These days, millennials aren’t getting out of bed for the 10% stock market gains that boomers champion. As seen on r/Wallstreetbets, young investors are coming together to share their investment ideas through the internet. These risk-tolerant internet investors got a taste of huge profits from the GME stock surge, and many of these traders are now looking to small market cap cryptocurrencies on Binance’s Pancakeswap to try and find their next 1,000% return.
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What is NFT Art Finance?
NFT Art Finance is a brand new cryptocurrency that uses the Binance Smart Chain to execute its code. Essentially, NFT Art Finance wants to create a marketplace for artists to mint and sell non fungible tokens (NFTs). However, the company has yet to release any tangible products, and there are already plenty of more developed alternatives on Ethereum’s blockchain.
The token is explained as “hyper deflationary”. However, hyper deflationary seems to be a buzzword the company uses to shift attention away from how much the tokenomics resemble a pyramid scheme. When you want to sell your NFTART tokens, you’ll be charged a 10% fee: half of this is burnt and the other half is distributed amongst NFTART token holders.
If this sounds familiar, then you may be thinking of Safemoon. Safemoon is another popular token on BSC which heavily resembles a pyramid scheme; token holders rely on other investors buying into the coin, and they’re incentivized to hold the coin to avoid paying high fees.
Brief History of NFT Art Finance
Being that NFTART Finance has only been around for a week, its history is quite brief. They have yet to do anything noteworthy with the platform, and according to the NFTART website, the protocol will release its NFT marketplace in June.
The token began trading around $0.0000000010 on April 22nd. The token began trading at this incredibly low price due to its enormous maximum supply of 10 quadrillion tokens. Even if a significant amount of these tokens will eventually be burned, the supply is magnitudes larger than other crypto assets.
NFTART Finance reached a peak of $0.0000000360 just a few days after its release. In the matter of about 96 hours, early investors made over 30,000% on their investment. Since then, the token has dipped to around $0.0000000100 per coin.
How to Buy NFT Art Finance (NFTART)
Trade, Sell or Convert your NFTART Tokens
When you want to sell your NFTART tokens, you’ll basically need to do these steps in reverse. You’ll 1st need to swap your NFTART tokens for BNB smart chain tokens and then you can swap these BNB tokens for Bitcoin, Ethereum or another cryptocurrency. To take profits in cash, you’ll need to send this cryptocurrency to an exchange that’s connected to your bank account.
With a proposal to increase the capital gains tax to over 40%, investors are looking for ways to take profits without actually realizing their cryptocurrency gains. Lending companies like BlockFi are by far the best way to avoid paying high taxes on your investments while still being able to use your hard earned profits.
BlockFi lets you take out loans without the need for approval; instead, you need to use your cryptocurrency as collateral. This way, you’ll still have exposure to your crypto investments, so long as you pay back your loan. Some investors use BlockFi to leverage their position, as they can use the loan to buy more cryptocurrency.
If you aren’t looking for a crypto-collaterized loan, BlockFi also offers investors high interest bearing accounts on their crypto assets. If you’re interested in making 5% to 10% interest on top of the appreciation of your crypto, you should give BlockFi a try.
Current Crypto Prices
Q1 2021 was a monumental quarter for cryptocurrencies. With institutions like Tesla, Paypal and Benzinga adding crypto to their balance sheets, the industry has shown a change in sentiment. More investors see Bitcoin as a store of value, and people are waking up to the potential blockchain technology has in our future.
Is NFT Art Finance a Good Investment?
While I don’t have a crystal ball to tell you where the price of NFTART token is headed, I can warn you that the token is an extremely risky investment. The company hasn’t been around for more than a month, and they have yet to build any tangible products. Investing in a blockchain startup as small as NFTART Finance may be one of the riskiest investments you can make, so it’s not likely a good coin to HODL.
Continue reading: BEST NFT INVESTMENTS IN 2021
Find more: Nft art finance kaufen – Krypto-NFTs