Protecting Your Digital Art Collection Part 1: Documentation

It is almost too easy to collect NFTs. Open the NFT marketplace website, log in with your crypto wallet like Metamask, sign a message in your wallet, click BUY NOW, authorize gas fees, done. But clicking BUY NOW is merely the first step of the act of COLLECTING blockchain-based art.

When the NFT artwork arrives in your wallet, this is when the real collecting work begins. While everything is seemingly stored ad vitam eternam (forever and ever) on the blockchain, let's assume nothing is truly eternal—even on the blockchain—and take steps to keep all information you might need later at hand.

We recommend documenting all purchase details in a spreadsheet at the time of acquisition. This can be time-consuming, especially when you have to retroactively document dozens or hundreds of NFTs. However, adopting documentation as an essential part of your collecting process will pay off in the long term, particularly when you need to recall details and report this information for tax purposes (depending on your country of residence).

For my art advisory clients, I have developed a spreadsheet and system that helps record the necessary fields to properly document your collection. We've even modified some of these spreadsheets to feed content management systems that automatically publish collections on public websites.

As part of your membership to 100 collectors club, we are happy to share this spreadsheet with you to help you document your art collection. Make sure to copy the Google Sheet so you can edit it with your own collection details and adapt it to your needs.

Access The Blockchain Art Collection Tracker here >

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Let me first go through the information you should record on the collection tracker.

First, record all information about the wallet you used to make the purchase. This is important if you use multiple wallets to keep your NFTs, as it helps you track where each NFT is stored. You can include the wallet address (column A) and add the ENS domain name if you have one associated with your wallet (column B).

Next, add all information about the NFT you just acquired. This is very similar to documenting physical artworks or how auction houses present items on their websites.

The information you should record includes (but is not limited to—I'll provide additional information you could add as columns in the spreadsheet):

Artist name (column C): This allows you to attribute each work correctly. You can also record other artist information, such as their biography or links to their website, Instagram, or X account.‍

Artwork title (column D): This is essential for identifying the artwork. You can include additional information such as artwork description, minting date, or year.‍

Edition # (column E): If the work is part of a series, it's useful to note the edition number. Blockchain collectors value edition #1 higher, referencing blockchain genesis blocks. Small edition numbers are generally more sought after than higher ones—quite unusual compared to the traditional art market.

Edition size (column F): This is important for valuation to understand how many were created. "Unique" means only one was created, "series of XX" indicates a multiple, and "1/1/XX" means it's a unique work but part of a larger series (common for generative artworks).

Platform (column G): List the NFT marketplace where you purchased the artwork, such as SuperRare, OpenSea, or Verse. If the artist sold directly without using a marketplace—using Manifold or their own website, for instance—indicate this as well.

Context (column H): This is my favorite field—it helps you remember when or why you acquired the piece. Was it at an art fair, conference, or studio visit? You could also document any broker, dealer, or advisor who helped you identify or purchase the work, to track what approaches work best for you.

Link to the NFT (column I): This should be the link to the original sales platform, like SuperRare. Note that OpenSea lists NFTs from other marketplaces (as an aggregator), but doesn't include all information—prioritize the original page where you made the purchase. This differs from marketing pages or artist websites that might discuss the piece, which you could record separately.

Link to the Artwork File (column J): Most NFT visuals are stored on IPFS or another decentralized storage platform. Record this link, which you can typically find on the purchase platform. If the file is stored on a private server, make a copy for your records (in a secure Dropbox or Google Drive). Don't hesitate to ask the artist for the exact file. Part 3 will cover this topic in more detail.

Finally, record all information about the purchase you made. While similar to documenting physical artworks, the information for crypto-based purchases differs significantly. Let me guide you:

Purchase Date (column K)**: This sounds trivial and findable on the blockchain, but for series of works, it's not always clear. Better to record it the same day you make the purchase.

Year (column L): This formula automatically identifies the year from the date input in column K.

Artwork Price (columns M + N): Record the amount you spent in the cryptocurrency used and its USD equivalent using the historical conversion rate from the purchase date. Etherscan calculates this for you. This allows you to record the purchase at cost, often necessary for tax reporting.

Comparison with today's price in USD (column O): For past purchases, this helps compare the original price with current value, letting you evaluate how much of any value change is due to exchange rate fluctuations versus the intrinsic value of the art or artist.

Fees (columns P + Q): Gas fees can add up, especially for generative art or during high-demand periods. Record these in both the cryptocurrency used and USD equivalent based on the historical conversion rate. Etherscan lists these for you.

Etherscan Link (column R): Finally, add the link to the purchase record on Etherscan, typically found on the platform purchase page or from your wallet. You can also retrieve it by entering your wallet address or ENS name on [etherscan.io](http://etherscan.io) and finding it in your transaction list.

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That's it! ;)

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Access your collection tracker, compliments of 100 collectors >

Let me quickly explain what tabs are included in the tracker spreadsheet and what they represent.

Intro: This is where you can add the high-level details of your blockchain-based art collection, such as collection name. If you have them, include the collection's public website and social media accounts, along with team members working on collection management. It includes a quick explanation of how the spreadsheet works so you don't have to refer back to this article, a table of contents, and contact links in case you'd like 100 collectors to help.‍

Ethereum NFTs: As many of our members collect art on Ethereum, this is the tab where you would record all the above information on the NFTs you purchased on this blockchain. Make sure to update today's exchange rate at the top of the page. Please note that if you purchase an NFT in FIAT (non-crypto currency), which is sometimes an option, you can still record your NFT here with a zero value in crypto and the artwork price in USD you paid (same historical and today's rates).

Data Analysis - Ethereum NFTs: This is a pivot table for my fellow spreadsheet nerds—a data analysis table that will automatically update with the data from the "Ethereum NFTs" tab.

Other Blockchain NFTs / Data Analysis - Other Blockchain NFTs: This is similar to the previous section on Ethereum if you collect on other blockchains.

Physical Art / Data Analysis - Physical Art: This section allows you to store information in the same spreadsheet about physical artworks you've purchased (either in FIAT or CRYPTO). The fields are slightly different to accommodate the physicality of artworks and other details such as location, insurance, or shipping costs.

Start with your Crypto Art Collection Tracker

Managing a collection to best preserve and protect is is a lot of work. We know! This is why we are here to help. If you would like us to help with any collection documentation, we can do this exercice for you and fill out the whole spreadsheet for you only with a few input from you (including your PUBLIC wallet addresses with which you collect art NFTs).

Start by booking your first advisory session with me to assess your needs. This is free, as a benefit of your membership to 100 collectors.

Request your advisory session now >

Or contact us at hello@100collectors.art

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