Over the last few years, Cryptocurrency has begun to revolutionize the way we use currency, becoming one of the most lucrative industries in the world along the way. The stock price of digital currency has been sent into the stratosphere since 2019, with 1 bitcoin now equivalent to over $20,000. Whilst bitcoin was essentially the first party in town, it certainly is not the only one and we are constantly seeing the inception of other coins as blockchain technology has become more accessible. In 2022 there are over 6000 digital coins available to buy and trade with, as more and more companies move to accept crypto as a means of payment. It is not just cryptocurrency that blockchain has given us now though. The popularity of crypto has paved the way for the innovation of technology, and we have now witnessed the advent of NFTs.
But what are NFTs? In short, ‘Non-Fungible Tokens’ are digital pieces of art that hold value, just like physical art. They could come in the form of an image, a gif, a video or even a piece of music and they are all completely unique. With so many people collecting the,, you could almost think of them as Crypto-baseball cards. A one-of-a-kind card is Non-Fungible, as you cannot trade it for an identical card, just like an NFT.
In such a fast-moving industry, it can sometimes be tough to keep up with the latest NFT trends. Keeping up with these trends is very important if you are someone who is buying and trading NFTs. The popularity of NFTs created by certain artists or made in collaboration with athletes, actors and musicians has proven to be a goldmine for both creators and buyers with many going for millions of dollars. If you want to be keep on top of all of this, here are some tips on how to do so
Keep an eye on marketplaces
NFT marketplaces are where a majority of tokens are purchased. As these are going to be your catalogues, you should browse them regularly to see what popular and what drops have been released. Opensea, Binance and Rarible are just a few of the most popular but DraftKings collaborations with athletes and their drop format has become one of the most popular ways to sell and buy NFTs. There are five drops on DraftKings’ scheduled drop day with users joining a virtual queue to purchase one. Successful buyers can view their tokens in their DraftKings portfolio. Like other marketplaces, you can also sell your purchased NFTs to other DraftKings Marketplace customers. DraftKings is free to sign up for making it very easy to start browsing and building your portfolio.
Weekly, bi-weekly or monthly newsletters are a great way to recap the most recent goings-on in the world of NFTs. They will usually cover the best projects to drop of recent, upcoming projects that may be of interest to buyers and some will even offer advice to creators. Metaversal produce one of the most popular NFT newsletters.
Podcasts are another great way of keeping up to date with NFTs from people in the know. What is great about podcasts is you can listen to them anywhere, whether on the move, working, or just relaxing at home. Proof, presented by Venture Capitalist Kevin Rose, is one of the most popular. He interviews artists and leaders in the space to give you some incredible advice, and what’s best is it is absolutely free.
Although it has fast become a lucrative industry, there have been plenty of duds in the land of NFTs and it is important to remember that not every investment is necessarily a good one. The biggest selling point of NFTs is their rarity. Whilst they are all unique, they are usually part of collections of similar tokens. For example, CryptoPunks have 6039 ‘Male’ CryptoPunks, making them one of the least rare in their collection and therefore moderately low in price. This is why it is important that you weigh up the value of your tokens before you buy them and luckily there are plenty of tools to do so, like Dapp Radar’s NFT Value Estimator.
In such a fast-moving industry, it goes without saying that NFTs are not simply something you can pick up and put down as you please if you want to be profitable. Trends will come and go and just like cryptocurrency, what was popular last week may not be the next. In this article we have explained just how important it is to stay on top of trends and hopefully, with the tips we have given, you can buy and sell more confidently than ever before.