Millennials and their growing love for NFTs

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Millennials and their growing love for NFTs

The Millennials have had quite a different life from the previous generations. They have seen everything unique to the older generations. For instance, the boomers would never have thought even in their wildest dreams that one day they would see a form of asset that is not tangible. Rather, it exists only virtually.

The cryptocurrency has changed the investment manners for the new generation, while the older one is quite reluctant to adopt it even now! NFTs are also a new concept that the Millennials are adopting quite rapidly. As they are the ones who have practically grown up in the world that depends on the ‘internet’, they found it easier to accept this mode of investment.

Their investments in digital art are helping them store a lot of financial value to the blockchain, allowing them to enhance their reliance on non-fungible tokens.

The NFT Era

When non-fungible tokens, also known as NFT, were first introduced, a lot of people laughed off its concept. They thought digital art can’t hold any kind of value that is exaggerated in its concept. However, now, it seems like this trend will not die down anytime soon. This is surely not a phase that is going to pass, rather is turning into a permanent activity for all the investors.

What Has Made NFTs Famous?

Over the last few years, several teenagers have turned into millionaires thanks to the non-fungible tokens. These millionaires may be somewhere around thirteen or fourteen years old only, and simply by making some digital art, they have changed their fortunes altogether. Selling them has also become quite easy with lots of marketplaces available online that are open for everyone.

For instance, OpenSea and Rarible are some of the most sought-after marketplaces that have made teenage millionaires. The most famous trading NFTs in 2021 have been CryptoPunks and CryptoKitties. Well, these names may sound funny to you, but they tend to make you wealthy within days.

Computer-made Images Selling For Billions

A simple collage made by a digital artist named Beeple was sold in a whopping amount of 69 million dollars. The image was simply a collage that was made of using somewhere around 5000 small images. This was quite a surprise for the crypto investors. Later on, in December, another NFT was sold and this time, it was worth 21 million dollars.

This is surely an insane amount of money for a simple image. This was the most expensive NFT that has been sold by now. The name of this artwork was the merge, and the creator’s identity is yet hidden!

Buying NFTs; A Simple Procedure

If the absence of the typical aesthetic sense that makes one an artist is worrying you and you feel ineligible of becoming a part of the NFTs World, you are wrong! You really don’t require to be an artist or have the artistry skills in you to become an investor of them.

All you need is some cryptos and a digital wallet to buy and manage your NFTs. If you purchase a lot of them using bitcoin, you may need to get your hands on BitIQ to make the transactions easier.

You can buy your cryptos from a number of platforms. These platforms that trade cryptos are reliable and you can choose one of them according to the convenience and features it offers. Some of the most famous ones are Luno, Binance, and Coinbase. If these platforms are not your thing, opt for the open markets such as SuperRare and OpenSea and they will make your NFT trading easier.

Why Choose Ethereum or Solana?

If you are already using trading platforms like Ethereum or Solana, there is good news for you. These two accept all the currencies if you want to buy NFTs. They let you trade extensively for sale and purchase. However, you may have to pay some fees against every transaction that you make.

This is called the gas fees, and you would have to pay it every time you create an NFT using the blockchain of a trading platform like Ethereum.

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