Do you want to know How to make money with nfts? I made a lot of research about this thing and now I want to share this knowledge with you. If you want to know how to make money with NFTs, this guide will show you the way.
What Is a NFT? (Non-Fungible Token)
Today, Non-Fungible Tokens are a new phenomenon in the cryptocurrency world. NFTs are cryptographic tokens that have a unique attribute. They have three main attributes.
The first is that they are not interchangeable with other NFTs. This means that they cannot be exchanged or substituted for another NFT with the same value. It should be noted that this is different from the fungibility of Bitcoin, which can be exchanged one to one with any other Bitcoin of equal value.
The second attribute is that each NFT represents something external and physical in the real world. For example, digital art, tweets, or collectibles can all be represented by an NFT on a blockchain.
The third attribute is that these external objects are placed on a blockchain by purchasing them and paying for them with cryptocurrency like Ethereum (ETH). Each token represents ownership of this digital object, similar to how traditional stocks represent ownership of a company.
NFT was first introduced in 2013 by Andrew Barisser, who created the CryptoPunks project to create 10,000 digital images (8-bit) that cannot be counterfeited. At that time, NFT did not bring any value to its owner because it did not have any commercial value at all.
In 2017, a large number of NFT projects started to emerge and popularize at the same time as Ethereum appeared on the market. And in 2021, a series of famous projects have appeared and made NFT famous by attracting so much attention from investors.
NFTs In Numbers
The NFT craze has been in full swing for a few months now. It has attracted many artists, creatives and investors, but also captured the attention of mainstream media and celebrities. The number of new NFTs being created daily is constantly increasing, while the total value of all NFTs continues to grow.
Here are some key numbers from the world of NFTs that show how quickly the market is growing: The auction for the first digital image was held on October 10, 2015, and the artwork was purchased for $ 57,000. For comparison, two years later, someone bought a meme for almost half a million dollars.
As mentioned above, NTFs are not limited to digital art. For example, two football players from Kansas City Chiefs with the same name (Patrick Mahomes) signed their contract in NFT form so that it is impossible to fake it.
In 2017, basketball fans were shocked when a one-of-a-kind LeBron James card sold for $312,000 at an auction. The item was sold in a pack of cards by Panini America back in 2009, but its scarcity and high quality made this particular card very valuable.
The same thing happened with a rare Pokemon card which sold for $100,000 recently. It was part of the first ever set of cards released in 1999, making it almost impossible to find it in good condition.
The digital art market generated $1.3 billion in sales in 2020, according to a report by the Artnome blog.
The most expensive work of digital art, “The First 5,000 Days,” sold for $69.3 million on Feb. 28, 2021. The piece was created by Mike Winkelmann, a 36-year-old artist from Wisconsin better known as Beeple.
How To Make Money With NFTs?
Making money with NFTs is a relatively new phenomenon. It has only been popular in 2021, but it is growing in popularity. There are two ways to make money with non-fungible tokens:
- Buy and sell NFTs at a profitHow to Create your own NFTs and sell them?There is no one way to create an NFT. You can work with one of many platforms that allow you to mint NFTs. The platform you choose will help you determine the format of the NFT creation, whether it is a video, image or animation.What are the best platforms to create and sell NFT?Rarible: https://app.rarible.com/SuperRare: https://superrare.co/Makersplace: https://makersplace.com/
- Create your own NFTs and sell themHow to Create your own NFTs and sell them?To create your very own NFT, you can go to any marketplace such as OpenSea.io and upload your digital file. You will be able to set a starting bid price, a duration of the auction, and whether or not it is a one-time sale or a continuous auction.Once you publish your NFT, people can bid on it in the same way that they would bid on any other item on the site. Like regular auctions, if the highest bidder wins, then you can exchange the money with them for the token.
What Are The Best Places To Use NFTs?
NFTs are sold through so-called marketplaces. These are digital platforms that allow you to sell and buy NFTs, often in the form of auctions, but in some cases also by direct sale. Some popular NFT marketplaces are:
OpenSea: One of the largest and most diverse marketplaces for NFTs. OpenSea is also known for its large stock and easy interface.
Rarible: This marketplace is known for its focus on crypto art and its appeal to creators, who can set their own prices and terms on their own unique artworks/NFTs.
Nifty Gateway: Nifty Gateway has a reputation for being one of the easiest marketplaces to use and has an appealing interface.
SuperRare: Another marketplace with a very high level of aesthetic styling, SuperRare focuses on art and digital collectibles.
Known Origin: Focused on digital art, Known Origin provides a user-friendly platform where the artist gets 80% of the sales proceeds from each item sold.
What Are The Disadvantages Of An NFT?
The major disadvantage that comes with an NFT is the price. The cost to mint a single NFT can be extremely expensive. If you’re looking to create an NFT for your art, you should expect to pay hundreds of dollars. If you are looking to create a unique digital collectible or make a living trading NFTs, this could be expensive.
Additionally, there are plenty of people who oppose the current NFT craze. Many believe that the hype around it will die down and it will become a thing of the past. This does raise some concerns about whether or not your investment will be worth anything in the future.
There is also the issue of sustainability. There have been many discussions about how much energy an NFT takes to create and validate. Some have noted that it takes more energy than what they would use in their home over two years’ time per transaction. While this is concerning, there are certain companies that are trying to cut back on this energy usage by using renewable energy sources and other methods to reduce energy usage.
My Take On NFTs
I’ve been thinking about why I find the idea of NFTs so interesting, and why it’s something I want to invest in both time and money.
I want to start by saying I’m not an expert. This is just my perspective, but I hope you’ll find it interesting.
These days, most of the money is digital. The dollar has no intrinsic value and only exists by way of government decree (aka fiat). A cryptocurrency like Bitcoin or Ethereum has its own currency but it’s not backed by any government or institution.
In the past year, we’ve seen the launch of stablecoins like USDT, USDC and DAI that are backed by dollars held in a bank account so they are truly digital dollars. Most people think these stablecoins are just a stepping stone before central banks issue their own “digital dollars” aka CBDCs.
You can spend these digital dollars on all sorts of things like food, drinks, travel and entertainment but for many people, spending money is a little too real world. They want to buy something more abstract like an NFT…like a virtual asset: art, music, video or other types of entertainment
There are many ways to make money with NFTs. But you need to be smart, clever and work hard to get success. It won’t be something just sitting beside, it will take an effort. And that’s all guys! I hope this guide can help you to enter the world of NFTs and make your dream come true.