The popularity of non-fungible tokens has increased rapidly since they were introduced in 2021. Digital assets are selling like exotic paintings dating back to the 17th Century, including music and sports. This craze is so popular that people from outside of the blockchain and crypto space are flocking to their closest search engines in order to get to the bottom of it all. How to Buy NFT. This is what you see in the image below.
NFT is booming as a result. Lebron James was a well-known basketball player who sold his digital dunking video to be digitized for $200,000 Grimes, an artist with Elon Musk’s child, sold digital art worth over $6,000,000 in one day.
Remember the neon cat meme? Yes, that got sold as NFT for $590,000—so as the super popular Disaster Girl meme that got sold for $500,000 by the same woman who got featured in it as a young girl.
NFTs are unique in that they do not have any physical attachments. The screen shows it as a JPEG or PNG or another digital format. Twitter CEO Jack Dorsey bought his first tweet at a staggering $2.9million. That is the power of collectibles—they might not make sense to everyday Joes, but enthusiasts are willing to pay millions for them for their uniqueness.
NFTs sound, therefore, like a lot of hype. It is often compared to the Tulip Mania, which Boomers call it. GenX describes them as “beanie babies”. It is believed that it will be the repetition of 2017’s initial coin offering crash.
Are there other things to NFTs? Perhaps it’s a new way of investing or even a different paradigm. CoinStats is interested in finding out the truth. And by the end of this article, we’ll be one step closer to find out the real truth and understanding whether it’s worth it for people to know NFT Tokens: How can you buy them?NFTs are worth considering.
So let’s start with the basics.
What exactly is NFT?
Popular blockchain tokens are used by people to create their own. For example, they will use something like Ethereum’s ETH, Cardano’s ADA, Polkadot’s DOT, and many different cryptocurrencies to put them into a smart contract. Then, they will issue their digital asset from the smart contract, which they will call something unique and special—like CoinStats coins, etc.
In the end, however, the issue asset takes its value from ETH or ADA. Some people later attach artworks or other benefits to tokens. They then trade them. As a result, interested collectors can purchase digital assets because they are backed by valuable cryptocurrencies—which are liquid enough to be converted back to the US dollar, Euro, etc.
So that is how NFTs are explained. The reason these tokens have much value is just like any artwork. They are very rare, and many people would love to possess them.
But one must ask, couldn’t NFT creators create more of the same artwork since they are digital. Two ways to answer that question are available. First, it would not be a problem because the creator will not be able to step in and duplicate the same artwork—for the very same reason Bitcoin has a maximum supply cap of 21 million tokens; no one can step in and create more of them because its on blockchain.
The creator could make it more difficult to find the NFT, which will reduce their market value. Meanwhile, there will always be a slight variation that separates the duplicated NFT from the original one, whether that’s the ticker symbol that would change or the launch date. The artwork would still be identifiable 100% but it could be proved and verified on the blockchain.
It sounds ridiculous, but digital collectors are very concerned about small things. In 1999, the first edition stamp was added to the digital Charizard Pokemon card. The card is now worth several hundred thousand dollars, even though a similar version exists that sells at a much lower price.
NFTs are valuable because of this. While one can recreate a similar piece of artwork using 99% of the characteristics of the original asset it is not the same. NFTs can be valuable as creators assign a specific physical or emotional asset to them. You can also buy them at special events.
Does it make sense to learn how to buy NFT tokens?
People look at how and why before they even consider it. Where to Buy NFTsIt is worth asking them if it’s worthwhile to invest hundreds of millions of dollars in digital collectibles. Is it possible to buy NFT tokens and make the creators wealthy, but not bring any value for the buyers? Let’s understand.
Most importantly, it all depends on the products that people buy. CoinStats created a set of criteria which would help their users to identify which NFTs they are valuable or worthless.
The first criterion is popularity
It’s funny, but it is also apprehensively real. A NFT creator must be well-known, something/someone that has a following, and essentially a company. The bigger they are, the safer one’s NFT investment would turn.
An example: If an NFT is linked to Harry Potter it could have a long-term economic value for millions or billions of Harry Potter enthusiasts around the world.
The Second Criterion for First
The ‘First’ factor means any NFT that is the first from the popular creator or from the industry they represent. CryptoKitties are the most valuable NFTs because they were created in the early days.
It appears that CryptoKitties will have a significant price tag. This is why the Pokemon cards are selling for thousands of dollars. Because these artworks are historical—the first of their kinds.
As a result, the ‘first’ factor always creates the right balance of excitement and buzz. If one is able to get involved in the hype, their NFT can be considered an investment asset they could sell later.
Third Criterion – Touchable
An NFT attached to an actual, tangible asset increases its chances of being an investment and collectible. A Pokemon NFT can be used to obtain a physical Pokemon card. This adds an additional layer to digital collectibles.
A NFT tied to a tangible, physical asset can increase the chances that it will become an investment. A Pokemon NFT can be used to obtain a physical Pokemon card. This adds an additional layer to digital collectibles.
Or maybe, buying an NFT that has an experience attached to it—like an opportunity to meet or collaborate with the creator—appears important. People value digital rights.
The Fourth/Last Criterion of Scarcity
A collectible must be valuable enough that it is rare. You don’t want to buy it if it isn’t. Everyone has them, just like the Bluray version of Jurassic Park 1. But to have Steven Speilberg’s marvelous film on a VHS tape is rare and darn scarce (kindly contact the author if you have one).
The above criteria, however, are not bullet points. How to purchase NFTsThey are. They are also the creation of an author who loves dinosaur toys. They could be used to help NFT-maniacs decide what art is worthy of their money.
Here’s a Curated List of NFT Shops
When it comes to purchasing NFTs, there are many options. NFTs have their own marketplaces where they can be sold by artists and buyers. These are the NFTs that CoinStats has listed:
OpenSea emerged as one of the most visited and popular NFT platforms. Founded in 2017 by Devin Finzer and Alex Atallah’s software development team, the portal recently hit a record $1 billion in weekly sales, with total value submitted to its smart contract above 450,000 Ethereum, or $1.4 billion as per the currency exchange rates.
Yahoo Finance reported that “for the entire month of August, the platform generated $2.93 billion in trading volume driven by over 2 million transactions from close to 190,000 users.”
OpenSea features a price filter and sales status. This allows you to list everything from virtual property to digital pets, sound loops by The Weeknd, to even real estate. It also has a dedicated stats tab—almost like a stock ticker—that ranks sellers by volume, average sale price, and the number of assets sold.
To buy Ethereum, USD Coin (USDC), Dai(DAI), as well over 150 crypto tokens, buyers need to add them to their wallets. Buyers can either buy NFTs from their sellers directly or bidding on them in an auction.
Categories: Digital Art, Music, Games, Domain Names, Virtual Worlds, Sports, Collectibles
Mintable eBay for NFTs is what many call it. Marc Benioff, billionaire investor Mark Cuban, and Time Ventures have supported the marketplace. It allows people to purchase and sell NFT tokens.
The Mintable Marketplace is supported by Zilliqa and Ethereum blockchains. MetaMask integration allows buyers to create crypto wallets. Meanwhile, creators can create free “gasless” NFTs, short-run printable series, or traditional transaction-based items.
Buyers can also purchase NFT listed items and bid on auctions. All winners will be notified by email.
Categories: Digital art, photography, videos, games, templates, domain names
NBA Top Shot
DapperLabs launched NBA Top Shot, an NBA-licensed game that enables fans to collect and trade digital “moments” from the basketball matches, in early 2020. The limited edition sets are available for sale for $9 or $230 through an open marketplace.
You will find video highlights and player statistics, as well as box scores. Fans can show off their collections and follow their teams after purchasing them. NBA Top Shot also allows you to trade assets protected on your private blockchain.
Lage: Vancouver, Canada
KategorieCollectibles for sports
Sky Mavis, a Vietnamese startup, launched Axie Infinity. This game, which is Pokemon-inspired, allows users to breed and trade digital pets as well as build farming kingdoms. The marketplace became one of the top emerging markets in 2020 after it was launched, beating out volumes of other blockchains, such as Ethereum and Bitcoin.
Axie Infinity’s daily active users surged from 30,000 in April to more than a million in August. Over the last month, Ethereum-based Axie Infinity has received more than $30,000,000 worth of Ether transactions every day. The popularity went too far that the Philippines’ Department of Finance and the Bureau of Internal Revenue had to remind players that their Axie Infinity incomes are subject to income tax.
The NFTs are used to encrypt characters and plots of land by Axie. Collectors can now buy Axie’s pets online, while gamers and gamers can purchase them through its marketplace. The site sells pet for hundreds of dollars, and the virtual land plots earn more than $22,000.
Lage: Ho Chi Minh City, Vietnam
Launched in February 2021, Foundation is known for hosting NFT sales of the viral internet meme Nyan Cat and Pak’s Finite Records. It has also enabled Pussy Riot’s NadyaTolokonnikova, Edward Snowden, and Aphex Twins to sell their works via auction,
Foundation arranges creators’ work in a grid of cards. You will find the most popular auctions and featured artists at the top. The marketplace lists all works along with their reserve prices. This allows buyers to place bids for up to 24 hours. There is also an option to extend the time by 15 minutes.
Location: Los Angeles
Category: Digital art
Another marketplaces you should look at: Rarible. Decentraland. Zora. Nifty gateway. Venly. Valuables. Zeptagram. GROW.HOUSE. MakersPlace. The Sandbox.
So that’s it, folks. For those already interested in collectibles, NFTs are a good idea. Digital items are not worth enough capital to be attractive to investors. However, those who are adamant about the long-term appraisal of rare and scarce assets may be interested in NFT.