NFT: What is it all about and how to make money from NFT

You might have come across the word NFT once or more,or you might be thinking of how does one make money using NFT.

Well this article would break everything about NFT into details and how you can make money using NFT.

Firstly what is NFT(Non Fungible Token):

NFTs is a digital identifier that is set down on a block chain,and is used to certify ownership and and originality.

Can i create my own NFTs

The simple answer is yes. NFTs is a token that can be created by anybody. You don't have to be an expert before you can create your own NFTs. It requires few or no coding skills to create. You don't need much coding skill before you can create an NFTs as it just contains digital files like Artworks,pictures,audio and even video.

Can NFTs be sold or traded

Well the answer is yes. NFTs can be sold and traded. NFTs can be traded and exchange for cryptocurrencies,money of even other valuable NFTs.

All depends on the market value of the NFT and the value the owner place on them.

Are NFTs safe:

Another question that runs on people mind is that are NFTs safe.

NFTs is totally safe. As long as your keys are properly secured. What are this keys? The keys are what gives you access to your NFTs.

The software that stores the key can be hacked or the devices where you hold or keep the keys can be lost.

NFTs is safe as long as you keep your keys secured.

The world has evolved, much people are moving into the crypto world and NFTs isn't left behind. NFTs has different categories that you can choose,it isn't centered around digital arts as it is before. There are several categories like:

• Art: This is very popular in NFTs. Art includes everything from pixel to abstract art.

• Photography: Photographers can also use there pictures on NFTs. Lovers of photo can tokenize their work and offer either total or partial ownership. One of the best and popular site you can sell your photo's is Opensea. With Opensea,you can sell and trade some or your pictures.

• Music: Music is also now categorized under NFTs. As an Artist,you can tokenize your music and grant buyers the rights the artist wants them to have.

• Sports: You can also trade sports on NFTs by collecting or trading digital art based on sports personalities.

• Virtual Worlds: The virtual worlds grant you the ownership of anything from avatars to digital properties.

Which sites/marketplace is the best to buy and sell NFTs:

Well, there are many sites,but the best and popular site is opensea.

Opensea offers a lot of categories where you can explore.

Other online NFT marketsplaces where you can buy and trade includes: Rarible and SuperRare.

How to make money with NFTs

The truth is, there are many ways you can make money with NFTs. One of the most popular way to make money through NFTs is by creating and selling your own NFTs. You mint them and then list them on marketplaces.

That is the most direct and easy way.

Ways you can make money with NFTs

• Create and sell your own NFTs

• Trade NFTs

• Play NFT Games(play to Earn [P2E])

• Lend NFTs to an individual or an organization

• Stake NFTs

• Flipping of NFTs

• Earn from NFT Royalties

•Create and sell your own NFTs:

One of the way you can earn through NFTs is to create your own and sell them. It is very easy as you don't need much coding skill. Once you mint your NFTs you sell them to potential buyers.

The cost of creating an NFTs is very low so this gives you a chance to even create hundreds or more for little crypto.

After creating your NFTs,you list them on a marketplace,then you sell once someone is interested in buying them.

To get more sales also,you have to make your NFT really special and desirable for potential buyers to be interested in buying your NFTs. Buyers then transfer crypto to your wallet in form of payments and NFTs is transferred to the buyers wallet.

• Trade NFTs:

How do you make money by trading NFTs? You buy an NFT at a cheaper or lower price,which have the capacity to become popular and would increase in price later, then you sell it again for a higher price which would in return give you profits.

As a trader of NFTs,it is best you buy a valuable NFT you are sure would trend in term of gaining popularity,you then sell at a higher price.

• Play NFT Games(Play to earn [P2E]):

Play NFT games is also another way you can earn NFTs online and then sell to make money. Just like how some cryptocurrency games pay you for playing their games, it is also similar to P2E NFTs games.

P2E NFTs games reward you for playing games with NFT collections which you can sell to someone else.

How popular and valuable the game is would determine how valuable the NFT would be.

•Lend NFTs to an individual or an organization:

Another way you can earn from NFTs is by Renting your NFTs to others.

You can choose to lend your NFTs to a company or someone to use for a specialized platform or game for a fee which would be a contract agreement between both of you.

• Stake NFTs:

You might have heard about staking as it is mostly done on crypto, well NFTs isn't an excemption. You can also earn money by staking your NFT. How would you do this? You deposit your NFT in a staking platform,then after depositing it, you earn your reward for the period in which it is staked.

Some platforms are available where you can stake your NFT for reward,just be sure to know details about the platform you plan staking into.

• Flipping of NFTs:

This is also similar to trading of your NFTs. You buy at a lower price and later sell at a higher price which would in return earn you profits.

• Earn from NFT Royalties:

How can you earn money from NFT Royalties, it is very simple. Since NFTs are pieces of software on a blockchain which are called smart contracts,you include code in an NFT smart contract that then pays you some crypto the creator everytime it gets sold. This is termed Royalty.

NOTE:

There are different ways you can make money through NFTs,but our article have outlined the simple and easy way you can make money through NFTs. So if you are planning to go into NFT, make sure you understand details about it so as to achieve success when venturing into it.

Komolafe Peter Adedayo

Pelegists website is all about getting the latest news on finaces, cryptocurrency and also those seeking to invest and have no idea on how to go about it.subscribe to this page and get the latest gist around the world and many more. All news posted here are true details as we would not post untrue news With time we hope to become the internet most trusted source of informations for Finaces and business growth all round the world

Post a Comment

Previous Post Next Post