NerdWallet: What is a Non-fungible Token (NFT)? Definition & What to Know Before You Buy

April 7, 2022
Treyton DeVore

Treyton DeVore, an investment advisor based in Kansas City, Missouri, who advises clients on digital assets, says you can consider NFTs an especially unpredictable part of your crypto portfolio.

He says even if you hope an NFT will rise in value, the most important thing is to buy things you like from creators you want to support. That way, you still have something you can enjoy if you don’t make money.

“People like collecting things and putting them on shelves in their house so they can show people,” he says. “But with NFTs, if that becomes like your digital collectible, that becomes so much more visible.”

NFTs are sold in many ways, including through private sales, traditional auction houses and online marketplaces.

For most beginners, DeVore says it’s a good idea to start with a reputable online marketplace. Some well-known examples for art include OpenSea and Nifty Gateway. But there may be others depending on what you’re looking to buy. NBA Top Shot, which makes licensed NFTs based on basketball games and players, has its own marketplace, for instance.

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