Can you make a buck in the crazy world of Non Fungible Tokens (NFT’s)?
Non Fungible Tokens (NFT’s) are digital assets (commonly but not restricted to images such as PNG’s or JPEG’s) that are minted on the blockchain. In other words, they are stamped as the original digital asset. Anyone can copy an image, but the NFT will always be the original and can therefore be assigned value.
The NFT market has taken off over the last two years and is currently worth over $40 billion, tipped to reach $100 billion by 2025. That’s a lot of money for digital assets that appear to have no intrinsic value.
How can you jump on the NFT bubble before it pops?
- Buy NFT’s from a platform such as OpenSea or Rarible and try to resell them at a higher price.
- Mint your own NFT’s and put them up for sale or auction.
- Create your own NFT trading platform.
NFT’s like cryptocurrencies are highly volatile, so be careful as you may lose a lot of money.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2