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How to Invest in NFTs in Kenya

How to Invest in NFTs in Kenya

How to Invest in NFTs in Kenya revealed. We tested and verified the best guide to Invest in NFTs for Kenyan Traders.

This is a complete guide on How to Invest in NFTs in Kenya.

In this in-depth guide you’ll learn:

  • What is a NFTs?
  • How to invest in NFT’s without buying NFT’s?
  • Best NFT investing strategies?
  • How to invest in NFT’s for Beginners
  • Best NFTs investment platform
  • How and can I trade Bitcoin for $5 (601 KES)?
  • Which brokers offer a signup bonus on a $5 (601 KES) deposit?
  • Which Bitcoin Broker offer a low minimum deposit of $5 (601 KES) for first-time traders?


And lots more…

So if you’re ready to go “all in” with the best-tested guide to investing in NFTs in Kenya…

Let’s dive right in…

Updated : September 30, 2022

Why are NFTs so Popular?

👉 NFTs became popular in 2017 when CryptoKitties was released. Utilizing the Ethereum network, CryptoKitties is a blockchain-based game. Players adopt, breed, and sell virtual cats in this game.

 

👉 Since then, the popularity of NFTs has stabilized until late January 2021, when the market unexpectedly explodes.

 

👉 CryptoKitties maker Dapper Labs released NBA Top Shot. This product’s meteoric rise in popularity demonstrates the effectiveness of NFTs as a digital collecting medium.

 

👉 For digital collection collectors and users, NFTs offer a new age. It is a new method to support artists, sports, and singers without the involvement of intermediaries. In addition, NFT is a new method for creators, artists, and musicians to share and monetize their work.

 

👉 There were several challenges and concerns with the selling of digital items due to the ease with which they may be copied and claimed by others. Many digital artists may also benefit directly from NFTs since record labels, distributors, publishers, and other third parties do not take a share.

 

👉 NFTs are only popular in the arts, hobbies, and entertainment sectors. However, many crypto-world watchers have recognized the immense potential of adopting NFTs across several sectors and businesses.

What are NFTs, and How do They Work?

How can Nigerians invest in NFTs?

👉 As with any investment, the first step is comprehending what you are investing in. NFT stands for “non-fungible token.”

 

👉 A token is a digital asset that keeps value on a blockchain, which is a massive, unified, worldwide digital record that can be read and added to but never altered or compromised. For example, a token may represent 10 bitcoins, 50 shares of a firm, or any other digital asset.

 

👉 Most tokens on a blockchain are fungible or completely interchangeable. For example, each token representing 10 bitcoins is identical, just as every 100 dollars and GOOGL share are the same. However, the non-fungible token is unique.

 

👉 It is the only token of its kind on the blockchain. Therefore, it is unique. An NFT enables users to generate a unique data string on the blockchain, and they represent digital ownership certificates.

 

👉 In addition, they can be utilized for automobile titles, legal papers, event tickets, valuables, and real estate.

 

👉 Launched in 2015, the Ethereum blockchain enables users to record currency and data strings to the network. In addition to being able to produce NFTs, Ethereum is also speedier and more environmentally friendly than Bitcoin, which has contributed to its appeal.

 

👉 In other words, non-fungible tokens exist on the Ethereum network, and more recently, on other programmable blockchains as well since Ethereum still uses a Proof of Work consensus, which is detrimental to the environment.

 

👉 While there is a rise in other blockchains accommodating NFTS, Ethereum is still the leading blockchain where over 80,300 NFTs have been launched.

How to Invest in NFTs in Kenya

Crypto Wallet

Choose an NFT in which to Invest

👉 Kenyan investors are responsible for doing due diligence before investing in NFTs. In other words, you must sift through the multitude of NFT initiatives clamouring for your attention to locate the jewels.

 

👉 To make the selection process easier, we have provided some components that Kenyans must consider when they choose an NFT for investment.

 

Consider NFTs that you really like

👉 As with any endeavour you undertake, the NFT initiative must resonate with you. You do not want to get involved in a project without an emotional connection. Although some claim that emotions are detrimental when making business choices, one may argue that this is not the case here.

 

👉 You will find that many of the best-selling NFT projects include some type of creativity and artistry. This is because most of the NFT community comprises gamers, collectors, and art enthusiasts, who would be uninterested in a project that lacked creativity.

 

Consider the NFT’s Originality

👉 A cursory examination of the NFT market reveals no meaningful structure to guarantee that copyrights are not violated or to establish a standard that eliminates a copy-and-paste-based economy.

 

👉 Since there are no industry norms, it is not surprising that teams prefer to recycle popular collections to capitalize on their buzz – just consider the quantity of identical Punks and Apes items.

 

👉 Typically, such initiatives do not generate as much excitement as the original. Simply expressed, one of the aspects you should examine when selecting an NFT project is its uniqueness.

 

👉 Make every effort to check that the project you have in mind has a unique or novel concept that will set it apart from the competition.

 

View its popularity on social media

👉 For obvious reasons, social media is a crucial tool for crypto ventures. It is hard to minimize the value of social media interaction if the objective is to establish an engaged community around a platform or product. It is not just about the number of followers in this case.

 

👉 Instead, more emphasis should be placed on the initiative’s engagement on social media networks.

 

👉 Substantiate that the project’s excitement cannot be ascribed to celebrity endorsements. On the contrary, NFTs increasingly use influencers and celebrities to generate buzz for their products.

 

👉 Most of the time, the hype produced by such marketing falsehoods is illusory. In other words, spontaneous buzz always outperforms buzz generated by celebrities.

 

Consider whether it is a rare item

👉 Digital characteristics and rarity criteria are crucial to the profitability of NFT investments. If NFT had not proven its rarity in the digital realm, it would not get as much attention.

 

👉 The allure of NFT as a technology resides in its ability to prove that digital assets are unique or display distinctive characteristics.

 

👉 As a result, the greater the price in NFT markets, the rarer the NFT. Therefore, before acquiring non-fungible tokens, it is essential to examine their scarcity.

 

👉 Favour projects that have released a small number of NFTs or a few NFTs with varying degrees of rarity. Note that the objective is to get rare NFTs at a discount, not to pay an exorbitant price you will not recover.

 

Conduct Research on the Development team

👉 Reputation and expertise are crucial considerations that should take precedence, particularly in an industry where developers and producers often choose obscurity. Here, you may need to determine if initiatives led by an anonymous team are worthy of a leap of faith.

 

👉 Keep in mind that it is more difficult to objectively examine projects that have not been “doxxed“ (where information about the team has not been made public).

 

👉 Since the identity of the team members is kept secret, you cannot evaluate them based on their prior successes/failures or experience.

 

Evaluate the project’s Roadmap and Whitepaper

👉 Suppose the team refuses to produce a whitepaper or roadmap. In that case, it is challenging to comprehend the complexity and technologies involved in the design or development of an NFT project.

 

👉 Before investing your hard-earned money in a project, you should at least be able to assess the team’s seriousness and the long-term plan’s viability.

 

👉 An NFT whitepaper clarifies the project’s purpose, the research undertaken by the development team, and the brand’s long-term intentions for growing. The best course of action is to avoid demonstrably low-effort undertakings, which you can see from a mile away.

 

Consider On-Chain Aspects of the Project

👉 Not all NFT projects and collections are equal. Others are more intricate than others. Projects that include portions of their artwork or payload on-chain exhibit greater technical competence than those whose creations are fully off-chain.

 

👉 Consequently, it is prudent to investigate the technical aspects of the NFT projects on your radar.

 

👉 Next, you must determine the blockchain state of the project, the advantages of implementing on-chain capabilities, the blockchain in use, and the team’s rationale for selecting this blockchain choice.

 

👉 When you have the answers to these questions, you can assess the complexity of the project’s development and if the team has the necessary skills to complete the task.

 

Never Invest More than You Can Afford to Lose

👉 The last step in determining the ideal NFT for your unique circumstances and objectives should not just be a rule but an essential must.

 

👉 You should not invest more than you can afford to lose. If you spend your entire savings on a single endeavour, you could place yourself and your family in a difficult position.

 

👉 This statement is true, especially if you were to waste all your hard-earned cash on an NFT project with less value than anticipated.

 

Register an Account on a Crypto Exchange

👉 The first step in purchasing NFTs is to create an account on a cryptocurrency platform or exchange. However, it is necessary for Kenyans to first grasp the distinction between cryptocurrency exchanges, wallets, and markets since these concepts are sometimes confusing.

 

👉 There are online marketplaces called exchanges to purchase and sell coins of different cryptocurrencies. Thus, it is necessary for Kenyans to first sign up for a platform to purchase NFTs.

 

👉 You should research each exchange’s policies on public and private keys, cryptocurrency wallets, trading fees, on- and off-chain services, and customer support to choose which best suits your needs.

 

Kenyans must note that cryptocurrency exchanges have the following unique functions:

➡️ Provide a platform for buying and selling a variety of cryptocurrencies.

➡️ Issue and sometimes hold your public and private keys.

➡️ Protect your access to the bitcoin stored in your wallet.

➡️ Help with account tasks such as password resets.

 

Sign Up for a Digital Wallet

👉 Contrary to its name, crypto wallets do not store money and tokens. Instead, they keep the keys that provide access to your digital assets.

 

👉 To access your wallet, you will be issued a unique seed phrase (also known as a phrase or recovery phrase). It is vital to protect your seed phrase since, like a real wallet, you will lose all your funds if you lose it.

 

👉 Your wallet and its private keys are entirely within your control and responsibility, regardless of whether an exchange hosts them or not.

 

👉 By hosting your digital wallet, an exchange functions as a neutral third party in transferring cryptocurrency, much like a traditional bank. The corporation is responsible for protecting your assets and keeping custody of your private keys.

 

👉 Alternatively, if you wish to purchase, sell, and trade NFTs without the intervention of a third party, you need a wallet directly connected to the blockchain. Then, cash could be exchanged directly between individuals using the public key.

 

👉 Ensure that the cryptocurrency wallet you choose is compatible with the Ethereum blockchain, the network on which most NFTs are traded, and Ether (ETH, Ethereum), the native coin of the Ethereum blockchain.

 

Hot Wallets vs. Cold Wallets

👉 Hot Wallets are either software or web-based wallets that are presented as a desktop app, mobile application, in-browser extension, or both.

 

👉 These wallets are extremely convenient because they are applications that can be launched quickly from anywhere, given that you have an Internet connection.

 

👉 However, their dependability on an Internet connection makes them vulnerable to cyber-attacks, theft, and security breaches. Therefore, Kenyans must only keep transactional funds for daily purchases and transactions in a hot wallet and keep most of their funds in offline storage.

 

👉 Cold wallets are offline wallets on physical devices that resemble flash disks or drives. These are the most secure digital wallet as they do not rely on an Internet connection and do not need a network to function.

 

👉 However, they are vulnerable if they are lost, the user loses their seed phrase, or the device is stolen.

 

Purchase Ethereum

👉 The bulk of NFTs is based on Ethereum’s distributed ledger. Ethereum is a network in which transactions are recorded and transmittedd on a distributed ledger.

 

👉 Ether or ETH is the native currency of the Ethereum network. However, you could also hear it referred to as Ethereum. Ethereum is comparable to Bitcoin as a cryptocurrency because its value may be purchased, sold, exchanged, and stored.

 

Is there a difference between coins and tokens?

👉 The distinction between the phrases coin and token may first be difficult to grasp. Cryptocurrencies are tokens that may be traded on their own blockchain and do not lose value over time. In this way, cryptocurrency functions similarly to real currency.

 

👉 Unlike cryptocurrencies like Bitcoin, tokens are not native to a blockchain. Instead, they depend on smart contracts and blockchain-stored scripts that permit and verify transactions.

 

👉 Like arcade tokens or carnival tickets, tokens have value and may be exchanged for goods (like prizes or food). Unfortunately, you could not quickly purchase gasoline with your carnival tickets.

 

👉 Since many popular and reputable markets include NFTs built on Ethereum’s blockchain, it is crucial that your chosen exchange and wallet support and interact with the Ethereum network.

 

👉 However, Ethereum’s biggest disadvantages are its high gas prices and poor transaction speeds due to network congestion.

 

👉 Ethereum-based NFTs are not, however, your only choice. For instance, the Polygon platform was constructed atop the Ethereum blockchain to offer more scalability and cheaper transaction costs.

 

👉 Other Proof of Stake (PoS) blockchains that enable non-fungible tokens, such as Solana, Flow, Tezos, and Cardano, are gaining ground on Ethereum. Nevertheless, Ethereum is still the pioneer of NFT blockchains and the token most often used to purchase NFTs.

 

👉 After selecting an exchange and purchasing ETH, you must next transfer it to a wallet. How you do this will depend on the exchange where you purchase ETH, the wallet you use, and the marketplace where you purchase your NFT.

 

👉 For instance, if you purchased a cold storage wallet or a piece of hardware, you would need to connect it to a third-party connection to the NFT marketplace.

 

Connect Your Digital Wallet to an NFT Marketplace

NFTs

👉 After signing up for the exchange, you will want to link your wallet to the platform where the NFT is being sold. The procedure is often the same from location to location.

 

👉 A few markets even allow you to create a wallet on the site, while others utilize their own in-house payment system. There could be savings to be had by using a marketplace’s internal wallet instead of an external wallet, such as a decrease in the need to pay for extra gas.

 

👉 Guides with clear, easy-to-follow instructions will be available on every website. Please read these helpful hints, which can be found in a separate tab in the frequently asked questions area.

 

👉 Although the nature of the NFT market is ever evolving, most products may be classified as follows:

➡️ Open NFT Marketplaces where anybody may purchase, sell, and create new NFTs. To “mine” is to transform a digital work into a one-of-a-kind crypto asset that may be stored in a distributed ledger. These markets commonly have their own minting services, while producers are also free to mint their creations.

➡️ Closed Marketplaces where only a select few may shop Minting operations are typically managed by the market and require artists to submit applications. There are stricter limits on buying and selling.

➡️ Proprietary NFT Marketplaces where NFTs protected by trademark or copyright may only be sold on a proprietary marketplace.

 

👉 You should sign up for alerts on NFT price declines by subscribing to many markets, where you may then create an account.

 

👉 For investors, Discord and Twitter, or Rarity Sniper and Rarity Tools, are only two examples of the many social media sites that facilitate collaboration and the dissemination of information.

 

👉 Therefore, it is imperative that you are prepared to respond swiftly when highly sought-after NFTs become available.

 

Buy Your NFT

👉 Popular NFTs tend to sell out fast, so you want to have your wallet set up and financed well before the NFTs’ release.

 

👉 Always remember that unless explicitly stated in the agreement between the buyer and the author, purchasing an NFT does not provide the buyer any rights to the work. The limitations of your newly acquired NFT may vary depending on the marketplace from whom you obtained it.

The Best CFD Brokers in Kenya

👉 In this article we have listed the best Forex Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 trading platform broker in Kenya

Best MetaTrader 4 / MT4 trading platform

👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.

 

👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.

 

Best MetaTrader 5 / MT5 Forex Platform broker in Kenya

Best MetaTrader 5 / MT5 Forex Platform

👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.

 

Best Forex platform for beginners in Kenya

Best Forex platform for beginners

👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.

 

👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.

 

Best Minimum Deposit Forex platform in Kenya

How to Invest in NFTs in Kenya

👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.

 

Best ECN Forex platform in Kenya

Best ECN Forex platform

👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.

 

👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.

 

Best Islamic / Swap-Free Forex platform in Kenya

Best Islamic / Swap-Free Forex platform

👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.

 

Best trading platform Forex Trading App in Kenya

Best trading platform Forex Trading App

👉 Overall, OctaFX has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.

 

👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.

 

Best Lowest Spread Forex platform in Kenya

Best Lowest Spread Forex platform

👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.

 

Best Nasdaq 100 Forex platform in Kenya

Best Nasdaq 100 Forex platform

👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.

 

👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.

 

Best Volatility 75 / VIX 75 Forex platform in Kenya

Best Volatility 75 / VIX 75 Forex platform

👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.

 

Best NDD Forex platform in Kenya

Best NDD Forex platform

👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.

 

Best STP Forex platform in Kenya

Best STP Forex platform

👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.

 

Best sign up bonus trading platform in Kenya

Best sign up bonus trading platform

👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.

Challenges and Risks Involved with NFTs

NFTs

👉 Non-fungible tokens, or NFTs, are brand-new digital assets with the potential for dramatic volatility and unpredictability in the NFT ecosystem. The following are examples of frequent NFT obstacles:

➡️ Legal and regulatory difficulties.

➡️ Evaluation difficulties.

➡️ Intellectual Property rights or IP.

➡️ Cybersecurity threats and fraud.

➡️ Anti-money laundering (AML) and countering the financing of terrorism (CFT) face obstacles.

➡️ Smart contract risks and NFT upkeep.

➡️ Acceptance of NFTs as securities.

➡️ Environmental and Social Governance (ESG) difficulties.

Why Should Kenyans Invest in NFTs?

➡️ To assist creatives and digital artists — Some NFT purchasers want to help the digital artists responsible for their creations.

➡️ As an investment — Many NFT purchasers see their purchase as an investment, expecting the value of the artist’s work to increase faster than the ether they paid.

➡️ As with many real-world art collectors, a tiny proportion of NFT purchasers could enjoy the act of collecting digital art.

How can Kenyans Make Money with NFTs?

How can Kenyans Make Money with NFTs?

Provide Liquidity to Platforms

👉 NFTs and DeFi infrastructures are being integrated in real-time, making it feasible to stake a claim in a liquidity pool in exchange for NFTs.

 

👉 With Uniswap V3, Kenyans can issue liquidity through an ERC-721 token, also known as LP-NFT, which is then traded on an automated market maker (AMM). The pool’s address and the symbols for the tokens you deposited are both engraved into the NFT.

 

👉 It is possible to immediately liquidate your stake in liquidity pools by selling this NFT.

 

Stake NFTs

👉 One mutually beneficial outcome of this union is that NFTs and DeFi protocols may be staked together. Digital assets may be staked or put into a smart contract based on the DeFi protocol to earn a return.

 

👉 Staking tokens may be valued in the platform’s native utility token, whereas staking native NFTs is sometimes required on other platforms.

 

👉 The governance tokens are used to pay out some of the stakeholder benefits. For example, token holders in these protocols are given a voice in shaping the protocols’ ecosystems moving forward.

 

👉 It is also possible to reinvest the coins you get from staking NFTs into other yield-generating algorithms.

 

Earn NFT Royalties

👉 Using NFT technology, authors may stipulate conditions that impose royalties anytime their NFTs are exchanged on secondary marketplaces. The makers might earn passive money by selling their works to collectors.

 

👉 Therefore, they have an unlimited opportunity to profit from the NFTs’ selling price. When digital art is resold, the original artist may demand a royalty of some percentage from the buyer.

 

👉 It is important to remember that these percentages are often set in stone before the NFTs are ever minted by the producers. Smart contracts, computer programs designed to operate autonomously, govern the whole royalty distribution process.

 

👉 As a creator, you will not have to spend time manually enforcing royalties conditions or tracking payments since the system does all of that for you.

5 Best NFTs in 2022

Silks.io

Silks.io

👉 In the Silks Metaverse, there is an NFT collection of 10,000 Silks Genesis Avatars dressed like race characters eagerly waiting for anything to happen. Game of Silks shatters the myths surrounding NFTs by bridging the gap between the crypto and real worlds.

 

👉 The Silks NFT’s Metaverse has a wide variety of Avatars, Horses, Lands, and Stables; riding Avatars have been for sale on the Allowlist since March 15th, 2022. They want to enter virtual horse races in the Metaverse using their Silk Genesis Avatars.

 

👉 In addition, its owners will be rewarded with Fungible Tokens for their participation, which will help the P2E economy expand.

 

Lazy Goats

Lazy Goats

👉 To create an original NFT community, Lazy Goat has attracted individuals from around the crypto realm.

 

👉 By purchasing a Lazy Goat, you get access to our one-of-a-kind metaverse, become a member of the Grass club, and are eligible for various exclusive bonuses and privileges reserved for club members.

 

👉 Overall, 9776 NFTs will be issued, with the first 888 costing 40 USDT and the remaining 8888 costing 50 USDT.

 

Punk Dogs

Punk Dogs

👉 The Punk Dog is an assemblage of NFTs (Non-fungible Tokens). A database of digital art built on the blockchain. The Punk Dog is comprised of a total of 957 NFTs. Two owners are now carrying the Punk Dog NTFs in their wallets.

 

👉 There are one thousand works of art in the Punk Dog, and on the Ethereum Blockchain, there exists an assortment of NFTs. Their items are meticulously conceived, meticulously chosen, and perfectly formed. When you possess a Doge Token, you are also a community member.

 

Space Apes

Space Apes

👉 “Space Apes” is a compilation of non-fiction tales (Non-fungible Tokens). These art pieces are digitized and added to the blockchain. A total of 494 Nonfinancial Traits can be found in Space Apes. There are now five owners of Space Apes NTFs.

 

👉 Space Apes are two thousand NFTs created at random on the Ethereum blockchain. The first 100 stealth apes were published on OpenSea on September 7th.

 

👉 Within a month, the remaining 1,900 members will join the trip with the same goal of using their minds to journey to the moon. The group is putting in a lot of time and effort to add more useful components to the project.

 

CryptoPunks (Larva Labs)

How to Invest in NFTs in Kenya

👉 In 2017, one of the first non-fungible token initiatives on Ethereum was launched: CryptoPunks. The most punks that could be rounded up would be 10,000. Algorithms were used to create each individual punk. Punks come from more than one species besides humans.

 

👉 Nine punks are aliens, twenty-four are apes, and eighty-eight are zombies. Over $8 million was raised at auction for Alien Punks. This might be an excellent NFT investment opportunity for anyone interested in learning about NFTs.

Conclusion

👉 There is no question that NFTs will continue to exist. New initiatives continue to increase as more businesses step up to the plate. In addition, social media platforms, influencers, and even huge corporations such as Budweiser are starting to use NFTs in their business structures.

 

👉 Choosing the appropriate NFT project for your long-term investment portfolio is difficult and time-consuming. Therefore, do not spend more than you can afford to lose. Therefore, discover what you like, do your research, and do not go overboard.

 

👉 Cryptocurrencies are volatile and provide no assurances. It will need a mix of buzz, celebrity, virality, rarity, and several other things for the price of your NFT to increase. However, if you locate rare artifacts early on and your collection gets viral, you have a high chance of generating a fortune.

FAQ

How Can I invest in NFTs in Kenya?

To invest in NFTs, you must purchase Ethereum through Binance or other exchanges accepting Kenyan traders.

Once you have ETH, you can register with an NFT Marketplace, where you can either immediately buy an NFT or enter an auction for an NFT of your choice.

 

Where Can I invest in NFTs in Kenya?

You can invest in NFTs on OpenSea, Rarible, SuperRare, Foundation, and other marketplaces.

 

How much do I need to invest in NFTs?

You can invest in NFTs with any given amount, as each NFT has its own price tag. For example, some NFTs go for a few KES while others sell for millions.

 

Is it worth buying NFTs on Binance?

Binance is currently the most user-friendly NFT Marketplace with the lowest fees for beginner investors in Kenya.

 

Why are NFTs so expensive?

Some NFTs are expensive because of their potential, while others are linked with the Metaverse.

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