Business

The simplest ways to track NFT markets

It is fair to say that over the last half decade, cryptocurrency has changed the way we view currency and revolutionized the way we buy and sell. It has become one of the most lucrative industries in the world with the price of bitcoin being sent into the stratosphere. Having hit the $1 milestone in 2011, which was a feat in itself, few could have predicted just how far that price would rise later on. In 2022, one bitcoin is now equivalent to an astounding $20,000. 

Since then, we have seen the inception of new coins as the blockchain technology behind it has become more accessible and better understood. There are now some 6000 coins on the market and whilst few are even close to hitting the heights of bitcoin, there are plenty worth trading.

As so many have begun to understand blockchain, we have seen it evolve into something far removed from currency in the form of NFTs. Although the roots of non-fungible tokens can be traced back to around 2014, it wasn’t until 2021 that it really began to take off with some of the most well known athletes, actors and musicians in the world getting involved in projects.

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. 

With so many NFTs on the market and the industry itself moving so fast, it can be difficult to get involved and then to keep up with the latest trends. However, learning how to buy NFTs does not have to be difficult.  If you want to be keep on top of all of this, here are some tips on how to do so.

Value Estimators

As lucrative as the industry may be, it is not impenetrable to duds and flops. For this reason, you must remember that not every investment you make is going to be a good one and even the best investors could make bad investments. To reduce the risk of this happening, you may want to emply the use of a token value estimator which helps you way up things like the rarity of a collection, which is of course its USP. There are plenty of different value estimators out there and it is as simple as googling them to find the one you prefer.

Subscribe To Newsletters

Newsletters are a great way to summarily recap trends. They will cover some of the best recent drops and look forward to some upcoming projects that may be of interest to investors. NFT Lately have one of the most popular newsletters in the industry right now.

Listen To Podcasts

Another great way of keeping current with NFTs are by listening to podcasts from people in the industry. You are spoilt for choice when it comes to NFT Podcasts but it is all about finding what is right for you. The best thing about podcasts is that you can listen to them anywhere, meaning you can keep up to date no matter where you are.

Browse Catalogues/Marketplaces 

Marketplaces are where you are going to purchase a majority of NFTs. It is a good idea to browse through these catalogues regularly to keep on top of popular releases and drops. Some of the most popular marketplaces to use for NFTs are Opensea, Rarible and Binance however Draftkings have some extremely exciting collaborations with athletes. With Draftkings, there will be five drops on a scheduled drop day, with customers joining a virtual queue for the chance to purchase one. You can then view all of your purchased tokens in your DK portfolio just like other marketplaces. Many marektplaces operate with the ‘drop day’ method and this would be the best time to purchase your tokens. Purchasing ‘at mint’ often means investors can get in at the lowest prices before going on to sell for profit. 

If you want to be profitable in trading NFTs, you will need to dedicate your time and research trading. Whilst this article has given you some great tips on getting started, there are times where all the research in the world could not save you from a bad investment. It is the same as purchasing stock; the market is volatile by design. For this reason it is important that you never spend more than you can afford. Make sure you stay up to date on trends and you will be able to trade with more confidence whether you have just started or you are an NFT Veteran! 

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button