Why Buy NFTs?
In the past 2021, non-fungible tokens have taken crypto-art to a new level. Probably, many are surprised that collectors and contributors are willing to transfer millions of dollars for memes and crypto art. Of course, there are still many in society who don’t understand why buying NFTs when the owner of the token gets the original, which is not much different from the copy. And we are not talking about the fact that many art objects did not receive physical embodiment as such.
NFTs have become one of the hottest crypto trends in 2021-2022. Every day, more people are learning about the technology of non-fungible tokens and are starting to apply it to their tangible works of art, game assets, luxury goods. You can learn more about what NFT is and how it was created here.
So, What Is the Advantage and Value of NFTs?
NFT adds certain properties to an item that increase its value. Any item in real life or digital is of great value if the item’s originality can be verified. This is true for digital works of art, as there are now a lot of artists and creators who create their masterpieces in the digital world. If you are a collector and intend to purchase a digital painting, it will be very important for you to own the original, and for everyone to know that the original belongs to you.
If we talk about the gaming industry, then the gaming process using NFT has reached a completely different level. If earlier game items (skills, weapons, things, potions, scrolls, heroes, creatures, etc.) remained within the same game, then using blockchain technology and non-fungible tokens with authentication, you can use items from one game in another game. Naturally, game developers should create an opportunity for this, but it is already possible and is being actively implemented. You can change the properties of a digital asset, such as characteristics, owner, author, write complex transactions using smart contracts, because almost all NFTs are created on the Ethereum blockchain.
NFT Valuation and Collecting
How much should you pay for NFTs or at what price should you sell? There are no clear rules here, but it is worth sticking to a few general concepts. If you care about ROI in NFT trading, then be more careful about what price you buy or sell non-fungible tokens for.
- Reputation, rarity and provenance are key characteristics for a buyer. A single non-fungible token from a well-known artist is more valuable than a non-fungible token from a lesser-known author or multiple copies.
- There are minimum prices in the NFT system – they can be found on trading floors. It is necessary to place buy orders taking into account these levels.
- Keep an eye on volume and transactional activity – projects with more activity offer more opportunities for profit.
- “Not your keys, not your cryptocurrency.” Pay attention to safety. It is best to store your NFTs in a hardware wallet (or multiple wallets).
How to Buy NFTs
Before buying you need:
- Select the site where you are going to buy the NFT token.
- Connect (download/install) the crypto wallet that this service works with.
- Top up your crypto wallet account with the required amount to buy NFT tokens.
- Some NFT are available only on certain sites for a certain cryptocurrency.
OpenSea, Mintable, Rarible are the most popular platforms for buying NFT. You can buy NFT for a fixed price or participate in auctions. Each site has its own bidding rules. Before you bid or pay for a purchase, carefully study the information about the service. Follow the link https://teuscherfifthavenue.com/ and learn about Kroger REWARDS World Mastercard.
How to Sell NFTs
There are many platforms where you can place your tokens. Some of them even have a narrow specialization – for example, only game items or only art. The most popular are OpenSea, SuperRare, Foundation and Rarible. As a rule, platforms charge a commission in the Ethereum cryptocurrency, or ethers, as it is called in the common people. The size of the commission may vary, but usually it is several tens of dollars (such a cost is due to the fact that the new token will need to be included in the blockchain). The commission is always charged at the time of token creation, but depending on the site, this can be either immediately after the file is uploaded or at the time of the sale.
The popularity of non-fungible tokens will only grow over time, and it will soon be impossible to dismiss this fact. So it’s not too late to dive into the topic of NFT today! NFT is much more than just another trend in the blockchain industry.
We hope this article was helpful to you!