Since the turn of the 21st century, we are seeing massive innovations in technology and culture. Social media emerged and has become a massive global force. Phones got smaller, became portable, and then got bigger again. Companies are experimenting with, and are now right on the cusp of massive improvements to AI software. Millions watched as crypto values skyrocketed and then plummeted, then rose again, and so on. Now, the next massive technological investment venture is underway with the rise of the NFT marketplace. As the concept of NFTs continues to build traction, more and more people are looking at buying NFT real estate.
With new people constantly looking to join in on the fun, the NFT marketplace is constantly shifting. Prices, values, supply, and demand can all swing wildly on a daily or even hourly basis. With such a volatile market, it is critical that you understand the NFT market before investing your time and money. Luckily, we are here to help.
Before we dive in-depth into buying NFT real estate and its marketplace, it is vital that we understand what NFTs are. Non-fungible tokens, or NFTs, fill somewhat of a broad category and wide spectrum of utility. They can act as identification, tickets, artwork, and more. But essentially, an NFT is a completely unique product that is limited in quantity. Each NFT comes with a unique serial number that verifies the token’s authenticity, and also verifies you as the rightful owner.
NFTs can take on any number of forms and functions. Along with art, NFTs can take form through music, movies, world events, or even sports. For example, one rising NFT market is one centered around virtual horses and horse racing. Customers can buy these horse NFTs that correspond to real-world horse racing. The NFT’s value will rise and fall along with the real horse’s results in races, and owners of the NFT can even receive exclusive real-world benefits like free entry to events that their horse takes part in. And this is just one example.
The potential application of NFTs is almost limitless, and our society hasn’t truly scratched the surface of its potential yet. With so much we have yet to uncover, the NFT game can be overwhelming. But don’t worry, we’re here. Here are some of the Dos and Don’ts of buying NFT real estate.
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