What is an NFT?
An NFT, or “nifty”, is a non-fungible token on the Ethereum blockchain. NFTs were created to manage assets, both digital and physical. Unlike one Bitcoin, or a dollar, that is interchangeable with any other of the same, the non-fungible token is unique, non-interchangeable, and scarce. The item is verified to be one of a kind via blockchain technology.
NFTs for collectibles are backed by physical assets. Both the original piece and the NFT are transferred as a single asset. Separating the two will devalue both. The NFT contains a digital representation of the assets along with a “smart contract." This smart contract can include more specific information on the nature of ownership such as usage and rights if any. In the case of original art sold on Essential Sequential, ownership only allows only personal usage. Same if you buy an Andy Warhol, you can hang it in your home but you cannot make prints or t-shirts with the image.
Why would I want an NFT with my original?
NFTs not only show ownership but can establish historical provenance. This will ensure the piece that you are buying was “minted” by the artist and is authentic. Questions regarding the source of a piece or the artist are resolved when it is paired with an NFT.
NFTs can also include versions of the artwork that were not included with the physical asset. Many artists do final edits and/or color digitally after the piece is scanned. The owner can now view these edits while viewing the asset in their crypto wallet.
How do I purchase an original with an NFT?
To purchase and hold your NFTs, you will need a crypto wallet with Ethereum in it. This same wallet will also hold your NFT. The wallet we recommend is MetaMask loaded into a Chrome browser through an extension.Once you have Ether in your MetaMask wallet and it is activated in your browser, you can purchase items on any site that takes Ethereum. Our partner, Portion.io, has a "Buy Now" button on the listing page that will start the transaction.
MetaMask Crypto Wallet for Blockchain Apps.
What is MetaMask?
How to use MetaMask in your Browser.
How do I purchase Ethereum?
Although you can purchase Ether through MetaMask, we suggest you use an app like Coinbase to link your bank and credit card accounts. The app is available on iOS and Android but you can also use their website.
Once you have purchased Ethereum through Coinbase, you can transfer it into your MetaMask wallet.
IMPORTANT: Remember that you must manage your passphrases and passwords yourself with MetaMask. We suggest using a program like LastPass to manage your accounts.
Coinbase Mobile Crypto Wallet.
How will I get my purchase?
The NFT will be immediately transferred to your crypto wallet. If there is a physical asset with your NFT, your mailing address will be collected. The shipping time may be longer if it includes a specialty item, such as a book that has been authenticated through CGC.
The original artwork will also include either a sticker and/or certificate that includes a QR code that links to the token’s address. Some pieces will also include an NFC chip that will play additional content.
Take a deeper dive.
If you would like to learn more about NFTs, or cryptocurrency in general, we have collected some links below:
We are excited by all the new possibilities that blockchain technology is bringing to collectibles and look forward to your questions and/or comments.