Why are people buying pixelated monkeys for millions of Euros? How can you be part of this? Why should you be part of this?
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.
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.
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: