An entrepreneur shares tips on investing in NFTs for beginners
Non-fungible tokens – NFTs – are becoming ubiquitous even as many people may still not understand what they are and how they work. Yet, there is money to be made in trading these digital tokens that represent real-world items like artwork and music. NFTs provide indomitable proof of ownership, exclusive rights, and a fool proof licensing mechanism. This democratisation of the virtual world, where content creators can market their NFTs and trade them freely, is fuelling the rapid rise of NFTs as valuables today.
For entrepreneurs and artists alike, learning how to mint NFTs can be the gateway to monetising their digital content at market-beating prices.
One such entrepreneur is Tanay Mehra who has a textiles business in Jalandhar and is an exporter of textiles and spices. He now also trades in NFTs for a living, dealing in digital art, cricket memorabilia and coin collections, apart from investing in property. Mehra makes 4-5 trades a month and his average return on investment is 70-80 percent.
In an interview with Moneycontrol, Mehra offers some tips for newcomers to the world of NFTs.
What got you interested in NFTs?
A friend of mine is deeply entrenched in the NFTs space. He kept on telling me to try selling a digital art piece once and how, if done correctly, one can reap rich returns. Listening to him for months, I thought of giving it a try. I bought a couple of collectibles and even managed to sell them and earn good returns. This got me addicted and I am now dealing with NFTs full time. A few friends also joined me and we now research and invest in NFTs. A couple of friends have also left their fulltime jobs and have started this business.
Leaving a full-fledged job is risky, especially in the midst of a pandemic. Is
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