These days, millennials aren’t getting out of bed for the 10% gains in the stock market that boomers advocate. As seen on r/Wallstreetbets, young investors are coming together to share their investment ideas across the internet, focusing on digital artwork, non-fungible tokens, and enthusiasm for blockchain projects. These risk-tolerant internet investors tasted the huge gains from rising GME shares, and many of these traders are now looking to small market cap cryptocurrencies on Binance’s Pancakeswap to try and find their next 1,000% return.
What is NFT Art Finance?
NFT Art Finance is a new cryptocurrency that uses the Binance Smart Chain to run its code. Essentially, NFT Art Finance wants to create a marketplace for digital artists to accumulate and sell non-fungible tokens (NFTs). However, the company has yet to launch tangible products or complete digital sales, and there are already many more developed alternatives on the Ethereum blockchain.
The token is explained as “hyper deflationary”. However, hyperdeflationary seems to be a buzzword that the company uses to deflect attention from how much tokenomics resembles a pyramid scheme. When you want to sell your NFTART tokens, you will be charged a 10% fee: half is burned and the other half is distributed to NFTART token holders.
If this sounds familiar to you, then you may be thinking of Safemoon. Safemoon is another popular token on BSC that looks a lot like a pyramid scheme; Token holders trust other investors to buy the coin, and are incentivized to hold the coin to avoid paying high fees.
Brief history of NFT Art Finance
Since NFTART Finance has only been around for a short time, its history in this NFT market is quite brief. They have yet to do anything noteworthy with the platform, and according to the NFTART website, the protocol will launch its NFT marketplace in June.
The token started trading around $0.00000010 on April 22. The token started trading at this incredibly low price due to its huge peak supply of 10 Quadrillion tokens. Even if a significant number of these tokens are ultimately burned, the supply is far greater than other crypto assets.
NFTART Finance peaked at $0.0000000360 just a few days after its launch. In a matter of about 96 hours, early investors earned more than 30,000% on their investment. Since then, the token has dropped to around $0.0000000100 per coin.
How to buy NFT Art Finance (NFTART)
1. Open a Binance account.
The first thing you will need to buy tokens on Pancakeswap is Binance tokens. The easiest way to buy BNB is through the Binance exchange, so you’ll need to create an account on the trading platform if you don’t already have one.
Creating an account on Binance is a quick and easy process. Simply enter your email address and create a password, and your Binance account will be created. Depending on where you live, you may need to verify your account before you can start investing. Some of the common information required for US cryptocurrency investors is a driver’s license number, social security number, and home address.
Once you have been verified, you are ready to buy BNB tokens. Binance token is currently trading for over $500, but you can buy a small fraction of the token if you want. You need to buy as much BNB token as you want to invest in NFT Art Finance as you will be exchanging these tokens for NFTART tokens.
2. Download Trust Wallet
Trust Wallet is a free cryptocurrency wallet created by Binance and you can download it on the iOS or Android app store. The software wallet is a multi-currency wallet, so you can store a variety of cryptocurrencies, including Bitcoin, Ethereum, BNB, and NFTART tokens. The wallet also supports NFTs, so you can store your crypto collectibles in the same place as your cryptocurrency investments.
Once you have downloaded Trust Wallet, you can send your BNB tokens to the mobile app. There are several types of BNB tokens, so make sure you use the correct token address or your funds will be lost forever. Please note that Binance Coin is different from Binance Smart Chain and ERC-20 BNB coins, so they use different token addresses than the Binance Coin you own.
3. Exchange your BNB tokens
Shortly after sending your BNB tokens to your Trust Wallet, the coins will be credited to your account. To use Pancakeswap, you need to use the Binance Smart Chain, as the Binance blockchain that supports smart contracts. To trade your BNB tokens, simply select your BNB tokens in your wallet, tap “more” and then “switch to smart chain”.
4. Connect Trust Wallet to Pancakeswap.
The last thing you need to do before you can buy NFTART tokens is to connect Pancakeswap to your Trust Wallet. To do so, go to the DApps tab in Trust Wallet. If you have the Android version of Trust Wallet, then you should see Pancakeswap appear as an option. If you have iOS, you’ll need to search for Pancakeswap by entering Pancakeswap.finance in the search bar.
5. Make your purchase.
Now that Pancakeswap is enabled on your Trust Wallet, you can buy any Binance Smart Chain token through your wallet. The most popular BSC tokens are Safemoon and NFTART Finance, but more and more cryptocurrencies are being developed on the Binance smart contract network.
If you’ve ever used the popular Ethereum DEX Uniswap, Pancakeswap will look eerily familiar. To buy tokens on Pancakeswap, simply search for the token you want to buy. In this case, you can search NFTART to find NFT Art Finance tokens.
If you’re having trouble finding a token you want to invest in, you can also paste the token’s address into Pancakeswap to find it. Here are some popular token addresses for BSC tokens:
After exchanging your BNB smart chain tokens for NFTART tokens, the crypto will automatically be sent to your Trust Wallet via Pancakeswap smart contracts. Thanks to BSC’s proof-of-stake consensus algorithms, blockchain transaction costs on Binance Smart Chain are much lower than other DEXs.
Trade, Sell or Convert your NFTART tokens
When you want to sell your NFTART tokens, you will basically need to do these steps in reverse. You will first need to exchange your NFTART tokens for BNB smart chain tokens and then you can exchange these BNB tokens for Bitcoin, Ethereum or another cryptocurrency. In order to earn cash, you will need to send this cryptocurrency to an exchange that is connected to your bank account.
Leverage Your Crypto and Avoid Capital Gains
With a proposal to increase capital gains tax to over 40%, investors are looking for ways to inadvertently profit from their cryptocurrency gains. Loan companies like BlockFi are by far the best way to avoid paying high taxes on your investments while still being able to put your hard-earned profits to use.
BlockFi allows you to get loans without the need for approval; instead, you must use your cryptocurrency as collateral. This way, you will still have exposure to your cryptocurrency investments, as long as you pay off your loan. Some investors use BlockFi to take advantage of their position, since they can use the loan to buy more cryptocurrency.
If you’re not looking for a crypto-collateralized loan, BlockFi also offers investors accounts with high interest on their crypto assets. If you are interested in earning 5% to 10% interest on top of your crypto appreciation, you should give BlockFi a try.
Current Cryptocurrency Prices
The cryptocurrency sector has suffered greatly after the decoupling of Terra and the fall of FTX. Everything from NBA Top Shot to Bored Ape Yacht Club and everything in between has been hit hard. However, this could be a good time to buy on the dip. The only problem is that no one knows how long the dive can last.
Is NFT Art Finance a Good Investment?
While I don’t have a crystal ball to tell you where the NFTART token price is headed, I can warn you that the token is an extremely risky investment. The company hasn’t been around for over a month, and they have yet to build tangible products. Investing in a blockchain startup as small as NFTART Finance can be one of the riskiest investments you can make, so it’s probably not a good coin to HODL. Also, the NFT marketplace usually works better for investors outside of native tokens and secondary sales.