In short, there’s no way to truly know just yet. However, if you are an entrepreneur, artist, creator, or gamer it makes sense to be extremely curious. There is definitely not enough evidence just yet to support whether or not NFTs are a profitable long-term investment and each individual has a unique financial situation, nevertheless, many celebrities, investors, and art snobs have compared NFTs with the evolution of the Internet. “What’s the similarity?”, you might be asking yourself. Well, the argument circling this year is that they aren’t going anywhere and are only continuing to evolve. Therefore, if you do choose to invest in NFTs, you are still exceptionally early to the game.
The downside of investing in popular NFT projects is that it is competitive and floor prices are steep. In other words, the ‘average Joe’ may find it increasingly difficult to cough up $10k USD for a mediocre NFT project and downright impossible to pay close to half a million United States dollars for an NFT project like BAYC (Bored Ape Yacht Club), which is causing a division of wealth between the ultra tech-savvy and the technologically incompetent Internet and social media users in every generation. In other words, those who get it, get it and those who don’t, well, they simply don’t have a clue. Luckily, you should have no fear because Amberfi is here! We will be working exceptionally hard to bridge the gap between first-time NFT minters (if you don’t know what ‘minting’ means just yet, don’t worry we will get to that soon enough) and some of the most successful NFT collectors today.
(Baby Shiba from Shiba Social Club)
It is easy to get a feel for the art market by experimenting with smaller or less expensive projects. This reason among many others is what personally attracted me to the Solana (SOL) Blockchain. In comparison to the Ethereum (ETH) blockchain or $ETH NFT projects, $SOL NFT projects were a lot more affordable and felt like a good place to start. In addition, the Solana Blockchain has less traffic which means little to no ‘gas fees’ A.K.A transaction fees resulting in lower costs for ‘minting’ an NFT to the Blockchain’ A.K.A being the first owner of an NFT or reselling NFTs on a Marketplace.
The problem for serious investors, however, is that $SOL NFTs are cheaper to ‘mint’ or trade, however, the Blockchain has far less traffic or ‘hype’ and therefore they are not worth as much as $ETH NFTs though they suffer a lower risk. In the world of NFTs more risk = more rewards and vice versa. Nevertheless, with more Blockchain options and NFT projects surfacing ranging from >$1 USD to < $400,000, most people should feel comfortable finding an entry price that is comfortable for them and their unique financial situation and start exploring the world of Web3 with unlimited potential for growth and very little risk.