Why Have NFTs Become Popular?<\/strong><\/h2>\n \n\n\n Though NFTs first came onto the scene way back in 2015, it\u2019s only recently that they have been swept up along with the whole cryptocurrency craze. Social media has had a massive effect of driving them into the spotlight.<\/p>\n\n
\n For many, \u201cinvesting\u201d in NFTs seems like a no-brainer. By learning how to do NFT trading, many young people see it as a means of escaping the 9 – 5 daily grind. As a result, the whole NFT marketplace is driven by small retail investors as opposed to commercial investment vehicles.<\/p>\n\n
\n How are NFTs valued?\n <\/h3>\n \n\n \n There are a number of factors affecting the price of an NFT. The first is its rarity<\/strong>; for example, works produced by celebrities or famous artists. Then we need to look at the NFT\u2019s utility<\/strong>. By that we mean its real-world use. For instance, Coachella sells NFTs offering life-time tickets to its events, with the promise of front row seats.<\/p>\n\n\n Then we have the market value of the token<\/strong>. As its value increases, so does the market liquidity. The history of ownership can also affect the price. And finally, people take into consideration what the future price might be.<\/p>\n\n\n What\u2019s the most expensive NFT?\n <\/h3>\n \n\n \n A digital artist called Mike Winkelmann managed to sell a digital artwork, \u201cThe First 5,000 Days\u201d for an eye-watering $69 million<\/strong>. The sale was through the traditional auction house of Christie\u2019s and was purchased by the crypto billionaire, Vignesh Sundaresan, who goes by the nick-name of MetaKovan.<\/p>\n\nThe Future of NFTs<\/h2>\n \n\n \n The energy pushing the sales of NFTs appears to have lost momentum. Sales have fallen by over 92%<\/strong> since their heyday of September 2021. During this period there were 225,000 daily sales. Today they stand at just 19,000.<\/p>\n\n\n The first tweet from Jack Dorsey was sold for almost $3 million in March 2021. Yet less than a year later, the owner, who\u2019s hoping for a $48 million payday with its resale, could only muster $6,222 after a twelve day auction. It is worth noting that the copyright of the tweet still belongs to Jack Dorsey.<\/p>\n\n
\n This highlights a major problem with NFTs. And that is that they don\u2019t fall under regular legal laws and jurisdictions<\/strong> when it comes to proof of ownership, authenticity or provenance<\/strong>. Also consider that the two factors driving the ever-increasing prices were perceived scarcity and increasing demand.<\/p>\n\n\n As for NFT betting<\/strong>, who knows what the future will bring. Some video games like \u201cCounter-Strike: Global Offensive\u201d feature a facility to place bets in order to win NFT skins. All the other ads for NFT betting sites inevitably lead to regular online casinos with not a single NFT in sight. In truth, dealing with NFTs represents a technical leap too far for the majority of gamblers.<\/p>\n\n\n Finally, we should mention that every time an NFT is \u201cminted\u201d (put on the Ethereum blockchain) it requires a staggering amount of energy<\/strong>. From minting to selling, an average single NFT uses around 340-Kilowatt-hours of energy<\/strong>. To put this in perspective, it is over a third of the typical usage for a US home in a month!<\/p>\n\nThe Punters Page Final Say<\/h2>\n \n\n \n NFTs are a new technology that is searching for a purpose<\/strong>. Originally, they were billed as a means of helping digital artist. However, most of them cannot afford the \u201cgas fees\u201d to mint their art onto the blockchain. Since then, NFT has developed into other uses<\/strong>, and who is to say that NFT betting can\u2019t become a thing in the future. For that to happen, however, the markets and the laws around it, especially related to copyright, have to be clearer.<\/p>\n\n\n For the moment you can simply enjoy other cryptocurrency markets, or simple sports betting, while keeping an eye on NFT markets to see if demand increases.<\/p>\n\n
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NFT Trading FAQs<\/h2>\n \n
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What does NFT stand for?<\/strong><\/div>\n <\/div>\n <\/i>\n <\/label>\n \n
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NFT stands for \u201cnon-fungible token<\/strong>\u201d. Being non-fungible, they\u2019re not interchangeable as each has its own unique properties.<\/p>\n <\/div>\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n
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Can anyone buy and sell NFTs?<\/strong><\/div>\n <\/div>\n <\/i>\n <\/label>\n \n
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Absolutely<\/strong>! There are no age limits. Just as long as you can use a crypto wallet, you\u2019re good to go.<\/p>\n <\/div>\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n
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What are the benefits of NFTs over cryptocurrencies?<\/strong><\/div>\n <\/div>\n <\/i>\n <\/label>\n \n
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They can\u2019t be compared in this manner. One is a currency with each token having the same attributes and value. NFTs on the other hand, have a different type of value that it more than merely economic.<\/p>\n <\/div>\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n
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How do I store my NFT?<\/strong><\/div>\n <\/div>\n <\/i>\n <\/label>\n \n
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You can use a software wallet that utilizes a password and secure 12-24 word seed phrase. The second option is a cold storage hardware wallet<\/strong>. All the relevant security data for this is stored offline, making it that much more secure. Finally, there\u2019s the InterPlanetary File System<\/strong> (IPFS) which stores your NFT offline while using pieces of data directly linked to your NFT.<\/p>\n <\/div>\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n
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