From Pablo Picasso to modern artist Donald Judd, great artists have bewitched generation after generation with their masterpieces.
Masterpieces like Mona Lisa and Whistler’s Mother have been auctioned time and again. Art lovers have even paid with their arms and legs for such sensations.
But that’s history now.
Fast forward to the 21st century. Art has taken a new form and shape today…
NFTs are the modern form of digital arts. Their popularity is talking to the sky. More and more voguish artists are now participating in creating and selling NFTs.
In fact, trading NFTs has become one of the best investment options for investors nowadays. Digital art lovers who pour thousands of dollars into NFTs extract millions of dollars in return.
Carl Runefelt is a global crypto leader who has made tremendous money by investing in crypto and NFTs. On purchasing crypto punk NFT, Carl said, “I really think that the crypto punk NFT is a good purchase which I bought for 1 million dollars. I am very certain that I can easily sell it for 1.5 million dollars if I put it out for sale and who knows, in five years, maybe it’s worth 20 million dollars.”
A classic example of expanding your fortune, ain’t it?
So if you are an art maniac and want to make wealth with your hobby, trading NFTs is precisely for you.
For all the confusion surrounding how to trade NFT tokens expertly, we have compiled this guide for you.
Let’s make it clear as a bell for you.
What Are NFTs?
Let’s have a cursory glance at NFT first.
So essentially, NFT (Non-Fungible Token) is something that is irreplaceable and unique in a blockchain network. In reality, NFT is a digital certificate that proves the ownership of a digital asset to the buyer.
We cannot say the same for Bitcoin, for instance. Bitcoin can be traded with another Bitcoin since they are the same and of equal value.
In contrast, every NFT is distinct and cannot be replaced or divided as opposed to a Bitcoin.
How Do NFTs Work?
Ethereum holds the throne of NFTs since most of these arts are created in Ethereum.
Say you are the owner of an NFT, no soul on earth can recreate or cancel your ownership. Also, anyone can create an NFT and sell it without any authorization or permission.
Countless NFTs are up for sale in an open display case. If you are interested in any, you can buy that on a blockchain platform, and the blockchain network will update its ownership.
Carl Runefelt, who is a die-hard fan of NFTs, says on his YouTube channel, The Moon, “When you see the new NFT collection coming out, you have to make sure that it is of high quality because anyone with a computer can create NFT collection. You find the right collection either where the artist is the famous one because it gives it value.”
How Can You Trade NFTs?
Create a Crypto Address:
To start off, you should have an Ethereum address to start trading. Next, make sure you have downloaded a wallet to send and receive crypto. You will get the funds in this wallet when you will sale an NFT
Choose the Suitable Platform:
Your next step should be to find an NFT marketplace. Even though there are countless platforms stretched across the internet, you should opt for one that offers robust security. You can register an account through your social media account.
Look at the Costs:
Considering costs is an essential factor when investing your valuable money. Luckily, NFT marketplaces do not charge any fees. The only fee you will be paying is when you sell your NFT – and that too for the transaction on the Ethereum network.
Blockchain technology is undoubtedly a marvel, but that doesn’t mean it will sell your NFT magically. This is where you have to make concerted efforts. Start by communicating with your connections online; be vigorously active on social media.
NFT Trading – A Revolution in the Making
Investors have landed jackpots after investing in NFTs.
Remember, NFTs are scarce right now. That is why they are valued at millions of dollars – billions often!
Carl Runefelt says, “NFTs are definitely speculative, but as you have seen, there is a lot of demand for them because they are scarce. There is always a new collection coming out all the time.”
So invest and get your money’s worth!