March 24, 2023
By Murtuza Merchant
NFTs, or non-fungible tokens, have become one of the most prominent and revolutionary use cases of blockchain technology. These digital assets have given creators and artists the ability to monetize their work in a way that was previously impossible. By minting their artwork or creations as NFTs, creators are able to sell them on various NFT marketplaces for millions of dollars. However, many people wonder if it’s possible for the average investor to make a similar profit.
The Lucrative World of NFTs: Minting and Selling for Millions
Fortunately, investing in NFTs can lead to exponential gains, similar to investing in cryptocurrencies. The rarer an NFT is, the higher its value will be. For example, the most expensive NFT ever sold, Pak’s The Merge, was auctioned for a staggering $91.8 million. However, it’s important to do your research in order to differentiate high-value NFTs from ordinary ones and make smart investment decisions. While trends like Web3 and GameFi dominate social media conversations, the NFT sector is still relatively under-discussed. However, as awareness and adoption continue to increase, the sector is poised to explode in popularity. Early adoption can lead to significant benefits, even if there are temporary bear runs as the one experienced in 2022.
Can an Average Investor Make Millions with NFTs?
If you’re looking to spot profitable NFTs before everyone else, there are a few proven ways to do so. One of the most common and easiest methods is to check the rarity score of an NFT. The rarity score is a parameter that defines how rare an NFT is compared to its concurrent NFTs. For example, the original Mona Lisa painting or the first-ever tweet by Zack Dorsey would have a rarity score of 100%. The rarity of an NFT is often reflected in its value. Platforms like Howrare.is, Rarity.tools, and Raritymon can help you determine the rarity of an NFT.
Use Cases Over Hype: Identifying NFTs with Solid Use Cases
In addition to rarity, it’s crucial to identify NFTs with solid use cases rather than investing based solely on hype. Use cases often beat hype in the long run and provide a more sustainable investment option. Gaming NFTs, for example, are among the most popular NFTs with ever-increasing use cases, thanks to the booming crypto gaming economy. It’s important to never choose hype over fundamentals when investing in NFTs.
Get Whitelisted: A Secret to Finding Free NFT Opportunities
Finally, getting whitelisted for NFT projects can offer the opportunity to receive free NFTs, generating brand awareness and increasing community size. This often happens during the pre-launch or launch stages of a project. By being active in crypto communities across social media platforms, you can increase your chances of coming across these whitelist opportunities. MyHealthVerse, a healthcare NFT platform, is currently offering a whitelisting opportunity that you can check out on their website.
The Future of the NFT Market: Expected Growth and Rewards
As the NFT market continues to grow and is projected to reach $231 billion by 2030, investing in NFTs can be a lucrative opportunity. The market is still in its early stages, with limited awareness and competition, making early investment potentially rewarding. By staying informed, doing your research, and investing in NFTs with solid use cases, you can potentially see exponential gains and grow your investment portfolio.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.