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How to Invest in NFTs in Nigeria

How to Invest in NFTs in Nigeria revealed. We tested and verified the best guide to Invest in NFTs for Nigerian Traders.

This is a complete guide on How to Invest in NFTs in Nigeria.

In this in-depth guide you’ll learn:

  • What is a NFTs?
  • How to invest in NFT’s without buying NFT’s?
  • Best NFT investing strategies?
  • How to invest in NFT’s for Beginners
  • Best NFTs investment platform
  • How and can I trade Bitcoin with $5 (2 096 NGN)?
  • Which brokers offer a signup bonus on a $5 (2 096 NGN) deposit?
  • Which Bitcoin Broker offer a low minimum deposit of $5 (2 096 NGN) for first-time traders?


And lots more…

So if you’re ready to go “all in” with the best-tested guide to invest in NFTs in Nigeria…

Let’s dive right in…

Updated : September 26, 2022

What are NFTs?

👉 A non-fungible token (NFT) can be anything of artistic, musical, video, or gaming value that can be stored digitally. They trade hands digitally, usually for bitcoin, and are built on the same underlying technology.

 

👉 Although NFTs have been present since 2014, they are now enjoying a surge in popularity as a means of transacting in digital artwork. In 2021, the NFT market was valued at $41 billion, which is as much as the worldwide fine art market.

 

👉 Most NFTs are either one-of-a-kind or part of a small production run and are labelled with special codes.

How can Nigerians invest in NFTs?

How can Nigerians invest in NFTs?

👉 If buying the best NFTs appears attractive to you, it is a clever idea to educate yourself on what NFTs are and how NFT investment works. Although digital art, music, and blockchain gaming products account for most of NFT trade volume, any asset might be at stake.

👉 The blockchain, the distributed ledger on which numerous cryptocurrencies are recorded, serves as the hosting platform for NFTs. Even though Bitcoin was the first to popularize blockchain technology, many other intriguing networks have emerged.

👉 Even while Solana, Cardano, and the Binance Smart Chain are all major players in the NFT field, Ethereum has emerged as the industry leader among these networks. An NFT marketplace is a venue where people may buy and sell NFTs.

👉 The greatest NFT marketplace is a user-friendly online storefront where traders may peruse and buy NFTs made by other traders. Typically, NFTs will be advertised at a set price or via an auction, with potential buyers able to place bids hoping to snag the security.

👉 Lastly, suppose you want to keep your newly purchased NFT safe and make further transactions in the cryptocurrency ecosystem. In that case, you will need a crypto wallet.

👉 Several reliable crypto wallets establish connections to NFT markets, enabling customers to pay for goods and store their digital assets securely.

Understand the risks involved with NFTs

👉 As a novel asset class, NFTs should be regarded as very hazardous. A portion of the risk of investing in NFTs is the danger of investing in cryptocurrencies.

👉 Even though cryptocurrencies have existed for over a decade, the digital currency investing sector is still relatively young and volatile. Due to government intervention or poor market circumstances, the value of cryptocurrencies may plummet without warning.

👉 If the cost of your NFT is denominated in Ether, and the price of Ether drops by half, then your NFT may fall by half or even more. As a result, you can lose your entire investment in a cryptocurrency or an NFT.

Choose an NFT

👉 The first step in acquiring an NFT is also the most enjoyable: shopping for the NFT you want to get. Each NFT is exclusive or a member of a restricted set. Explore the marketplace listings until you locate the appropriate NFT to begin your collection.

👉 You may explore OpenSea, Rarible, and Axie Marketplace to determine what is accessible. However, in most NFT markets, you can only acquire NFTs using cryptocurrency, so you must manage the crypto you need.

Do Your Own Research (DYOR) into different NFTs

👉 Successful individuals in the NFT sphere and beyond do not take their own research lightly. Do not just accept life as it is. Do not be afraid to put your money where your mouth is, but before you do, be sure you have done your homework.

👉 There are four key areas you should investigate, discussed below.

Consider its creator

👉 A proverb in the NFT industry states, “An NFT is only as excellent as its developer.” When investing in a non-fungible token, you are indirectly investing in the individual behind the enterprise. Therefore, your responsibility is to explore and understand the creator’s lineage.

👉 Nigerians must ask some of these questions when they evaluate the creators:

➡️ How many further NFTs have they designed?

➡️ How productive were the projects?

Evaluate the product/NFT

👉 You must also determine the value of the NFT you want to obtain. You can determine this by examining the NFT’s metadata. The metadata comprises the item’s attributes, such as its name, picture, or video file.

👉 To study the metadata of a token, one may either do it directly on the token’s smart contract or on an NFT Marketplace that extracts the information, such as OpenSea.

Consider the Community

👉 When studying a project or token, most individuals disregard the community. However, as the saying goes, kindness starts at home. Therefore, a solid initiative must have the support of a strong community.

👉 A key characteristic of a good community is that they participate in sensible discussions, as opposed to just spamming the group with “Gm,” “Gn,” and “Wagmi” messages.

👉 In addition, the community manager is engaged, communicates efficiently, and provides frequent updates. Nigerians must consider wherever the members/holders of the NFT they want to purchase congregate.

Branding of the Project and its Roadmap

👉 Research the project’s branding and the roadmap, and ask the following questions:

➡️ What are the creator’s intentions for the project? Do they have expansion plans?

➡️ What is the brand’s meaning?

➡️ Are their values congruent with your own?

👉 A project’s branding is what will keep it desirable and in demand. Therefore, you must include it in your study.

Choose an NFT Marketplace

👉 The NFT craze is in full swing in 2022. Famous social media platforms such as TikTok and Reddit incorporate NFTs into their applications. In addition, large clothing corporations, such as Nike, purchase NFT shoe labels, and the most prominent celebrities embrace the practice.

👉 Many blockchain businesses are developing markets for non-fungible tokens in response to the NFT gold rush. NFTs can be mined, traded, auctioned off, and accumulated in a marketplace dedicated to NFTs by musicians, digital producers, and artists.

👉 However, it is essential to recognize that not all markets are created equal. For example, some use the Ethereum network to facilitate liquidity mining. However, others employ novel technologies, such as Concordium, to provide enhanced security and cheaper gas expenses.

👉 Others also include special community governance tools, enabling members to agree on the platform’s rules and plans. The optimal choice relies on your NFT requirements and aesthetic choices.

👉 However, Nigerians can use the following components to decide on an ideal NFT marketplace where they can purchase tokens.

Consider the Token Standard of the Platform

👉 NFT markets may fulfil similar purposes, but they are not identical. Different systems, for instance, utilize various tokens.

👉 Depending on your NFT application, every token offers benefits and disadvantages. Currently, the most common token standards used by Ethereum-powered markets are:

➡️ ERC-721 – These tokens are the first non-fungible tokens since each unit is unique and scarce. If you like accumulating rare items, these tokens are an obvious choice.

➡️ ERC 998 – In addition to being non-fungible, users can combine ERC 998 tokens into complicated positions and trade them with a single transfer of ownership. In addition, ERC 998 tokens may include homogeneous fungible units, such as ERC20. This token standard is suggested if you want to keep a wide portfolio of digital assets for long-term benefits.

➡️ ERC 1155 enables users to hold fungible and non-fungible tokens using the same smart contract. Therefore, users interested in collecting in-game tradable assets will find the ERC 1155 token standard suitable.

➡️ FA2 Tokens can be used in various contracts, including those involving several assets, attributable to its unified token contract interface.

Verification Process for Users

👉 It takes extraordinarily little for hackers and con artists to jump on a new trend and prey on unsuspecting people. Unfortunately, with the widespread use of NFT markets, the number of scammers preying on unsuspecting buyers and collectors has increased.

👉 Because of the prevalence of fraudulent content makers and consumers, choosing a marketplace with a stringent verification procedure is important.

👉 Nigerians must remember that content creators on a blockchain can tokenize whatever they want, including films, GIFs, images, and even audio. Certain artists are free to market their mintable collections with or without the owner’s consent.

👉 Subsequently, the hundreds, or even millions, of funds you have worked so hard to achieve could vanish without your knowledge.

👉 The best way to protect yourself from potential problems is to choose a marketplace with a reliable verification procedure.

👉 For instance, only the original authors should be able to log into their accounts. Thus, there must be two-factor authentication, such as a code and a biometric.

Price Discovery

👉 Price discovery is crucial for both buyers and sellers, but many markets have yet to implement it. Using the NFT market’s price discovery function, you may determine what you think the going rate should be for your mintable artwork.

👉 In addition, potential purchasers might utilize this function to their advantage before dropping a significant sum of money on a useless item by using the price discovery option.

👉 NFTs are commonplace already, and their widespread use is expected to accelerate in the next several years. Thanks to this growth in demand, the market has become more liquid, which improves price discovery across all exchanges.

Fractionalization of Tokens

👉 Depending on the collector, the piece of art, or even if it happens to coincide with a major international or national event, NFTs may go into the thousands of dollars.

👉 Furthermore, some collectors provide exclusive ownership of their mintable artwork, making it the only example of its kind in circulation. In such an instance, the collector is free to set whatever price they choose for the piece.

👉 Thanks to token fractionalization, collectors need not shell out the full asking price to obtain rare NFTs. In this way, both buyers and sellers benefit.

👉 Instead of waiting for the highest bidder in an auction, a seller may just transfer ownership of their item in the smart contract and get payment in bits. Similarly, investors in NFTs do not have to break the bank to have a piece of the action.

👉 Because of fractionalization, NFTs are now within the financial reach of everyone willing to pay the collector, even the small amount they require. In addition, improved industry-wide rules and regulations could be implemented since this boosts mass adoption.

Crypto Wallet Compatibility

👉 For the NFT marketplace ecology to function properly, it must interact with conventional money. To mint or purchase NFTs, users must first fund their wallets. Therefore, you should look for a service that supports many wallet types or, even better, the one you use the most.

👉 Suppose you want a positive experience and peace of mind about your money. In that case, the integration must be simple, smooth, and secure. Furthermore, the marketplace should allow for connections by credit card in addition to mobile wallets.

Additional Incentives

👉 You could choose from dozens of existing NFT markets and dozens more that are in the process of being built right now.

👉 However, like any other online service, you should prioritize finding the most beneficial platform for your needs. Incentives in NFT markets may vary widely. After reaching a specific user level, you are eligible for rewards such as discounts, referral incentives, and profit sharing.

👉 Additionally, some platforms provide significant incentives, such as letting customers choose their own royalty percentages and commission rates. Keep your eyes peeled for a promotion that will reward you for using the service.

Create and Set Up Your Crypto Wallet

Crypto Wallet

👉 If you have not already done so, the next step is to create a bitcoin wallet. These digital wallets contain the bitcoin required to acquire an NFT.

👉 Not all digital wallets are compatible with over 20,000 cryptocurrencies currently in circulation. Therefore, you must choose a digital wallet compatible with the crypto necessary to acquire the NFT of your choice, for instance, Ether.

👉 An NFT wallet operates differently than a physical wallet. Your wallet does not contain genuine NFTs or cryptocurrencies.

👉 Instead, it grants access to the blockchain-stored assets. It assigns a private key to the address, allowing the wallet owner to approve transactions. If you own the private key, you own the contents of the given address.

👉 A wallet manages all technical aspects and provides an intuitive interface for acquiring, trading, and transferring NFTs or cryptocurrencies. In addition, it offers enhanced security with two-factor authentication and a handy method to monitor your assets across several devices.

👉 You can establish a free digital wallet on your computer or smartphone. MetaMask, Coinbase Wallet, and Ledger are crypto wallets compatible with NFTs.

Considerations when choosing an NFT Wallet

➡️ The overall compatibility with the NFT marketplaces you wish to use to obtain NFTs. If it is not supported, you cannot purchase the desired NFTs.

➡️ NFTs could range in value from hundreds to millions of dollars. Therefore, you want the highest level of security imaginable.

➡️ An interface that is simple to comprehend. A superior user interface will make purchasing and selling NFTs simple.

➡️ Cross-device usage. Accessing your NFTs on both a desktop computer and a mobile device might be useful.

➡️ Multiple chaining support. While most NFTs exist on the Ethereum blockchain, several other platforms also enable NFTs. Therefore, you will need an interoperable wallet with several chains to easily access as many NFTs as possible.

Transfer Funds into Your Wallet

👉 The next step is to fund your digital wallet with fiat currency, like US Dollars or Naira, to acquire the cryptocurrency required for the NFT.

👉 Although most of the main NFT markets accept Ether, it is conceivable that the precise NFT you want is only available in a different digital currency. Typically, the acceptable currency for an NFT purchase is the cryptocurrency corresponding to the blockchain that enables the NFT, such as Ethereum.

👉 You might need to connect to a centralized crypto exchange such as Binance, Paxful, Gemini, Kraken, or others to convert your fiat currency to Ethereum. Once you have Ethereum, you can transfer it to your marketplace of choice and buy your NFTs.

Connect Your Crypto Wallet and an NFT Marketplace

👉 After creating and funding your digital wallet, you may link it to the digital marketplace listing the NFT. Once linked, you should be able to check the cryptocurrency balance in your wallet that could be used to purchase one or more NFTs.

Buy Your NFT

👉 When you are ready to buy an NFT, click the “Buy” button. However, a “gas” cost is also required when making a purchase using ETH so that the Ethereum network can process your payment. Depending on Ethereum platform congestion, this cost might be hundreds of dollars.

👉 To get an idea of how much the gas costs for an NFT transaction, you can visit a website like NFT Gas Station.

Confirm the NFT Transfer to Your Crypto Wallet

👉 When you purchase an NFT, you will become the legal owner of that asset. No transaction on the blockchain can be undone or cancelled. Therefore, the NFT is yours until you decide to sell it.

👉 The NFT will not show up in your virtual wallet until the monetary transaction is finalized, which might take some time. Until the blockchain network that backs the NFT verifies and confirms the transfer, the NFT will not appear in your wallet. The exchange is finalized when the NFT is shown in the wallet.

The Best CFD Brokers in Nigeria

👉 In this article, we have listed the best brokers that offer trading solutions and opportunities to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.

 

Best MetaTrader 4 / MT4 Broker in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Axi is the best MT4 Broker in Nigeria. More than 130 different items from Axi are available for trading on MetaTrader 4. Axi offers some of the greatest trading conditions to Nigerian traders, including minimal opening spreads on all account types.

 

Best MetaTrader 5 / MT5 Broker in Nigeria

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on RoboForex’s website

👉 Overall, RoboForex is the best MetaTrader 5 broker in Nigeria. RoboForex provides traders with a selection of 12,000 tradable instruments that may be traded on MetaTrader 5 in addition to a few more potent trading platforms.

 

Best Broker for beginners in Nigeria

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, AvaTrade is the best Broker for beginners in Nigeria. For new traders in Nigeria, AvaTrade provides some of the greatest teaching resources. Along with webinars, seminars, and other events, there are several manuals and videos.

 

Best Low Minimum Deposit Broker in Nigeria

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, HF Markets is the best Low Minimum Deposit Broker in Nigeria. With a minimum investment of 2,000 Naira, HF Markets provides live trading accounts to Nigerian traders.

 

👉 Popular MetaTrader cryptocurrency broker HF Markets also has an in-house trading app for iOS and Android users.

 

Best ECN Broker in Nigeria

Pepperstone-Logo-Tagline-RGB-BlackBlue

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

👉 Overall, Pepperstone is the best ECN Broker in Nigeria. One of the biggest forex and CFD brokers in the world, Pepperstone provides services in more than 170 nations.

 

👉 Nigerian traders should anticipate among of the quickest transaction execution times with little to no slippage and no requotes.

 

Best Islamic / Swap-Free Broker in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Oanda’s website

👉 Overall, OANDA is the best Islamic / Swap-Free Broker in Nigeria. Three different retail accounts are available from OANDA. This includes a specific Islamic account that is provided to Muslim traders in Nigeria who adhere to Sharia law.

 

Best Trading App in Nigeria

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

👉 Overall, FBS is the best trading app in Nigeria. FBS provides its cryptocurrency account through the FBS Trader. Many features and some of the greatest market analyses are available to Nigerians.

 

Best Nigerian Naira Trading Account Broker in Nigeria

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Exness is the best Nigerian Naira trading account Broker in Nigeria. One of the top multi-currency brokers that provide accounts in NGN is Exness. Exness is a broker that only works with MetaTrader and has a limited selection of trading options.

 

Best Lowest Spread Broker in Nigeria

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, IC Markets is the best lowest spread Broker in Nigeria. IC Markets provides some of the narrowest spreads in the market because of its pure ECN execution mechanism.

 

👉 Nigerian traders can choose from a variety of crypto CFDs at IC Markets, which offers services to traders all over the world.

 

Best NDD Broker in Nigeria

Xm.com Logo 1 1024x514 1

Overall Rating

Min Deposit

USD 5 / 2 075 NGN

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

👉 Overall, XM is the best NDD Broker in Nigeria. XM is a well-known No-Dealing Desk broker that offers services to over 2.5 million traders worldwide. A portion of XM’s broad selection of more than 1,000 financial products includes cryptocurrency CFDs.

 

Best STP Broker in Nigeria

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Tickmill is the best STP Broker in Nigeria. One of the finest brokers for new traders in Nigeria is Tickmill, which provides outstanding STP and ECN execution along with clear trading costs.

 

Best Sign-up Bonus Broker in Nigeria

Overall Rating

Min Deposit

USD 1 / 415 NGN 

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on SuperForex’s website

👉 Overall, SuperForex is the best sign-up bonus Broker in Nigeria. One of the brokers with the broadest selection of promos and incentives is SuperForex, which provides customers with a choice of 11 trading accounts.

The Advantages and Disadvantages of NFTs

NFTs

Advantages

➡️ Tokenized assets are available to all investors. Therefore, possession of an asset that has been tokenized into an NFT can be more readily and effectively transferred between everyone around the globe.

➡️ They are increasing the security of an investor’s asset ownership via blockchain technology to reflect ownership digitally. Additionally, blockchain technology may make asset ownership more transparent.

➡️ It presents a chance to get a deeper understanding of blockchain technology. By devoting a modest amount to tokenized assets, investors may increase their understanding of blockchain while diversifying their portfolios.

➡️ The use of smart contracts in blockchain technology ensures the security of non-fungible tokens. Similarly, it ensures that artists will always get a commission.

➡️ Given the prevalence of NFTs and the ease of access to marketplaces, it is likely that the number of buyers and sellers will increase in the future. This indicates more future profit potential.

➡️ Given the prevalence of NFTs and the ease of access to marketplaces, it is likely that the number of buyers and sellers will increase in the future. This indicates more future profit potential.

Disadvantages

➡️ NFTs are often and incorrectly seen as assets rather than a technical method of indicating ownership. The enthusiasm and widespread misconceptions around NFTs might lead tokenized assets’ valuations to be inflated and erratic.

➡️ The production of NFTs is quite energy intensive. Currently, many non-fungible tokens are supported by the Ethereum blockchain, which employs an energy-intensive operational mechanism known as proof of work. A single NFT transaction necessitates the same amount of power that the typical house consumes for around 1.5 days.

➡️ Ether (ETH), the native currency of the Ethereum blockchain, is often required to acquire non-fungible tokens (NFTs) since most NFT purchases occur on the Ethereum platform. As a result, options for investors looking to purchase NFTs using fiat currencies such as the US dollar may be restricted.

➡️ There is always the possibility of losing your investment since not all NFTs can maintain their value continuously.

➡️ Trading in NFTs involves costs. Therefore, you might need to spend more than you anticipated.

Are NFTs a Good Investment in Nigeria?

Are NFTs a Good Investment in Nigeria?

👉 With so many non-fungible tokens currently available on the market, including the finest utility NFTs, the greatest NFT horse racing projects, and the best NFT land projects, it might be difficult to choose the perfect choice.

 

👉 In addition, some have become the costliest NFTs after selling for unprecedented sums. In contrast, others are represented as the least priced NFT projects on the market.

 

👉 When considering if NFTs are a smart investment, there are several considerations, including those described below.

 

You can support Creators

👉 You could choose to acquire the greatest NFT to invest in to support your favourite artist. NFTs have proved to be an excellent method for creators to publish their work and for fans to demonstrate their support by purchasing the work.

 

NFTs easily display ownership

👉 Because NFTs are “non-fungible” by design, many NFT owners use their assets as their social network profile images. This notifies others of the prestige of the NFT that the owner has, and the NFT cannot be duplicated due to blockchain technology that verifies ownership.

 

There are Potential Value Increases

👉 One of the key benefits of investing in NFT artwork is that the prospect of value increases over time. This is seen by CryptoPunk 1422, which was acquired for $74 in 2017 and sold for an astounding $2 million in October 2021.

 

👉 This example illustrates the possibility of substantial price increases across several NFTs.

 

You can Access Exclusive Bonus Content

👉 When purchasing an NFT, the buyer frequently receives a bonus item in addition to the main attraction.

 

👉 Multiple examples exist, the most notable being creators of NFT collections inviting owners to events or distributing new NFTs through Airdrop.

 

You can Participate in Elite Communities worldwide

👉 Luxury NFTs sometimes provide access to exclusive “communities” for their owners, adding prestige to the investments.

 

👉 The Bored Ape Yacht Club is a well-known example since it hosts a Discord channel populated with other Bored Ape owners, including celebrities and prominent figures. Additionally, owners can access “The Bathroom,” a community-driven graffiti wall.

Conclusion

👉 If you are interested in the art world and want to profit on the most recent investing trends, NFTs might be an excellent investment. However, it is important to remember that not everyone is suitable to invest in NFTs, despite their uniqueness and potential profitability.

 

👉 If you are not comfortable with a high degree of technical complexity and would rather have a low degree of volatility in your investments, NFTs might not be an ideal investment option.

 

👉 You should only invest in NFTs if you are comfortable with the level of risk involved. In addition, you must understand the hazards involved and be confident in your ability to manage a digital asset wallet.

FAQ

Can I buy NFTs in Nigeria with little money?

Since the scarcity model underpins the pricing of NFTs, the value of a given digital asset might range from a few dollars to millions. To acquire NFTs, you must own a cryptocurrency (such as Ether) and use an investing marketplace.

 

How can I profit from NFTs in Nigeria?

The most common approach to earning money from NFTs is to sell them on NFT-specific markets. Today, you may generate, list, sell, and trade NFTs on a few markets and platforms, including OpenSea and Mintable.

 

How can I sell NFTs in Nigeria?

On digital marketplaces, you could sell your non-fungible tokens and get payment. Prestmit is the greatest digital marketplace in Nigeria where you can sell NFTs.

 

Can anyone in Nigeria invest in NFTs?

NFTs are available for purchase by anybody. Tokenized assets are available to all investors. Possession of an asset tokenized into an NFT can be more readily and effectively transferred between everyone around the globe.

 

Is NFT a cryptocurrency?

NFT is an abbreviation for non-fungible tokens (NFTs), often constructed using the same programming language as cryptocurrencies. These cryptographic assets are built on blockchain technology, but they differ from cryptocurrency.

Additionally, non-fungible tokens are not capable of being sold or exchanged in the same way that other types of cryptographic assets are.

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