How to Invest in NFTs and Gain From Their Explosive Popularity

If 2021 was the year the world collectively tried to get its head around what NFTs are, 2022 is the year to consider getting involved.

How NFTs Work

NFT is short for non-fungible tokens, and the key element detail is the “non-fungible” element. When it comes to currencies like US dollars or Bitcoin, there’s no difference between one unit of that currency and another.

How to Invest in NFTs

1. Head to an NFT exchange. 2. Fund your crypto wallet. 3. Use the funds in it to buy the NFT(s) you want. 4. Store the NFT(s) in your wallet.

Deciding Which NFT to Buy

NFTs are mostly known for representing digital art — you’ve probably seen plenty of them popping up on Twitter, especially popular collections like CryptoPunks.

They can represent plenty of other digital items. Some examples include: – Domain names – Trading cards – Photography – In-game items – DeFi – Music – Memes

Choosing the Right Marketplace

Other factors to look for when you’re choosing between them include: – Whether you can create and list your own NFTs on the platform. – If the marketplace shares profits to creators as it’s transferred (kind of like royalties). – Fees for buying and selling NFTs – Payment methods accepted – Wallets you can integrate with

Since Ethereum is the biggest platform that executes smart contracts, it’s currently what most NFTs are based on. OpenSea and RaribleOpenSea and Rarible are the market leaders in the NFT world, but there are also some more niche marketplaces out there that you might want to consider such as Zora

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