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You’ve probably heard about NFTs, and the many people who have made their fortunes with them. NFTs are the newest cryptocurrency phenomenon to hit mainstream.
It makes sense to learn how to make money with NFTs if you are an entrepreneur or small-business owner who creates digital content.
Perhaps you’ve heard of the 24-year old artist , who made more than $300,000. Selling her art as NFTs, or Rob Gronkowski selling NFTs from his greatest Super Bowl moments. It’s not surprising that NFT gained popularity quickly with the spread of this news via social media.
Understanding NFTs is the first step in making money with them. We will give you a quick explanation of NFTs, and show you how to sell them. Let’s start by explaining exactly what NFTs are.
What are NFTs?
NFTs, or non-fungible tokens, are cryptographic tokens that can be found on a blockchain. They can be used to purchase real-world items such as artwork, music, or real estate, but only in a virtual capacity.
NFTs are not able to be traded or exchanged like cryptocurrencies. This is because they’re not identical.
You can think of rare coins or baseball cards. NFTs cause scarcity in assets that would otherwise be infinitely accessible. These are used to purchase and sell digital items such as tweets, artwork and gaming skins.
2021 was a year that saw NFT sales surpass $2.5 billion during the first half. NFT can be used to make money in two ways. You can sell your original content to NFT.
How do you sell NFTs?
NFTs can be sold on various marketplaces, with different processes depending upon the platform. You upload your content to the marketplace and then convert it into NFT.
Then wait for it to go on sale. This is very similar to Amazon and Etsy. Here’s how to proceed if you have a digital content portfolio that you own the copyright for:
1. Select Your Marketplace, Mint NFT, and Link Wallet
There are many marketplaces to choose from. OpenSea and Axie Marketplace are just a few of the many marketplaces available. Take a look at these marketplaces to find the one that suits you best.
Next, you will need to “mint” the NFT. Simply put, minting an NFT refers to the process of making the digital file a crypto collectible on the Ethereum blockchain or a digital asset.
Although this sounds confusing, most marketplaces will offer a step-by-step guide to minting your NFT on their platforms.
After you have selected the marketplace, you will need to link your cryptocurrency wallet. Upload your digital file, and then follow the steps on the marketplace. You can either sell the item once only or make royalties on each platform.
2. NFT List for Sale
Once you’ve completed the information, your file has been uploaded and minted. Now it’s time for you to sell it. You’ll see that the marketplace calculates “gas fees” to list it for sale. This is an Ethereum blockchain transaction fee.
This fee can vary depending on the network’s busyness. This fee can be reduced by listing your product outside peak hours depending on where you are listed.
Can I trade NFTs?
Yes, you can. This is the second way to make money with NFT. The second option to making money with NFTs is not just for creators. Many investors use NFTs as stocks. They can be bought and sold for profit. You can sell NFTs you already own, even if they are no longer needed. You can skip the minting step.
Trading NFTs is all about knowing when to sell them. It depends on the type of NFT, its purpose, and whether there is any other interest. This can be determined by quick research on the Internet and in the marketplace.
Price appreciation and depreciation are also factors to consider. You can calculate your profit and loss by adding additional costs such as gas fees, marketplace listing fees and royalties paid to the original owner. These fees will eventually reduce your take-home income.
You might consider consulting a professional if you are looking for more complicated NFT trading. This will require a deep understanding of the cryptocurrency industry. You can search freelancer websites to find someone who is qualified to help you with NFT trading.
What’s the future of NFTs
It is not clear what the future holds for any blockchain experiment. Experts predict that NFTs will be around for the long term, and will grow in popularity beyond gaming and art, particularly if wealthy investors continue to invest.
NFT’s unique features, which can provide proof of ownership, social status, grant access, manage to license and certify authenticity, have also contributed to the growth of NFT. You can own your products in the same way that Bitcoin allows you to be your banker.
Conclusion
Selling NFTs can be a simple process, but it is not always as straightforward as you think. Selling your content will result in the high marketplace and Ethereum fees.
These costs can vary depending on the time you are selling it. Due to the volatile nature of the market, trading NFTs can be risky.
The best way to make money with NFT will differ by person. If you or your small business have money to spare, you can choose to buy an asset that will gain interest as time goes on and sell it when it appreciates.
If you’re a content creator, your best option would be to use NFT as an alternative way to monetize your talent.
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