What is NFT?
In plain English, they are files in the cryptocurrency network. NFTs (Non-Fungible Tokens) are digital assets that are unique in a way that they cannot be broken down into smaller values or pieces like currency tokens.
Many of the NFT tokens are built on the Ethereum network, with others such as NEO, EOS, and TRON following the lead.
Where is NFT used for?
This is the best part. These tokens can be used for a variety of things such as digital art, gaming skins, trading cards, any type of digital collectible, etc. So any item that needs to be unique, NFTs are the way to prove it.
A great example is that if an artist creates a piece of art, many copies can exist but only one original. So when you buy an NFT art piece you are buying the only one that is verified and signed by the artist.
If you want to learn how to make and sell NFT check our guide. Right now Non-Fungible Tokens are used mostly in the art space, where artist create digital art-work that are sold as Tokens.
How can I invest in NFTs?
There are many ways you can do this.
So, if you are a collector or think an item will rise in value in the future you can buy them on Best NFT Marketplace for a certain price and keep it, or resell it at a later time.
The prices are of course based on supply and demand and the top coins right now are:
- Theta (THETA)
- Enjin Coin (ENJ)
- Decentraland (MANA)
- Flow (FLOW)
- Chiliz (CHZ)
Where is the value in Non-Fungible Tokens?
You can watch a video on youtube, you can see a piece of art in a museum, you can see almost anything on the internet. But owning that one thing is what makes NFTs special. Being the only person owning an item is what it’s all about, and having a smart contract on the blockchain defines it as yours.
Some of the biggest companies like Nike are already in the game with a unique pair of sneakers that sold for more than $13,000 in Ether. Jack Dorsey, the CEO of Twitter, is selling his first-ever tweet. The price was $2.5 million at the time of writing this article.
Even in sports, the NBA Top Shot is listing some of the best moments in NBA history.
Where can I store my NFTs
To store your tokens you will need a wallet that supports ERC-721 tokens. Some of the most popular wallets are:
Just go to one of the marketplaces, get the ones you are interested in, and send it to your wallet, and just like that you, and only you, are the owner of an original piece of art, music, some kind of ingame skin or maybe even a tweet.
Is it worth it?
In our opinion, NFTs now are similar to Cryptocurrencies in 2012. Few people heard about it but most of them knew it was the next big thing. We think the same thing is going to happen with NFTs, so the best thing is to learn about them, maybe get some in your wallets, because they are here to stay.
The Crypto space is booming at the moment and NFTs are one of the reasons why. Many institutional investors are jumping into space and more and more retail investors as well. It would be a shame to miss out on this. Of course, never forget to do your own research, stay safe and have fun out there.