Collecting NFTs is a lot like crypto poker — you can make a lot of money and have fun if you get a good hand and you know how to play it.
But there’s a big difference between collecting NFTs and playing crypto poker: the NFT space is quite young and the ways of finding, collecting, and playing with NFTs are a bit different from playing poker online using BTC.
In this article, we’ll take a look at the similarities and the differences to see how you can collect NFTs for fun and profit.
What Are NFTs and Why Should I Care?
Binance Academy has a sporting definition:
“A non-fungible token (NFT) is a type of cryptographic token on a blockchain that represents a unique asset. These can either be entirely digital assets or tokenized versions of real-world assets. As NFTs are not interchangeable with each other, they may function as proof of authenticity and ownership within the digital realm.”
So each NFT is a unique asset. If you’re a crypto poker player, imagine being able to play with your own custom deck of cards.
The link at the top of the article points to some of the best online poker sites that accept Bitcoin and crypto — and who knows, in the future, they might also integrate NFTs like custom card decks.
In the future, you will be able to purchase custom card decks or even get them for free as part of a crypto poker site’s VIP program or giveaway. Then, you’ll either be able to store them, play with them on the crypto poker site, or sell them.
Thinks like that are already happening.
Where to Buy, Sell, and Store NFTs
Let’s say you join one of the bitcoin poker sites at the link at the top. Then, let’s say they create and give away some special edition NFTs to their crypto players. How could you claim them? What could you do with them?
If you want to claim an NFT, the first step is to have a wallet that accepts NFTs. Not all hardware or online wallets are capable of handling NFTs. That’s because, unlike typical coins, NFTs are usually built on special smart contracts.
One of the biggest wallets that handles crypto and NFTs is Trust Wallet. You can use this mobile and desktop wallet to hold both your bitcoin poker winnings AND any NFTs that you collect.
Just remember that Trust Wallet is a “hot wallet” — which means that it is not completely offline like a Trezor or Ledger, and thus the coins and NFTs might be hacked. So keep your crypto safe.
And if you do decide to use Trust Wallet for your collectibles and poker winnings, then make sure you write down your wallet’s seed phrase. That’s a collection of words given to you at the start of setting up the wallet. Write it down offline and keep it safe somewhere. It’s the only way you’ll be able to restore your wallet. After all, if your phone or device housing your Trust Wallet gets stolen, hacked, or dies, you’ll want a way to back up the wallet.
After you have your wallet set up, the next issue will be finding a place you can buy and sell your NFTs. That way, if the poker site you’re playing at gives you an NFT, you can sell it and use the proceeds for more bets — if that’s your decision.
The largest NFT marketplace currently online is called Opensea. There you’ll be able to find virtual worlds, domain names, trading cards, and artwork.
You can find, buy, and sell any NFT on that marketplace.
How to Find Out How Much Your NFT is Worth
If you do end up getting an NFT collectible from a crypto poker site, then you might want to find out how much it’s worth before you sell it or keep it.
At this stage of the NFT market, however, pricing such assets is difficult.
In crypto poker, like with regular poker, the rules are simple and the value of cards has been set in stone for decades.
If you want to know how much your NFT is worth, though, you’ll need to do some digging.
According to one source, you should price an NFT not by how much it’s listed for but by its transaction history and how much it has sold for in the past.
If that seems like too much effort, you can go to Dapp Radar and try their NFT estimator.
In the end, however, the price of something — no matter if it’s Pokemon cards, NFT, or even Bitcoin itself — is all up to the market and how much people are willing to pay for it. So if you have time and don’t need to sell your NFTs right away, you can simply put them up for auction at high prices and see if you get any takers.
As with crypto poker, the winner is the one who not only has the best hand but who knows how to bluff. So if you can bluff your way to higher NFT prices, all the better.
Good luck out there.