Juxtathinkka
Freelance content writer and medical student with a keen interest in the crypto world and all things tech related.
Table of Contents
- What are NFTs?
- NFT story
- How to buy NFTs
- The best NFT stocks on the market
- NFTs: Everything you need to know
What are NFTs?
NFTs, also known as Non Fungible Tokens, are unique digital assets that represent real-world objects such as artwork, music, trading cards, in-game items, and videos.
These digital assets are often traded alongside cryptocurrency on the blockchain. The term “non-fungible” means that the token is not interchangeable: it is unique in itself. For this reason, NFTs are not mined like Bitcoin and other cryptocurrencies: they are created and sold.
The value of an NFT depends on its rarity: the rarer an NFT, the higher the price. Despite the high value that NFTs generally hold, most holders don’t fully understand them. Drastic market changes can lead to significant price changes of an NFT. The good thing is that when you purchase an NFT, the record of your purchase is saved forever in a digital ledger. NFTs are a great way for content creators, musicians, and digital artists to generate income.
NFT story
NFTs haven’t been around that long: in 2012 colored coins were mentioned in an article by Yoni Assia. Later that year, a paper by Meni Rosenfeld further discussed colored coins as the new asset class they would become.
In 2014, digital artist Kevin McCoy and tech entrepreneur Anil Dash created the first NFT known as Quantum. The Quantum sold for a whopping $1.4 million in June 2021.
2015 marked a new beginning: Counterparty entered into a partnership with the development team of the game Spells of Genesis. The team creators introduced their in-game currency called Bit Crystals.
In 2017, Cryptokitties sparked a massive NFT wave: the game was launched in December 2017 to allow players to collect and breed cats with their traits on the blockchain, creating unique cats that share the traits of their parents would inherit.
In June 2021, a World Wide Web source code NFT was sold at auction for $5.4 million. According to reports, the NFT was developed by the English scientist Berners Lee. This shows how important NFTs have become over the years.
How to buy NFTs
1. Buy Ethereum: Since NFTs are based on Ethereum, you need to buy Ethereum to get NFTs. You can get your Ethereum from exchange platforms like Coinbase, Kraken, Binance, Gemini and Bittrex. Then you can send your Ethereum to your Metamask wallet.
2. Go to the NFT marketplace: Marketplaces like OpenSea, Rarible, SuperRare, BakerySwap and Sorare are platforms where you can buy NFTs. You have multiple options to choose from so you can make your unique choice.
3. Make your purchase: Once you find an NFT you like, place your bid for the auction. If you want to make a final purchase, click on “Checkout” and confirm the fuel fee. Approve the transaction and wait for your NFT to arrive. The timeframe varies from minutes to days: when your NFT arrives, congratulate yourself. You just bought a whole NFT!
The best NFT stocks on the market
Investing in NFTs requires careful observation of the cryptocurrency and exchange markets: Here is a list of NFT stocks that have been mentioned as potentially the best in the market.
1. Takeung Art: Just a few days ago, Takung Art shares reportedly rocketed, living up to the social media hype by surging 57.07% to $10.80 on August 25, 2021.
2. Dolphin entertainment: In March 2021, Dolphin Entertainment shares doubled after the company announced it would create a new NFT division. Since then, Dolphin Entertainment NFTs have been the must-have NFTs.
3. PLBY Group: Playboy’s partnership with Nifty Gateway, an online NFT marketplace, has resulted in the release of a collection of NFT tokens that has investors excited.
4.NASDAQ: The National Association of Securities Dealers Automated Quotations has more than 3000 stocks listed on their website and their NFT stocks are included. The marketplace offers an opportunity for individuals to obtain a unique collection of NFTs.
5. NIKE: In 2019, Nike received a patent for Cryptokicks. Cryptokicks couples a physical shoe release to an NFT and also allows splicing two pairs of virtual shoes to produce a new one. If you like sneakers and NFTs, then NIKE is for you.
NFTs: Everything you need to know
On 27 August 2021 it was reported by the British Broadcasting Corporation that 12-year-old Benyamin Ahmed had made around £290,000 creating and selling his NFTs over the school holidays.
This shows that NFTs are very important in the blockchain right now and can be profitable for the creators. However, the purchase of Twitter CEO Jack Dorsey’s first tweet for over $2.9 million, along with other inanimate artworks, has sparked discussions about NFTs. Some people believe NFTs are a good investment because prices are bound to go up, and others believe that buying digital artwork you can’t hold is a foolish financial decision. The truth is that NFTs are highly volatile investments and regardless of the gains they might bring, it is safer to invest with your excess money. Here is a this will help you understand NFTs better and while you’re watching make sure to send me some NFTs.
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