How to Collect Digital Art: 4 Steps to Get Started

Non-fungible tokens, or NFTs, have emerged in recent years as a revolutionary force in the world of digital art. The concept of NFTs can be traced back to artist projects on the blockchain in the early 2010s, but their widespread adoption gained momentum around 2017 with the rise of blockchain technology, particularly Ethereum.

NFTs are unique cryptographic assets that uniquely represent ownership of a specific artwork, item or piece of code. While traditional cryptocurrencies like Bitcoin or Ethereum are fungible – meaning they can be exchanged on a one-to-one basis – NFTs are indivisible and distinct. Each NFT is one of a kind, verified by blockchain technology and cannot be replicated or divided into smaller units.

What’s most unique about NFTs is their utilization of the blockchain, a decentralized and transparent digital ledger. Blockchain ensures the authenticity, provenance and ownership of digital assets, making it tamper-proof and secure. When an artist or creator mints an NFT on the blockchain, or when a collector sells an NFT, it is recorded on the blockchain, providing a permanent and verifiable record of ownership.

This innovation addressed the longstanding challenge of proving ownership and provenance in the digital realm, paving the way for the monetization and trade of digital assets like never before. Another boon for artists was the possibilities for recurring royalties for the sale, and subsequent resales of artworks: NFTs are built on smart contracts, which are self-executing contracts on the blockchain directly written into code. Smart contracts can be written to include automated royalties for artists – as is the case for all artworks sold on Sotheby’s Metaverse.

Sotheby's Metaverse

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Sotheby’s Metaverse is the premiere secondary marketplace for digital artworks, offering a curated selection of some of the most rare and extraordinary art.

Many are eager to join the dynamic and engaging world of digital art collection, but the process of getting set up with a wallet and connected to a marketplace can be intimidating for a new collector. Here’s a step-by-step guide on how to start building your collection of digital art:

1. Sign up: If you’re a new user, register on metaverse.sothebys.com with your name and email, then login. 
2. Connect your wallet to Sotheby’s Metaverse: If you’re new to purchasing with crypto, you’ll first need to setup a wallet. Start by choosing a cryptocurrency wallet that supports NFTs. Some of the most popular wallets for new collectors are MetaMask, Coinbase Wallet or Kresus.
3. Select an NFT from Sotheby’s Metaverse: Now’s the fun part – it’s time to browse and find a digital artwork that you’d like to make your own!
4. Complete the transaction: Once you’ve selected what you’d like to acquire, you can complete the transaction by connecting your wallet to the marketplace and confirming the purchase. The digital artwork will then be transferred to your wallet (some small gas fees may occur). You are now officially the owner of that unique digital asset!

Note that the secondary marketplace on Sotheby’s Metaverse – and most digital art platforms – uses cryptocurrency, and not regular dollars, euros or pounds. Fortunately, acquiring cryptocurreny these days is easy and safe. We recommend using a popular cryptocurrency exchange, such as Coinbase, to convert traditional currency into crypto, which you can then hold on one of our supported wallets, listed above.

Many primary sales on Sotheby’s Metaverse accept regular currency so that collectors may pay using traditional methods.

Digital Art

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