After the pandemic struck in 2021, everybody got familiar with making money online, investing in cryptocurrencies, and making huge amounts of money, and surely, most of you got familiar with NFTs. NFTs are unique non-fungible tokens that are one of a kind. We’ll explain the differences between NFTs and cryptocurrencies in the following article, and we’ll share some tips and tricks on how to decide on the right token for you and where to buy NFTs safely.
NFTs and Cryptocurrency- the difference
NFTs- what do they stand for?
NFTs are also known as non-fungible tokens. Fungibility is a term that actually represents the ability to trade something for another thing that is completely identical to the first one. You can do that for a number of reasons, and it is completely achievable in cryptocurrencies, but you cannot do it with NFTs. Non-fungible tokens are unique pieces and they are one-of-a-kind, so you can only sell them or trade them, but once you do so, you’ll be able to invest in a completely different NFT, it just won’t be identical.
There are different kinds of NFTs on the web. Investors love them as they’ll get ownership over them and enrich their collection, while artists love them as they can bring huge amounts of money to them. Celebrities such as Grimes and Jay Z both made tons of money from NFTs, and so do many Instagram influencers. The “deal with it” glasses have a bid on them that goes over 3.5 million dollars!
Different kinds of NFTs
They are unique, but you can still divide them by categories. The most successful one of them all is collectible art where you get to invest in PFPs (profile pics), photographs, generative art, and unique pieces. Under collectible art, you can also include the black glasses and the popular cat GIF that sold for around 690.000$.
Sports collectibles are for all sports lovers. You start off by collecting cards and baseballs, and later on, is only natural to collect sport-related NFTs. the ones from the NBA teams sell really well and they include videos and images of all the NBA players.
Gaming NFTs allows you to get a great collection that is connected to some of your favorite games. You get to buy some unique characters that are different from the rest. When it comes to property, NFTs can act as a legal document that shows your ownership, and music NFTs act up as a modern vinyl. They are simply the music video or clip, but with the reference different.
Where can you purchase NFTs?
NFTs can be purchased on the NFT marketplace, where you get to see all of the NFTs as well as their ownership. You buy them with cryptocurrencies, so you need to have a packed e-wallet. This is also the main link between NFTs and cryptocurrencies. But, before you go ahead and purchase your first NFT, you should do deep research. Social media platforms such as Twitter and Facebook are the perfect starting point. There are tons of groups where valuable members of the NFTs community share tips, tricks, and experiences that can help you in your journey.
Once you join those groups, see what people have to say, and make sure to ask any questions you have. The community is really supportive, and they’ll welcome you and help you out in any way possible. After that, you can invest in NFTs, but make sure you’re only purchasing, trading, and selling on platforms that are well-trusted and verified.
Cryptocurrency- the basics
What is cryptocurrency?
Cryptocurrency is digital money that uses encryption techniques to establish an alternate form of payment. Because of the use of encryption technology, cryptocurrencies may be used as both a currency and a virtual accounting system. For using crypto, you need to have a cryptocurrency wallet. These wallets might be software that is kept on your computer or on your mobile device, or they can be cloud-based services. Wallets are the devices that store the encryption keys that verify your identity and connect you to your cryptocurrency.
Cryptocurrency is known by many different names. You’ve probably heard of Bitcoin, and Ethereum, among the most popular types of cryptocurrencies. Cryptocurrencies are becoming more popular as a means of making online payments. Before converting real dollars, euros, and pounds into cryptocurrency you should know what cryptocurrencies are, how to secure your investment, and what the risks are while using cryptocurrencies.
Invest by using crypto
The market fluctuates up and down all the time, and if you converted 100$ into cryptocurrencies, you can either lose them all or make a fortune. That’s why you need to be careful and up to date with the current market status. When purchasing NFTs, you’ll need a certain amount of cryptocurrency, you can convert your money in highly trusted, verified, online exchange stores, and the whole process will last only a short while. For purchasing NFTs, you’d generally need Ethereum, and its current status is pretty stable, so there is no need to worry.