Cryptocurrency has been a trending topic ever since Bitcoin surged to all time highs of $68,521 per coin on November 5, 2021. Consumers and businesses are slowly adopting crypto to pay for everyday items to utilize it as an alternative form of payment. The objective of cryptocurrency is the decentralized characteristics that allow you to be your own bank. The beauty behind investing in a decentralized entity is the endless routes to grow your wealth. By participating, you can profit from the traditional buying and selling of tokens (similar to stocks), crypto mining, yield farming, staking and NFTs.
Non-fungible tokens (NFTs) are tokens that can be uniquely owned to prove ownership of digital items. This isn’t something new in today’s society, since investors from all over the world have invested in scarce items that can now be digital in the form of NFTs, such as collectibles and art.
There are many NFTs that are on the market place, such as Bored Ape Yacht Club, which has been adopted by A-list celebrities such as Lil Baby, Jimmy Fallon, The Chainsmokers and Stephen Curry. Hai Dinho believes that NFTs are the next big gold rush since these celebrities have so much influence over culture. Hai points out, “Right now, these celebrities use their Bored Apes as profile pictures on social media, but imagine when they start rapping or singing it in their music.”
This transition to owning digital art, especially in the metaverse, has crypto investor Hai Dinho interested in one particular project called “Cyber Kongz” which is listed on OpenSea.io (one of the largest NFT marketplaces). Hai Dinho preaches passive income since he believes that money should work for you, not the other way around.
The NFT project that Dinho has his eyes on is currently sitting at a floor price of 6.19 Ethereum which is equivalent to $25,583.77. This means that the cheapest Cyber Kongz NFT a user can purchase at the moment is 6.19 ETH. You may be asking, “there are many NFTs in the market, why is this so fascinating?” This unique NFT caught Dinho’s attention solely because it generates passive income for holding any of their NFTs. This NFT pays users in their form of currency called “Bananas”. Their pay out is structured by rewarding 10 Bananas a day which is equivalent to $53.62 a token at market price according to Coingecko. While the coin is volatile and future returns are far from a guarantee, investors are currently earning huge rewards for holding CyberKongz.
If you are talented in identifying trends in music, art or passionate about collectibles, getting your feet wet with NFTs might be a good bet. NFTs are still in their infancy and could be the future of incorporating art with technology.