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Should You Invest in NFTs in 2022? Here’s What You Need to Know

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Are you looking to invest in Non Fungible Tokens (NFTs) in 2022? If yes then here is what you need to know. See if investing in NFTs is a good decision by 2022, find out what is the current situation of cryptocurrency market and whether this market will be able to recover. This is a complete, unbiased and detailed review specifically for beginners like you.

What is NFT and How Does It Work?

NFTs, or non-fungible tokens, are digital assets that represent ownership of a specific item. Because they’re not interchangeable, they’re different from cryptocurrencies like Bitcoin, which are fungible. Each NFT has its own unique properties, history and value. The most popular use for NFTs to date has been the sale of digital artworks.

Most NFTs are based on Ethereum, a blockchain network that allows users to create their own digital assets — in this case, unique digital collectibles.

Are NFTs a Good Investment in 2022?

To understand why NFTs are a good investment in 2022, we need to know how they work. NFTs represent ownership over digital assets — which can be anything from artwork and tweets to collectibles and XR land.

You can think of them a little bit like Pokémon cards, except in the digital world.

And even though these assets are virtual, they still have real-world value because they’re unique — just like Pokémon cards.

So whether you’re an artist or investor, there’s a lot of money to be made in NFTs.

Why Invest in NFTs?

Non-Fungible tokens (NFTs) are all the rage right now, with people buying and selling them for millions of dollars. The first NFT was sold for $150,000 back in 2017 and has since been sold again for $1.3 million, according to Investopedia.

NFTs are digital assets that can’t be replicated or exchanged and are verified using blockchain technology. This may sound complicated, but blockchain is the technology that allows you to buy and sell cryptocurrencies like bitcoin.

Which NFTs to invest in

The following NFTs are the bset ones to invest in :

1. Cryptopunks

Cryptopunks is an Ethereum token that was created in 2017 and it has been one of the most valuable and famous NFTs so far. This digital collection includes 24×24 pixel art images of cartoon punk characters and each of them is unique and non-interchangeable — they have different colored hair, clothes, accessories, etc. There are only 10,000 cryptopunks in total and all of them have their own ID number that can be used to find them on the marketplace. The first cryptopunk sold for about $7,500 when the crypto market was still new but now it can cost up to $7 million!

2. CryptoKitties

If you’ve ever played with virtual pets on your phone then you know how addictive it can be to collect more and more of them — this is exactly how CryptoKitties works! It is another Ethereum-based

Takeaway

II would like to end this post by saying, investing in NFTs isn’t so much a bad decision itself. With the right research and analysis, you can benefit from it at both micro and macro levels. But before you start, make sure that you’ve covered all your bases.

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