All About NFT’s

Non Fungible Tokens, or better known as NFT’s are taking the world by storm, but a question that you still may have is, “What are they?!” Nfts are digital photos that are bought online. Essentially they’re just collections of art that are different variations of the same base, but share different characteristics. Thinking carefully, you can relate NFT’s to stocks; you buy it for less and sell it at a high! An NFT averages about $2.15k, but if you plan to buy from more mainstream and exclusive brands, the price may differ. 

An example of this would be the “Bored Ape Yacht Club.” Arguably the most popular NFT, the Bored Ape collection prices sell at $295,000 CHEAPEST!  But these prices didn’t stop all 10,000 of them selling out. This craze has spread so far that even celebrities such as Jimmy Fallon, Eminem, Marshmello, and NBA legend Steph Curry have invested money into them. Something about the Bored Ape Yacht Club is that by buying a Bored Ape you are invited to an actual yacht party with other ape owners!

 A lingering question you may have is, “Should I buy an NFT?” The simple answer is yes. Although NFTs remain digital, their scarcity is just like real art, giving the same value. As I mentioned earlier, NFTs can relate to stocks for familiarization; you buy low and wait for value to gain, then sell. NFTs follow the same principles, but they can greatly appreciate from their original price. You can go from investing a small amount, (in comparison to end result) to ending with a crazy amount.

“Can, and should I make an NFT?” According to austinvisals.com, NFTs can range from $7-$150 if you want to create a series. Although this may not be a lot of money, you probably will not benefit from creating one. With creating a product, you need buyers and with NFT’s this is a bit tricky. To get your product out there, you  probably need an amazing and original product, which is pretty rare. If you do want to create an NFT, I think you should gain a large audience first.

NFT’s have taken the world by storm, and I hope that I have answered some of your questions, so in conclusion; NFTs are amazing pieces of digital art that you yourself can buy! By buying only one NFT, you can make a profit that will appreciate and double over time! And although many popular NFTs are very expensive, by buying upcoming, and cheaper brands you can gain a good amount of profit! There are so many benefits to buying an NFT, but to create them is not so smart. It can cost around a hundred dollars, and you would still get n0 benefit from this. 

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