a great choice.
- Send ETH to Metamask.
If you have never transferred cryptocurrency before, It is good to practice completing test transfers first. Test transfers refer to moving small amounts of crypto first to test the process. You will want to pay attention to the gas fees, though, especially when transferring anything on the Ethereum blockchain.
Also, be sure to triple-check your deposit address. If you copy and paste the address, try checking the first four and the last four characters. The last thing you want to do is make a mistake on your deposit address. If you do, you will never receive the deposit.
- Make your purchase.
There are a couple of ways to purchase NFTs from Art Blocks. To mint a new NFT, follow these steps.
1. Navigate to artblocks.io and connect your MetaMask wallet.
2. Click on the All Projects tab, and select whichever currently open project you want.
3. On the next page, click on Purchase. Your MetaMask wallet will prompt you to confirm the transaction.
4. After confirming the transaction, the NFT will be minted right to your wallet.
You can also purchase Art Blocks NFTs from OpenSea.io. OpenSea is a secondary marketplace, so you’ll be able to view previously minted NFTs for sale.
Best Wallets For NFTs
Best Hardware Wallet: Ledger
The best hardware wallet for storing your ETH and NFTs is the Ledger. The Ledger wallet comes in two models: the Nano S and Nano X. The Nano S is the less expensive model, but it cannot store as many apps as the Nano X. In addition, the Nano X is Bluetooth-enabled and works with the Ledger Live mobile app.
Both wallets use an industry-leading specialized Secure Element chip for security. The secure element chip, which is used in credit cards and passports, provides the highest level of security for a chip. Regardless of the Ledger model you select, you are providing the highest level of protection for your crypto assets.
Best Software Wallet: MetaMask
To connect with the Art Blocks website or OpenSea, you need a MetaMask wallet.
MetaMask is a browser extension that works with Chrome, Firefox, and Brave browsers. Because MetaMask is a browser extension that is both Ethereum wallet and Web3.0 provider, it can easily interact with decentralized applications (dApps) right from your browser.
To install MetaMask, just choose your browser or mobile operating system, click on install MetaMask and follow the instructions. The last step will be to transfer ETH from the exchange to your MetaMask wallet.
The overall performance of cryptocurrencies in general and Bitcoin, in particular, will most likely have the most significant impact on NFT prices.
Current Crypto Prices
The overall crypto market has been in a steep correction for almost two months now. In that time, Bitcoin is down over 40% from the all-time high set on November 10.
There are a few altcoins that have bucked the trend, most notably Cosmos (ATOM), Fantom (FTM, and Harmony (ONE).
Is it Worth Getting an Art Blocks NFT?
NFTs are risky. If you are buying them strictly as an investment, you must be good at assessing the overall market and individual NFTs to invest wisely.
On the other hand, if you love art and would get enjoyment from just owning NFTs, then the investment is secondary to the joy of ownership. So whether or not it is worthwhile to own an Art Block NFT could very well come down to your reason for purchasing one.
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