In 2021, NFTs (non-fungible tokens) dominated discussions within the crypto world. The sale of these unique crypto assets, often in the form of images, has spread to the worlds of art and sports. One example is the record sale of a digital artwork by artist NFT Beeple for $69 million. Not to mention the sale of the first tweet of the founder of Twitter, Jack Dorsey, for 3 million dollars.
Buying NFTs is easy when you have enough money to afford the most popular collections. However, if you want to generate gains from NFTs, you need to be able to unearth those rare gems that have the potential to gain value in the future. Of course, not everyone can succeed on the first try. But if you follow this guide from A to Z, your chances of success will increase dramatically.
The NFT market has attracted a lot of investment over the past few years. Indeed, this merger of the gaming, art and finance sectors has enabled the NFT market to generate a cumulative volume of approximately $46 million in 2020. This volume has grown exponentially to reach $41 billion. dollars at the end of 2021. As time passes, it becomes clear that businesses and individuals will spend even more on NFTs in 2022.
While some NFTs can be bought for pennies, others sell for millions of dollars. The most expensive NFT ever sold to date is a Beeple artwork that sold for $69 million at auction.
Another Beeple NFT sold for almost $30 million. Jack Dorsey also auctioned off his first tweet for nearly $3 million.
If you think you missed the NFT boom, think again! You can always find inexpensive NFTs that have the potential to explode in the future.
In recent months, the growth of some NFT products has exceeded that of cryptocurrencies such as Bitcoin or Ethereum. Indeed, celebrities like Jay-Z, Jimmy Fallon, and Eminem have purchased NFTs and posted them on their Twitter accounts, which has increased the demand for limited-edition tokenized art.
But how much are people willing to pay to get digital property signatures of art hosted on a blockchain? And how could you find cheap NFTs that will bring you the profits that others are bragging about?
There are many ways to do this, and you should carefully research your future investors. Additionally, you will likely need to familiarize yourself with the tools that most NFT traders use and understand how the market works. For example, it would be a good idea to look at data from DappRadar and observe how many traders are working with each popular NFT collection. You will notice very quickly that the market for non-fungible tokens is not as liquid as the crypto market, and that your profits are largely dependent on your ability to find inexpensive NFTs.
You can also enter the market as an NFT artist, as the biggest NFT marketplaces offer creators the opportunity to create NFTs from their digital art for free. Indeed, creators can even list their works for free and without any upfront payment.
Just like top-notch cryptocurrencies, the best NFTs are (obviously) very expensive, and we don’t recommend buying them. Of course you can, provided you have plenty of money.
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Other artists will present their works as NFT art For some time now, more and more artists have been selling their creations. This technology is set to play an important role in how art will be bought and sold in the future, regardless of its form. According to a July report by Reuters, NFT sales reached $2.5 billion in the first half of 2021. During the same period in 2020, that volume was $13.7 million.
If these trends continue, top NFT artists like the ones mentioned above will have a bright future in the NFT space. Are NFTs the future of art? Their huge popularity and role in this ever-changing world suggests that yes, NFTs are here to stay.