BitStarzInsider Reveals 3 Basic Concepts of NFTs You Must Master in 2022

NFT is a fast-growing market, and it is getting crazier every day due to its trade of all sorts of artwork. According to a report, the NFT market is expected to reach as much as $35 billion in net sales volume in 2022. This exploding market attracts all types of people who want to make money. Currently, the NFT market is crowded, and a newbie will get confused. BitStarzInsider, well known in the NFT market, lists the top three ways to navigate the NFTs landscape like a real pro.

1. Different formats

There are many types of NFT available on the market, like most famous digital artworks, video-game assets, virtual land, memes, domain names, social media posts, and many more. Currently, the most popular types of NFT are digital artworks. Nobody knows which kind of NFT will get the highest bid per BitStarzInsider. Therefore, you should analyze each category very carefully before taking an interest in the NFT.

2. Marketplace

To trade the NFTs, you need a marketplace where you can sell your NFTs or bid for them. Many websites offer this marketplace, like OpenSea, Axie Marketplace, Larva Labs, Rarible, and many more. These marketplaces provide NFT trade with minor variations in their services. BitStarzInsider says that before trading the NFT, you should research and compare each marketplace. Currently, the most famous NFT marketplace is OpenSea.

3. Digital wallet 

To trade the NFTs, you need a digital cryptocurrency wallet. In the NFT marketplace, all trades are done with cryptocurrency. So, to store and trade that cryptocurrency, you will need a digital wallet. There are many types of digital cryptocurrency wallets available nowadays. BitStarzInsider shares that you should carefully choose and remember the password of your wallet because if you lose it, then there is no way to retrieve it.