What is NFT?
In plain English, they are files in the cryptocurrency network. So, What is NFT? Non-Fungible Tokens are unique digital assets so that NFTs cannot break them into the smallest values or pieces like currency tokens. Many NFT tokens exist built on the Ethereum network, with others such as NEO, EOS, and TRON following the lead.
Where is NFT used for?
The best part of NFT is that it can use them for various things such as digital art, NFT Games, sports trading cards, any 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 accept the only one that is verified and signed by the artist.
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 specific price and keep it or resell it later. 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 holding an item is what it’s all about, and having a smart contract on the blockchain defines it as yours. 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 lists some of the best moments in NBA history.
Where can I store my NFTs?
You will need a wallet that supports ERC-721 tokens to store your 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 in-game 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 knew it was the next big thing. We think the same thing will 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 the play, and more and more retail investors are. It would be a shame to miss out on this. Of course, never forget to do your research, stay safe and have fun.