How to Invest in NFTs 2023 (Full Guide)
Hi, I’m Chris Winter and in this video, I’ll be giving you a full guide on how to invest and make money with NFTs!
While the crypto markets have been down recently, the opportunity in NFTs has never been bigger.
Let’s begin with the first thing you should do when getting into NFTs: learning what it is and how it works.
Let’s have a quick rundown on what NFTs are. NFTs, or non-fungible tokens, are digital assets that represent real-world assets that are unique or one-of-a-kind.
A non-fungible asset is basically any asset that is unique and cannot be reproduced, meaning there’s no set market price for it.
Think of it like a plot of land, it can’t be multiplied or recreated, it’s just as is and has no duplicate with no set price unlike, say, a can of soda where there’s tons on shelves in markets and have a set price.
NFTs are the same; they’re a non-fungible asset that can be represented in different ways via online artworks, music, GIFs, video game data, and other forms of media.
NFTs utilize blockchain technology like cryptocurrencies.
Because of this, they are verified by the network that you are the known creator or holder of that specific NFT.
That being said, NFTs have no intrinsic value and they’re only worth as much as people are willing to pay for them.
While some people may pay as much as $91.8 million for what looks like a pixelated jpeg image, NFTs can also sell for a dollar or less.
If you’re any familiar with buying cryptocurrency, then buying NFTs is going to be a cakewalk for you.
If you’re new, the process is really easy and let me guide you through it. First, you’ll want to open an account in an NFT marketplace.
There’s tons out there and we’ll be talking about which ones I recommend later on the video, but once you settle on where you’ll buy your NFTs from, you’ll want to transfer your NFT keys on a digital wallet.
A digital wallet is a secure place where you can store your private keys away from potential online thieves, so this is a must have.
Once you have an account on an NFT marketplace and a digital wallet, it’s time to fund your account.
You can use your bank account, a credit card, or even your PayPal account to fund your account.
Once you have money in your account, you can now find an NFT of your liking and purchase it!
It’s that easy.
Let me preface by saying that I’m not a financial expert so it’s best to do your own research.
But I recommend buying NFTs from a couple of reputable places and for me and in my research, OpenSea or Nifty Gateway seem to be two of the best places to start.
OpenSea is basically the eBay equivalent for NFTs.
It’s the largest NFT marketplace out there, featuring the widest selection of digital assets and accepting over a hundred different tokens for payment.
Nifty Gateway, on the other hand, is a more refined marketplace that features verified art from famous digital artists.
Nifty Gateway is home to the most expensive NFT sold at $91.8 million.
It doesn’t look like much, but there is a sort of a sentimental value for buyers and prices can go for thousands and millions of dollars.
How to Sell NFTs
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I’m Chris Winter and on this channel I make finance videos on:
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