If you don’t know what NFTs are, then its about time that you jump on board, because they are making history and millionaires too. NFT stands for Non-Fungible Tokens, or in other words digital assets that you have custodial ownership over 100%. The crypto craze is in full swing across the globe and touches every country and their people. NFTs are an important part of the crypto landscape and helps fuel widespread adoption, by providing digital assets, that anyone can purchase, own, trade, and sell for profits down the road.
Just like cryptocurrencies, NFTs are decentralized, residing on one of the blockchains like Ethereum (ETH), Cardano (ADA), Solana (SOL), and Avalanche (AVAX).
Anything can be turned into an NFT, and there are some interesting, and unique, NFT collections out there today.
That’s the whole idea behind NFTs and some collections like The Board Apes Yacht Club, contain NFTs worth millions of dollars each.
What are NFT Collections?
Not all NFTs are the same! In fact, there are thousands of NFT projects going on at any given time. Some are highly successful and produce rare, beautiful, artwork, with utility that benefits the owner who mints their NFT.
These “collections” can be found on Twitter, Facebook, Instagram, and other social media outlets. However, the NFT marketplaces are where you will find every collection after the mint, on the secondary market.
Important things to watch for to determine if an NFT project could be successful are if the road map proposed to minters is attainable, and profitable for NFT investors.
Also, who are the minds behind the NFT collection? Ensure that there are reputable folks involved because that’s going to be important down the road if the collection is going to hold its value, and even increase in value as well.
What are the Best NFT Marketplaces?
There are many different marketplaces where you can buy and sell NFTs of any kind. The marketplace you go to will be the blockchain where the NFT resides. So, any NFTs that are upon the Ethereum blockchain would be accessible on OpenSea, an Ethereum based marketplace.
Or, if the NFT that you want is on the Solana Blockchain, then you could access your digital assets on Magic Eden, or Solan art, the Solana based NFT marketplaces.
Although many others exist, beware of scams that could steal your coins. DYOR before linking to unknown websites claiming to be the official marketplace.
How to BUY NFTs?
The process of buying an NFT is simple but confusing for first timers. Its important to understand how to operate crypto wallets before jumping into an NFT marketplace. There are corresponding wallets to use for different chains. For example, you can use Metamask wallets for Ethereum based digital assets including storing coins purchasing any NFTs. The same goes for other blockchains and they have their own wallets respectively.
All you need to do is go to the NFT marketplace that you want to purchase an NFT from. Then click on the one you want to buy now and send them their payment in the crypto they want. Typically, this will be Ethereum, Solana, Cardano, and Avalanche, although , many others are coming online every day.
Are NFTs Good Investments?
There are some NFTs that are worth so much money it will shock you. In fact, collections like The Board Ape Yacht Club are so popular that some of their NFTs sell for millions of dollars each. Staggering money is spent each year, and more is coming into the digital asset landscape all the time.
However, not every collection gets that type of attention, and many don’t sell any NFTs whatsoever. If you are only buying them for investment purposes, then take care to ensure that they will be profitable. Check who the creators are, and how they plan to invest into their NFT project and what investors can expect down the road. Having a solid road map is everything in the NFT world.
NFTs seem like they are here to stay. Many millions of dollars have already been spent purchasing them online. In the coming years, as more people enter this space, NFT sales are expected to skyrocket again, well past anything that people could have expected. Be careful where you buy NFTs from because there are many scams out there, which try to entice people to buy fake NFTs. You should only go through reputable NFT marketplaces to maintain a safe and fun experience with digital assets like NFTs and cryptocurrency too.