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.
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.
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.
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:
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.
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:
- Solanart: This is the largest marketplace with the most liquidity.
- 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.
- 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.
Editor, Strategic Fortunes
From open till noon Eastern time.
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My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.