With personalities like Logan Paul, Gary Vaynerchuk, Paris Hilton, and Steve Aoki making millions with non-fungible tokens (NFTs), more and more people have also started looking into blockchain-stored assets. Some celebrity-backed projects amount to billions of dollars.
However, the CEO of Earnity, Dan Schatt, warns against blindly buying in NFT projects and collections endorsed by your favorite influencers. Remember: no one can predict market trends. Even if all the early adopters promote a specific project, it can still perform poorly if it ends up a fad.
To ensure that your money stays safe, do your own research. Instead of limiting yourself to the same caricatured apes, lions, bears, and llamas, look into upcoming ones like:
Yes, these 24×24 pixel art images have a total volume of 501,303.91ETH0—or $1.3 billion. Unfortunately, each piece requires a $350,000 to $500,000 purchase. However, if you have that kind of cash and want to own one of the most talked-about, widely recognized NFTs, then look into this project.
The Sneaky Vampire Syndicate consists of 8,888 unique vampire caricatures. Each piece contains a distinct feature. The project totals 12,253.44ETH, with each piece costing around $1,600 to $2,000.
The Bored Ape Yacht Club (BAYC) has already taken off, and most Apes cost six to seven digits nowadays. If you want a more affordable alternative offering the same potential, the CEO of Earnity, Dan Schatt, suggests the Mutant Ape Yacht Club.
The cheapest Mutant Ape fetches around $50,000. It’s still a lot of money. Considering that the most expensive BAYC sold for nearly $3 million, it might be a worthwhile purchase.
Ultimately, NFTs are blockchain-stored assets. The CEO of Earnity, Dan Schatt, advises testing them the same way you would any physical item (i.e., watch, jewelry, house, car).
Don’t blindly go with popular, trending projects. Instead, buy in options that resonate with you. Your NFTs should align with your interests. Let’s face it—most NFTs will take months to appreciate. If you have zero interest in your digitally acquired asset, you might find yourself giving into negative emotions and selling prematurely.