NFTs, or Non-Fungible Tokens, are a new digital asset that can be used in various ways. They are often traded on the Ethereum blockchain, and they have many uses. NFT assets are unique because each one is different from all others like it. This means that you cannot simply copy someone else’s token to make your own. We will discuss four tips to strengthen your NFT assets and increase their value.
1) Stake Your Tokens
One way to increase the value of your NFT assets is simply by staking them. Staking means locking up several tokens for a period of time to receive some reward from whatever dApp or platform issued those tokens. This method works best with games, such as Cryptokitties, that have a built-in staking system.
The more tokens you stake and the longer they are locked up for, the higher your rewards will be when it is time to release them from their lockup period. If you do not need many NFTs to play, try this strategy with smaller amounts. The current reward system for Cryptokitties is fairly simple and can be found on their website.
2) Take Advantage of Airdrops
Airdrops are a common way that blockchain projects spread their name or promote new features. They give users tokens for free after completing some task, such as staking certain amounts on the network. If you have been holding NFTs from an ICO, you should definitely consider taking part in an airdrop. There are two benefits of taking part in this type of NFT promotion plan; you receive new tokens from the project, and your current tokens may appreciate because more people will learn about them as they take advantage of free coins.
3) Be Patient
This is especially true in the case of initial coin offerings (ICOs). The market for NFTs and crypto-assets can be very volatile, which means that you may not see your investment grow right away. If you hold several hundred or even thousands of tokens, it could take months before they appreciate enough to make it worth selling. Many projects do not even release tokens for months or years after the ICO. This means that you can wait and accrue value over time without having to worry about a sudden price drop.
4) Watch the Markets
Another way to increase your NFT investment success is by watching market prices. Many exchanges, such as Coinbase or Binance, offer mobile applications that allow you easily check current token values while on the go. This can help keep you up-to-date with the latest changes and trends in the industry so that you can take advantage of them. If you are looking to sell some NFTs, watching market prices is a great way to find the best time and maximize your value.