I Bought An NFT: Now What?
So you have bought an NFT, but now you don’t know what to do with it.
Depending on what it is, you may have several options or… none at all. What I mean by that, is not every NFT is created equal. So knowing - at least a little bit - about what you are buying into is very important & I truly can’t emphasize that enough.
Some NFT projects have a lot of plans, some don’t have any. Some projects have founding teams with a long track record of successful endeavors, and some are just friends making cool shit. Some are created by world-renowned artists, and others are created by artists that nobody knows yet. All of these are okay, and beautiful in their own way - but knowing what to expect in the present, and in the future - is very important.
So with that out of the way, let’s explore some common possibilities & opportunities that can come along with your NFT purchase.
Collect - If you like it, keep it! Nothing wrong with holding on to an NFT for the long term, by adding it to your personal collection. Most NFT communities respect holders with a long-term conviction. It can also pay off to hold an asset for a long time if you believe in the project & its ability to provide additional value in the future. Just be practical & aware of the risks involved, to avoid disappointment in the event things don’t go according to plan.
Sell It - We are all here for money in one way or another, I get it. I’m not one to sell shame, so if you just want to make a quick flip - more power to you. Just list your NFT on a compatible NFT marketplace, and wait for it to get bought up. My only reminder here is to remember that demand isn’t guaranteed in NFTs for most projects. So in my experience, staying involved with your project communities can help you optimize your chances to sell at the most opportune time.
Access - Does your NFT give you access to anything by holding it? Get involved with your project, founders, & community, to take full advantage of the access it may give you. Opportunities could include online games, concerts, sporting events, real estate, communities, meetups, conferences, content, experiences, products, future releases, discounts, and with time - so much more.
Utility - Some NFTs are more technical than artistic. For example, some NFTs come in the form of domain names, and unique wallet addresses. These are meant to be held and used as a tool to simplify, personalize & enhance your experience within the decentralized ecosystem. Some examples include ENS and ADA Handle.
Network - Personally this one is always my favorite because it’s timeless. NFTs are a great way to meet new people, make connections, and grow your network. Regardless of market conditions, the true community members always show up - every single day. I absolutely love it, and it’s one of the keys to making the most out of your NFT portfolio. It takes some work, and time, and may be uncomfortable at first but - take a chance! You never know who you might meet - seriously.
A lot of potential use cases & opportunities in the world of NFTs have yet to be discovered. Which is part of what makes them so intriguing for so many people today. Buying an NFT doesn’t guarantee anything, but a lot of NFTs are providing real world value to their holders & communities every day.