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Are NFTs a Good Investment?

NFTs are the latest buzzword in the digital era. A great way of investing responsibly and making money, they are gaining immense popularity for all the right reasons. Dig deeper into what they are, are they really worth it and finally, how can you make money using NFTs.
Are NFTs good investment
Are NFTs good investment

NFTs have taken the world by storm in 2021. Among the hype, have you ever wondered is it really worth investing in these promising (at least, claimed to be) NFTs? Are these collectibles really worth what they promise in the future? And, most importantly, if yes, then how is one supposed to smartly make money with them?

Well, without second opinions, it becomes integral that we dig deeper into NFTs and their role as investment sources to understand whether these are the next generation digital wonders or just another sham. Also, it is important to highlight how one actually makes money with NFTs. So let’s get started and take a roller coaster ride in the new-found world of NFTs. what you will actually learn – whether or not NFTs are a good investment.

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What are NFTs

To understand the most recent introduction to the digital world, it is important to understand NFTs in complete detail. This will help to understand the increasing trend in favor of these newly emerging financial tokens.

Well, these can also be better understood by going by their literal meaning. “Non-fungible” literally means that something is ‘unique’ and possibly cannot be replaced with something else. To make things clearer, let us take the example of bitcoin. A Bitcoin is considered as being the opposite, i.e., fungible! This is because you can easily trade one Bitcoin for another bitcoin, giving you the exact same thing.

Now, ‘non-fungible’ is the opposite, i.e., a one-of-a-kind or unique trading card. So if you trade a non-fungible token for a different card, you will get something completely different and not the same NFT. A non-fungible token (NFT) is a ‘unique’ and ‘non-interchangeable’ unit of data stored on a digital ledger (i.e., a blockchain).

For instance, NFTs can be thought of as digital art files including photos, videos, audio, etc. using the blockchain technology. These NFTs are then given a public proof of ownership when someone buys a particular NFT. So put simply, NFTs are like ‘digital tokens’ which can be bought as certificates for physical or virtual assets.

Investing in NFTs – Things to Consider

1. The only thing to note here is, that copies of the original file do not get restricted to just the owner of the NFT. Instead, these can be easily copied and shared by other people like any file. What is important to understand is that, for instance, anyone can buy a famous artform or print, but only you (as the buyer of the NFT) can ‘own’ the original.

2. This basic difference – the lack of interchangeability or fungibility helps to differentiate the much hyped NFTs from other blockchain cryptocurrencies such as bitcoin.

How can you make money with NFTs

earn money NFT

Making money with NFTs involves seeking deeper industry insights and gaining knowledge on their trading.

Logic indicates that investing in NFTs by buying them and selling them at a profit. This is exactly how things work out in the NFTs marketplace.

You can make money by buying and selling NFTs wisely and at the right time.

The NFT technology is most commonly seen being applied to tokenizing of collectibles from well known brands which are already involved in selling their physical collectibles.

For instance, the NBA allowed people to buy its NFT sports cards and trade licensed cards of footballers. Very easily, one can buy NFTs in the form of trading cards in their digital form. The thing to note here is that NFTs are often more valuable than their physical counterparts owing to their proven rarity currently.

Another reason making these NFTs a much sought after collectible form is the fact that as opposed to their physical counterparts which can get easily damaged, the digital trading cards (in the form of NFTs) can be securely stored (of course, on the blockchain). This way they do not lose their quality over time.

Buy Ethereum for NFTs

Your capital is at risk

Stake your NFTs right!

Staking’ implies storing digital assets as ‘stakes’ and then assigning them to people who are willing to maintain them.  The person who uses these further is going to give you a share of the reward in return.

For this, you will first need to buy NFTs from a trusted NFT marketplace.

To understand how and where to buy these NFTs, think of each artwork in the digital collection as unique and valued differently. Just like the physical counterparts, the buying or ‘asset transfer’ of these pieces of art or individual ‘NFT’ gets recorded in the blockchain (same as cryptocurrency works).

This also holds true for anything else in the digital form, which can be easily converted into an NFT. For instance, popular tweets, famous facebook posts, favourite instagram pictures or videos, etc. are good examples. These are easily bought and sold as NFTs in the digital marketplace.

The easy processing of NFTs to make money

You can buy these NFTs using cryptocurrency (however, some platforms also allow the use of credit cards). Some popular platforms include Blockchain.com.
Once you have bought some NFTs, you must now look for a trusted auction site such as OpenSea, Rarible, SuperRare, and Foundation for easy trading. Ensure that your chosen marketplace supports the blockchain your NFT was initially built on.

For selling your NFTs, all you need is the original piece of media you own. Start off by selling a single file at an appropriate sale price for your item. In addition, you can also determine a ‘royalty’ (optionally) which will be paid by somebody who buys your file and then uses it elsewhere.

Keep checking the ‘sales page’ of your platform for any updated offers (since most platforms do not send you a traditional email). The next thing that happens is – your crypto funds get transferred to your wallet!

Thinking about what you can do with this amount made out of buying and selling NFTs?

1. You can now withdraw this amount for your use.
2. Or, you can use it to purchase other products.
3. Or, you can exchange it for cash.

What experts advise:

For simpler NFTs, you can indulge in this easy processing by yourself. In case you are trading in complex assets, we suggest you consult an experienced professional. Your dedicated expert will possess deeper insights into the NFT market and be knowledgeable in all cryptocurrency’s advanced tips. They can also guide you to invest in collectibles that will be worth a lot in the future.

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