Nyan Cat Gif, Jack Dorsey’s first tweet, sports collectibles, an avatar of a golden vest, and crypto kitties. No these are not just the random names on the internet, these are NFTs. And yes! They are selling for up to $2000 each. Can you believe that?
A simple 5-word tweet and a random running cat are worth thousands of dollars? We had never imagined this ever. But my friends, we are living in the world of the internet where advancements happen every second. But what exactly is NFT?
NFT is a very fascinating phenomenon. They are somewhat very unique and interesting and can be brought and sold as a digital asset using cryptocurrency. They indicate the ownership of some unique digital asset in different forms such as gifs, memes, music, movies, and others.
But what do you get when you buy a simple NFT? Don’t worry and don’t get confused. Today I am going to cover all these facts and will surely tell you whether you should invest in NFT or not?
So, What Do You Actually Get When You Buy NFT?
As we all know that NFT requires only one ownership, so when you buy the NFTs, you are purchasing the entire ownership of that specific digital asset.
But keep in mind that it doesn’t mean that you have got all the exclusive rights as an owner. You cannot control decisions about who gets to see that or whom to share the particular NFT with.
For example, the most expensive NFT that has been sold to date is Beeple’s Everyday. The First 5000 Days, a 5,000-piece digital collage. Now the exclusive owner of this NFT is Vignesh Sundaresan, who also owns the Metapurse NFT project as well as the bitcoin ATM provider, Bitaccess. While he is the original owner of this NFT, but the NFT can also be shared and seen by millions of people and that’s completely fair.
Buying an NFT is just like you are buying a special autographed print – which is signed to you only, but others can also look, share, and appreciate.
What Can be Serve as an NFT?
NFT is a digital asset and there are plenty of things included that can be served as an NFT. For example:
- Domain names
- And much more
Is it Worth Investing in NFT?
Many people who are not aware of NFT, usually think that is NFT a good investment opportunity? Well, there are lots of risks that need to be considered before investing.
NFTs provide a very unique as well as high-stakes opportunity that helps you generate big profits. However, you need to be warned as well. Because this happens rarely.
Though it’s not much flashy, and if you are looking for a more profitable investment opportunity then it’s better to consider investing in some index fund instead of a Pop-Tart cat GIF that gives no value. But if you think that some particular NFT can bring in more profits and value, then do research first and decide carefully.
But in case, you are extremely interested in the world of NFTs and ready to take risks and chances, then make sure you do complete research on this particular field. Also, you need to learn how to open the digital wallet.
Because this is the place where you will need to keep all the cryptocurrencies and NFTs. After that, you will be required to look for different NFTs based on the likes of OpenSea.io or Rarible. Choose the one you like the most, and then get the right cryptocurrency for the specific NFT. After that, make your purchase confidently.
It will be a waiting game!
Why? Because the value of your NFT will depend upon how much the buyer is willing to pay. I must say that you and your Pop-Tart cat gif are absolutely at the mercy of the current NFT market.
If you are keen to invest in NFTs, it’s better to learn and understand how this whole system works and why you want to buy NFTs in the first place.
Remember, a particular NFT can be your command vast sum, so there are chances of making potential money with NFT.
Have a look at some notable auctions of NFT:
- The first Twitter of chief executive Jack Dorsey was sold for $2.9m
- The real source code for the World Wide Web was developed by the inventor of the modern internet Sir Tim Berners-Lee. And this NFT was sold for $5.4m in 2021.
- There is a collection of some great digital images that were compiled by digital artist Beeple and collected over 5,000 days, which were sold for $70m at the auction house Christie’s in 2021.
How Can You Get into Buying NFT?
As I mentioned above, the crypto wallet is the first thing you will be required to consider for buying NFT. You will use the wallet to send, receive and store your NFT.
Now, these wallets are available as apps and you can download them on your phone using the Google Play Store or Apple’s App Store.
MetaMask and Coinbase Wallet are considered the most popular currently.
NFT marketplaces also help you connect your wallet to the platform and then allow you to start trading right away. Always remember that your wallet balance should always have some ether so you can easily cover the network’s transaction fees.
Also, note that the amount can rise when Ethereum is on the rise.
There are plenty of reliable platforms that allow users to create their own NFT like NFT Unfold. But the unique part about this platform is, that you cannot only create your NFT but also launch a marketplace where others will come and list their NFTs, and can also promote and market your NFTs through different marketing strategies.
So, Are You Ready to Create and Market Your NFT?
If yes, then what are you waiting for? NFT is a lucrative investment opportunity. Especially when you launch your own NFT marketplace, you allow hundreds of interested buyers and sellers to visit your NFT marketplace and list their collections to get better visibility and exposure.
Let’s fetch unimaginable profits and get global recognition by investing in NFT.