You probably have heard many different opinions concerning NFTs. Some people defend it with their lives, while some say that it is one of the worst things the internet has made possible. It is hard to decide when both sides seem right, but we are ready to help you with that. Let’s see if NFTs are worth the investment and hype and, most importantly, what NFTs are.
Are NFTs cryptocurrency?
NFTs and cryptocurrencies became popular in the mainstream more or less in the decade. Bitcoin blew up into the mainstream in 2017, while NFTs exploded in 2020. Both need the blockchain system to exist, but they are different things.
Cryptocurrency is a digital currency based on a decentralized system that uses cryptography. Therefore, it helps keep the transactions private and the participants anonymous, for good or bad. That’s very different from how the world’s big currencies work. For example, the dollar.
The dollar is the basic monetary unit of several countries, including the US, Canada, and Australia. It is based on a centralized system where the authority is the country. There isn’t much privacy, but it still has some benefits.
NFTs aren’t a currency at all. NFT stands for “non-fungible token”. In case you don’t know, fungible is something that can be replaced with something identical. So, a “non-fungible token” is a token that can’t be replaced and is something unique. That’s why it is so valuable: there’s only one of it in the world.
Yes, you can take a screenshot of a monkey NFT. That’s true. Everybody knows all NFTs that exist, and this information is quite public, actually. However, each NFT has a code that is particular to it, and this code is the valuable part. So yeah, you can have the monkey NFT, but that specific monkey token (or code), you can’t have unless you pay for it.
You can buy NFT from an NFT launchpad or trading platform. If you’re looking for a Solana NFT Launchpad, you should check Goose FX since it is one of the safest and easiest platforms.
Is it worth investing in NFTs?
Now that you understand why NFTs are valuable, is it worth investing in them? The answer is: it depends.
NFTs are a high-risk investment. An NFT that is valuable now may not be valuable two hours later. Yet, NFTs become expensive quickly, and their value always changes. So, if you like to risk, it is worth investing in NFTs. It can bring you a lot of money with low investment, depending on which NFT you buy.
It isn’t wise to buy NFTs that are too expensive, though, since they probably won’t become more expensive than they already are. Of course, that option is up to you. We recommend you study a bit about it before deciding. Besides, always keep an open eye on the NFT market.
How can I invest in NFTs?
NFTs are available in multiple blockchains, such as Solana and Ethereum. However, buying them from an NFT launchpad or platform like Goose FX is easier. Check their website to buy the best Solana NFT available.
