With the recent rise of NFTs, which greatly outperformed cryptocurrencies, including Bitcoin(BTC), Ethereum(ETH) & Dogecoin(DOGE). It’s no surprise why so many people want them now more than ever.
What are NFTs?
Non-fungible assets are a unique form of digital property that you cannot replace with another item. Some examples include art pieces, trading cards, and even land plots! Through the use of tokens on blockchain platforms like Ethereum can verify authenticity for these digital assets.
A Non-fungible token does have value, but it’s not found in the actual token itself. The worth comes from whatever media attachment has to a specific type of NFT. And you can express it through different types such as CryptoPunk art or even real-life property.
Are Non-Fungible Tokens a Bubble?
Coveted NFTs are going for or $120000 which is huge money. At the time of writing, the least expensive CryptoPunk you can get your hands on will cost around 40 ETH. The recent surges in the price of cryptocurrency have caused many people to worry about a bubble. However, this has not discouraged CryptoPunks from investing and collecting these assets.
The Non-Fungible Token (NFT) market is still in its infancy. There are many risks to come by with these investments. So, it’s important to do your research before you invest any money into one of these projects or tokens.
Best NFTs to Invest in for 2021
CryptoPunks
CryptoPunks are the first non-fungible token project on Ethereum. Each one was algorithmically generated, and there have only ever been 10,000 of them made. They’re still worth $8 million today.
Axie Infinity
Axies are the creatures used to play the Axie Infinity blockchain. You need 3 of these cute little critters to play the game, so as more people join in on this fun trend, prices will naturally rise. You can pick up one today at around $200.
Bored Ape Yacht Club
Bored Ape Yacht Club is commonly used as online avatars. The project features cartoon apes that have different attributes and rarities. The cheapest Apes cost about 6 ETH. A month ago, you could get your hands on an Ape for 1 Ethereum, making this one of the fastest-appreciating collectibles within the industry.
Meebits
Meebits are a type of virtual currency created by the same company that made CryptoPunks. They are trading at around 2.4 ETH per Meebit. But have since ranged from being worth less than 1 cent up to 100 Eth depending on how rare you think it is.
Proof of Beauty
Proof of Beauty is an innovative NFT project that documents and celebrates the history of the Ethereum blockchain. Their first series, HASH, allows users to take personal or historical transactions.
From Vitalik’s first Ethereum sale to Jay-Z’s Cryptopunk trade, the Proof of Beauty algorithm integrates the metadata into shapes, color pallets, and textures.
The Future of NFTs
With the rise of NFTs, it is easy to flaunt your wealth by displaying an expensive item on social media. These NFTs offer a novel way for collectors and enthusiasts to verify authenticity when buying rare items.
The future of investing may be NFTs, but there are risks involved. Make sure you do your research and only invest what you can afford to lose.