Expert Investor Ryan Hoggan On How To Spot Incredible NFTs

NFTs are an entirely new asset class and space to invest in. As they have only recently entered the mainstream market, there is much confusion around this emerging asset class. You may be wondering what is considered an NFT? What are the benefits of owning an NFT? And how do these assets work with other investment opportunities?

To answer these questions, we reached out to Venture Capitalist Ryan Hoggan, an expert on all things crypto. This was how the interview went.

What is considered as NFT?

NFTs are a new class of crypto assets which have unique characteristics that set them apart. They are digital files stored on a blockchain, which can be traded and owned by anyone. Since they are technically decentralized, there is technically no one to make all the decisions regarding the asset.

Why Should people Invest in them?

There are a number of reasons why an investor should consider investing in NFT:

They are digital assets, which means they can be stored, traded and owned by anyone. Due to the distributed ledger technology (DLT), which powers blockchain development, there is no one to make all the decisions regarding the asset. This is good for investors as it means there is no central entity working against them when it comes to ownership.

NFTs come with a lot of benefits. They give investors the chance to become active members of a community unlike traditional financial investments that tend to be passive.

Since NFTs are intangible, they allow investors to make use of them in ways that are not possible with tangible assets. For instance, you can create your own personal game world. The world will exist on the blockchain and you’ll be able to trade its properties with other users.

Can you tell us more benefits of investing in NFTs?

Investors should consider the following reasons why NFTs are making waves in the market:

They provide investors with a lot of benefits. For instance, they allow users to place a bet on something that cannot be touched. The opportunity to create, build and trade virtual worlds is what is drawing so many people to invest in NFTs. 

How do NFTs work with other investment opportunities?

NFTs work seamlessly with other asset classes. They may be different in terms of structure, but they share many similarities. For instance, you can use them in the same way as a traditional stock or fund. Depending on the nature of the investment, however, your returns will vary greatly.

NFTs are new and need time to mature. You need to do your homework before making any investment decisions regarding NFTs.

How can you spot great opportunities with NFTs?

The best way to spot an incredible NFT is to look at its application. If the application is unique and very relevant, it could be an amazing investment opportunity worth exploring. Additionally, you can look at the team behind the development of the project and how they plan to execute it.

The industry is still in its infancy and there are a lot of bad people out there who are more interested in making a quick buck rather than creating innovative solutions to real-world problems.