The growing space of NFTs. | Teen Ink

The growing space of NFTs.

November 3, 2021
By dillonjusufi BRONZE, Franklin Lakes, New Jersey
dillonjusufi BRONZE, Franklin Lakes, New Jersey
2 articles 0 photos 0 comments

As time passes, things change. One of the biggest things we have seen over the years is the invention of crypto and NFTs. NFTs are like crypto. They are images on the blockchain and are connected to your “wallet”. These NFTs have been getting a lot of attention due to the fact that they can resell on the secondary for 1-10x their original cost. Many people from around the world are doing this making hundreds of thousands of dollars a year, all from their computer. To buy the NFT you would need to choose the type of crypto to pay in. The main 2 are ETH and SOL and an upcoming one called ADA(Cardano). Then you would need to get a wallet. For ETH the main wallet is MetaMask and for SOL the main wallet is Phantom. To get yourself a NFT to sell, you would need to deposit your crypto with a service like coinbase, or a crypto exchange. This is how I myself would go about doing this. After you are all ready with that you can go ahead and purchase the NFT. Now the tricky part is selling it. You would need to sell it on a secondary market place for the market price. There are different rarities in the artwork so the price differs. The cheapest amount you can buy one for is called floor price. There are a bunch of influencers in the NFT space. If one of the big ones tweets about them, the price skyrockets, sometimes upwards of 1-2x their initial price. Key to making money is knowing inside knowledge of what these people are buying. Overall, this is an emerging and growing market we should keep our eyes on. This has only been around for a few years and we have seen massive growth. An example of this is in NYC, this weekend. There is an event taking place called NFT NYC which has thousands of the top NFT people going. There is even yacht parties for holders of the NFT, specifically BAYC or Bored Ape Yacht Club which has a 32ETH floor, which is around $150k.


The author's comments:

Hi I am Dillon (15). I like NFTS.


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