NFT stands for ‘Non-fungible token’. That means that the digital asset we’re talking about—music track, digital painting, photography—is 100% unique and can’t be forged or falsified.
This phenomenal uniqueness is guaranteed by the blockchain. This ledger protocol records and stores information that can’t just be deleted, rewritten and tampered with.
Metaphorically speaking, blockchain puts an invisible “watermark” on every asset stored and traded.
Real money bills have watermarks too. “And yet they can be forged,” you may say. It’s true, but with blockchain, it’s nearly next-to-impossible to forge an item backed up by the protocol.
Blockchain knows and remembers anything that’s happening within its intricate ecosystem. Besides, it’s decentralized, which means there’s basically nobody to give an order to erase some info or change it completely.
Blockchain is self-dependent and doesn’t really allow any intrusion. This is why NFTs are truly non-fungible.
And even though some of them have copies lingering in corners of the Web, that doesn’t make them any less valuable. And nobody can claim your ownership of the art work.
After all, you can’t trade a Mona Lisa reproduction for the same money amount as the Da Vinci’s original exhibited at Louvre.
NFTs are traded at the online or real-life auctions, specialized marketplaces and can be bought mostly with Ethereum coins. (Although our options are also a go).
NFT investment can be made at a fixed price set by its creator. Or you can partake in a heated auction and buy the artwork anonymously.
Among the popular places where NFTs are traded are OpenSea, Nifty Gateway, NBA Top Shot, SuperRare, Sorare and others. As you can see, some of them focus on items exclusively attached to a certain area, like basketball.
You’ll find a treasury of NFT collectibles available for purchase. Among them are sports cards, paintings by Picasso or Degas recreated with 8-bit graphics, clip-art of rocks, autographed tweets, videos, memes and so on.
NFT invest is a promising way to preserve and multiply your funds. Even though it’s a collectible, it is basically indestructible.
While a real painting or antique china are subject to damage, nothing can harm your NFT collection as long as hi-tech exists.
The NFT market is blooming as of now. However, certain price fluctuations do happen and some experts predict the market to be another “bubble”.
But even though NFTs seem ethereal, they are still considered as real commodities just like traditional music albums, films, and so on.
Investors do not buy air, but rather claim ownership of a unique piece of art. Plus, they become patrons of their favorite visuals artists, musicians, football clubs, and so on.
In the long run, NFTs are expected to grow in value. As time goes by, certain products like memes or drawings will achieve historical importance. And owning a bit of history has always translated into monetary value.
As NASDAQ reports, the NFT market may see a 1,000x growth in the future—even outperforming the physical market of collectibles and rarities.
As you can see, you can invest in crypto in multiple ways. Apart from regular Bitcoin purchases, there’s a chance to become a collector and literally snatch an item that will grow in price as time goes by—a good long-term strategy.
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