What Are Non-Fungible Tokens (NFTS) And Their Difference From Cryptocurrencies?

Time to read

While blockchain technology is redefining the financial space, it’s also disrupting other aspects of human life. NFTs are the new craze in town. They’re changing how we view ownership. These digital assets are selling for millions, with a market size well over $2 billion. In this article, we’ll unpack the NFT phenomenon. You’ll find out what they are, their uses, how to mint and trade your own NFTs, and everything in between.

NFT meaning

To understand the meaning of NFTs, it would be a good idea to know the difference between fungible and non-fungible assets. Fungible assets can be substituted with similarly valued assets, like money. However, non-fungible assets cannot be interchanged. For example, you can loan a friend $20, and when they pay back, they can return the same value in four $5 notes. Other assets like Bitcoin or stocks are also fungible. For instance, one Facebook share is equal to another, and 1 BTC on your wallet is the same as another wallet.

Non-fungible assets, on the other hand, have unique properties that you can’t substitute. This means there’s only one specific item in the world. A non-fungible asset could be the original version of a painting or a house. Take the Mona Lisa or van Goh’s The Starry Night, for example. You can reprint them or take pictures, but they’ll only have one original version. Now, non-fungible tokens can be seen as digitized proofs of ownership for physical or digital assets. They’re unique tokenized assets issued on a blockchain. You can buy and sell them like other real-world assets like property or paintings.

Buying an NFT means transferring ownership of the underlying asset to yourself. This could be art, music, domain names, or houses.

NFTs have the following characteristics:

  • They cannot be substituted or replicated
  • They’re permanent
  • They can’t be counterfeited
  • Ownership is easy to verify

Like cryptocurrencies, NFT transactions are stored on a blockchain or distributed ledger. This makes it difficult to forge them or falsify ownership. Instead, you only have to look at the blockchain to know who owns a particular non-fungible token.

Differences Between NFTs and Cryptocurrencies

Differences Between NFTs and Cryptocurrencies

While NFTs and cryptocurrencies exist on the blockchain, they are not the same. Cryptocurrencies are cryptographically secured digital assets that have no difference from each other. For example, 1 ETH is the same everywhere and can be exchanged for other currencies, like Bitcoin. However, NFTs are non-interchangeable assets that are also secured by cryptography. Therefore, one NFT cannot be substituted with another NFT, and they can’t be exchanged.

How NFTs Started

The first-ever group of NFTs appeared on the Bitcoin blockchain. They were called “The colored coins.” They were used to prove ownership of real-world assets on the blockchain. Fast-forward to 2014. Counterparty was born. The company was founded by Adam Krellenstein, Robert Dermody, and Evan Wagner. The platform is a distributed, open-source protocol and peer-to-peer financial platform that leverages the Bitcoin blockchain. The company created a decentralized exchange where people could create and trade assets.

In 2016, the developers of the game Spells of Genesis partnered with Counterparty to create in-game assets and a currency known as BitCrystals. After that, Force of Will, a trading card game, partnered with the company to launch their cards on the platform. These moves signaled the value of Non-Fungible Tokens. Later, different Ethereum standards, known as ERC-721 and ERC-1155, were introduced for NFTs. This is because tokens on the ERC-20 network are allowed to interact with themselves and are indistinct from each other.

The NFT boom – Why are NFTs so Popular?

 Why are NFTs so Popular

Saying that NFTs are popular is an undersell. Everyone conversant with the crypto community knows about these digital assets. Every exchange now offers NFT marketplaces, and NFT platforms are springing up daily across blockchains.

Examples of record-setting NFT sales are still mind-blowing.

  • Beeple, the digital artist, sold the piece called “Everydays: The First 5000 days” for $69.3 million.
  • Jack Dorsey, Twitter’s CEO and co-founder sold an NFT of his first tweet for over $2.9 million.
  • One LeBron James basketball clip sold for more than $200,000 as an NFT.
  • A 2011 GIF of a cat, called Nyan Cat, sold for almost $600,000

The first six months of 2021 saw the NFT market volume grow to more than $2 billion, up from $94 million in the previous year. Apart from the headlines made by the expensive NFT sales, companies like Cloudflare and Twitter fed into the hype by making NFTs seem more legitimate. The former marketed Non-Fungible tokens to its clients and announced that its streaming service, Cloudflare Stream, will now support NFTs. This means any video on stream can have an NFT contract showing ownership on a blockchain.

Also, celebrities like Jay Z, Katy Perry, and Shaquille O’Neal have all jumped on the NFT bandwagon. What’s more, the NBA now has a dedicated marketplace where it sells NBA video snippets as NFTs. Other big brands like Marvel have launched theirs, and companies like eBay and Dolphin are getting in on the action.

Taco Bell and Charmin hosted auctions to sell themed NFT art. It only took minutes for Taco Bell’s NFT to sell out 1.5 wrapped ether (same value as 1 Ethereum).

Will NFTs Fail?

In reality, you can search for the Nyan Cat GIF and download it on your computer. The Beeple JPEG that sold for $69.3 million can be found and viewed on the Internet. And you can always watch the LeBron James clip whenever you want to. The only difference between you and the owners of these NFTs is that they have verifiable ownership rights to these digital items, just like owners of original art pieces. While skeptics call NFTs a giant bubble waiting to burst, proponents see it as a revolutionary way to own digital assets.

How to Invest in NFTs

If you want to jump on the NFTs train, it’s your lucky day. We’ll be showing you how to buy NFT tokens, mint your own NFTs, and the best NFT investments to explore. You can mint your own NFTs, put them up for sale, or run an auction. You can also buy upcoming NFTs and flip them for a profit. What’s more, if you’ve been asking, “What is an NFT stock?” or “What are NFTs stocks?” you’ll find all the answers you’ve been looking for.

How to Buy NFTs

How to Buy NFTs

Whether you want to enter NFT trading or own some of these assets, you’ll have to know your way around purpose-built NFT marketplaces. However, before we get too far, there are essential steps to follow. For starters, you must open a cryptocurrency wallet before you can invest in NFT assets and participate. This is because the different marketplaces for NFTs require the wallet to make transactions and interact with the corresponding blockchain.

Top NFT marketplaces include OpenSea, Foundation, SuperRare, and Rarible. In addition, there are now up to hundreds of platforms springing up, and exchanges now run centralized hubs for buying and selling tokenized assets. Now, let’s walk you through setting up a cryptocurrency wallet before showing you how to buy NFT tokens.

Setting up a Cryptocurrency Wallet

There are different non-custodial crypto wallets that you can choose from. While some wallets, like MetaMask, support multiple blockchains, others, like Sollet, are blockchain-specific.

The NFT marketplace where you want to trade should guide your decision on the wallet to use.

The process is quite similar across different wallets. It involves:

  • Download the mobile wallet application or web extension
  • Back up your seed or mnemonic phrase or private key
  • Confirm your private key or secret phrase
  • And fund the wallet

We’ll be using the MetaMask wallet as an example for this guide. Follow these steps to create a browser extension wallet:

  1. Head to the MetaMask website – metamask.io – to download the browser extension. Unfortunately, fake Metamask wallets are often deployed on the Google web store from time to time. So, make sure you go through the official MetaMask website.
  2. Click on the Download button on the site’s home page.
  3. The website will detect your browser and provide the appropriate link. For example, if you use Chrome, you’ll see the “Install MetaMask for Chrome” button. On Mozilla Firefox, you’ll see “install MetaMask for Firefox” instead.
  4. After clicking it, you’ll be redirected to the MetaMask page on the Chrome web store or Firefox Add-Ons platform.
  5. Click on Add to Chrome or Add to Firefox.
  6. Click on Add Extension in the confirmation fly-out.
  7. You’ll see the MetaMask setup page once the installation is complete.
  8. After clicking on the Get Started button, the next step involves backing up your seed phrase since you’re creating a new wallet.
  9. So, click on the Create Wallet button
  10. Select Agree – or No Thanks – to allow MetaMask to use your data.
  11. Create a password on the next page.
  12. You can watch the video on the Secret Recovery Phrase page to learn more about it. You should note that anyone with access to your secret phrase will control your wallet and all the funds in it.
  13. Click on the Next button to proceed.
  14. Now, click on the padlock to view your secret phrase.
  15. Write down the seed phrase somewhere and keep it safe.
  16. Click on Next.
  17. You’ll now be required to confirm your secret phrase by entering them in their original order.
  18. Do that and click on Confirm.
  19. Select All Done, and you can now view your wallet with your Ethereum balance.

You can switch networks (blockchains) by clicking on the Ethereum Mainnet drop-down menu at the top. Select custom RPC, then enter the details of the blockchain network you want to add. You can find those details on the website of the blockchain project you’re looking to add to MetaMask. The steps above can serve as guiding principles to creating any wallet. Make sure you’re downloading the official wallet, whether it’s an extension or mobile application. Also, ensure you keep your secret phrase safe, as this is what you’ll need to recover your wallet whenever you lose access to your device.

Buying and Selling NFTs

While many blockchains now offer NFT minting features, Ethereum is the most popular and reliable. The downside here is that you’ll get to pay a lot in gas fees. However, with platforms like Polygon popping up, you can reduce the amount you spend. OpenSea and Rarible are the most prominent marketplaces for NFT trading on the Ethereum blockchain. However, once you’ve learned how to use them, buying and selling on other platforms should be easy.

Before you start, note that setting up a wallet isn’t enough. You also need Ethereum in your wallet to process gas fees. So, head over to a crypto exchange, purchase ETH and transfer it to the wallet you just created. To deposit ETH into your wallet, click the Copy symbol at the top of the extension. Then, use the copied address to withdraw your funds from the exchange.

How to Use OpenSea

OpenSea is the largest NFT trading ground in the world. There’s a sea of collections trading at low and outrageous prices. It’s the best place to find NFT gems that can be later sold for profit.

If you’re an artist or have items you’d love to convert to NFTs and sell, this is the biggest platform to find buyers. OpenSea is a decentralized marketplace. This means you don’t have to pass through any KYC process or register using your name. Instead, all you need is an Ethereum-supported cryptocurrency wallet.

Here’s how to use the platform:

  1. Go to openSea.io.
  2. Click on Create.
  3. Choose MetaMask.
  4. When your MetaMask wallet extension shows up, click on Next and connect.
  5. Click on Sign to accept the OpenSea Terms of Service.
  6. At first, you’ll be taken to the Create page. This is where you can mint a new NFT. You can upload an image, video, audio, GIF, and vector file, among others.
  7. Enter the name of the NFT and description. You can also add a link to your web page.
  8. There are other features such as Stats, Levels, and Properties that help you track the asset.

The Explore menu in the navigation bar allows you to check out different NFT collections. The Stats menu enables you to see collection rankings and activity. Finally, the Resources menu is where you’ll see learning materials, helpful information and access the gas-free marketplace built on the Polygon blockchain. With the OpenSea search bar, you can find a creator’s collections by entering their contract address. You can also type the name of the NFT or collection you want to check out or buy. The search bar also offers you different sorting options such as Recently Created, Recently Listed, High to Low Prices, and so on.

Using Rarible

Rarible is also a decentralized NFT trading zone that requires you to have a Metamask wallet with an adequate ETH balance. Follow these steps to use the platform:

  1. Go to Rarible.com.
  2. Click on the Sign In button.
  3. Select Sign In with Metamask.
  4. Click on the Next button once the Metamask extension appears and select Connect.
  5. Accept the terms of services and proceed.
  6. You’ll be redirected to the Explore page, where you’ll see different NFTs on sale.

The website is pretty intuitive. A Create button conveniently placed in the top-right corner allows you to mint your own NFTs with ease.

Other NFT Marketplaces

NBA Top Shot is the NBA’s NFT platform where the basketball body sells tokenized “Basketball’s greatest moments.” The main difference between this platform and decentralized marketplaces is that you’ll sign up using an email address. Exchanges are also creating NFT marketplaces. You can sign up on Kyrrex crypto trading platform, for example, and buy or sell your own NFTs.

If you’re wary of Ethereum’s gas prices, you can check out other platforms on blockchains such as Solana, Avalanche, and Algorand, among others.

Non-Fungible Token Stocks

 Non-Fungible Token Stocks

Another way to get in on the action is by investing in NFT stocks. Many companies are noticing how NFTs are transforming the art, gaming, and even financial industries, and they don’t want to be left out. Apart from brands leveraging NFT auctions to raise funds for charity, others are making it a part of their businesses. This means you can buy in on their stock and ride the NFT wave without owning actual NFTs.

What are NFT stocks? You must be asking.

They’re traditional stocks, but for companies with NFT investments. For example, Shopify and Visa are making a foray into the world of NFTs. Visa recently purchased a tokenized Cryptopunk asset worth $150,000 to understand better how they work. Shopify, on the other hand, is bringing NFTs mainstream by allowing some merchants to sell NFTs. So, you could trade the stocks of these companies on the New York Stock Exchange. Others include Vinco Ventures, Cloudflare, Dolphin Entertainment, and eBay.

NFT Investment: Finding the Right Gem

Spotting the next NFT to flip can be tricky business. It’s different from finding a good cryptocurrency project, buying its token, and waiting for its price to explode.

Going to the Explore page on OpenSea, you can see recent trade activities. Multiple and repeated sales from the same collection should tell you what’s hot and trending.

However, the most important thing you have to do when it comes to NFTs is research. Find out everything there is about a project. For example, who are the founding members? What’s its roadmap? And what’s its community size and strength.

Ideally, you should look for projects with the lowest supply of items in each collection. In addition, make sure the project has a high number of owners and a significant amount of increased trading volume. Finally, research on companies entering into the NFT space and consider going for those NFT stocks.


Whether or not NFT skeptics believe it’s a bubble waiting to burst, the market is still on a high. There’s no doubt the future holds a lot for these assets seeing that big brands are taking them mainstream. So, if you were thinking about investing in NFT assets, now is the right time to do your research and check out hidden gems.

About Kyrrex

Kyrrex is a multifunctional professional platform for trading and storing cryptocurrencies

Related articles
#Cryptocurrency market
Tokenomics 101: Explaining the Basics and Beyond of Token Economy

Tokenomics, a fusion of 'token' and 'economics,' refers to the economic principles and models underpinning digital currencies within the blockchain sphere. This intricate ecosystem encompasses various factors such as token supply, demand, distribution methods, and overall market valuation, playing a pivotal role in the sustainability and success of cryptocurrency projects. Unlike traditional economies, governed by centralized financial systems and regulatory bodies, tokenomics operates within a decentralized framework, offering innovative approaches to value creation, transfer, and management.

As the digital asset landscape continues to expand, understanding the fundamentals of token economy becomes crucial for investors, developers, and enthusiasts alike. This article aims to demystify tokenomics, guiding you through its core components, real-world applications, and the impact on the broader crypto economy.

Tokenomics and token economy

Tokenomics represents the study and structural framework of a token's economy within the blockchain sphere, encompassing aspects like supply, demand, distribution, and valuation. In this system, the token economy operates under a unique set of rules and mechanisms distinct from traditional economies. Supply refers to the total quantity of tokens available, which can be fixed like Bitcoin's 21 million cap, or variable as seen in some governance token models. Demand is influenced by the token's utility, perceived value, and market conditions.

Distribution entails how tokens are allocated or issued to users, investors, and the project's team, which can significantly impact the token's initial and ongoing valuation. Valuation, meanwhile, derives from market perceptions, utility, and the token's inherent properties, such as security features or governance rights.

Unlike traditional monetary systems controlled by central authorities, the token economy leverages blockchain technology to enable a decentralized, transparent, and secure environment. Here, market dynamics are not influenced by central bank policies but by code, community consensus, and decentralized protocols. This paradigm shift from centralized to decentralized finance represents a significant evolution in how value and economy are conceptualized and managed within the digital age.

Key Components of Tokenomics

Tokenomics delves deep into the operational and economic facets of tokens within blockchain projects. Understanding these components is critical for grasping how tokens gain and maintain their value.

1- Minting

The process of minting involves creating or generating tokens within a blockchain project. Different protocols have varied methods; Bitcoin, for example, rewards miners for validating transactions, thus "minting" new coins. Ethereum initially distributed Ether through an Initial Coin Offering (ICO), but also mints new Ether as rewards in transaction processing. The method of minting impacts the initial and ongoing supply of tokens, influencing scarcity and value.

2- Utility

Tokens must serve a purpose within their ecosystems; this utility drives demand. Bitcoin's primary utility is as a digital currency, while Ethereum's Ether is used to perform transactions and run applications on its network. Other tokens might grant voting rights in project governance (governance tokens), access to services, or act as a stake in decentralized finance (DeFi) platforms.

3- Supply and Demand

The principles of supply and demand heavily influence token economics. If a token has a capped supply (like Bitcoin), scarcity can increase demand, potentially raising its value. Conversely, if a token's supply is vast or infinite, its value might be lower unless there is significant demand. Market perception, technological advancements, and broader economic factors also play into this dynamic.

4- Distribution and Allocation

The method of token distribution can affect its long-term value and security. Initial allocation might occur through public sales (ICOs or IDOs), community rewards, or allocations to founders and early investors. Projects like Solana and Cardano have allocated significant portions of their tokens to insiders but have maintained public interest through transparency and project utility.

5- Vesting and Inflation

Vesting schedules and inflation control are critical for maintaining a token's value and ensuring project longevity. Vesting prevents market flooding by slowly releasing tokens to developers or investors, maintaining stability. Projects can control inflation through mechanisms like token burning or halving events, as seen with Bitcoin, which undergo periodical "halvings" reducing the reward for mining new blocks, thus controlling the rate of new token introduction into the ecosystem.

Each of these components must be carefully balanced to create a sustainable and successful tokenomics model. Missteps in any area can lead to issues like rapid devaluation, lack of interest, or even project failure.

Examples of Real-World Token economy in Action

Tokenomics comes to life in various blockchain projects, each employing unique strategies to enhance their ecosystem's value and usability.


As a pioneer, Ethereum revolutionized the blockchain space by introducing smart contracts. These are self-executing contracts with the terms of the agreement directly written into lines of code. Ethereum's token, Ether, serves primarily as a utility token, necessary for conducting transactions and executing contracts on the Ethereum network. Its initial distribution was through an ICO, establishing an initial supply that has since increased due to block rewards. Ethereum's shift from Proof of Work (PoW) to Proof of Stake (PoS) in the Ethereum 2.0 upgrade impacts its tokenomics by changing the reward structure and potentially reducing the rate of new Ether creation, influencing scarcity and value. Transaction fees, known as "gas," also play a crucial role, as they vary based on network demand, adding an economic layer to operation prioritization.


Known for its incredible speed and lower transaction costs, Solana has emerged as a highly efficient blockchain platform. Solana's native token, SOL, is used to pay for transactions and for staking as part of its Proof of History (PoH) and Proof of Stake (PoS) hybrid consensus mechanism. The initial supply was determined at its launch, with ongoing emissions governed by inflationary policies aimed at incentivizing validators and stakers. Solana has a deflationary aspect as well, where transaction fees are burned, reducing the total supply and potentially increasing the value of remaining SOL tokens over time.


Cardano differentiates itself through a strong emphasis on peer-reviewed academic research and formal methods in its development process, ensuring a high degree of security and scalability. ADA, Cardano's native token, is used for transaction fees and staking within its PoS consensus mechanism, Ouroboros. The initial supply was set during its ICO, with a defined maximum supply cap to prevent inflation. Staking ADA not only supports network security and operation but also rewards users, distributing new ADA created through inflation and transaction fees based on their stake. The design aims to balance between rewarding holders and ensuring long-term sustainability, reflecting Cardano's research-driven approach to blockchain development.

Diverse approaches to tokenomics can significantly impact a project's success and the value of its associated tokens. Each project's unique strategy — whether focusing on technological innovation, efficiency, or academic rigor — plays a critical role in shaping its token economy and overall ecosystem.

Impact of Token economy on Investors and Projects

Token economy significantly influences both investor decision-making and the overall success of cryptocurrency projects. Investors scrutinize tokenomics for insights into a project's long-term viability, supply scarcity, and potential return on investment. They assess factors such as token distribution, utility, and inflationary controls to gauge the risk and potential growth of their investments. A project with clear, fair token distribution and a practical utility for its token is more likely to attract and retain investors.

For projects, well-structured tokenomics is crucial for sustainability and achieving set objectives. Proper tokenomics ensures that the project is adequately funded and that incentives are aligned between the developers, users, and investors. It helps maintain a balanced ecosystem where tokens circulate effectively, facilitating transactions, rewarding participants, and funding continued development. The long-term success and adoption of crypto projects heavily depend on their tokenomic models, which should be designed to support growth, stability, and engagement within the ecosystem.

Trends and Challenges in Crypto Token Economy

Trends already influencing token economics include the integration of governance tokens, enhancing decentralized decision-making within projects. These tokens empower holders with voting rights on project developments, potentially increasing user engagement and investment in the project's future. Additionally, the trend towards deflationary token models, where the total supply decreases over time, could create scarcity, driving demand and potentially increasing token value.

Another emerging trend is the use of layer-two solutions and cross-chain interoperability to enhance transaction efficiency and reduce costs, directly impacting the utility and attractiveness of a project's token. However, these advancements come with challenges, including regulatory uncertainty and the need for robust security measures to prevent fraud and ensure user trust.

However, creating a balanced and sustainable token economy remains a complex challenge. Projects must design tokenomics that incentivize participation and growth without leading to over-centralization or excessive inflation. They must navigate these waters while maintaining compliance with an ever-changing global regulatory landscape, which can significantly impact token valuation and project operations.


Tokenomics is essential in assessing a cryptocurrency's potential. A well-designed economic model can lead to a project's success, while a poor one can doom it. For investors and creators alike, a deep understanding of tokenomics is crucial in navigating the burgeoning field of digital currencies.

For more info and trendy articles check our Crypto Blog.

#Kyrrex sport
Kyrrex Seizes Esports: Discover Cryptothlon

At Kyrrex, our quest for innovation and growth extends beyond cryptocurrency transactions. We understand the immense potential and transformative power of the gaming industry, meta universes, and NFTs within the dynamic crypto landscape.

For some time, we have been meticulously developing Cryptothlon, an intriguing game platform that harmoniously melds together elements of a metaverse and an online game. In this post, we're excited to delve deeper into this promising project and introduce our community to the numerous possibilities Cryptothlon brings to the gaming and crypto areas.

Dive into the Cryptothlon Arena


In Cryptothlon, the future of esports takes form in an action-crafted arena. Here, each participant will be able to customize their very own Crypto Athlete and Cyberjet, forging unique strategies before they step foot on the competitive scene. This is not just a game; it's an all-encompassing experience where players gain direct control over the development and progress of their digital Athletes, who are empowered with unique characteristics and abilities.

Navigating the Cryptothlon Universe: Token Integration

One of the groundbreaking features of Cryptothlon is its integration with NFTs and our proprietary KRRX token system. With these, player customization and rewards will reach new heights. Depending on the division, players will have the chance to participate in various tournaments and collect bonuses that directly influence the performance of their Athletes and Cyberjets. Furthermore, these rewards have a significant impact on the platform's economy, driving up the value and attractiveness of participation.

The Ecosystem of Cryptothlon

Cryptothlon is more than just a game; it's an ecosystem. From battling bots or facing off against fellow enthusiasts in multiplayer championships to earning from prize pools. Each player's experience is unique. The player's autonomy extends to Cyberjet part customization for maximum performance and the ability to trade equipment and modules on the market. These exciting features create an immersive, flexible environment where the potential for triumph and rewards is limitless.

More Surprises Ahead

Cryptothlon development is in progress. At Kyrrex, we are committed to consistently evolving in the gaming industry, and we have many surprises in store for our gaming enthusiasts, particularly within the metaverse.

With Cryptothlon, we are embarking on a new era of esports where every player has the power to own, compete, and develop. We will share more details on the project later this year. And don't forget to have your KRRX tokens ready so you can take full advantage of this captivating gaming universe.

NFT Will Make You Tons Of Cash. Here's How!

Let's not kid ourselves: everybody is in crypto to make money. Be it venture capital or retail investors, the ultimate goal is profits, lots of it. Enough profits to retire for good on some sunny beach in South America.

Okay, fine, there are more noble goals in cryptocurrency beyond the pursuit of more wealth. There's decentralizing the means of exchange away from government and corporation control. There's the building of next-gen internet apps on blockchain technology. There's various novel approaches to finance, games and real estate. And there's the ongoing exploration of the blockchain-based metaverse.

Most people who jumped early on the bandwagon of projects like the above have already smiled to the bank. Cryptocurrency has made millionaires out of many; it will make many more. One of the newest and best ways to accumulate huge gains in crypto is through non-fungible tokens (NFTs).

NFTs combine blockchain tech and the idea of collectibles into a unique token of burgeoning popularity. They're the latest money-spinning method in crypto for those who are savvy enough to take advantage.

In this article, we'll show you six ways NFTs can make you tons of cash:

1- Invest in an NFT collectible

 Invest in an NFT collectible

Non fungible tokens manifest mainly as digital collectibles of various types. They are uploaded on special marketplaces where traders can transfer ownership by buying and selling. An NFT marketplace works similarly to a platform like Amazon. Prices are either fixed or the auction method is used.

The big deal about buying a solo NFT or part of a collectible is that you can flip it later at higher prices. Much like you can buy a traditional cryptocurrency like bitcoin and sell it when the price is higher, you can do the same with NFTs. The risk, of course, is that demand for the item you hold might wane, pushing the price lower.

This is why you should research any NFT project before you invest in it. Class-A NFTs like CryptoPunks and Bored Ape Yacht Club might be beyond most people now but there's a ton of other solid collections to invest in.

Again, knowing the right time to pull the trigger and sell off the NFT is key. We don't want to be saddled with a collectible that no one wants to buy.

Once you've decided which non-fungible token to invest in, you can make your way to OpenSea, Rarible or another marketplace and make your purchase. Once you're ready to sell, simply list your item at the price you want. Once someone buys it, the payment will be transferred to your wallet.

2- Mint an NFT

Mint an NFT

Rather than investing in a collectible, why not mint one yourself? Given that you can create an NFT by yourself, nothing stops you from making cool money by launching your own NFTs. You can either list a single digital collectible or make it a collection.

If you're an artist, you're in luck. NFT artworks are selling like hot cakes with crypto investors looking for alternative ways to spend their profits. With good art and graphics skills and marketing savvy, you can attract publicity to your NFTs and get rich selling them on a marketplace.

Most NFTs use the ERC-721 standard, an Ethereum protocol, to encode information though other networks like PolkaDot and Solana are seeing some use. You need some Ethereum, a compatible wallet, and the items to transform to NFTs, to begin. Head over to a marketplace and mint your collectibles. You can then list them for a price.

Jack Dorsey sold an NFT of his first tweet for $2.9m. You can find takers for your own memorabilia, if they are memorable enough. Photos, videos, music, memes, tweets, artwork, documents and other things can be listed as NFTs. The list is endless.

3- Buy an NFT Token

Buy an NFT Token

Another way to benefit from the non-fungible token revolution is to buy… a fungible token! In particular, a fungible token associated with NFTs. As the use case for NFTs expand, lots of projects now incorporate these tokens as the central component of their ecosystem.

You can benefit from this by investing in a cryptocurrency linked to an NFT project. As the project gains in popularity and hype, its associated token is likely to increase in value. Game, metaverse and real estate projects have seen their values skyrocket to unprecedented levels over the past year. The trajectory of the NFT space remains upwards for the foreseeable.

You can maximize your gains from NFTs by looking for solid projects still in their infancy and investing in their tokens. And if you'd rather jump on a moving train, there are lots of popular NFT projects in the mainstream. You can bet on their prices going even higher, despite the huge gains they've already made.

We've listed 5 of the most popular tokens associated with NFTs:

Decentraland (MANA)

Mana is the utility token of Decentraland, an NFT real estate platform operating since 2017.

  • January price: $0.07
  • December price: $3.64
  • All time high: $5.90

Axie Infinity Shards (AXS)

Axie Infinity is a trading and battling game on the blockchainthat plays like pokémon. AXS is its governance token.

  • January price: $0.41
  • December: $105
  • All time high: $165.37

The Sandbox (SAND)

The Sandbox is a multilayered NFT p2e platform that provides a 3D environment where users can function as gamers, creators and traders.

  • January price: 0.03
  • December price: 6.70
  • All time high: 8.44

Enjin Coin (ENJ)

Enjin Network is a social gaming platform built to provide the most comprehensive gaming experience on the blockchain, including the use of NFTs.

  • January price: $0.12
  • December price: 3.03
  • All time high: 4.85

My Neighbor Alice (ALICE)

My Neighbor Alice is an NFT multiplayer game on the Binance Smart Chain. Players buy islands, build on them, and simulate other social activities.

  • Launch price: 3.19
  • December price: 14.20
  • All time high: 42.55

Looking at the past and current prices of these and similar projects, it's evident that investing in the right NFT project can be potentially life-changing.

4- Play NFT Games

Play NFT Games

If you're not deep-pocketed, you can still make massive gains from NFTs by engaging in gaming activities on the blockchain. There are literally dozens of crypto-based games offering some form of rewards for productive gameplay.

There are various models of NFT games at the moment. Play-to-earn games reward you in crypto for playing games. This can simply be by completing objectives or by progressing far enough in the game to unlock rewards.

A different model is play-to-win. In this game, users pit their wits against one another and the winners take the prizes on offer. This is a common system in games that use racing and sports elements.

Your rewards for playing games could be a currency like Ethereum, the platform's utility token, like TLM in Alien Worlds, or non fungible tokens which you can either keep or sell. If you're a gaming pro, you can monetize your skills and amass a small fortune from crypto.

To start making money from games on the blockchain, it's better to find a game you like or can quickly learn. Typically, you need some of the platform's utility tokens to start with. These will go into buying the virtual equipment you need.

Here are some popular NFT games you can play and earn from right now:

  • SplinterLands: a multiplayer collectible trading card game.
  • Alien Worlds: a play-to-earn social simulation game in the metaverse.
  • Axie Infinity: a pokémon-inspired game where users breed and battle with virtual pets called axies.
  • Farmers World: an innovative P2E farming simulator.
  • Star Atlas: a space exploration, combat and community game on Solana with next-gen graphics.
  • Bomb Crypto: a virtual universe on the blockchain where players control cyborgs to hunt the in-game token and fight monsters.
  • CryptoBlades: a monster-based RPG with solo and cooperative elements.
  • Thetan Arena: a player-vs-player multiplayer online battle arena game with various modes gamers can earn from.
  • Gods Unchained: one of the most popular card-based blockchain games.

Established NFT games will likely be more expensive to play. If you're a beginner, you can start your NFT earning experience with newer and cheaper games.

5- Buy NFT real estate

Buy NFT real estate

Virtual real estate is looking like the next big thing in the NFT space. You can find them on a decentralized virtual metaverse platform that allocates land to buyers who then go ahead to build whatever they want.

There are dozens of metaverses you can visit and invest in. The metaverse is a persistent 3D universe where you can play, work and socialize using a digital avatar. Imagine taking the dog for a walk, attending a concert and hanging out with friends all while relaxing on the couch in your house.

From an economic perspective, the metaverse has huge potential for the canny investor. You could buy a piece of real estate on a metaverse platform, and sell it for a profit when demand increases. You can even develop it into a virtual garage, cinema, or shopping mall and make money from the building.

If you're excited by the possibilities, you can start your journey on these metaverse platforms:


Decentraland is the most popular crypto real estate platform and by far the most developed. It has over 20 million active users and has already played host to big events like concerts and auctions.

There are 90,000 plots of land on Decentraland and the choicest pieces have been snapped up already. You can visit the Decentraland marketplace to check land for sale. If you find one you like, you need to pay using MANA, the platform's utility token.

Real estate on Decentraland doesn't exactly come cheap. At the current price of MANA, you need around $12,000 to buy a parcel of LAND on the platform.


Upland is another metaverse platform that deals in virtual real estate. Upland wants to be a digital version of earth. Properties on the platform replicate a real-world address. So you can buy virtual copies of famous places in New York or Los Angeles.


This is another platform where you can buy, sell or develop properties. It's a user-owned virtual world on the Ethereum blockchain. Buyers are encouraged to develop stores, art galleries and other useful structures on their parcels. This platform focuses on art-centric buildings like museums, studios, galleries that can host virtual art fairs or house artworks for virtual tourists to admire.

6- Participate in NFT Airdrops

Participate in NFT Airdrops

Everybody loves freebies, and if you can flip them for serious money, even better.

You don't have to buy or create an NFT to own one. You can participate in airdrops and similar programs that reward you for your time, followership or promotion with a free NFT.

The Crypto Punks NFTs, for example, were given out for free. Some are now worth millions of dollars. Some popular brands like Pepsi have also held free NFT promotions that can now be bought on OpenSea.

Just like cryptocurrency airdrops, NFT airdrops occur frequently in the crypto world. You can monitor a platform that tracks upcoming drops to learn how to participate. In some instances, you need to fulfil conditions such as holding a certain type of cryptocurrency, to be eligible for a drop.

If you're lucky, you can land a unique or rare NFT that's in high demand and trade it when the hype is loudest.


Contrary to popular opinions, NFTs don't begin and end with collectibles and digital art. It's a fast-moving segment of blockchain tech that keeps evolving with new products and use cases.

This, of course, means newer and better ways to make money. It offers unique opportunities for veteran and newbie gamers alike to monetize their love of friendly competition. Investors can also ride the growing NFT hype train by getting good yields from NFT-related cryptocurrencies or stay with classical methods of investment in Bitcoin or other altcoins like KRRX token.