Is it time to invest in NFTs? Here’s everything you need to know about buying and selling them.
Let’s face it, the crypto market has been on a wild ride over the past year and it shows no signs of slowing down anytime soon. In fact, many experts believe that blockchain is here to stay and will go mainstream in the next few years, so if you want to cash in on the crypto trend, now is not too late. But before you jump on the bandwagon, it’s important to understand how these little digital assets work and what factors influence their value…so let’s dive in!
What is a Non-Fungible Token?
Non-Fungible Tokens (NFTs) are digital assets that are not interchangeable, meaning they do not possess the same value, utility, or tradability of a fungible token like a cryptocurrency such as bitcoin. Non-Fungible Tokens can be either unique or limited: unique tokens have only one owner; limited tokens can be duplicated without affecting the original token’s scarcity, uniqueness, or tradability – for example, collectibles.
Where did Crypto Collectibles Come From?
Recently, developers have begun creating their own crypto collectibles or crypto collectibles—virtual items, owned by their players, that are secured with blockchain technology. This technology has the potential to revolutionize gaming as we know it by creating a new type of experience for digital communities: one that is truly scarce and player-centric. This has been possible due to game designers innovating on blockchain technology—together, they are building decentralized platforms for tradeable assets that give all participants in the market guaranteed trust while trading digital goods. And now there are so many amazing games out there that support crypto collectibles!
What can NFTs be used for?
Right now, NFTs are not actually used for much besides reselling. You can store the image or make a link to use as a profile pic on social media, but there aren’t many other use cases right now, which is both good and bad news: The good news is that NFTs won’t be worthless when they’re out of fashion, because they have value as collectibles with some potential rarity/possible exclusivity if limited editions are made available; the bad news is that there isn’t a killer app or system that uses NFTs for much more than trading yet.
Why might I want to buy an NFT now – before they’re even released?
Buying an NFT before they are released provides you with the opportunity to own a piece of digital media before anyone else – while also earning revenue just by holding on to your assets instead of spending it. You will also have the opportunity to sell your NFT’s just as soon as they are released for a profit and purchase other assets that might be more desirable or valuable than what you originally purchased.
Which are the best Crypto Collectibles and why?
What are the best Crypto Collectibles? It depends on your needs and preferences, but these four recommendations will help get you started:
☀ CryptoKitties ☀ Blockchain Cuties ☀ 0xUniverse ☀ Decentraland
CryptoKitties are great for those who want cute, fluffy tokens of crypto culture. Blockchain Cuties is a great choice for gamers interested in building gaming communities or earning passive income from sponsored content. And for those who are thinking about starting their own blockchain business or community and want a digital space to call their own, 0xUniverse is perfect.
Where can I learn more about how non-fungible tokens work, including how to buy, sell, use and make them?
With the advent of ERC-721, a new era of collectibles has emerged, backed by tokens that can be traded with ease on marketplaces like OpenSea. Learn more about how non-fungible tokens work, including how to buy, sell, use and make them here:
– Why are there suddenly so many new types of digital collectibles on the market?
– What is an ERC-721 token and how does it work?
Appendix – where can I discuss this with other readers/investors/enthusiasts on Twitter or Reddit etc.?
There are many cryptocurrency communities on Reddit where enthusiasts can discuss all topics related to blockchain and cryptocurrencies. One popular channel is r/ethereum, which has 27k subscribers. Other communities worth checking out include r/cryptocurrency (119k), r/blockchain (74k), and the Kik forums, among others.
Another place for feedback is Twitter, which has millions of users discussing blockchain and crypto-related topics daily. To check out what people are saying on Twitter at any given moment, try using a tool like Hashtagify which searches conversations based on hashtags or keywords. It’s not perfect, but if there’s something new going on in crypto that would be worth discussing, chances are good that Twitter users have already begun talking about it using relevant hashtags (e.g., #crypto or #cryptocurrency).
