If you’re under a certain age and keep up with technology, you probably know that NFTs are all the rage right now. Stories about people selling their NFTs for tons of money are all over the Internet, but what if you’re still unsure about this phenomenon because you’re not sure how they work? Is there an easy way to understand NFTs so that you can at least decide if you want to be involved with them? Fortunately, learning the basics about NFTs is a great way to get started, and it’s much easier than you think.
Let’s Talk About the Basics
First of all, NFT stands for non-fungible token. An item that is non-fungible is unique and can’t be replaced with something else. Think about cryptocurrency. These are fungible because you can trade one bitcoin for another one. A baseball card, however, cannot be traded for another baseball card. It is non-fungible because you must sell it or buy it with cash.
NFTs are items you sell or buy digitally. These can include music, drawings, and much more, but these days, most people get the most excited about utilizing this technology to sell digital art. Simply put, NFTs are collectible digital assets, but they tend to hold value over time instead of depreciate. Like any other investment, it’s highly recommended that you do your due diligence before investing in NFTs, just like you would for any other type of investment.
Think of NFTs as collectible pieces of art, and there are new NFT projects that you can invest in all the time. According to CoinMarketCap, NFT sales are now over $19 billion. As you can imagine, finding a project to invest in early on is often a great way to sell them for a profit after a while. The thing is, just like other investments, some NFTs will survive and some will not. This means that a little research on your part can help you feel better about the NFT you choose as an investment.
Where to Look for NFT Projects
If you want to invest in NFTs, below are some places you can start to learn more about them.
Twitter. Twitter is currently one of the best places you can visit to learn all about which NFTs are out there and which ones are coming up soon. If you want to stay up to date on the NFT market, Twitter is the place to go.
BoreApe Yacht Club – Discord server. This is a great platform if you want to know more about certain projects and even exchange with others who are a part of that server.
Discord. Sometimes difficult to use, Discord is still a great app to use because it allows for texts, voice chats, and video chats with invite-only spaces that they call servers. Anybody who is anybody in the NFT world will have a Discord server.
RyzeNFT. This is an exclusive Chrome extension developed by the Ryzen Solutions team. It’s an add-on and a little pricey, but it has features such as drop detector, rarity sniffer, and even a tokens finder.