The NFTART cryptocurrency is the utility that powers the Enter ecosystem, including art, audio and games. Enter is also working on other platforms that will use NFTART. It has a built-in hyper-deflationary mechanism that seeks to reward long-term token holders with passive income in real-time NFTART tokens.
In this article, we will discuss:
What is NFT Art Finance (NFTART) token?
The Art Finance NFT cryptocurrency is a new token that uses a Binance Smart Chain to run its code. Essentially, NFT Art Finance wants to create a marketplace for artists to mint and sell non-fungible tokens (NFTs). However, a company has not yet launched any tangible product and there are already many alternatives developed in blockchain from Ethereum.
The token is explained as “hyper deflationary”. However, hyper deflationary seems to be a buzzword the company uses to distract attention from how tokenomy 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 among NFTART token holders.
If this sounds familiar, then you might be thinking about Safemoon . Safemoon is another popular token in BSC that closely resembles a pyramid scheme; token holders depend on other investors who buy the currency and are encouraged to hold the currency to avoid paying high fees.
How does the NFT Art Finance (NFTART) Token work?
Through the NFTART cryptocurrency and Binance Smart Chain, Enter allows artists to trade with meager transaction fees. There is also no listing cost. Additionally, artists receive a commission whenever their work changes hands.
- NFT Finance Token Platform Features Ownership of the contract was waived on the first day. This means that the code cannot be changed by anyone.
- deflationary: NFTART has a 10% transaction tax built in, where 5% is burnt and 5% goes back to the holders.
- Utility: The NFTART token is feeding the input platform. It is the standard currency used to create, claim, buy and sell NFTs.
- passive income: With 5% built-in redistribution on every transaction, user funds will increase more and more while you hold our token.
- Audited and Insurance: The smart contract has passed a full code audit by TechRate.
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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 the rest of their lives. You don't see an asset with any tangible piece of art and a pacemaker for digital artwork. - Tokenomics: Another unique selling point of the NFTART deflationary utility token is its built-in hyper-deflationary engine. Essentially, developers started by burning 50% of the token. The NFTART token code also burns 5% of each transaction to decrease 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 holders, allowing long-term holders to earn passively. The 5% redistribution of each NFT Art Finance transaction is intended to encourage long-term investment in the token.
NFT Art Finance
As the NFTART Finance cryptocurrency has been around for a short time, its history is quite brief. They haven't done anything noteworthy with the platform yet, and according to the NFTART website, the protocol will launch its NFT marketplace in June.
The token started trading around $0,0000000010 on April 22nd. The token started trading at an incredibly low price due to its huge maximum supply of 10 quadrillion tokens. Even if a significant amount of these tokens ends up being burned, the supply is magnitudes greater than other crypto assets.
NFTART Finance peaked at $0,0000000360 just days after its launch. In about 96 hours, the first investors gained more than 30.000% on their investment. Since then, the token has dropped to around $0,0000000100 per currency.
How to buy cryptocurrency NFT Art Finance (NFTART)
The NFT Art Finance cryptocurrency was only available through PancakeSwap in the early stages. However, Enter has been doing business with more platforms and getting the token listed in different markets. However, PancakeSwap remains the easiest and most popular way to get your hands on NFTART.
The cryptocurrency exchanges you can currently go to to buy NFTART are PancakeSwap, FEGex, DigiFinex, HotBit and Lbank. Their latest addition is AutoShark, which they joined on September 24, 2021. AutoShark allows NFT enthusiasts to buy or sell NFTART, grow NFTART-BNB and bet FINS and JAWS to win NFTART.
The company says it is in dialogue with more Exchange and other potential partners. They are also working on a payment gateway that will allow users to buy NFT Art Finance and issue NFTs directly from their website using bank cards.
Trade, sell or convert your NFTART tokens
When you want to sell your NFTART tokens, you basically need to follow 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. To make cash profits, you will need to send this cryptocurrency to an Exchange connected to your bank account.
What to do with NFTART cryptocurrency
How to exchange/sell your NFT ART token
The NFT Art Finance conversion process is the same as an inverted purchase process. You start by exchanging NFTART for BNB. You can then exchange the BNB for other tokens and cryptocurrencies.
If you want cash, you will need to complete the transaction in an exchange to connect to your bank account.
How to collect NFTs with NFTART
Currently, you can only buy artwork using NFT Art Finance via enter.art . As well as purchasing the token, you will need a BSC compatible wallet and NFTART token. It would help if you also had some BnB to cover the transaction fee, which is usually less than $1 for listing, buying, and minting.
Once you're all set with your NFT Art Finance and BnB cryptocurrency, visit the Enter website and plug in your wallet. The option is available in the upper right corner of the website. Now, all you have to do is browse through the artworks, click the “buy” button and approve the transaction in your wallet.
If you have the MetaMask Wallet extension for Google Chrome, you can sign these transactions in your browser. You can always import your data into Metamask if you already have another wallet.
Purchase may fail at times. If this happens, make sure you have enough NFT Art Finance to complete the transaction. Another scenario where you might 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 cultivate/bet NFTART
Through its recent partnership with AutoShark, Enter allows cryptocurrency enthusiasts to bet other tokens on the platform's ocean pools and earn NFTART tokens. You will need some FINS or JAWS along with a Binance Smart Chain compatible wallet if you win by betting on AutoShark.
You can also provide liquidity through Yield Agriculture on the website. Farming allows you to earn transaction fees and other token rewards. You will need to have a 50/50 split of NFTART and BNB before cultivating. Farming gives you ENDS, which you can harvest and wager for additional rewards.
AutoShak can be paired with DeFi panels, such as WalletNow and Ape Board, which you can use to track your rewards or losses. The enter.help page has more detailed information about staking and creating NFTART tokens.
Is NFT Art Finance cryptocurrency a good investment?
Although our forecast index was unable to calculate whether NFT Art Finance is a good investment, it is worth noting that the company has been around for a short time and Investing in a blockchain startup as small as NFTART Finance can be a riskier gamble than the traditional one . However, the market is very dynamic and even projects with few fundamentals can rise in value quickly if they enter large exchanges.
What is the future of NFTART cryptocurrency
Enter is implementing unique features to make the platform and 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 says it is working on several smartphone apps for iOS. Also, as mentioned earlier, they promised to offer a way to pay for NFTs and buy NFT Art on their website with credit cards. If successful, the financing price of NFT Art will come with lower transaction costs and conversion fees soon.
Conclusion
Using smart contracts to improve the digital artwork niche is a great idea. With this NFT concept created to help artists sell their masterpieces, and enthusiasts get digital assets with the potential for capital gains, the future of digital art has never been brighter. Obviously, NFTART isn't the only token created around art, but it's a symbol that should be watched closely.
