Everything You Need to know about NFT’s (Non-Fungible Tokens) Why I invested into them, and believe You should too!
Blog Post - Everything You Need to know about NFT’s
(Non-Fungible Tokens) Why I invested into them, and believe you should too:
You probably haven’t gone more than a week with out hearing the words “Crypto” or “NFT”. Whether it’s in the news, on the most popular social media platforms, or from friends or family bringing it up, it’s everywhere right now, and hard to get away from, like the sun on a blazing hot summer day. However there’s a lot, I mean A LOT of opportunity right now to make really great money with Crypto, and with buying & selling NFT’s.
*Because there is so much upside & earnings potential, these investments do come with higher risk. So please never invest more money than you’re willing to lose when investing into Crypto or NFT's.
Many of you out there may not quite “get” or really understand what an NFT is, where you find them, and how you make money with them. By the end of this Blog post, I want to help you start to understand what is an NFT, why they are super important and valuable, and how you can find and invest into the best NFT Projects.
Within the past 6-months, I have personally bought dozens of NFT’s, and spent thousands of dollars on My NFT collection. I look for a couple key factors when deciding which NFT’s to buy. But before we dive into that, let’s discuss what an “NFT” or Non-fungible token is, and what makes some of them so pricey.
I like to think of NFT’s as like a digital piece of value. Similar to a special limited addition sports card, or a rare Pokémon card. These hold their value in most cases, and that value seems to be based solely off the rarity of it, and it’s perceived value that collectors are willing to pay for it.
“Basically, it is a unique, digital collectable” in a JPEG or PNG file format.
Think of NFT’s as a digital file, a digital piece of art that you own. The Piece of value or art that lives on on the Blockchain (in most cases). NFT’s are connected to, and hosted onto a number of different blockchains.
Blockchains that support NFT creation, include:
1.) Ethereum
2.) Binance
3.) Smart Chain
4.) Flow by Dapper Labs,
5.) Tron, EOS
6.) Polkadot
7.) Tezos
8.) Cosmos and
9.) WAX.
10.) Solana
Tal Elyashiv, Founder of SPiCE VC.:
“In other words, some unique item or experience that is of value and interest. Currently, the main items offered as NFTs are digital art, physical art, collectibles, assets in games, virtual properties, rare videos, Etc. It can easily be extended to tokenized physical assets like real estate”.
These however are not to be confused with taking a picture of a unique piece of art, then uploading it to the Blockchain. As the NFT would need to be directly from the Artist, and minted. Once the NFT has been minted, or sold and released, there is record of that sale across the Blockchain. This makes all purchases and sales traceable and track able. Seeing what it was originally sold for, and then bought for, then re-sold for, and so on…
There are thousands of NFT’s that were released with in the past 6 months (minted), a buyer bought it for say $300-$800, and its now worth more than $30,000-$300K crazy right?!
Now let’s talk about some of the risks: Buying most NFT’s and investing into these different NFT collectable release projects can be risky. In fact, I expect most projects will end up going to $0. There just isn’t enough demand, or value being added there.
What I think make the best NFT projects are - where the artist, creator, or controller is focused on one thing: VALUE.
Not only do the NFT’s provide value, and are unique, but the artist or creator has gone above and beyond to “tie the digital asset to something tangible” like access to them, intellectual property, or other products or service. Like a video game, book, or personal 1-ON-1 access to them, or their network. These are the types of NFT projects you want to find and invest in!
My NFT Pre-purchase Check list:
- On Opensea.io marketplace (best place to buy NFT’s for lowest “gas” fees (transaction fees), the NFT creator/ name has a blue check: means they are verified. However some times it’s also good to research and invest into more unknown, but up and coming projects. And be one of the first people to mint 1 of the NFTs.
- The NFT project is ties to some tangible piece of value. Such as 1-ON-1 access, intellectual property, a network or community, events, or video game(s).
- The NFT project has more than 4,000 releases - means they expect there to be lots of demand for the NFT tokens.
- The NFT project has a Twitter account, Discord group, and other social media platforms with at least 5,000 or more followers. This shows they have a following that is starting to grow, and could blow up! (Meaning your NFT will goway up in value after you buy it).
There’s a TON of new NFT’s, and NFT Projects (supply) coming into the Market everyday right now. But there’s also tons of People who are buying them (demand). I believe that demand will continue for years to come. We are still in “Web 2.0”, but moving quickly into “Web 3.0”.
Tool I use to help find up and coming NFT Projects Early:
1. Rarity Tools
2. Open Sea
Web 3.0 includes NFT’s Crypto (as money and financial institutions), the ‘Metaverse’, Virtual Reality, Augmented Reality, and so much more.
I also believe that 90% of NFT Projects won’t pan out or be very successful. This is usually because the NFT is just a piece of Art, and doesn’t have any real “utility” behind it or added value, or the NFT project never gets off to a great start. Knowing where and how to find and buy the best NFT’s are super important. I recently made a Brand new Youtube video where I show you exactly how to find up-and-coming NFT’s, how to validate them, and how to buy them early (mint) and how to make money with them!
You can check out that Youtube Video Here: How To Find and Invest Into NFT's Early
Happy NFT Investing!
Thank you,
-Your Coach & Mentor,
Brian Noonan
