I used to make fun of non-fungible tokens (NFTs). Then I saw how much money traders were making — for instance, my millionaire student Matthew Monaco made $53,804 profit on a single NFT trade.
I changed my mind and decided to learn more about this multi-billion dollar industry. It was eye-opening.
I believe that NFTs are creating some of the BIGGEST opportunities out there for traders.
I’m so excited about NFTs that I’ve started a whole community dedicated to trading them. Wanna learn more? Join me TONIGHT — Wednesday, March 30 at 8 p.m. Eastern — for a once-in-a-lifetime event … Plus, I’m giving away a limited supply of my first-ever NFT collection!
Ready to jump-start your NFT education? Keep reading…
What Is An NFT?
NFTs might seem like they spontaneously exploded last year, but they’ve actually been around since at least 2014. Sometimes it just takes time for momentum to build.
Not sure what they are? Let me explain.
NFTs are digital collectibles. They represent assets that might include:
- Artwork
- Digital fashion
- GIFs
- Music
- Sports highlight reels
- Videos
- Video game skins
- Virtual avatars
Why own a digital version instead of the real thing?
That’s the “non-fungible” part of the equation. Fungibility refers to the fact that the individual parts that make up something are interchangeable.
For example, take bitcoin. That’s fungible — one bitcoin will always have the same value as another bitcoin.
NFTs are non-fungible. Every single NFT is completely unique. So, for instance, if you have a sports highlight reel NFT, it has no equal. So you can’t trade it for something of the same value.
Each one has specific information that distinguishes it from any other NFT. It also contains built-in authentication. That’s your proof of ownership and how NFTs are verified. No two can be identical, because every item has a unique digital ID.
Still confused about why it’s worth owning an NFT?
It all boils down to scarcity.
NFTs create digital scarcity. As traders know, when there’s not much supply but a LOT of demand, it can make a stock price go crazy. Same goes for NFTs.
Just look at the money: In 2021, NFT sales topped $25 billion.
My student Adam was part of the NFT mayhem. He made $1 million on an NFT project — he’ll be joining me during tonight’s event.
Meantime, learn more about him in this post and in this interview he did with my 30-Day Bootcamp collaborator and crypto whiz kid Matthew Monaco:
How Is an NFT Different From Cryptocurrency?
NFTs and crypto are frequently put in the same category. It’s easy to see why…
- Like cryptocurrencies, NFTs exist on a blockchain. That’s a public ledger that logs transactions.
- NFTs are typically encoded with the same software as cryptos. Actually, a lot of NFT tokens were created using ethereum token standards.
- NFTs are bought and sold online, usually with cryptos.
But they’re not the same. Let me explain … Consider the difference between fungible and non-fungible.
Cryptos are currency. They’re fungible. The value of one unit will always be equal to the value of another unit.
NFTs, on the other hand, are non-fungible. They have digital signatures that make it impossible to have an equal.
Blockchain Basics
Like I said earlier, NFTs are units of data stored on a blockchain.
Ethereum is one of the most popular NFT blockchains. But it’s not the only one.
There are some exciting up-and-coming NFT blockchains like Polygon and Solana that have a few advantages.
For one, they have lower fees — and the transactions are faster.
Personally, I prefer Solana. They’ve optimized the speed of transactions in ways that make it more environmentally friendly than ethereum. This is important to me. Maybe you’ve seen how I try to save the world with my charity, Karmagawa.
How to Buy NFTs
Interested in buying an NFT? Here’s what you’ll need:
- A digital wallet for storing your NFTs and cryptocurrencies. Check out my post on crypto wallets.
- Cryptocurrency — this depends on what the NFT seller accepts. You’ll need to purchase it on a crypto platform.
Now, all you have to do is find NFTs. Easier said than done. We’ll go into a LOT more detail during tonight’s event. Have you signed up yet?
More NFT Know-How
I’ve written a bunch of posts about NFTs lately — do yourself a favor and read all of them. Invest in your knowledge account BEFORE the event so you can be prepared!
- Don’t Trade Crypto? You Better Know This Anyway
- How to Spot an NFT Scam
- Crypto Wallets & NFTs: What Traders MUST Know
- Can Trading Penny Stocks Give You an Edge Trading NFTs?
Are You in the Club?
The opportunities in the NFT market are too big to ignore.
I’m super pumped about this up-and-coming market. I think the opportunities will become even bigger and better in the near future.
If you’re ready to diversify and maximize on this once-in-a-lifetime chance, join me for this event. Don’t sleep on this. I’m even giving away a limited supply of my first NFT collection!
Get access now!
Are you as excited about NFTs as I am? Leave a comment and let me know what you think. See you at the event tonight!
The post NFTs for Beginners: Blockchain Basics & Beyond appeared first on Timothy Sykes.
