What are ICOs ?
ICOs are short for Initial Coin Offerings. Basically when a coin our crypto currency launches itself in the market, it is called ICO. there are multiple exchanges where these coins list themselves like Coinbase, Binance, OKex, UniSwap, PanCakeSwap, kucoin, CoinDCX and many others.
These ICOs were listed on very low prices and within few days weeks, months or years the prices got raised exponentially to 10x, 100x, 1000x or many more Xs. This led to flooding of crypto projects into the space. Each of these projects were claiming to solve a problem. Some focussed on speed, some on Security, some on Decentralization. Some focused on combination of these with a certain use case for example finance or sports or gaming.
With lot of projects the bad projects also entered the market and soon the gains are getting saturated but still a possibility.
Now NFTs entered into the market which can be termed as enhanced version of Cryptos. And hence pseudo named as ICO 2.0 which have potential of exponential gains.
What are NFTs ?
NFT stands for Non Fungible Token. In very simple words NFT is a unique identification of any asset on Blockchain Technology. For example, if you have a Photo you can upload it as an NFT.
NFT have also evolved into many kinds like
Smart NFTs which can be upgraded which means a updatable metadata can be attached to it.
Utility NFT for example an NFT which can add a functionality to a Game.
Collectible NFT a simple collectible item which may or may not have any utility. For example a pic of an important game can be a Collectible.
Artwork NFT any artwork created by any artist can be uploaded as an NFT. It can be a Jpeg, Audio, Video or anything Digital.
Why are NFTs trending ?
NFTs are so popular because they are not in abundance meaning they are scarce. Anything which is scarce finds an adaption in human beings. People get fomo of missing out on these. Moreover, people get to earn a lot by flipping these short term and medium term for multiple Xs returns.
How can I get into NFT space ?
Buy an NFT from many Marketplaces available in different crypto Currencies.
Create your own NFTs on below platforms
Get NFTs for free as getaways by promoters of NFT Community
Marketplaces for NFTs
- Opensea.io
- Immutable X
- Solanart
- Ghostmarket.io
- Rarible
- Foundation
- Mintable
- MakersPlace
Challenges in getting you started
Challenge as Seller or Creator
Biggest Challenge is the visibility of the Project Or NFT. If you have a great following on Social media then you will have a better change of selling your collection.
Challenge as Buyer or Collector
As a buyer there are multiple challenges. I will list them here with some kind of guide to follow.
- Identify on which platform I should buy the NFT – you can use list above
- Identify which NFT or project I should buy – this is the most time consuming and continuously changing activity
- Identify what should be the correct value of the NFT I want to buy – The beauty lies in the beholder eyes. However there are few parameters which you can consider like Rarity, Utility, your interest, seller or project community, passive income possibility and more.
- Identify that the project that I have selected is genuine and not created by scammers or imposters
- Which crypto currency should be selected to buy the NFT generally it’s Ethereum but now other currencies are also coming up.
- What exactly is minting of NFT. Whether it’s a free to Mint or costing some currency. You can check on project’s website.
- Understanding the concept of Gas Fees when buying an NFT. This depends on the platform and the blockchain it works on. For example ethereum currency is having the maximum gas fees. However there are alternative with low gas fees like Solana or Matic (polygon) , there is a new exciting platform Immutable X with no gas fees.
- Identify how rare the NFT is – you can use Rarity.tools website for the same.
General protocol to enter into a NFT as buyer
- Check how many owners have invested into the NFT
- Check Twitter followers of the creator or the project
- Check other social media presence like Instagram or telegram
- Check if they have active discord community or on any other platform
- Check the credibility of the founding team members if any existing project
- Check the Road map of the project and validate that are they aligned to this or just for the sake of it
- Check what is the utility they are offering if any with NFT
What kind of Money is involved into this
As a Creator the project needs to be created which is not costing much and you should be able get it done by some freelancers for around 1000 US dollars or simple collectibles can be uploaded by any artist or you can do it easily if you ar a developer by implementing videos available online to create NFT projects. The cost will be involved when you are minting any NFT. Which depends on Crypto Eco System you are uploading on.
As a Buyer gas Fees to buy any NFT which can start from 0 to multiple 1000 USDs depending on the congestion on the network. Obviously the NFT price which is the major cost starts as low as free to few Million Dollars.
How much money I can earn
As a Buyer, potential is exponential growth with 2x , 10x, 50x, 100x 10000x of your money and even more. Just ensure that you are investing only that amount which you can afford to loose. With Higher rewards risks are also high. Please act accordingly and Please Do your Own Research before jumping on any investment.
As a creator you have fairest possible chance to showcase your work to people around the globe and you can earn as much as you want.
So don’t wait just get started… See you in the MetaVerse