$69.3 MILLION is the most money an NFT has EVER sold for. On the 11th of March 2021, somebody actually paid 39134 ETH for “EveryDays – The First 5000 Days” By Beeple.
True story and this is not the only piece of NFT artwork that has sold for more than 1 Million (USD) [R]. There are a few others as well… but Are NFTs for Crypto Investors a Good Idea? Let’s Settle THIS!
You do kind of have to admit that good artwork will be valuable but computer files that could just be copied in a couple of clicks! Has the world gone mad? It would appear so but let’s seriously look at this.
A lot of people are making money from Cryptocurrencies. Just look at the Squid Token! A Cryptocurrency created for an online game (not even released yet) based on the popular Netflix show Squid Games. In its first week, it had gains of 86,000% [R]
You can’t make this up. It is total madness what people will pay for. If you read this article it also said that meme coin SHIBA INU also had gains of 777% all in the same week. Crazy! and If this can happen then what else can happen in the cryptocurrency market that is crazy and unexpected?
It does make you think, and I for one believe this definitely could apply to NFTs as well. So…
Are NFTs a Good Idea for Crypto Investors?
Let’s Settle THIS! Once and For All!
Would you pay $69.3 Million for THIS NFT Artwork?
It kind of reminds me of a very difficult 3D Jigsaw Puzzle I attempted to do around my older sisters house earlier this year. We put it back in the box in the end but I’m fairly sure we would probably still be struggling with it now if we didn’t.
I mean OK fair enough so this is a collage of I think 5000 very small images. It is quite impressive. If someone actually painted this I would totally get the high price that it has sold for. It is definitely a work of art but some of the other NFTs that are demanding such high prices admittedly I kind of don’t get it.
Not even these but some of the NFTs that I have seen going for $100, $200 and $500. They don’t appear to be worth these sums at all. One NFT website I see was selling NFTs of Football (Soccer) players. They were basically just pictures of footballers screenshotted onto shiny backgrounds.
I actually thought I could make one on Canva myself without too much trouble lol
Maybe I should because some of them were saying sold for $225 etc. Even though my honest thought was “who would buy these?” I get that people are making money from NFTS but at the same time I know what it’s like to struggle financially and the thought of someone buying some useless digital picture is kind of ridiculous to me.
I don’t get it (doubt I ever will) but STILL Are NFTs for Crypto Investors a Good Idea… Well, let’s do a little bit of digging.
So, What Even Is an NFT?
NFT is an abbreviation for Non-Fungible Token. They collectively are digital artworks designed to be Cryptocurrency assets. Each NFT is uniquely coded to protect them from duplication. Some will be created in multiple quantities much the same as other limited edition items that are numbered as for example (1 of 4), (1 of 8) and so on.
To be more precise here is the definition of an NFT according to Wikipedia
Here it says that NFTs are a unit of data stored on a digital ledger that might include photos, video or audio etc.
They are coded uniquely to verify a public proof of ownership using blockchain technology.
In comparison to other cryptocurrencies, NFTS differ because the original files can be copied. You probably wouldn’t want to send a copy to your mate of something you paid 60+ million for but in theory, you could. Unlike Cryptocurrencies where the source files are basically always in possession of the owners.
So NFTs are much more unique in this respect. The first NFT project was launched in 2015 and used the Ethereum Blockchain. Since then just this year (according to Non-Fungible.com) NFT sales were more than 2 Billion USD in the first quarter alone. Which was a 2000% increase from the previous period.
Many exciting projects appear to be making a name for themselves based on the NFT model. Digital Art, Collectables, Tickets for Live Events, Gaming Tokens, Music, Sports and much, more.
NFTs allow ownership of unique digital items and are actually a very, very interesting piece of Technology. Despite what I think.
Where To Buy NFTs Online (Best Websites)
One website I mentioned above already is NonFungible.com.
At the time of writing this NonFungible.com has made over 9 BILLION USD in NFT Sales! [R]
The amount of money here is completely mindblowing and to even ask “Are NFTs a Good Idea for Crypto Investors?” seems like a silly question but there is certainly money to be made here if you know what you are doing.
OpenSea.io is another website that seems to be at the forefront of the NFT and Crypto Collectables market. They claim to be a ‘first of its kind’ and the largest marketplace online to buy and sell user-owned digital assets such as NFTs.
Their Market Capital is an estimated $4 Billion – not quite as much as NonFungible.com but still very impressive.
So, these are perhaps the big two but there are some other notable websites as well.
These include; SuperRare, Foundation, Mintable, Zora, Rarible, and Nifty Gateway.
Plus I’m sure many others exist as well – if you know any good one’s please let me know in the comments.
Also, If you would like to find out more about where to buy NFTs a good article to read is this one on builtin.com
Some good descriptions here but if you’d like to learn a bit more about actually MAKING MONEY from NFTs…
then please keep on reading for more information.
Let’s start with…
Flipping NFTs (Buying & Selling for More!)
Of course, this is the goal for I’m very, very certain most Crypto Investors. To buy and sell for more money. As cool as some of these NFTs might look is there really that much sentiment amongst people that they just want to buy these NFTs to keep?
That I do wonder.
Also, please let me know what you think about this in the comments. Apparently, some people do buy NFTs just to keep but I do kind of wonder why this is.
The video I shared above is by a Youtuber called Alex Becker who claims to have made A LOT of money flipping NFTs. Over $800K if this video is to be believed.
In his words, he states that although buying NFTs can be a HUGE gamble with a bit of experience you can make a lot of money.
His advice is to look for new projects that are still very cheap. As he puts it he says “Buy at the Floor!”
Do not buy products that are pumping hard. Avoid the middle-priced NFTs. The one’s that sell are most often the very cheap ones are the very popular ones. Also, any that launch at a high price – avoid at all costs.
Do not pay any more than $150.00 for an NFT. Buying and reselling expensive NFTs is a huge gamble that more often than not has a tendency to go horribly wrong.
*Note this isn’t my own advice – watch Alex Becker’s videos, follow him on Twitter and see what he has to say.
This is all a bit new to me but anyhow – I do have something else I would like to share.
How To Make Your Own NFTs
Please note: The following product I am about to share will include affiliate links and I may earn a commission on qualifying purchases. The price you pay will not be affected. Any questions please contact me by email at email@example.com
BoredApe, DogePound and CryptoPunks are just a few of the popular NFTs to come out since 2015. There are many more of course and there will be many others that will be released in the years to come. In fact, this could be something to look into – creating your own NFTs. I can’t promise you that this is going to be easy but one product that has been released recently I think might be worth sharing a link for –
It’s still new so not a whole lot of reviews to read as of now but if you’d like to check it out…
It is called 10K NFT Collection Maker By Andrew Darius
Please be aware: I have not used the Andrew Darius NFT Maker myself yet. I have been looking at newly launched products on MunchEye and this is just one of them that has caught my eye. I am sure there is other software you can try out but anyhow I had the link for this so I thought I would share.
The website if you’d like to find out more is as follows…
Now, another thing I just wanted to look at quickly is THIS…
Once you have created your digital artwork to actually make it into an NFT you will need to have it minted. This is a process much like with regular currency such as metal coins but which involves setting up smart contracts and getting your NFT onto the Blockchain (Usually through Ethereum). Although, perhaps DERO or Equilibria may take over this role in future.
Below I will share a link with more information about how this process works. It is not free (unfortunately) but just in case you are interested. Click on the screenshot ⏬
What Else You Should Know About NFTs
According to market research platform Pipslay, almost 50% of Americans deem NFTs a safe and reliable investment [R]. It is a nice idea to think but at the same time, it is unrealistic to assume that this is completely true. Much like stocks/shares and other cryptocurrencies investing in NFTs can be quite a big gamble.
In fact, because they are more novelty than anything else it could be surmised that they are riskier than both stocks and crypto rolled together in one. If you buy an expensive NFT and you can’t find a buyer to take it off your hands then you are stuck with it. Of course, you may be able to sell for a lower value but again if you can’t this is the unfortunate thing.
Although, saying this if you buy the right NFTs to flip the profits you can make are potentially very rewarding. Some of these Bored Apes and Crypto Punks NFTs people get obsessed with. They buy them just so they can use them as their avatar online. Aside from this, the only thing they appear to be good for (apart from looking cool) is they may be held as valuable assets. Kind of like a Picasso painting on a USB stick.
Still, there is something cool and unique about this new technology. One thing that should be considered about NFTs is this is an artistic movement. Buying an NFT in theory is supporting an NFT artists work.
I actually am very curious about the future of NFTs. Are NFTs for Crypto Investors a Good Idea? I think this is a good question because I think they definitely could be. Many big companies and even world governments are looking into NFTs so this does at least show that there is something beyond the novelty factor.
Although, even this alone looks to be something that could be a great way to hustle. For anyone that can identify which newly minted NFTs are going to go up in value, this might be a very shrewd investment.
One tip that Alex Becker gives is to follow the right people on Twitter, Telegram and Discord that have a good track record with their announcements. Alex Becker himself is one of these and of course, some of his friends will be others. From there you just need to be able to cash out at the right time – not too soon – not too late.
Maybe NFT auctions might be an idea? Still new myself so maybe worth a try.
Then as for making your own NFTs, this could be interesting but how many people are going to be trying this themselves? The market is still very new though so perhaps even this could be a very good time. You might be surprised.
Are NFTs for Crypto Investors a Good Idea? What do you think? Are they just a fad? Another fidget spinner type of investment? Or Do they have a very exciting future ahead? Have you had any success with flipping or minting NFTs? Please let us know in the comments.
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Best of luck with your Crypto Investments
Alex B. Chivers