NFTs became extremely popular in early 2021 thanks to the high demand and the ridiculously high prices that are being listed, auctioned, traded, and sold every single minute, and they’re still trendy and popular since new use cases are being introduced to the NFT space, so yeah it’s still very early to learn and get into this highly profitable market as it’s paving it’s way to the mainstream culture! Good news isn’t it?
What is an NFT?
It stands for “Non-Fungible Token”, unique tokens that can represent any item such as images, videos, music tracks or albums, and much more. Anything can be purchased online as an NFT.
Are NFTs cryptocurrencies?
NFTS is a type of cryptographic tokens, but are different from cryptocurrencies since they are not interchangeable (as the Non-fungible refers to), think of it as a Pokemon card, it can be traded but a holographic Charizard is not the same as a Gastly, meanwhile, a Bitcoin is the same as another Bitcoin.
Can I make money with an NFT?
The emotional value of NFTs is why most people are buying them, I mean, no one buys a Lambo because they need to use it in their town, as the roads don’t permit the car to do what it’s made for: speed, they buy it because they like how it’d make them feel, the same goes for NFTs, for this NFTs can be extremely profitable if you do the right analysis and research.
How do I buy an NFT?
This depends heavily on what platform you are using, but the common way is to:
- Buy Ethereum, most NFTs are based on Ethereum and thus the platforms are accepting only Eth for it.
- Connect your wallet (like MetaMask) to open OpenSea or any other NFT marketplace.
- Choose carefully and buy your first NFT!
What are some examples of NFT marketplaces?
Can I copy an NFT?
No, that’s the main idea of NFTs in fact, people cannot your NFT as it’s only owned by you.
Can I resell my NFTs?
Yes for sure you can, however, make sure you own the right NFT first, that means you have to have an NFT that people would also want to own so that you can sell it for a profit, just like any other product.
What was the expensive NFT ever sold?
CryptoPunk #9998, a part of a collection of 10,000, sold for $530M (124,457 ETH).
How big is NFT market?
According to nonfungible.com, these are the NFT market statistics for the last month (October 2021)
What are NFT games ?
NFT games are one of the coolest and trendiest use cases of the NFT concept, some of these games are:
- Axie Infinity,
- Splinterlands: Best Ready-To-Play NFT Game,
- Sandbox 3D,
- Gods Unchained,
What’s bad about NFTs?
As mentioned above, the value for most NFTs comes from the feelings people have about them, making them pretty useless and becoming untrendy easily, (not the ones that have a use case like gaming)
Can I make my own NFT collections?
Yes for sure you can, please follow these steps:
- Pick items: is it a picture? Of what? Is it a video? A GIF? You got the idea!
- Choose a blockchain: the most popular and widely used is the Ethereum blockchain
- Set your wallet: top wallets are: MetaMask, Math Wallet, Trust Wallet…
- Pick the marketplace: we’d suggest OpenSea to start with.
- Upload your NFTs and put the prices and there you go!