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$340 million worth of NFTs were sold last year. This year's number is sure to blow that $340 million figure out of the water.
You see, NFTs aren't going anywhere. These investments are here to stay.
But what a lot of investors new to NFTs find difficult is knowing which NFT is worth their cash. Valuing art, for example, is a tough business.
Fortunately, you don't have to drop everything and become a trained art appraiser to make money off of NFTs.
There's a pick-and-shovel play that will let you profit as the NFT, and broader cryptocurrency markets, balloon over time. And you can do it right from the stock market.
Here's what we're talking about.
The Best NFT Stock to Buy Now
NFTs can be a little tricky for investors who are just getting to know them. Make sure you check out our complete primer on NFTs and how they work right here.
But all you need to know to profit off of NFTs are two things.
First, non-fungible tokens are essentially like a title or deed to a specific item, usually a digital creation. This can be digital art, a video, music, etc.
And just like the art market, original pieces can go for millions.
An NFT auction at Christie's auction house went for $69 million earlier this year. Grimes sold $6 million worth of NFTs of her music and art. Jack Dorsey sold an NFT of his first tweet for $3 million. You get the idea: This is a lucrative market.
Second, NFTs run on the Ethereum network. Thanks to Ethereum's smart contract capabilities, these non-fungible tokens are secure and unique, meaning no one can copy or steal yours without knowing your encrypted keys or other account information.
That's also a very bullish catalyst for Ethereum itself.
Thankfully, there's a simple way to profit off of both NFTs and Ethereum's growth using the stock market.
The Secret to Crypto Windfalls
Starting with $1,000 and cashing out with potentially tens of thousands in the bank in a few short years can be very simple.
The Secret to Crypto Windfalls
Starting with $1,000 and cashing out with potentially tens of thousands in the bank in a few short years can be very simple.
PayPal Holdings Inc. (NASDAQ: PYPL) is launching a cryptocurrency platform of its own. That will allow PayPal users to buy and sell cryptocurrencies, including Ethereum.
And that makes PayPal the perfect backdoor NFT stock to buy now.
PayPal is the dominant payment app, with 361 million active users. Giving these users an easy way to buy cryptocurrencies on an app they already use and are already familiar with is going to be a huge revenue driver for the company.
That will get kicked into overdrive as Ethereum soars higher. And the NFT boom is exactly what could help push ETH higher, which will lead to even more money flowing through PayPal.
At its current growth rate, PayPal should double its earnings per share in just over two years. If its price/earnings ratio remains steady, that could be a 100% jump in the share price. It could happen even faster if the NFT market soars even higher.
Possibly the Easiest (and Most Lucrative) Way to Make Money on Crypto
Navigating the cryptocurrency market can feel a bit like throwing darts at a board, especially when volatility comes to "crash the party."
That's why Tom Gentile, America's No. 1 Pattern Trader, developed a method for spotting winners in a little-known slice of the crypto market - through any market condition imaginable.
It's a method with a 95% win rate, and Tom's used it to beat the stock market by 640% in the last year.
This corner of the crypto market is projected to get a $14.2 trillion boost in the next four years - and Tom's just the person who can show folks how to tap into it for the biggest potential gains.
Virtually anyone can do this, starting with as little as $100. We'll show you how right here.
