The NFT market is expanding at a light speed, with early NFT collections reaching some mind-blowing sums. You can easily become an investor, you just need to learn the basics, and of course, understand how NFT will bring you money, both in the short and long period of time. The following article is dedicated to everyone who is interested in NFT. We’ll explain what is NFT, where, and how to buy one, so be patient and pay close attention to details.
What are NFTs?
NFT stands for non-fungible token. Fungibility stands for something that is replaceable with another thing that is completely identical. Thus, NFTs are irreplaceable, unique, one-of-a-kind forms of digital art. It can be anything from simple art (the black glasses best known for the “Tough life” meme), to putting your brain on your computer and acting as AI. It’s a great way for artists to make money and for investors to lay their hands on something unique that can make them a fortune easily.
Famous artists such as Grimes, Jazy Z, and many influencers online managed to make huge amounts of money in a matter of minutes just by creating what we see as digital art. To them is a huge source of income, and lately, the NFT platform is growing richer in members. Luckily for artists and investors, there isn’t any chance of it going down or failing, so everyone’s completely safe.
Different types of NFTs
Now that you know what NFTs are, you generally have a sense of everything that can count as an NFT. there are 5 main groups of NFTs, and we’ll represent them all to you, for better understanding. We have collectible art, sports collectibles, gaming, property, and music.
The most common type of NFT, and has several categories under it. PFPs, that stands for profile pictures, photography, generative art, and unique pieces. Under collectible art, you can find the black glasses mentioned above, and the Nyle Cat, which was sold for 690.000$.
It all starts with collecting pokemon, baseball caps, baseballs… it’s only natural to progress to investing in NFTs, and it can also be connected to your sports collection. The NBA top shots are one of the most popular NFT projects for sports fans, and they are basically videos of iconic moments in the NBA games.
Gaming, music, property
In the gaming world, as NFTs, you can get some unique characters with one-of-a-kind looks and abilities. NFTs can also replace any physical piece of paper when it comes to property ownership, and when it comes to music, you can get the same videos and clips, but with the reference different, making them valuable and unique NFTs.
Where and how to buy NFTs?
Where to buy NFTs?
The perfect place to buy NFTs is the NFT marketplace, but we suggest you first do proper research. The internet can be a tricky place, and if you’re not fully aware, you can easily end up scammed, lose tons of money, and end up empty-handed. Always make sure the NFT marketplace page is well-trusted and verified, with tons of investors and artists, and a valid URL. avoid pages that look suspicious, and definitely stay away from third parties who promise you nothing but fortune and success.
Browsing through social media is the best way to start your journey. Platforms such as Twitter, Instagram, and Facebook have different pages and groups dedicated to the NFT community, where people share their encounters, experiences, tips, and tricks. Don’t be afraid to ask a lot of questions, and expect quick replies, as the NFT community members are very welcoming to newbies.
How to buy NFTs?
Now that you’ve done your research and gathered all the information you need, it’s time for the next step, which is also the biggest one: investing in NFTs. For that, You’ll need to have your own personal e-wallet. Usually, NFTs are paid for with cryptocurrency, and the most used is Ethereum. You lay your hands on them the same way you lay your hands on NFTs- Online, via stores. Always make sure you use well-trusted trade stores, where you’ll exchange your money for crypto. After you filled out your wallet, it’s time to fill out your collection.
NFT marketplace is a huge platform online where you get to see the NFTs, as well as their ownership. People post their NFTs there, in hopes of selling them or trading them for something better. What seems valuable to you, might not be seen the same way by others, so you can make quite the collection just by being patient and waiting for the right moment. Before purchasing, always ask yourself if the NFT’s worth it, do you really need to have it at that very moment, and whether you’ll be able to sell it later on for a better price.