What Is An NFT? How Do NFTs Work? Let’s Learn NFTs During the Bear Market

NFT Explained In 8 Minutes

What the hell are NFTs?

Apparently cryptocurrency

Is it possible for everyone to make money?

Is it the boom without an end？

Will this make me a millionaire?

Oh, that was insane!

😬

What’s the most a digital picture can sell for?

The answer is $69.3 million.

(O, God!😱)

Everydays: The First 5000 Days is the most expensive NFT in the world and among the most expensive works by a living artist.

It is a digital work of art created by Mike Winkelmann, known professionally as Beeple.

It was difficult to see how it would be possible for digital art to sell at such a high price. The truth is more and more brands and IPs are exploring this field.

This contains great wealth and opportunities. If you missed the boat, you are probably losing money.

In this article, I’m gonna make you an NFT expert in 5 minutes.

Let’s scroll down and continue to read.

What the Hell are NFTs?

An NFT is a broad term that includes any form of tokenized digital assets, such as art, real estate, loots, photographs, music, videos, etc.

It’s the real-life equivalent of collectibles, except they’re backed by the blockchain, similarly to cryptocurrencies.

“Non-fungible” implies that NFTs are unique, even when they have the same appearance.

Non-fungible also means non-replaceable.

You can replace one Bitcoin with another, as long as you get one that’s identical to the rest. But you can’t replace an NFT with another.

Each NFT is unique. Each NFT is the only one on the planet that exists as The Mona Lisa or Eiffel Tower. Each NFT ownership is managed through the unique ID and metadata that no other token can replicate.

There may be many duplicates of the Mona Lisa in the world, but only NFT has the certificate of authenticity that cannot be changed.

How Do NFTs Work?

NFTs solve some of the problems that exist in the digital age nowadays.

As everything evolves more digital and tokenized, there’s a need to represent the physical things in terms of scarcity, uniqueness, and proof of ownership.

NFTs give the ownership of any unique piece of digital metadata, and it’s trackable by using a decentralized blockchain as a shared ledger.

The Best NFTs to Find on the Nswap Launchpad

Folks, first, I’ll explain first that this is not financial advice, just my personal opinion.

Moonbirds

Moonbirds is the PFP NFT for Kevin Rose’s PROOF Collective project.

PROOF Collective is a community pass NFT, which was issued on December 11, 2021. Holders will have various utilities from the PROOF Collective from 2022.1–2024.12.

The positioning of PROOF Collective is the entry ticket to the crypto investment and research circle. The positioning of MoonBird is the PFP NFT of PROOF Collective, which will bring new blood to the community.

Key Takeaways:

1. Moonbirds has a solid project background. The founders understand investment, marketing, and NFT.

2. Moonbirds holders can enter PROOF Collective Discord using exclusive channels and will be rewarded with following airdrops.

3. The meaning of the Moonbirds for the holder is far greater than the price fluctuations in the secondary market. After all, in the NFT industry, information and resources are more valuable than money.

Murakami.Flowers

Murakami.Flowers is a work in which artist Takashi Murakami’s representative artwork, flowers, are expressed as dot art evocative of Japanese TV games created in the 1970s.

The work is being developed with the number 108 as the keyword; a combination of 108 backgrounds and flowers make up a field, and there are 108 fields. Each field has 108 flower images, resulting in 11,664 flower images in total.

Key Takeaways:

1. It’s going to be one of the most sought-after pieces in the NFT space because this is one of the most famous artists who are living right now. Everything Takashi Murakami has done so far in the NFT space has been pretty hot.

2. When we talk about the Murakami.Flowers’ seed, basically we refer to the seed that’s going to grow or hatch into a Murakami flower which is going to be their official NFT.

3. Takashi Murakami is getting so much attention by doing some high-end collaborations that nobody else can do, for example, the recent cooperation with Hublot watches.

4. Murakami. Flowers (M.F) is being activated upon the system of Superflat. That means the losers also have their arguments, as well as their ideas of beauty. Murakami hopes to visualize such a landscape in this project.

5. Their company has been developing a handheld Tamagotchi-style game to immerse ourselves in the world of games, and they have also been preparing their own smart contract for M.F.

The list just goes on and on……Find more on the Nswap official website.

How to Make Money With NFTs？

There are countless ways to make money with NFTs.

If you are not an artist, it may be difficult for you to have the imagination to create your own NFT projects.

Ordinary people are at the mercy of the fluctuation of the NFT market price.

While we still can invest in NFTs by buying them at a low price and selling them at a profit.

However, some NFTs are worth millions, while some are primarily valueless. Our goal is to find that 1% diamond and hold for it.

How to？

• Proper diversification strategies: do not place all eggs in one basket applies to both physical and digital worlds.
• Invest in early: the price of many awesome projects was very low for minting at the very beginning. Just imagine, If you are one of their OGs, you are set to make a big fat profit.
• HODL: “Hold On for Dear Life”. simply do not sell your blue-chip projects– regardless of what happens. I’ve heard too many stories of regret for not holding their favorite projects.
• Flipping: If you favored short-term flip, just buy low and then resell it immediately at a price higher.

How to Flip NFTs？

Basically, flipping means buying NFTs at low prices and selling them quickly for a profit.

• Always buy the floor. Because the floor will always create a suave flip. It is always easy to flip the floor.
• Always invest in long-term, well-established projects and buy when the project is launched.
• Check their Discord community, and see if their community is hype or not. And sell within days or in a week because the hype perishes out.

Are NFTs Bad for the Environment？

You may have heard something about NFTs and how they impact the environment.

Each transaction of NFTs needs a mining process to ensure the trade. The generation of a large number of carbon emissions has aroused concern.

Are NFTs Bad for the Environment？

Yes, you’re right.

But just as we use mobile phones, watch videos and even have a Starbucks, it creates carbon dioxide in the same way, It’s just not as serious as NFT.

Nowadays, NFT buyers and sellers are finding many creative ways to lessen or eliminate the environmental impact of NFTs.

What Are Rug Pulls?

A Rug Pull refers to when a crypto/NFT project is abandoned right after the developers of the project generate sales.

A rug pull is hard to detect. An NFT/crypto project can look promising and the roadmap can look shiny.

But these are just promises. Once the community has invested in the project by purchasing NFTs or crypto, the owner of the project pulls the rug and ditches the project altogether.

How to Invest in NFTs？

NFTs are bought and sold via an NFT marketplace, kind of like Nswap. These marketplaces can be used to buy an NFT at a fixed price or function as a virtual auction, much like the exchange system for buying and selling cryptocurrencies and stocks.

In this part, I will show you several steps to invest in NFTs

• The research will be needed as a preliminary to making a decision on whether to invest or not
• Select a DEX to get crypto to buy NFTs
• Select a marketplace like Nswap to buy your favorite NFT

And, above all, DYOR.

Where Will NFTs Be Used for Your Business？

For the digital world, NFTs are the best tool we have right now to signal ownership.

There are 3 utilities NFTs can bring for your business: Royalties, Digital Deeds, and Tickets or Certificates.

For more details, please refer to the article How NFTs Can Provide Utility for Your Business.

Will the NFT Bubble Burst？

When we look at the screenshot of google trends for the NFT term, we can find that NFT has been experiencing a cliff-like decline since the beginning of 2022.

Is this rebound temporary or permanent？

I have to say that the inflow of hot money has created bubbles in the market, and the NFT bubble could come sooner than we think.

Which NFT Wallet Is the Best？

It’s hard to say which NFT wallet is the best.

Metamask is one of the most popular cryptocurrency wallets.

Trust Wallet is a popular mobile-only wallet owned by Binance.

For the specific pros and cons of some wallets, you may refer to this article What Crypto Wallets Can I Use With Nswap?

Can’t find your answer?

Leave a comment and let me know.

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About NSWAP, Inc.: NSWAP, Inc. is building a decentralized, multi-chain information aggregation platform (Launchpad) and open market (Marketplace) for NFTs. We hope that everyone has the opportunity to experience, access, and own NFTs. With Nswap, you can access NFT collections for sale on our primary Launchpad and trade them freely on our secondary Marketplace.

Join the NSWAP community on Twitter, Discord, and Medium! For business inquiries, contact official@nswap.com.