When NFTs first appeared, a lot of people were highly skeptical about them. They were considered a way for money-laundering, a useless Internet fad that will soon blow over, or simply a scam. In essence, NFTs received the same reception Bitcoin got when it was launched in 2007. But that image is slowly changing. NFTs as a concept has been around since 2014, but it wasn’t until 2017 that some serious movements on the NFT market were detected. Even then, the general public was, for the large part, completely oblivious to their existence. Until 2021, that is, when NFT suddenly came into focus. All of a sudden, NFTs were the main topic of conversation for every crypto expert. Questions like where to buy NFTs and how to invest in NFTs flooded Google search. We are witnessing even massive Fortune 500 companies trying to get into the game by either buying or creating their own NFT. But still, a lot of people have no idea what NFTs actually are. Find The Best NFT Coins On eToro Cryptocurrency markets are highly volatile and your investments are at risk. How to Invest in NFTs? NFTs stand for non-fungible tokens that can be bought and sold in a similar way to other cryptocurrencies, with one major difference. Fungible tokens and coins, like Bitcoin, or Ethereum are interchangeable assets, like any other currency. Non-fungible tokens, on the other hand, cannot. In that sense, they can be considered goods more than currency, like a car or a house. Here is an example to better understand the difference. You can easily exchange a dollar bill for four quarters and you won’t lose any value. You can’t do that with a car, for instance, and definitely can’t do it with an NFT. Every NFT is unique and has value only as a whole. It can’t be divided or sold piecemeal. As such, NFTs are very popular among artists, game designers, and other creative folks. Many NFTs designed by celebrities are reaching astronomical prices. One of the best examples is The Merge by Pak, which sold for $91.8 million in December 2021. Find The Best NFT Coins On eToro Cryptocurrency markets are highly volatile and your investments are at risk. NFT Controversy One of the biggest concerns surrounding NFTs is their carbon footprint. Due to massive amounts of computing power needed to create, sell, or buy one, the electricity consumption is skyrocketing. It was estimated that a single NFT can use as much as 192 kW of energy. For comparison’s sake, that is enough power for the life of a single EU citizen for two weeks. The other major concern is scams. The most utilized one is rug pulls. An anonymous group declares an exciting new NFT project and starts gathering funding for the project. People invest in it, only to be defrauded when suddenly the developers disappear. Since most of the funding for NFT projects is done in cryptocurrency, they are almost impossible to track down and bring to justice. While NFTs by definition are not a scam, it is undeniable that they create a fertile ground for shady characters to operate and find victims to defraud. In the future, a lot more attention will need to be paid to these con artists and ways of stopping them. Until then, the best advice is to stay vigilant and check everything for yourself. What Are the Best NFTs Before we get into how to invest in NFTs, we first need to see what are the best NFTs on the market today. Flyfish Club Azuki The Galaktic Gang Collection MonkeyBall Dippies Flyfish Club Flyfish Club is the world’s first NFT featuring a private dining room in an upscale New York restaurant. By buying Flyfish Club NFT, you are essentially buying a membership card that can be sold, leased, or simply transferred later on. There is also Flyfish Omakase NFT, a premium version. Regular NFT will set you back 2.5 ETH, for which you gain access to a private dining room to which you can bring eight guests who are non-NFT holders. Flyfish Omakase costs 4.25 ETH and will allow you access to you and one guest to the V.I.P Omakase room. Flyfish Club is the brainchild of the famous Gary V. Azuki Azuki is a collection of 10,000 Anime-styled avatars that provide access to the Garden. It is a place where Web 3.0 enthusiasts can gather to discuss the future of the world wide web. The Garden attracts all sorts of people from all walks of life, including, but not limited to, artists, coders, game developers, and engineers. The initial offer was priced at $3,400 per avatar and was sold out three minutes, raking in almost $29 million. Later, the founders hold another private offering, that brought in another $2 million. And then the real fun began. In just four weeks, the Azuki collection recorded more than $300 million in transactions, as people started trading it. The developers are already talking about an Anime series based on Azuki. The Galaktic Gang Collection Created by Chris Dyer, The Galaktic Gang Collection features one of the best backstories in the entire NFT universe. You are being recruited to participate in a “vibrational” war as a part of an army of alien ghosts. If that is not enough incentive, you will also gain access to Dyer’s limited-edition prints, workshops, paintings, and more. The Galaktic Gang Collection is one of the best examples of PFP NFTs (Profile Picture non-fungible tokens), which can be used on various social networks and allow users to publicly display their purchases. MonkeyBall Monkeys and apes are very popular topics in the NFT world. In this case, it is combined with another highly popular activity, football. It is a turn-based game in which a player manages a team consisting of four monkeys playing against other people’s teams. Each monkey represents a different NFT, with a unique combination of DNA, abilities, and appearances. MonkeyBall is a DAO token, which means that is governed by a decentralized autonomous organization in which holders can vote on decisions on the future of the network, allowing them to have a say in all economic issues. Dippies Dippies is a digital hippy movement created by Salman Shawaf and Johnathan Taylor. Lovers of 60s aesthetics, flowers, and Woodstock will enjoy the lovely design of Dippies NFT. In the true spirit of the hippy movement, it is a DAO token, with community voting on all important issues. The main draw of Dippies is the chance to be a part of a community of similar-minded people, all sharing the same ideas about the world. Plus, there is a chance to earn some cash by creating custom NFTs. If it gets elected as a Queen or King, you will get a 3 ETH reward. What Is The Best Place To Buy NFTs Finding the best place to buy NFTs can be somewhat tricky, as the market is still adjusting and finding the optimal way of dealing with them. We have come up with a list of places where to buy NFTs to make it easier for you. Silks – A New Innovative NFT Platform Combining blockchain metaverse and the world of thoroughbred racing horses, Silks offers a never-before-seen approach to cryptocurrency trading. In essence, it is a gaming platform that allows its users to earn money as they play, in a popular play-to-earn (P2E) economic model of metaverse economy. The P2E approach is something many new networks are exploring, but we haven’t seen many successful solutions. Under the Silks’ hood is a well-developed skill-based game that is both engaging and innovative. One of the stated goals is the democratization of what has been a sport for elites so far. By connecting horse owners, stables, and breeders across the globe, Silks hopes to cultivate a new generation of horse racing enthusiasts. Visit Silks Now Cryptocurrency markets are highly volatile and your investments are at risk. Crypto.com – The Most Established NFT Marketplace Built atop an already established crypto exchange, Crypto.com’s NFT marketplace aims at servicing the needs of the NFT community in its entirety. Here you can run the complete process, from creating, advertising, and finally selling and buying NFTs all in one place. That is why it is considered one of the best places to buy NFTs. The Crypto.com NFT marketplace has been established in March 2021. Since then, it has managed to attract a sizeable share of NFT enthusiasts and investors to its ranks. It offers two ways of buying NFTs, either by fixed price or by auctions. Both are equally popular among their respective groups. eToro – Crypto Trading Platform with Lowest Minimum Deposit eToro boasts more than 75 million active users and is one of the most popular crypto trading platforms around. One of the reasons for its popularity is its low minimum deposit, which is just $10. That means you can join the crypto market and become a trader while risking just 10 bucks. Although you can’t buy NFTs directly on eToro, there is an easy workaround you can use. Since most NFTs can be bought with Ethereum, the first step is to buy some ETH on eToro. Then, download MetaMask, a crypto wallet that supports NFTs. It also serves as an interface for several NFT marketplaces where you can swap your ETH for the NFT of your choice. eToro has a handy guide on how to invest in NFTs for beginners that can help you get started. Find The Best NFT Coins On eToro Cryptocurrency markets are highly volatile and your investments are at risk.
