Since the dawn of the internet, digital artworks such as visual and music have been duplicated and redistributed at lightning speed. The downside is that the great minds behind these masterpieces get close to nothing for their creativity. However, thanks to Non Fungible Tokens, there can be proof of authenticity when original artworks change hands.
Straight from the kitchen of the youthful Norwegian blockchain company Enter, NFT Art Finance (NFTART) Token is a relatively new entry in the cryptocurrency sphere focusing on liberating the digital art scene, specifically photos, videos, and music.
The platform has already signed up more than 10,000 users and facilitated the sale of over 100,000 NFTs in just four months of operation. So, how do they do it, and is NFTART worth your while? Let’s take a closer look. This is not investment advice, though.
What is NFTART (NFT Art Finance Token)?
NFTART is the utility token powering the Enter ecosystem, comprising art, audio, and games. Enter is also working on other platforms that will use NFTART. It has an inbuilt hyper-deflationary mechanism that seeks to reward long-term token holders with passive income in NFTART tokens in real-time.
The token runs on the Binance Smart Contract (BSC) network. Its primary purpose is to provide a trading mechanism for artists to create and sell NFTs.
NFTART started trading on April 22nd, 2021. Enter renounced owner ownership of the contract from the beginning, such that they can never change the token’s code. The NFT Art Finance price started at an extremely low value of $0.0000000010 due to its enormous total supply of 100 quadrillion tokens.
The circulating supply was over 26 quadrillions at the time of writing. The market cap was about $20 million and an average daily trading volume of approximately $200,000.
How does NFT Art Finance Token work?
Through NFTART and the Binance Smart Chain, Enter enables artists to operate with meager transaction fees. There is also no listing cost. Additionally, artists receive a commission every time their work changes hands.
Features of the NFT Finance Token platform
Ownership of the contract was renounced on day one. This means that the code cannot be changed by anyone.
NFTART has a built-in 10% transaction tax where 5% gets burnt & 5% goes back to holders.
The NFTART token is powering the enter platform. It is the default currency used to create, claim, buy and sell NFTs.
With built-in 5% redistribution on every transaction, The user’s funds will increase more and more while you hold our token.
Audited and safe
The smart contract has passed a complete code audit by TechRate.
Low transaction fees
Binance Smart Chain’s low transaction fees make creating and trading NFTs affordable for anyone.
This mechanism allows them to earn through their works for a lifetime. You don’t see a feature with any tangible art pieces and a pacesetter for digital artworks.
Another of the unique selling points of the deflationary utility token NFTART is its inbuilt hyper deflationary mechanism. Essentially, the developers started by burning 50% of the token. The NFTART token code also burns 5% of every transaction to lower the supply and increase the value of the remaining tokens.
These tokenomics are part of the smart contract and will never change. An additional 5% is redistributed among NFTART’s holders, allowing long-term holders to earn passively. The redistribution of 5% of every NFT Art Finance transaction is purposefully meant to encourage long-term investment in the token.
Wallets that support NFT Art Finance Token
Any wallet that is compatible with Binance Smart Chain tokens can hold NFT Art Finance. It can be an online or offline wallet. Among the popular BSC-compatible wallets are:
- Trust Wallet (Android/ iOS)
- MetaMask Wallet (Browser/Android/ iOS)
- Unstoppable Wallet (Android/ iOS)
- TokenPocket Wallet (iOS/ Android/ Desktop)
- Coin98 Wallet (Android/ iOS)
- Binance Chain Wallet (Browser)
- Math Wallet (Browser/ Android/ iOS)
- Coin98 Wallet (iOS, Android)
- Guarda Wallet (web version)
- SafePale S1 (hardware wallet)
- Ellipal Titan (hardware wallet)
- Ledger Nano X (hardware wallet)
- D’CENT (hardware wallet)
How to buy NFTART
NFT Art Finance was only available through PancakeSwap in the early stages. However, Enter has been making deals with more platforms and getting the token listed in different markets. PancakeSwap remains the easiest and most popular way of getting your hands on NFTART, though.
The cryptocurrency exchanges you can currently go to buy NFTART are PancakeSwap, FEGex, DigiFinex, HotBit, and Lbank. Their newest addition is AutoShark, which they joined on September 24th, 2021. AutoShark enables NFT enthusiasts to buy or sell NFTART, farm NFTART-BNB, and stake FINS and JAWS to earn NFTART.
The company says it is in dialogue with more exchanges and other potential partners. They are also working on a payment gateway that will allow users to buy NFT Art Finance and issue NFT’s directly from their site using bank cards.
How to Buy NFTART on PancakeSwap
For this post, we shall go through the steps for buying NFTART on PancakeSwap, one of the most accessible NFT platforms. You will need a wallet that is compatible with Binance Smart Chain to buy NFT Art Finance. You will also have to own some BNB tokens or buy them before proceeding. Here are the steps:
Step 1: Get Trust Wallet
Trust Wallet is just one of the wallets that can hold your NFT Art Finance. It is a free crypto wallet offered by Binance, so it should be convenient enough.
Step 2: Buy some Binance Coin (BNB)
You can register on Binance and buy BNB directly from the platform or use any other exchanges such as eToro, Crypto.com, or KuCoin, so long as they list BNB. Additionally, Binance allows credit card purchases with a slightly higher fee.
You may notice that some sites have a high recommended minimum purchase – like $353 worth of BNB. However, this amount is often only the minimum you need to spend to enjoy the lowest transaction fees. You can always purchase a lower amount that matches the NFT art finance price you will be working with.
The lowest number of BNBs you can go for is 50 dollars worth or approximately 42 euros. You can own billions of the token, thanks to this extremely low NFT Art Finance price.
Step 3: Switch to PancakeSwap
You will need to access the NFT marketplace PancakeSwap to complete your conversion. Please tap on the DApps button at the bottom of the screen on your wallet to find it. Alternatively, you can type in the URL for the NFT market.
Step 4: Swap BNB for NFTART
BNB will be the default currency in the “from” section of the exchange menu. Fill in the corresponding token, NFT Art Finance, in the “to” field. You can type the name or select from the list.
If your desired cryptocurrency is not listed, as may be the case with the new NFT concept NFTART, you will have to paste the corresponding address. That would be 0xF7844CB890F4C339c497aeAb599aBDc3c874B67. Contract addresses are available on CoinMarketCap and CoinGeko.
Type the amount of the art finance token you would like to receive in the input box of the “to” section. The “from” value will update automatically. It works both ways, so you can also fill in the amount of Binance coin you wish to convert and leave the NFTART to autofill.
Double-check the details and click on the “Swap” button. You will get a window showing further information such as price impact, additional fees, and other information for informational purposes. If all looks well, go for the “confirm” button, and you will receive your NFT Art Finance. The amount will depend on the current price of the asset.
What to do with NFTART
How to trade/ sell your NFT ART Token
The process of converting NFT Art Finance is the same as an inverted buying process. You begin by swapping NFTART for BNB. You can then trade the BNB for other tokens and cryptocurrencies.
If you wish for cash, you will need to finalize the transaction on an exchange to connect to your bank account.
How to collect NFTs with NFTART
Currently, you can only buy artworks using NFT Art Finance through enter.art. Much like buying the token, you will need a BSC-compatible wallet and the NFTART token. It would help if you also had some BnB to cover the transaction fee, which is usually below $1 for listing, buying, and minting.
After you are all set with your NFT Art Finance crypto and BnB, visit the Enter website and connect your wallet. The option is available in the top right corner of the site. All you have to do now is browse artworks, click on the “buy” button, and approve the transaction on your wallet.
If you have the MetaMask Wallet extension for Google Chrome, you can sign these transactions in the browser. You can always import your data to Metamask if you already have another wallet.
The purchase may fail to go through at times. If this happens, check that you have enough NFT Art Finance to complete the transaction. Another scenario where you may encounter a problem is when the NFT has already found another owner, in which case you can only see something else to grab.
How to farm/ stake NFTART
Through their recent partnership with AutoShark, Enter enables crypto enthusiasts to stake other tokens on the platform’s Ocean Pools and earn NFTART tokens. You will need a few FINS or JAWS alongside a Binance Smart Chain-compatible wallet if you will earn by staking on AutoShark.
You can also provide liquidity through Yield Farming on the site. Farming allows you to earn transaction fees and other token rewards. You will have to own a 50/50 split of NFTART and BNB before farming. Farming earns you FINS, which you can harvest and stake for additional rewards.
AutoShak is pairable with DeFi dashboards such as WalletNow and Ape Board, which you can use to keep track of your rewards or losses. The enter.help page has more detailed information on staking and farming NFTART tokens.
The future outlook of NFTART
Enter is implementing unique features to make the platform and the deflationary NFTART token more accessible and user-friendly. As the team says, among them are negotiations with more exchanges and potential partners to open up new markets for the token.
The company also claims it is working on several smartphone apps for iOS. Besides, as mentioned earlier, they have promised to offer a way to pay for NFTs and buy NFT Art on their site with credit cards. Should they succeed, the NFT Art finance price will come with fewer transaction costs and conversion fees soon.
The use of smart contracts to improve the digital artworks niche is a great idea. With such an NFT concept built around helping artists sell their masterpieces, and enthusiasts get digital assets with the potential of capital gains, the future of digital artwork has never been brighter. Of course, NFTART is not the only token built around art out there, but it is one to keep a close eye on.