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NFT's fire that Makes the crypto market and how to make money

07-May-2022 By: Pankaj Gupta
NFT's fire that Makes the crypto market and how to make money

Non-fungible tokens have made lots of headlines for the 

Incredible prices some of them have drawn.

In Dec. 2021, for example, an NFT was created by the artist Pakwent for a collective sum of $91.8 million. This followed the previous record-setting $69.3 million that Beeple’s “Everyday – The First 5000 Days” sold for in Mar. 2021.

In Jan.2022 the Board Ape Yacht Club one of the most prestigious NFT collections in the world, A collection of 10,000 NFTs, each portraying an ape with unique traits and visual elements, Justin Beiber, Jimmy Fallon, Post Malone, and Steph Curry are among the big names who owned the big chuck of capital along with others in-game making a total of a sum of $530 million in the total amount of volume traded.

Figures like that make it appear as though NFTs are the easiest way to get rich, but the truth, like with other investments, is that getting rich by investing in NFTs is difficult. In reality, most NFTs are still just wild guesses at this time. However, if you use the same disciplined investment techniques that you do when purchasing equities, you may be able to produce long-term wealth in the NFT area. Here are some ideas on how to continue.

It’s hard not to view it as another playground for the rich and famous when some of them sell for tens of millions of dollars. Yet, while it’s true that many wealthy and well-known individuals have dabbled in the NFT marketplace, most NFTs have priced in 1-3 ETH which is around 2-7 lakhs, putting them within range of the average investor.

 Have some Information and conduct your research

If you're new to the NFT game, start by researching some of the most prominent markets and NFT brands. OpenSea, for example, is the first and largest NFT marketplace, as well as a wealth of information for people interested in what's new in NFTs.

CryptoPunks, Doodles, and Bored Ape Yacht Club are some of the most popular NFT collections on OpenSea.Beyond the wacky names, it's worth delving into why these collections are so popular. After all, a huge and expanding audience of supporters willing to pay ever-increasing rates is the key to a successful NFT investment.

Use the Basic Investment Propositions

The investment world relies on supply and demand. When there are more buyers than sellers in the stock market, for example, prices rise. Prices in the collectibles market rise when an object is uncommon, popular, and/or one-of-a-kind. These same principles can cause an NFT's price to rise.

Not all goods that are unique, even one-of-a-kind, must increase in value with time. However, if you can find goods that are now discounted but are expected to become popular in the future, you will have a winning combination. One NFT published by a relatively unknown musical artist who goes on to become a major star is an example. In such circumstances, it's very probable that the artist's NFT will grow in value alongside their celebrity.

Invest in the thing you gained information about and the things you know

This concept is often held for the stock market, but it may be even more directly applicable to the NFT market. There are virtually infinite NFTs available for purchase, but the vast majority are worthless and will remain so for the foreseeable future. Trying to choose the winning needle at random from that haystack would need an extraordinary degree of luck. However, if you have a comprehensive understanding of a specific market segment, you may have an advantage over other investors.

Take for example Board ApeYatch NFT club it has a far more fan base than any other and since many celebrities and many other renowned faces are already invested in them it makes it much easier, therefore, to predict and judge the current price.

Another exam can that can make you understand the analogy better is if you're a film enthusiast who sees every indie film that is released, you might notice a rising star before they become popular. If they issue an NFT, it will undoubtedly be cheap while they are unknown, but it might skyrocket in value if and when they become recognized. Similarly, if you are a baseball fan who attends minor league and spring training games, you may spot a future Superstar before the rest of the world. The same may be said for a wide range of businesses, from art and gaming technology. Anywhere you can utilize your unique knowledge to identify"the next big thing," investing in an NFT associated with it has the potential to make you wealthy.