There are many ways that people can grow their savings. The basic way is to find a job and work hard to earn, and there are opportunities in passion investments. Taking care of your earnings while you continue with your hobby can be ideal for a steady living.
Investments of passion are simple hobbies rather than broader financial strategies. If you want to pursue this method of handling of your money, here are some ideas increasing in popularity today.
Non-Fungible Tokens (NFTs)
Non-fungible tokens give an assurance that every digital asset is unique. It represents digital art or physical objects such as photos, videos, memes, audio files, GIFs, and tweets instead of fiat money, and it can be available for public trading. A fungible commodity is replaceable by mutually interchangeable goods, while non-fungible items have no identical replacements and are all unique.
Collectors trade gifs, memes, and artworks for more than $200 million, giving artists a great platform to boost their careers and receive numerous awards for their work. Other companies show their interest in unlocking potentials to tap into the collectibles market like football fans or real estate.
Today’s toys are getting more expensive than before. If you have unopened and forgotten boxes of toys from the past years, it may surprise you with how much its value went up. Toys such as trading cards can have a hefty price in the market once you decide to let them go. Movie toys can also increase in value if they are well-kept, unopened, and have no damage. The older the toy, the more expensive it gets.
Many reading materials have an unbelievable price in the market. Many of these materials have limited editions, and if you keep them in pristine condition, you have a passion investment in your hands. These kinds of books can reach up to hundreds of thousands of dollars, and in some cases, they can go up to millions. The first edition of the Superman comic book went up to $3.25 million on eBay. In 1938, it was only on sale for 10 cents.
Baseball fanatics that preserved and kept their baseball cards in mint condition can sell their cards at an average of $280 to $775 for each card. One of the most expensive baseball cards sold was of Tom Brady, at $3.1 million.
You can’t go wrong with jewelry as your passion investment. Those dainty promise rings will provide satisfaction with their increasing value every year. There are also colored diamonds, which many experts say are the safest bet for return on investment. One of the largest auctioned pieces was sold for £20.1 million in 2020 in Switzerland, a 14.8-carat purple-pink diamond.
Today, many members of the young generation would know about this passion investment, and some would take it to a different level of collecting trainers. The Kanye West x Louis Vuitton trainers reached £22,763, making them the most valuable, especially the grey and pink colors. The famous Nike dunks went as high as £24,000 in the market this year in the United States.
Traditional passion investments include contemporary art, supercars, classic cars, jewelry, and watches, which would require a level of knowledge about important information such as storage, authenticity, major issues, insurance, and tax.
The passion investment industry picked up a better pace of interest for many people than its slump in the past decade. Technology played a big role in increasing the popularity of this finance management by using transparent market platforms for easier and faster transactions. This trend will have many more categories in the following years with an incredible value.