Watch out, folks! NFTs are taking the digital world by storm! It’s already 2022, and this new trend hasn’t even become mainstream yet. Most people still don’t know what NFT really stands for, unless you consider the ones in the digital marketing industry or the younger generation who are up-to-date on the trending topics on social media.
Basically, you need to know what NFTs are to fully understand why people are selling them, and more importantly, why some of them are being bought for millions upon millions of dollars.
What is an NFT?
NFT directly means “Non-Fungible Token.” It’s any digital asset that is non-interchangeable and cannot be copied or duplicated legally (therefore one-of-a-kind), in addition to other unique properties. They can be anything digital that represents real-life objects like:
- Photos
- Videos
- Music
- Document
Since NFTs originated from the cryptocurrency industry, it stands to reason that it should also exist on the blockchain, whose security is top-notch. The blockchain is a digital ledger that keeps track of any NFT sale (e.g., price, date of purchase, old owner, new owner, etc.).
They’re coded with proof of ownership that’s secure and hard to hack (I would’ve said impossible, but that’s not really the case, is it?).
How Do You Buy NFTs?
Buying NFTs is like buying any other digital asset. The only difference is, you use cryptocurrency as money. Now, if you happen to have been living under a rock for the last decade or so and you don’t know what cryptocurrency is, let me explain.
From the name itself, cryptocurrency is a general term used to describe a kind of virtual currency that uses cryptography to record transactions; much like NFTs. Some popular cryptocurrencies to date are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Stellar (XLM)
- Binance Coin (BNB)
- Dogecoin (DOGE)
Once you buy the NFT, the original copy of that digital asset is totally yours, as indicated by the authentication that is recorded on the blockchain. People can make duplicates or copies of your digital asset, but the bragging rights to the only original copy remain yours. However, finding true hidden gems can be truly hard and a crypto launchpad like PinkSale makes it easier for you.
How Expensive are NFTs?
Since the price of an NFT really depends on the demand for it, it’s hard to guess what an NFT might sell for. However, we have compiled a list of the most expensive NFTs sold so far.
1. The Merge
This is a digital artwork made by an anonymous artist, named Pak in Nifty Gateway. It was sold on December 6, 2021, for the insane amount of $91.8 million! That’s right. You heard me. More than the price of everything I’ve spent money on, all my life. It’s that crazy!
2. The First 5000 Days
The First 5000 Days is a piece of NFT artwork by artist Michael Winkelmann (better known as Beeple). It was auctioned off at Christie’s at a final bid of $69 million, on February 21, 2021. The buyer turned out to be someone who owns an NFT investment fund and wants everyone to download and copy the artwork he bought because he believes in freedom of information. Ironic, isn’t it?
3. The Human One
This is a life-generative and dynamic sculpture created by the same artist who made the First 5000 Days. It was put under auction at Christie’s where Ryan Zurrer, a crypto-billionaire, bought it for a staggering $29.985 million.
How Can You Buy NFTs?
Since this trend is fairly new, not a lot of people know where to buy an NFT, or know what the buying process is once they get there. To make it simple, here is how to buy an NFT.
- Buy cryptocurrency (e.g., Ethereum) from a crypto exchange. You can readily buy cryptocurrency from these sources:
- Coinbase
- Crypto.com
- Uphold
- Transfer the cryptocurrency you bought to a crypto wallet. If you don’t know what they are, they’re like a digital wallet where you store and transfer your cryptocurrency. Some examples of these are:
- Coinbase
- Ledger
- Public.com
- Electrum Crypto Wallet
- Connect your wallet to an NFT website
The Best of the Best
Now that you know how to buy NFTs, it’s best to also look for the best NFT Featuring website online. This is important because you need to make sure that you have a hassle-free investment experience.
1. OpenSea
OpenSea is probably the go-to place to find extraordinary user-owned NFTs. (including JPEGs, GIFs, and other categories of digital assets. It’s one of the most user-friendly places to buy for sellers and buyers. Besides, they support free trading of assets for new digital NFT artwork.
2. Rarible
If you’re tired of seeing the same old NFT categories online, then Rarible is the website for you. People come here to explore new NFT categories that they’ve even heard of. They also allow creators and collectors to vote on platform upgrades, so it gives users a certain amount of freedom regarding the sale and purchase of NFTs.
3. SuperRare
If you’re looking for the creations of top NFT artists, then look no further. SuperRare allows artists to freely sell their digital NFT artwork without the need for third-party go-betweens. This platform also allows collectors to contact the artists directly, without all the red tape.
4. Mintable
Going by its name, Mintable, this platform is not only a place to buy and sell your digital assets; it’s also a good place for you to mint your NFTs. This website also makes it easy for collectors to find what they’re looking for by sorting their NFTs into categories, such as crypto art, video, music, sports, collectibles, and a lot more.
5. Nifty Gateway
Want to own an NFT for life? Well, Nifty Gateway is the place for you. They promote the creation of digital assets that will be yours forever if you buy them. So, even if the NFT creator closes shop, you still own what you paid for. Good thing too, because some of the most expensive NFTs were sold on this website (See most expensive NFT sold).
6. MakersPlace
You want to know what the best website is for rare and authentic NFT artworks? It’s MakersPlace. This platform guarantees that every digital asset sold here is the original and unaltered work of the creator. It’s like buying an already curated and authenticated Mona Lisa.
7. NBA Top Shot Website
As the name suggests, this platform is the best place to buy NBA NFTs. For example, if an NBA superstar does something incredible for fans to witness, you have the opportunity to own that moment indefinitely.
Are NFTs Here to Stay?
To answer that question, nobody knows for sure. This may be just a trend that will eventually subside. However, as long as people keep buying NFTs, I don’t see it dying out anytime soon. What are you waiting for? Take a bite out of the apple!
