The craze for investing in NFTs has shown no signs of slowing down.
While even the basic understanding of NTFs continues to elude many people, a diverse roster of musicians, artists, and venture capitalists have all thrown their support behind non fungible tokens.
It’s easy to understand why. The internet, and the resulting rise of streaming and social media, largely erased the value of purchasing music and artwork. Why buy a painting when you can just download an image and make it a poster? Why buy music when you can stream it for free (or for pennies) on YouTube or Spotify?
The disciples of NFTs believe that the solution is here. By attaching a unique code to an image or piece of music, it becomes the digital equivalent of a collectible without a tangible form.
It’s still a difficult idea for many people to understand. If someone else can just download the same thing for free, what does it matter if you can prove you own the original? It’s a fair question, and one that still doesn’t have a good answer.
The only real rejoinder is that NFTs are currently motivating people to actually pay creatives for their work. With the arts and music scenes desperate for any way of earning money for their work, it’s understandable that they would leap at any opportunity.
How To Buy NFTs
There’s a bit of a process to buying NFTs. It’s not quite like hopping on Amazon with your credit card.
For starters, the vast majority of NFTs must be bought with Ethereum. To buy Ethereum, you will need to create an account with one of the major cryptocurrency exchanges, which include Coinbase, Gemini, and eToro.
You will also need a wallet, which is essentially an address for you on the blockchain. Once you connect your wallet, try MetaMask, to the marketplace of your choosing, you’re ready to start buying or selling NFTs.
Best NFT Tokens to Buy
You’ve got options if you’re looking for NFTs.
One of the most popular ways to buy NFTs is through virtual worlds that allow you to purchase them within the game, often endowing your avatar with the ability to wear special clothing or access a special area.
Decentraland
Once you have an Ethereum wallet, you can log right in to Decentraland, create a digital identity, and start buying and selling just like in the real world. Using its own native token MANA, Decentraland has many DJs and artists that are already playing music in this world and displaying their NFT collections.
Sandbox
Another virtual world with a style akin to Minecraft, Sandbox allows users to buy digital “land” as an NFT. The platform only allows for the creation of so much land at a time, so the limited quantity adds value to the purchase.
Open Sea
The largest collection of NFTs on the World Wide Web, Open Sea allows you to purchase all kinds of NFTs, including land for Sandbox, unique avatar images, original music often in the form of loops, and just about everything else.
Mogul Productions
Film lovers should check out Mogul Productions, which launched its own platform in February 2021 for an approach to filmmaking supported by cryptocurrency and NFTs. The Mogul app uses STARS Tokens, based off Ethereum, that can be used to buy film-related NFTs.
Flow
This new blockchain was designed for supporting apps and other digital assets, which are sold as NFTs and bought with Flow tokens. Created by the same team that made the hugely popular CryptoKitties, Flow has already made inroads with some of the biggest companies and organizations in the world, including the NBA, UFC and Samsung.
If you’re an investor, a gamer, or just someone interested in the cutting edge of the art world, make time to learn about NFTs. They just might be the next big thing.
