How to Start Collecting NFTs: from Cheap to Expensive
Last week we asked our readers how many NFTs they have in their wallets. The results were surprising: 51% responded that they don't have any tokens.
Perhaps they perceive NFTs as “Pay $10, get a jpeg, and not even a jpeg but a registry entry”. In reality, there’s more to collecting NFTs, and that’s what we’re going to talk about.
Why Collect NFT
When we say art, we think of the Mona Lisa or abstract brushstrokes on a canvas. And they necessarily cost a lot of money. But why buy them? Collectors of traditional art have their own reasons:
- The desire to support the artist (if they’re alive);
- Personal pleasure in owning an original, as a copy is difficult to take pride in;
- Commercial exploitation rights: more on this in our article on licensing;
- The investment is risky, but a famous canvas or jpeg can go up in value.
NFT collectors are likely to collect tokens for the same reasons. That said, NFTs are much cheaper and building an impressive digital collection is much easier.
Start a Collection: Get an NFT for Free
Generally speaking, rare NFTs are worth millions of dollars. Artists often give works away for free: to gather an audience or for the love of what they do.
The first way to get an NFT for free is to participate in an airdrop, which is a limited-time token giveaway. The easiest way to find out about them is on Twitter. To do so, enter the tags #tezos, #drop and #mint into the search, and search there for drop posts. There is also a separate project for tracking drops (NFTDrops).
A third way is to pick up free NFTs from one of the marketplaces. Go to any of them and have them sorted from cheapest to most expensive. This is what objkt.com offers:
Expanding the Collection: Buying an NFT
Now let’s move on to conventional NFTs from 0.1 tez. Their quality is higher, the artistic value is deeper, and the styles are more varied.
The first way to find good NFTs is in the explore section on any marketplace. Just filter the offers by price, tags and mimetype, i.e. the type of tokenised content. Unlike free tokens, there are a lot of animations among paid tokens.
The second way is to search Twitter again, this time by tagging #cleanNFT and #tezos. Don’t forget to open comments in posts like “I have 100 tez, take your NFTs here” as that’s where artists shill their work.
By the way, if you want something other than a digital object, you can find such offers on Twitter. For example, if you buy “FØKK U MUG” for 75 tez, the author will send you a mug.
Crowning the Collection: Works by Popular Artists
Some NFTs cost 23,000 tez or more. Our review of the most expensive collections has five such examples. Still, artists rarely stop at one series of tokens, and keep working onwards, sometimes for less money. One can say “I have an original Zancan”, or one can wait for their NFTs to go up in price. Here are some examples.
- ciphrd, made a collection of RGB machines that ranked first in terms of trade at 400,000 tez. Yet, new and not so popular tokens cost between 3 and 200 tez.
- Zancan, author of those very Gardens, Monoliths costing 23,000 tez. His simple works can be bought for up to 100 tez.
- Williamapan, the author of a collection of 512 dragon scales for 4,000 tez. Abstract works sell for 700 tez;
- Iskra Velitchkova is the co-author of horizon(te)s. They cost from 1.1 thousand tez, but Iskra’s own tokens can be purchased for 1.5 tez;
- Markknol became famous for the SMOLSKULL collection of 2,000 NFT tokens. They are relatively inexpensive: 300 tez on the secondary market. But if the skulls don’t interest you, you can get other tokens for 2-3 tez.
One Last Thing, Sir
If you want to start a collection, don’t buy super-expensive works right away. Collect tokens just as a hobby: take free ones first, then buy what you like best. Think of the purchase as a support for the artist, so that they will be motivated to keep working and making you happy with their content.