Investing in NFTs: What You Need to Know

The talk of NFTs has very much become viral lately, and while yes, it is all connected to cryptocurrency and the inner workings of the Blockchain platform, there is so much potential from making NFT investments now. While most investment worthy NFTs currently circulate on the Ethereum blockchain network, more cryptocurrencies are adopting NFT tokens too.

NFT artwork has become one of the most popular concepts ever to hit Blockchain, and while artwork is probably the most investment worthy tokens on the market, other concepts such as skins and skin gambling, are very much a cool craze of the moment too. CSGOluck.com is a perfect platform for those who have skins at their command, that they wish to gamble, and heighten what they already own.  

What do you get when buying an NFT?

When you purchase an NFT, you are essentially substituting cryptocurrency for an item and digital asset. These tokens will be completely unique and will be yours with unique authenticity codes, meaning they cannot be swapped or changed with other NFTs, unless the value has been met from a selling point of view.

Anything digitised can take the form of an NFT, meaning if you can think it, it can most definitely be manifested too. Most popular NFTS of the moment include unique GIFS, art representations of celebrities like Paris Hilton for example, and so many more. All digital NFTs are stored in your online wallet, where you can choose to keep them or of course, sell again, to increase your profit margins. 

What makes NFTs so in demand these days, is the fact their value also reflects the supply and demand of cryptocurrency. If the cryptocurrency increases in value-so does your NFT. If you are already a crypto investor, learning how to invest in NFTs works in a very similar way and principle. 

Why are NFTs so valuable?

Some of the most valuable NFTs on the market right now are selling for millions of dollars. The Christie’s Arthouse for example, sold for a record high $69.3 million, and that was in the first months of its creation. Mike Winklemann, the artist, is very well known outside of the NFT space, for his artwork. By combining what he created within the NFT niche, he found a high demand for his pieces, thus creating massive demand in circulation. Winklemann, also known as Beeple, is continuously creating headlines across the world for his art, and this indirect form of marketing, is a reason why his pieces have become huge investment pieces. Especially due to it being capacitated on the Ethereum network currently, which is increasing in value every single day.

Not all NFTs are artwork though, and that is important to remember and recognise, if you wish to enter the market too. The NBA, for example, worked on a project called NBA Top Shot, which includes NFT trading cards to be circulated by NBA fans across the market. Just for reference, LeBron James sold for over $210,000. It is fast becoming a niche that sports fans want an ‘in’ over, and for good reason too. 

Where should I start?

If you are wanting to invest in your own singular piece, make sure to look out and research the existing NFT you have your eye on, in addition to its position within the community. This is essential before taking the plunge of making an investment. If however, you are still on the edge and wonder why you should actually invest in NFTs, the answer quite simply is-its new and exciting.

The digital world has immensely grown within the last half a decade, and ways of generating profit have become increasingly possible for anyone willing to invest. NFTs are highly collectable, making them profit-worthy. As enthusiastic as you may be, about generating a profit, many were pulled into the concept due to the social status that comes from making purchases.

So, whether you wish to flip your NFTs as a direct pathway to profit, or you are looking to focus on the collectible aspects of it, NFTs are not going anywhere just yet. Just like cryptocurrency, it’s growing popularity and growing fast. It would be most wise to begin acting on this craze right now!