Buy Banksy NFTs – How to Buy Banksy NFTs for Beginners 2022

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NFTs have become extremely popular in the past few months. Although many collectors and investors buy and sell non-fungible tokens every day, buying one for the first time can be challenging.

Banksy is an extremely popular street artist in England; art enthusiasts may be disappointed that most of his street art is temporary – since Banksy does not sell any photographs or any reproductions of its famous paintings. While you may be unable to own physical Banksy art, there’s an innovative way to own it digitally: Banksy NFTs.

In the following sections, we will introduce you to how to buy Banksy NFTs and what their benefits are.

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How to Buy Banksy NFTs – A Quick-Step Guide for 2022

Here’s a short guide on buying Banksy NFTs. Just like most NFTs, you need to own Ethereum to buy these tokens. The quick steps below explain how you can own Banksy artwork within minutes.

  • Step 1: Open & Verify an eToro Account – You need to buy Ethereum to purchase NFTs. Sign up with eToro and verify your identity by uploading your personal documents.
  • Step 2: Deposit Funds – Next, use one of the methods available to deposit your fiat money that you’d like to use to purchase your Banksy NFT.
  • Step 3: Buy ETH required to buy NFTs on eToro – NFTs cannot be bought directly with Ethereum, so use your deposited funds to buy the required Ethereum. Make sure you account for network fees, which may depend on the blockchain activity.

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  • Step 4: Download MetaMask & Send ETH to MetaMask – Download the crypto wallet MetaMask and send your Ethereum to the digital wallet.
  • Step 5: Connect to an NFT Marketplace & Buy the NFT – Choose an EFT marketplace that offers Banksy NFTs and connect it to your MetaMask. Then, you can buy Banksy NFTs using the Ethereum you purchased previously.

What Is a Banksy NFT?

Non-fungible tokens (NFTs) allow you to own something unique that cannot be exchanged for anything else. Money, for instance, is fungible because a $1 dollar bill can be replaced with a $1 dollar bill as all $1 dollar bills are worth exactly the same.

Non-fungible tokens are unique, similar to paintings or other collectibles. As a result, one NFT is not equal in value or the same as another NFT, which means it is “non-fungible”, unlike fiat money or other media of exchange (i.e., cryptocurrency). Most NFTs are on the Ethereum blockchain, so you need to own ETH to buy them.

As non-fungible tokens can be anything that’s digital, such as music, paintings, or even GIFs, a Banksy NFT refers to buying NFT that represents a Banksy painting. You will not physically own the painting, but the digital version of the painting or a piece of it. Fractional ownership means that you share ownership of Banksy’s art with many other people.

Banksy is a popular street artist in England, so many fans of his numerous paintings, dark humor, and satirical art used to buy photographs or other representations of his art. Unfortunately, the unknown artist stopped selling them, although some of them are still privately sold via Pest Control, an agency created by the artist.

Where to Buy Banksy NFTs – Mini Marketplace Reviews

Although as of this writing there is no official Banksy NFT on any marketplace, there are numerous artists that reproduce Banksy’s art or sell NFTs of digital art that parody his work. Buying NFT art has never been easier! There is no original Banksy work turned into an NFT at the moment. However, Particle, a non-fungible tokens platform, has recently announced that it aims to turn Banksy’s “Love is in the Air” painting into 10,000 separate NFTs.

Each NFT will represent a distinct piece of the painting, but you cannot choose which piece to own as these will be distributed randomly among buyers. This means that you will digitally own a part of the painting, while the physical artwork will be stored and preserved by the Particle Foundation. The foundation will also own 1% of the painting to avoid full ownership.

After the initial purchase, each NFT may then be sold on secondary platforms, such as the most popular ones reviewed below.

1. OpenSea

Created in 2017, OpenSea is one of the most popular NFT marketplaces. It is displays millions of different NFTs, including some that feature Banksy’s artwork. All purchases are completely anonymous, so the platform is safe but transparent.

OpenSea can support any Ethereum-based NFT and you can choose from many NFT categories, including art, trading cards, sports, and even virtual worlds. Also, OpenSea is not only for buying-and-holding NFTs. If you are interested in trading NFTs, OpenSea allows you to conduct all of your transactions instantly.

OpenSea’s best feature is that it is a decentralized marketplace. In other words, you won’t have to give up custody of your assets. Your assets (like NFTs or Ethereum) will be kept in your private wallet until you make a purchase. Also, depending on your chosen wallet, you may not even have to make an account.

The marketplace does not own any of the assets. There is an intuitive browsing feature where you can find many NFTs from different categories, including art. All you need to do is type in “Banksy” and you will see the available offering, including the all-time popular NFT that was created after burning “Morons” paintings, which is considered to be the first authentic Banksy painting that was turned into an NFT. You can further sort NFTs based on collection, category, blockchain, and many other criteria.

The platform aims to be a cross-chain marketplace, so it has recently added the Klaytn chain, in addition to Ethereum. Also, fast trading and low-cost transactions are facilitated by the Ethereum layer-2 protocol Polygon (MATIC).

Pros:

  • Many NFTs to choose from, including art
  • Easy navigation and straightforward interface
  • The sign-up process only takes a few seconds
  • Great reputation
  • Instant trades available

Cons:

  • Fees depend on the blockchain activity
  • You cannot buy NFTs with fiat money

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2. SuperRare

SuperRare has been active since 2018 and is based in the US. It operates on the ETH blockchain (the NFTs are ERC-721 NFTs), similar to OpenSea. As the name suggests, SuperRare contains lots of rare NFTs created by popular creators. At a closer look, the very long list of NFTs is peppered with several unknown artists, too, so it’s one of the best choices if you want to invest in art NFTs or you are an art lover. All the NFTs you can find on SuperRare can be purchased with Ethereum.

The marketplace is easy to use and intuitive, with a clear browsing section where you can sort NFTs according to different criteria. Some of these include whether the NFT is on the secondary market (or owned by its creator), the price or the reserved price, and many others.

Similar to OpenSea, SuperRare does not allow you to buy NFTs with fiat money, so you need an online broker like eToro to buy Ethereum first in order to purchase NFTs in this marketplace.

Pros:

  • Easy to create, buy, and sell art
  • It runs on Ethereum blockchain
  • SuperRare has a strong social media presence, so you can join the NFT community
  • Well-reputed marketplace

Cons:

  • Just like all NFT marketplaces, you need to account for gas fees
  • All digital art must be a maximum of 50MB

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3. EnjinX

EnjinX is one of the most popular marketplaces right now. The platform focuses mostly on gaming, but its NFT collection is much broader than this. If you want to purchase NFTs from different categories, including art or music, this marketplace has something for every individual.

EnjinX has NFTs from both popular creators and less known individuals. In fact, any artist can create digital art and upload it on the marketplace, then tokenize and monetize it. This is a great choice if you want to support artists.

In addition to this, you will find here a satisfying collection of sports collectibles, including jerseys, sports tickets, and even autographs.

Everyone can create digital content and monetize it on this ecosystem. There are numerous collectibles, digital characters, ability to own gaming NFTs – these mean that you can trade or own items from specific games.

All in all, EnjinX is capturing the attention of many NFT seekers. Although it is specialized in blockchain games, the platform now houses a wide range of digital assets. It has a native wallet that, although it’s not open source, boasts flawless integration and execution. This platform is also beginner-friendly and aims to attract more and more creators and crypto users.

Pros:

  • The platform is easy and straightforward to use
  • Has a native wallet that is easy to use
  • Easy to buy, sell, and create NFTs
  • Wide range of NFTs available

Cons:

  • Most of its focus is on gaming, although it’s currently expanding
  • The wallet isn’t open source

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Benefits of Buying Banksy NFTs

If you are an art enthusiast, Banksy NFTs may benefit you greatly. Below, we’ll discuss the main advantages of buying Banksy NFTs with Ethereum.

Quicker and Safer

On the one hand, art collectors have always had to go to long extents to make sure the art they’re buying is the original piece. This can be time-consuming as you want to make sure that you won’t spend your cash on fake artwork. Thus, the main benefit when buying Banksy NFTs is that you are confident you buy something unique that will be stored on the blockchain. On the other hand, you must ensure that you store your NFTs properly.

Non-Fungible & Ownership

A Banksy non-fungible token gives you the confidence that you own something unique that no one can copy. Although the real painting can be copied, your digital asset cannot be duplicated. If you are a fan of Banksy’s work, you will be able to own a piece of his paintings indefinitely. Also, if you decide to sell it, you can easily do so on NFT marketplaces, so you can buy or sell Banksy NFTs at any time.

Exclusivity

Buying Banksy NFTs means that you, as an investor, purchase something unique – this exclusivity means that the price of your Banksy NFT may soar in value in the near future. If you decide to sell it, you can reap all the benefits, which is a great advantage from an investment perspective.

How to Buy Banksy NFTs? – Full Guide

Below, we will go into more details regarding how you can buy Banksy NFTs. This will help you get started without any hassle even if this is your first time buying NFT tokens.

Step 1: Open an Account with eToro & Verify Account

Banksy NFT can be bought only with Ethereum, so you need to own this cryptocurrency in your private wallet. If you don’t have Ethereum, all you need to do is open an account with eToro. Access the main page and click on “Join Now”, then fill in all the required details. As eToro is a fully regulated broker, you need to upload your ID and proof of address to verify your identity. eToro automatically checks your documents and verifies your account.

Step 2: Deposit Funds

Once your account is verified, you need to transfer the fiat money you want to use to buy Ethereum. eToro allows you to deposit money via many methods, including e-wallets like PayPal and credit or debit cards.

If you have already found the Banksy NFT you want to buy, make sure you buy enough ETH to cover the network fees, too. These fees may vary based on the blockchain activity.

Step 3: Purchase Ethereum required to buy NFTs on eToro

Once you deposited the required cash, simply look for “Ethereum” in the search bar at the top. After you select it, click on “Trade” and choose the amount you want to buy. The minimum amount is $10, so anyone can afford to buy ETH on eToro regardless of their budget. After choosing the amount of cash you want to spend or how many units of ETH you want to buy, click on “Trade”.

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Step 4: Download MetaMask & Send Ethereum to MetaMask

After you buy the required units of ETH, you need to transfer the cryptocurrency to your own wallet. MetaMask is the most popular choice due to its ease of use, safety, and compatibility with the most popular NFT marketplaces right now. MetaMask can be downloaded as a browser add-on or as a mobile phone app (both Android and iOS). Simply access MetaMask.io, download the app, and choose to create a wallet. Make sure you keep the recovery phrase somewhere safe and set a strong password.

Then, in your eToro account, choose the ETH you bought previously and click “send”. eToro will require you to add in the address of your wallet, which you can find when you open MetaMask. Paste the address on eToro, set the amount of ETH you want to send to your wallet, then click on “Send” once again. The transaction may take up to an hour if the network is very busy, or only a few minutes if there’s less activity.

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Step 5: Connect to an NFT marketplace

Once you made sure that your ETH has arrived in your digital wallet, access one of the NFT marketplaces we introduced you to earlier. Some of them, such as OpenSea, do not require you to create an account if you have your crypto stored in MetaMask. Simply click on the NFT platform to connect your MetaMask wallet and look for your favorite Banksy NFT. For other marketplaces, such as SuperRare, you will have to create an account to be able to buy NFTs.

Step 6: Buy the NFT

Finally, you have two options to buy your favorite Banksy NFT. In general, you can buy straight away by clicking on “buy now”. You will then be able to see the final cost of your transaction, including the gas fees. Once you confirm, you will be the new owner of Banksy NFT.

Alternatively, some marketplaces like OpenSea allow you to place a bid for an NFT. This can be done by clicking on “Make an offer” to add your desired price. This can be done only after converting your Ethereum to wEthereum in the case of OpenSea.

How to Buy Banksy NFTs – Conclusion

All in all, buying Banksy’s art used to be impossible. Now, thanks to non-fungible tokens, anyone can own a piece of digital art. Although there is no authentic Banksy NFT as of this writing, 10,000 NFTs are expected to hit the marketplaces soon, depicting the famous painting “Love Is in the Air”.

Whether you are an art lover, a collector, or an investor or trader, this can be an enticing opportunity to become an NFT owner, but you need to keep in mind that you have to buy Ethereum on eToro first. Alternatively, you can also buy NFT stocks, NFT crypto, and many more.

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  • Ability to copy more experienced investors and their decisions
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FAQs

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About Ana Frincu PRO INVESTOR

Ana Frincu is a freelance content writer specialised in finance and economics. She has a BA in International Business Management and a MA in International Taxation and Finance. With a keen interest in fintech and personal experience as an investor, she covers a broad range of topics, including trading, alternative data, cryptocurrency, and macroeconomics.