Learn what NFTs are and why they are ‘fever’ in the cryptocurrency market – Money Times

Learn what NFTs are and why they are ‘fever’ in the cryptocurrency market – Money Times

Learn what NFTs are and why they are ‘fever’ in the cryptocurrency market – Money Times
(Image: Bitcoin Markets/Disclosure)

back bitcoin Conquer space in investor portfolios and introduce the world to Crypto assetsmore and more digital assets are appreciating – price and popularity – like NFT (non-fungible token). What is just a simple picture on the internet can now be sold for millions of reais. After all, who would have thought that one day, a monkey with chewing gum would be worth more than an apartment?

Well, this is the new reality due to the emergence of NFT, which has become a trend in the crypto world. As Nonfungible.com, these tokens will have a combined $17.6 billion in sales in 2021. Artists like Snoop Dogg, Neymar, Justin Bieber and even Tom Brady have all surrendered to NFTs, further increasing their relevance in the marketplace.

Today, buying NFTs means more than an opportunity to make money in the cryptocurrency world.In addition to collaborating with well-known artists, NFTs can also enable Participate in exclusive digital communities, opening the door to a new and extremely lucrative universe in the future. And you don’t even have to spend millions to get into this market like Neymar.

we and bitcoin marketthe largest cryptocurrency exchange in Latin America, explains more about these non-fungible tokens, how they work, and how to invest in them from 50 reais without leaving your home.

But first, you need to know: what is an NFT?

In short, an NFT or non-fungible token is a Digital Certificate of Authenticity.

They are tokens because they are Virtual assets stored in the blockchain. The tokenization process provides virtual identity verification for assets and therefore is more secure in transactions, especially financial operations.

One example: Bored Apes, the multi-million dollar “boring monkeys” were just digital art common to the internet, before they were tokenized. Now, however, they are assets that can be traded within the blockchain, the interconnected and encrypted blockchain behind cryptocurrencies. In practice, they can be bought and sold like cryptocurrencies.

The term “fungibles” comes from the concept of items that can be traded for other things of the same value. For example, exchange one 100 reais note for two 50 notes, or five 20 notes. like NFTs Irreplaceablethey are configured as exclusive and irreplaceable digital goods that cannot be copied or exchanged for other items of equal value.

In practice, everything can be an NFT. Want an example? ○ The world’s first tweetMade by Twitter founder Jack Dorsey, it became a non-fungible token and sold for nearly $3 million.The same thing happened with the first edition Wikipediasold for $750,000 at Christie’s, one of the world’s largest art auction houses.

What is the relationship between NFTs and cryptocurrencies?

Because they have the same technology as their “background” – namely blockchain – NFTs use Cryptocurrency as a payment method.

Currently, the most commonly used protocols for creating these tokens are Ethereum, which has its own cryptocurrency: ETHER. As such, NFTs can be traded using the ecosystem’s native encryption.

It is worth remembering that the main Difference between cryptocurrencies and NFTs is its substitutability. While cryptocurrencies can be exchanged for other currencies of the same value (digital or fiat), NFTs cannot be exchanged for another equivalent because it is a unique, unreproducible digital art.

One of the ways to enter the NFTs market is Buy related cryptocurrencies, just like ETHER itself. For this, you must rely on safe and reliable exchanges.exist bitcoin marketfor example, you can open your free account And trade cryptocurrencies from 50 reais.

How to buy NFTs?

NFT in specific market, its price is variable, depending on its popularity and its desire in the market. Once purchased, the NFT becomes the exclusive property of its investors, able to appreciate in value over time and resell at a higher price, creating a profit for the asset owner.

Before buying an NFT, you need to consider the market you want to buy, the portfolio of assets you want to buy, and the cryptocurrency you want to buy. Some of the most popular marketplaces are OpenSea, Rarible, Mintable, Foundation and SuperRare.

Here is a simple step-by-step guide on how to buy NFTs:

  • First, you need to buy cryptocurrencies as they are used as a form of NFT payment. Once you have purchased cryptocurrencies, the chosen financial institution must transfer these assets into a digital wallet,
  • Then, you must register in one of the NFT marketplaces, just like you would create an account in an online store;
  • Choose your preferred NFT;
  • Within the market, you must use the cryptocurrency in your digital wallet to purchase the chosen token. Generally speaking, the most commonly used currency for this purpose is ether;
  • get ready! You now have a non-fungible token to call your own.

What is the future potential of non-fungible tokens?

There are indications that NFTs are far from losing their popularity. Big brands like Coca-Cola, Visa, and Budweiser have recently signed deals to launch their own NFTs. Famous clothing brand GAP has released an NFT of its hoodie. The singer and Elon Musk’s ex-girlfriend Grimes has raised more than 35 million reais in seconds and released her work in NFT format.

These tokens have grown in popularity as more blockchains race to serve the NFT world and create new platforms, increasing their adoption by brands and people.

No coincidence, Morgan Stanley estimates the NFT market should move $300 billion by 2030.

How to invest in NFTs?

As mentioned, one of the ways to position yourself in this promising non-fungible token space is to buy cryptocurrencies for trading.Bitcoin market is one of them Safer and more useful platform For that reason.

The difference is that:

  • open a free account;
  • Zero account maintenance fee;
  • Trading 24 hours a day;
  • Assets can be bought and sold through a computer or mobile phone;
  • Asset liquidity is good.

Best of all, you can start investing from 50 reais and transfer the balance to your account via PIX or bank transfer. To open your free account, just click the button below:

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