Why are people buying pixelated monkeys for millions of Euros? How can you be part of this? Why should you be part of this?
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The NFT market has been hyped for several months now. A few highlights include the sale from Jack Dorsey of his first tweet ever as an NFT for over $2.9 million, the launch of the Cryptopunks collection on June 23, 2017 (the most prominent collection ever), the sale of a cryptopunk for 500 million in 2021 (yes it was not really a sale), the launch of an own NFT marketplace from the NBA (with Dapper Labs)… and much more (to come). If we have a look at the overall trading volume of NFTs, the number has sky-rocketed in the last months. In this text below I’ll (un)cover the magic behind NFTs and give a quick overview on how to get your first NFT.
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https://twitter.com/bustarhymes/status/1448979255807946755
There are several reasons why people are fascinated by NFTs (non-fungible tokens). In general it should be distinguished between NFTs as art/status and NFTs for gaming.
NFTs as art: Buying a piece of virtual/digital art for yourself, using it as status symbol, as a “new profile picture” on Twitter, etc.
NFTs for gaming: Using the NFTs as skins, avatars, value, elements,… in games to get certain advantages
In the gaming world, NFTs — aka buying digital assets within the game — has been a thing for years. New is the art part, which can be an immense opportunity for creators (artists, musicians,…) out there.
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In order to choose which NFT to buy I recommend spending at least >4 weeks on the platforms named below (e.g. Opensea, Nifty Gateway,…) to understand the dynamics, the value creation, your own preferences etc. to make sure you don’t “pay a high price for trying”. There are many projects out there: