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What is an NFT?
You are reading this blog because you must have heard a lot of Lebanese people talking about NFTs but still haven’t understood what they are. Indeed, non-fungible tokens (NFTs) have become the topic of interest of many Lebanese as they made an incredible and quick rise all over Lebanon.
NFTs are digital assets that characterize practical objects such as art, music, games, and videos. They are also becoming a progressively widespread way to buy and sell digital artwork.
You might be wondering how they are related to cryptocurrency. Well, people buy and sell NFTs online commonly with cryptocurrency and are usually encrypted with the same core software. However, NFTs are non-fungible, meaning that one NFT cannot have the same value as another, unlike Bitcoins where one Bitcoin has the same value as another.
Now, why are people eager to spend millions of dollars on something they could simply view, screenshot or download from the internet for free?
The answer is that an NFT permits the buyer to take ownership of the original piece. It also has built-in authentication, which is proof of ownership. Lebanese collectors find value in and brag about these digital rights nearly more than the item itself.
Digital Art in Lebanon
There is no doubt that Digital Art has grown into a universal occurrence, including Lebanon and the MENA region. We now hear of CryptoArts, Digital Tokens, and their international community, and it is not negligible whatsoever.
Like Cryptocurrency, this new phenomenal art has been attracting collectors and investors willing to invest in this newest creative trend in Lebanon.
OpenSea is one of the biggest marketplaces for NFTs where gifted artists sell their digital artworks.
Selling digital arts in Lebanon is a bigl andmark to reach for young Lebanese artists because digital art is becoming increasingly valued and esteemed in blockchain technology.
This is why a myriad of Lebanese artists, designers, and entrepreneurs are considering the NFT world and digital art in Lebanon and are finding success in them.
However, Lebanese digital artists are finding some trouble selling their artwork as NFT because of the ongoing economic and financial crisis in the country as it requires an investment between $40 and $200 each to put them in this particular market -mainly the Ethereum blockchain -for sale. It also requires them to sign up and mint their art as digital tokens, i.e. to upload and validate the info. But Cryptorabic is here to help these Lebanese artists get started in selling their digital work.
NFTs In Lebanon
NFTs and digital art are finally being recognized in the MENA region, and specifically in Lebanon after many years. And this is very beneficial to the Lebanese community as NFTs will raise the eminence of digital art by conveying more financial value to the pieces and thus improving the Lebanese economic crisis.
And there are already many Lebanese like Karl Sfeir, Kristel Bechara, and GingerPotter aka Le Ralph who have created NFTs, invested in NFTs and sold their digital art NFT.
NFTs in Lebanon let artists preserve a share in their work by enabling them to a percentage of future sales as it allows these Lebanese artists to build a contract on the blockchain. And this isvery beneficial for the artists because every time their NFT is resold, as a creator, they get 10% or 20% of the sale.
How to Get Started with NFTS in Beirut
Making money in Lebanon has now become all about investing in cryptocurrencies and NFTs. If you are looking to start your journey with NFTs in Lebanon and your own digital collection, you’ll need to acquire basic knowledge.
First, you have to get a digital wallet because it allows you to store NFTs and cryptocurrencies. You also have to purchase some cryptocurrencies, like Ether, Bitcoin, Dogecoin, etc… You can buy these using a credit card on platforms like Coinbase and Binance. After that, you can transfer it from the exchange to your choice of wallet.
But beware that most exchanges put some charges on your transaction when you purchase crypto.
Once you have set up your wallet, you need to look at marketplaces to sell your NFTs, and fortunately, there are many NFT sites to shop. Now, the largest NFT marketplaces are:
• OpenSea
• Rarible
Even though these platforms and others host a lot of NFT creators and collectors, you have to make sure you did your research wisely before buying. Indeed, there are artists who have been victims to imitators, and those have itemized and sold their work without their consent.
If you still have any questions or concerns about how to start your NFT journey, you can always ask our Cryptorabic experts as they have a myriad of educational content related to buying and selling NFTs in Lebanon.