Which NFTs Should You buy? Get an Early Lead With These Interesting NFTs Now!
Jack Dorsey Tweet; the first-ever tweet, sold for the equivalent of $2.9 million in ETH coins in march 2021. NFTs are hot at the moment. Prior to the Jack Dorsey sale, Beeple (digital artist) sold a Jpeg NFT for close to $70 Million, a first of its kind. Even he confessed to the absurdity of the rising popularity of NFT on Business Insider.
Absurd or not, something is intriguing about NFTs’ newfound fame. It could be their bullish behavior or their raw newsworthiness. But for the crypto investors, there’s more than meets the eye, there’s an investment opportunity.
What are Non-Fungible Tokens (NFTs)?
NFTs, for the uninitiated, are Non-Fungible Tokens. In the economic world, Fungible simply means a good or property that can be exchanged for something identical or of similar value. A good example in the real world is a $10 bill.
Every bill is similar in value and can be interchanged for an item with equal value.
In the crypto world, any form of cryptocurrencies such as Bitcoins and ETH coins are all fungible.
Conversely, Non-Fungible Tokens are unique. They carry the signature of the creators with the help of public ledgers on Blockchains. A NFT owner possesses a private key. By all means, it’s only the creator, who can make changes to the NFT item unless they sell it.
Blockchains (the tech that runs cryptocurrencies such as bitcoin and ethereum) records every transaction on a public ledger. Adding to this, their decentralized nature means you have to make changes on all blocks on the network. It’s practically impossible to do so.
The NFT original owner relies on the underpinning technology to ensure their digital item cannot be duplicated because they hold the private key.
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While it’s the digital art that’s exploded on the scene, there are more NFTs worth investing in. What NFTs should you buy besides digital art?
What Are The Different Types of NFTs Worth Investing In?
If you visit https://opensea.io/, also referred to as an eBay of NFT assets, you’ll find a wide collection of NFTs. Besides digital art, Openseas, the largest NFT market, lists a host of other cool stuff including Blockchain domain names, collectibles, virtual representation of real-world assets, NFTs Utilities and game items.
Openseas follow a similar model as eBay, where you can list a digital asset for auction only that the marketplace exclusively showcases NFTs. You can get cryptopunks (the viral unique generated characters) or Raribles on this marketplace.
Clearly, the audience here is varied, you may be a crypto enthusiast or you just bumped here from curiosity. As such, we’ll look into some of these NFT assets. Also, we’ll learn why getting an early lead is a good investment decision..
Honestly, millionaires are rare, even with crypto minting millionaires in record speed. That remains one of the largest impediments of owning a piece of digital art. In short, regular folks can only dream or read about them on online platforms.
Because it’s only a few individuals who got the privilege of investing in highly valuable NFTs.
But don’t be dismayed this article will show you some awesome NFTs within your budget. Some of these NFT assets include:
- Blockchain domain names
- Collectibles,
- NFTs trading cards
- NFTs Utility
Get the lead in investing in these NFTs.
Why Should You Invest in Blockchain Domain Names?
Blockchain domain names are some of the more practical applications of NFTs. On the surface, blockchain domains don’t differ from regular domains in functionality. You can use them as regular web hosting platforms
Nonetheless, the underlying decentralization tech adds differentiating elements in security, payment and ownership. The domain is hosted on a blockchain platform and once you purchase one, it’s yours forever -no hosting required.
Blockchains domain names can also be used as payment gateways and are censorship-resistant. As payment gateways, you can receive crypto through your domain. In countries where censorship laws are harsh, these domains give you power.
The beauty of all these is that you store your domain in your crypto wallet using NFTs.
That said, we are still in the early days of blockchain name domains. To this extent, their investment value may be purely speculative. Their performance as investment instruments is a reminiscence of the dot com era.
Before the dot com bubble bust, people bought specific domain names which later fetched astronomical figures. For example, business.com sold for $345 million, the most expensive domain ever sold.
Recently, Unstoppable domains, a company that builds blockchain domain names sold win.crypto for $100,000.
If you consider Blockchain domain names as an investment you get to hit two birds with one stone. For one, you can use the domain for the purposes described above. Secondly, you can flip the domain in the future for an incredibly satisfying amount.
Invest In Collectibles
Cryptopunks pioneered the insatiable collectible craze back in 2017. They were issued out free (airdrops) but are currently selling for millions. They are the best-selling collectibles on the openseas marketplace.
Cryptopunks are followed closely by Raribles. This goes to show the potential of collectibles in the NFT market. Of course, there’s more to choose from on the Openseas marketplace. That said, investing in collectibles is primarily a speculative endeavor -a high risk and high demand venture.
If you purchase a collectible, you are betting on another investor paying for more later on. When collectibles are launched through airdrops they develop somewhat of a cult following.
However, according to statistics, the NFT collectible market still pales in comparison to the behemoth that is cryptocurrency.
To be fair, NFTs have only been around for less than five years. On a positive note though, the NFT collectible market bullish behavior is bound to stay a little longer.
That brews certainty in two ways; the mainstream media coverage attracts new investors and their willingness to purchase NFTs collectible. And you don’t have to settle on cryptopunks or Raribles, you may try other collectibles, ideally those that got more leverage on being the next big thing.
Lucrative NFTs examples on the marketplace include Chubbies, Autoglyphs, 3D punks, Wrapped Mooncat rescues, Picasso punks, etc.
NFTs Trading Cards
If you consider a physical rookie trading card as a comparison specimen then you realize that they bring in big bucks. For example, this Steph curry rookie card is on sale for $195,000. That’s collectible power right there!
Now, imagine the stakes have been raised higher, through blockchain with NFTs trading cards. Early on in March, trading cards, specifically in women’s sports got a nod from Reddit co-founder Alexis Ohanian.
He gave a prediction that NFTs trading cards in women’s sports prices will skyrocket in the future. As we speak, golfer Bryson Dechambeau limited edition trading cards are on sale on the OpenSea marketplace.
And may I add that Bryson is the first Golfer to do so. The cards are barely a week on the market.
The star power and limited edition releases add the desired kick in sports trading cards. Moreover, a variety of sports are represented on the marketplace including some from Sorare fantasy football.
Speaking of games, you can get into collectible card games through PolkaPets. The trading cards genre has a mainstream following already which is good for business. As a collector, you get to cash in on huge sales later on — buy low sell high!
What About Investing in NFTs Utilities?
On the premise of the earlier argument introduced in this article, larger-scale usage of NFTs is great for business. Although regular folks are yet to wrap around what NFTs are, there’s news of record-breaking NFT sales almost every minute.
Most are curious about how they may use NFTs on a day-to-day basis. Notably, NFTs have found practical solutions in Decentralized finance (DeFi). Companies such as Openseas, Origin, and Enjin, and Ethercards are exploring or have already released NFTs utilities.
NFTs claim to fame was the digital art selling for unimaginable sums of money. Even so, like most progressive technology the underlying design of blockchains and NFTs’ main purpose was to offer tangible real-world solutions.
Art has dominated NFTs sales purely based on the amount of money exchanging hands. Nevertheless, if you think about it, selling airline tickets or securing title deeds is practical enough..
Such practical solutions will emerge as NFTs popularity grows. NFTs utility offers solutions for real world problems.
Recently, King of Leons became the first band to release their album as NFTs. King of Leon teamed up with Openseas to release NFT tokens. VIP tokens gave users front-row seat access to every King of Leon concert for life. They generated $2 million from the sale of the album through NFT tokens.
Companies may leverage NFTs tokens through selling Membership and subscription services . For instance, the VIP tokens by King Of Leon may be up for sale at a higher price in the future. To the buyer, they possess lifetime membership benefits.
Openseas has listed several utility providers offering membership or redeemable rewards to their members. The other type of utility you may consider is Governance tokens. Governance tokens allow users to own a piece of property just like company shares.
Over time, more real-life utilities including extensive distribution of governance tokens will become commonplace.
Final Thoughts
NFTs are ripe for the picking. If you get an early lead on something like upcoming NFTs airdrops or blockchain domain names you are bound to cash in big time. However, when the noise dies down, it’s only the Bon fide crypto investors who’ll be left standing.
Keeping track of specific NFTs’ performance will help you invest in the profitable ones. Openseas ranking indicators or industry-wide statistics help investors to identify hot NFTs. But those that are featured here have present and future potential.
Remember that those people who are making incredible returns didn’t join at the time of sale. They invested in the early days of the NFTs launch or releases. Most of NFTs investments are long-term.
For example, when you purchase a Blockchain domain name, you are making a gamble that someone in the future will pay more for it. Probably, you are not certain when that time will be.
Disclaimer: This is not financial advice. Please consult your financial advisor before you make any NFT investment.
