Cryptocurrency isn’t just about investing.
Crypto enthusiasts are using bitcoin and other digital assets to buy NFTs and artwork, swap tokens with friends and purchase real-world goods.
That’s because cryptocurrency is more than just a speculative asset — it’s also a disruptive technology.
As digital currency becomes more accessible and widespread, the average investor has more ways than ever before to use digital assets outside their portfolios.
A recent survey by The Penny Hoarder, conducted in partnership with The Kim Komando Show, found that:
- 34% of cryptocurrency investors have used it to buy an NFT.
- 74% have given crypto as a gift or plan to.
Using Cryptocurrency to Purchase NFTs
Non-fungible tokens are digital representations of real-world objects like art, music, videos, sports cards or even concert tickets. You need cryptocurrency and a crypto wallet to purchase NFTs.
They’re popular among artists and collectors because of their ironclad record of ownership: Each NFT is a unique string of data on the blockchain that can’t be replicated. And each time an NFT creation is sold on a marketplace to someone else, the original creator gets a cut.
Vincent Zuniaga, a full-time artist in Orlando, started creating NFTs in November 2021.
He was tasked to help Saatchi Art, an online art marketplace, create a curated NFT project called The Other Avatars.
It wasn’t long before he saw the unique value of NFTs for both artists and collectors. Works featured in the NFT gallery — which went for $300 and up — sold out in just a couple hours, Zuniaga said.
He and other artists made good money, and Zuniaga has since gone on to incorporate digital tokens into other creative projects on VincentZ Photographylike raising money for manatee conservation.
“My ‘Buy an NFT, Save a Manatee’ series is doing really well,” he said. “Even if people don’t know much about NFTs, they like the idea of buying art to support a…