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How to Buy Your 1st NFT

How to Buy Your 1st NFT

One of the wildest manias in financial history is unfolding right now.

It will be written about in financial textbooks, just like previous manias such as the tech bubble, the housing bubble, crypto mania … to name a few.

Where’s this mania happening? In the realm of non-fungible tokens, or NFTs. (To read more about them, check out my articles here and here.)

The move from an analog world to a digital one is happening in front of our eyes. And it’s leading to a gold rush in digital assets.

Today’s NFT market originated on the Ethereum blockchain. And for the last few years, that was the only game in town.

It even made OpenSea the largest NFT exchange. It transacted $3.4 billion in NFT sales in August alone.

But the game is changing.

NFTs are no longer limited to Ethereum. They’re moving to competitors such as Solana, and that means the NFT world is about to explode…

Investing in Cartoon Monkeys

A few weeks ago, I explained that Ethereum is a lot like a Lego set. It’s a blockchain that allows for smart contracts.

It’s currently ruling the crypto world, but as I said in that same article, its dominance isn’t going to last.

Enter Solana.

It’s a competitor to Ethereum, only it validates transactions much faster (1,000 times faster, in fact).

And it’s starting to cut into Ethereum’s NFT business.

On Friday, a Solana-based NFT sold for 13,027 Solana tokens.

solana nft

At Solana’s current price of $162, the sale was over $2 million.

This is significant. It puts a Solana NFT in the top 12 NFTs of all time. (The rest are CryptoPunks.)

The Solana NFT was the rarest of 5,000 generative images of unique cartoon monkeys. These monkeys made their debut only two months ago.

The monkeys are the Solana equivalent of Ethereum’s CryptoPunks. This was an earlier project that now fetches over $10 million at art auctions.

I’ve written about Solana in the last few months. It’s a competitor to Ethereum that validates transactions much faster.

The Solana NFT market is red hot right now. Here are the returns of the largest projects:

solana nft performance chart

Most of these are less than two months old, while some have only been around for a few weeks.

And with Solana surging, its NFTs are only going to go up from here.

So, now is the time to buy into this once-in-a-lifetime opportunity.

Here’s how…

The Solana NFT Market Is Exploding

If you want to invest in the Solana NFT market, here’s how to get started.

First, you’ll need to download a Phantom browser wallet.

This platform has over 500,000 users. It’s a user-friendly way to store your Solana-based cryptocurrencies and NFTs.

Next, you’ll need to purchase some Solana (SOL) on Coinbase and transfer it into the Phantom wallet.

Then you can connect the Phantom wallet with NFT launches and marketplaces.

Here’s a list of my top NFT exchanges on Solana:

  1. Solanart: This is the largest marketplace with the most liquidity.
  2. DigitalEyes Market: Not as much volume as Solanart but carries more variety. One piece of advice: Make sure the NFT says “verifeyed” before you purchase, as there are a lot of fakes.verifeyed nft
  3. Magic Eden: This exchange is smaller than Solanart and DigitalEyes. But it offers a great user experience that allows bidding.

One useful resource is called Alphadrop. It lists all the daily and upcoming releases for Solana and Ethereum NFTs. You can subscribe here.

One last note: Keep in mind that the NFT markets are extremely volatile. 

If the price of something can move up 100X, it’s also able to decline significantly in a short amount of time.

That’s why I can’t stress this enough: Only risk what you can afford to lose.

Regards,

Ian King cryptocurrency bitcoin expert at banyan hill publishing signature

Ian King

Editor, Strategic Fortunes

 

 

Morning Movers


From open till noon Eastern time.

 

China Evergrande Group (OTC: EGRNY), the embattled Chinese property developer, is up 16% this morning on the news that Hopson Development Holdings Ltd. plans to acquire a 51% stake in the company. This could translate into some sort of relief for the company that could keep it from defaulting in the near future.

 

Arqit Quantum Inc. (Nasdaq: ARQQ) is a quantum encryption technology company that rose 8% today after early investors and founders decided to voluntarily extend the lock-up agreements on their shares to signal their long-term support for the company.

 

Peabody Energy Corp. (NYSE: BTU), an international coal mining business, is up 13% today. This move comes as coal prices continue to climb to historic levels as power demand surges around the globe while countries like India and China face a coal shortage.

 

Antero Resources Corp. (NYSE: AR) is an oil and natural gas company that is up 8% this morning. The stock is moving in response to the movement of natural gas in the commodity markets. Prices have soared thanks to high expected demand in the coming winter and tight inventories currently on hand.

 

Range Resources Corp. (NYSE: RRC) is also an oil and natural gas company that is on this list today thanks to increased demand and low supply of natural gas. The stock is up 7% this morning.

 

Enerplus Corp. (NYSE: ERF) is yet another oil and gas company that is up 7% this morning. The worries over natural gas are particularly highlighted today with the European Union facing pressure to source more natural gas and countries like Russia clamping down on their supply.

 

Atea Pharmaceuticals Inc. (Nasdaq: AVIR), the biopharmaceutical company working on a COVID-19 pill, is up 7% this morning continuing its rally from Friday. Investors initially got excited when Merck released promising data on its own COVID-19 pill.

 

Dillard’s Inc. (NYSE: DDS), the operator of retail department stores across the U.S., is up 6% this morning. The stock is on a bounce-back after being driven down on Friday when some of its department store peers reported poor quarterly earnings thanks to supply chain issues.

 

Cinemark Holdings Inc. (NYSE: CNK) is up 6% this morning along with other movie theater stocks after opening weekend revenues for the new James Bond movie and Venom came in higher than expected, showing that people may be returning to theaters.

 

Crescent Point Energy Corp. (NYSE: CPG) is an oil and gas company that is up 6% today for the same reasons as the other energy stocks on the list today.

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