NFTs are a new blockchain technology that’s been penetrating the mainstream media through Saturday Night Live and other forms of entertainment. While many people have heard of an NFT, not many know what they are or why they’re so special.
On the other hand, many have heard that they are a great investment opportunity and a fantastic way to earn some cash. But how do you get started with NFTs? How do you buy and sell them, and what should you know before starting?
Chris de Diego agreed to do an interview with us, in which he’d explain everything there is to know about NFTs and how to get started with the technology. Chris de Diego is an NFT expert and experienced entrepreneur, so he was the perfect person for us to ask. Here’s what he had to say.
An NFT is a token that has been minted on an Ethereum blockchain. The actual token can be a multitude of things.
Anything from images and videos to music and even contracts. They’re so popular because the token is unique and secure. They are basically the equivalent of buying a real-world product that you can hold.
You own it when you buy an NFT, and it is impossible to copy or steal. It can be traced back to your wallet, and there is no doubt about authenticity.
At the moment, people love the images. Businesses are using NFTs to advertise by making badges for events, things like that. It’s similar to collecting art.
A popular artist will release a project, which will be a collection, and many people will swarm and try to buy up each NFT in the project. So buying great art is always a good option for investors and traders alike.
To buy an NFT, you need Ethereum, which is one of the most popular forms of cryptocurrency.
To get Ethereum, you’ll need a wallet. There are plenty of wallets to choose from. But you set up your wallet, you purchase Ethereum, and then you connect your wallet to an NFT marketplace. In that marketplace, you’ll be able to purchase NFTs.
Like any kind of investment, you need to start the right way if you want to venture into NFTs. Research the project and artist before you buy-in.
Are they doing it for a quick cash grab, or do they truly believe in the project? What’s the backstory of the project? Is that backstory real?
Things like that will greatly determine whether the NFT increases in value over time. A lot of NFT projects will start up, gain traction, and then quickly fall off. This is because they’re made by people that are not passionate and just want to make money.
Should an investor or collector listen to the NFT community, follow what’s popular, or just do their own thing?
I personally find a mixture of both is perfect. Fads are fun, and if there’s a fad that speaks to you and you really like the NFTs that come with it, then I say go for it.
On the other hand, I wouldn’t buy a fad personally because it’s popular. There are some special NFT projects I’m watching this year, and If I ever add more into my collection, I’ll buy from these projects. At least if you buy something you believe in, and it flops, you bought it because you wanted it, not because others told you it was good.
Read Next: The Basics of NFTs and why They are Worth Investing In – https://thedalesreport.com/crypto-nfts/the-basics-of-nfts-and-why-they-are-worth-investing-in/