NFT 101

What is an NFT?

Non-fungible tokens (NFTs) are unique digital artworks that are stored on a blockchain which transparently verifies authenticity and provenance. NFTs can be photos, videos, GIFs or any other type of digital file.



What is cryptocurrency?

Cryptocurrency, such as Ethereum, is a form of digital payment that works on a blockchain and is used to transfer online funds in exchange for goods. The ArtNFT: Beginnings sale will be conducted through Ethereum.



What is a digital wallet?

A digital wallet is used to safely and securely allow parties to conduct electronic transactions using cryptocurrencies. It is also used to safely store crypto funds and NFTs.

We will require all bidders in the ArtNFT: Beginnings sale to have and use a MetaMask Wallet. In order to set up your digital wallet click here to download the app. Once downloaded please follow the instructions to “Create a Wallet.”

If you are interested in learning more, please contact NFT@artnet.com.

How to bid/Get started

  • 1

    Step 1: Register

    Create an account to get started. You will need to register with a valid digital wallet before placing a bid. Be sure to read our Terms and Conditions.

  • 2

    Step 2: Bid

    Select an amount from the dropdown. This will be your maximum bid. All lots offered have a reserve price, or the minimum value that the seller will accept, that must be met in order for the work to sell. If the amount you select is greater than or equal to the reserve, your bid will automatically meet the reserve. We will continue to bid on your behalf up to your maximum bid only if there are competing bidders on the lot. Your maximum bid amount will never be exceeded and you may raise it at any time. We will send you email notifications if you are outbid, when the lot is closing soon, and if the auction time extends.

  • 3

    Step 3: Win

    You just won a new NFT to add to your collection! Your final payment will include the winning bid amount, applicable taxes, and Buyer’s Premium. You will receive an email with payment and claiming instructions.