how to make money with nft

How to make money with NFT?

  • 12 December 2021
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Non-fungible tokens, or NFTs, are becoming one of the most profitable Blockchain experiments in history. Prominent influencers, such as Twitter CEO Jack Dorsey, have recently put the news up for the NFT auction. Although the cryptography behind NFTs is very difficult, it is not a problem to understand what they are and how to make quick money from them! We will discuss what NFT is, how you can sell and how to make money with NFT, where it is exchanged, and recent examples of NFT sales. Let’s dive

What is NFT?

“Non-fungible tokens” means an encrypted asset that cannot be changed or reproduced. You can consider these tokens as the digital equivalent of works of art in a private collection. Each work of art in the collection is unique and has a different value.

Like pieces of art, and NFT can be sold with digital money or currency. However, the transfer of token assets is recorded in the Blockchain just like digital currency. This determines who currently owns it.

Each NFT is tied to the digital (or in some cases, physical) assets of the original owner. Technically, anything digital can be converted to NFT. Popular tweets, Facebook posts, Instagram pictures, and more can be converted to NFT and sold by anyone.

So do you want to know how to create NFTs and how to make money with NFT?

How to make money with NFT: What Gives an NFT Value?

If you want to know how to make money with NFT, you should first know what gives NFT value. Just like the pieces in our hypothetical art collection, consumer interest increases the value of an NFT. Similar to trading cards, the rarity, and base of interested consumers affect their value. While an image can be converted to NFT, this does not prevent the image from being shared freely. However, it shows who owns the assets through the Blockchain.

How can I buy NFT?

Some platforms allow you to use credit cards, but the vast majority of sites where you can buy and sell NFT require you to use digital currency. You need to create a wallet for the currency of your choice. Blockchain.com is one of the most popular platforms that allows users to create wallets for free.

After verifying your identity on one of these platforms, you can buy the currency directly around its market value. Once you’ve got the right amount of a popular item like Bitcoin (BTC), it’s time to look at an auction site.

OpenSea is a popular trading post for all types of NFT. This is similar to sites that sell collector items like eBay. You can find cheap digital art to make your own unique.

Important for newcomers to digital currencies: You will be charged a fee when you use cryptocurrency for review. This fee varies depending on the size of the current blockchain and the currency used.

How Can I Show Off My NFTs?

Lazy.com Mark Cuban is the first service that allows you to display your NFT suite. All you have to do is create an account and follow the requests on the site to prove ownership. In minutes, you can show your unique digital content to the world!

There are alternative ways to do this, but Lazy.com is by far the simplest way.

How to make money with NFT: How can I sell NFT?

First, you need an original piece of media that you have the right to print. This could be an image you took, a gif you created, a song, or almost any other form of media.

Next, go to Rarible.com. Click the “Create” button at the top right of the screen. You probably want to start by selling a file, so click “Single” when prompted. Then, you need to think about the selling price of your product. You can select any amount of digital currency you want and enter it.

If someone buys your property and uses it elsewhere, you will be asked about royalty payments. This is optional, but it’s a good idea to set a rate of a few cents or more for each view of your digital assets. Keep in mind that Rarible saves 2.5% on service costs for items sold.

Lastly, at the time of listing, you must pay a fee for the miners, also known as the “gas” fee. To do this, you must attach the e-wallet you created. Submit the right funds, and it will generate a Rarebel sales page for you. Your Rarible list will be automatically published to other listing sites such as OpenSea. This is the summary about selling NFT and how to make money with NFT.

How to make money with NFT: How can I sell NFT?

How to make money with NFT? Step by step

  1. Buy some cryptocurrency

The first thing to be aware of is that all of the NFT auction platforms listed above want to bid on your NFT to “mint” and turn your artwork into Non-fungible tokens that you can sell. In general, they want to pay through digital currency, so before you have a chance to earn some digital currency, you should buy some to cover the costs. Most platforms charge at Ether (ETH), the indigenous digital currency of the open-source Ethereum blockchain platform, where NFTs were first launched.

If you already have some ETH, you need to make sure you have it in a digital wallet, which you need to connect to the NFT platform of your choice so that you can pay (and receive). If you need to buy, there are many digital currency exchanges to do this, but the quickest and easiest option is usually to buy Ethereum directly with the digital wallet you want.

  1. Create your digital wallet

To create an e-wallet with MetaMask, you need to go to its website and click on the blue “Download” button at the top right. Since we are using a desktop computer, we choose to install the browser plug-in, but there is also a mobile application.

  1. Add some cryptocurrency to your wallet

Once you have launched your MetaMask wallet or any of your digital wallets, you need to add some ETH to it. If you do not already have some ETH, you should buy some ETH now, so click the “Buy” button and select “Buy ETH with Wyre”. You will be taken to a page where you can use Apple Pay or Cash Card to purchase ETH. Note that if you prefer not to part with any money yet, you can skip this step. It just needs a little more affection (you want to check the cost of your chosen NFT platform to know how much to buy).

  1. Connect your wallet to an NFT platform

Most digital wallets work the same way. Whichever you choose, you need to connect it to the NFT platform you use to create your NFT. For explanatory purposes, we use Rarible, but there are many other NFT platforms to choose from.

  1. Upload your file

So now that you have a wallet connected to ETH to pay, you are ready to create an NFT of your work. On the Rarible site, click the blue “Create” button at the top right. You will then be given options to create a single job or sell a product multiple times. In this example, we select “Single”. Now you need to upload the digital file you want to create in NFT. Rarible accepts PNG, GIF, WEBP, MP4, and MP3 files up to 30 MB in size.

       6. Set up an auction

In the next section of the form, you must choose how to sell your NFT artwork. There are three options. “Fixed price” lets you set a price and sell your NFT instantly (instead of the “Buy Now” option on eBay). The “Unlimited Auction” option allows people to submit bids when you do not accept one of them. Finally, a “timed auction” is an auction that lasts only for a certain period. This is the option we choose as an example.

This leads us to the most complex part: choosing the minimum price. Sell ​​your NFT very cheaply and huge commissions will swallow your profits and possibly even go out of your pocket. We set our price on an ambitious ETH (currently US $ 4,700) and give people seven days to bid.

        7.Describe your NFT

You can now add titles and descriptions to your list. To maximize your NFT sales chances, you need to take some time to think about it. You will then be asked to consider what percentage of the royalties you would like to claim to resell your art in the future.

How to make money with NFT: How do I know if my NFT is being sold?

Since these sites tend to not use traditional email, you should check the sales page for updated offers on the assets you are selling. If you see an acceptable offer, or if a user paid the full price you requested, you can accept it.

The digital currency provided will then be transferred to your wallet. You can pick it up or use it to buy other products through cryptography or exchange it for cash.

What’s the Easiest Way to Profit Off of NFTs?

For more complex NFTs, you should consult a specialist. Currently, since NFTs are relatively new, the best option is to use a site like Upwork to hire a freelancer.

For simple, single media, you can do it yourself on Rarible or a similar site. However, to sell more complex assets, it is essential to know the basics of digital currencies and experience in that field.

You can also take advantage of NFTs without touching one! Some users treat them like stocks. By buying NFT from something that is potentially profitable, you may be able to make a good profit later. Keep in mind that unfortunately, the opposite may happen with your investment.

In short, the best way to make money with NFT will vary by person. If you have savings, the best option may be to buy an asset that is gaining traction over time. While some higher-level NFTs are currently priced high, the NFT market is just starting, so you will have much less competition. If you are a content creator or influencer, it is probably best to create and sell your original NFTs.

What Are Some Examples of High-Profile NFT Sales?

Viral Nyan Cat gif author Chris Torres created an NFT to sell animated ownership. Although Nyan Cat first hit the web a decade ago, a recent surge in interest in NFTs has prompted Torres to auction it off. He eventually acquired the equivalent of $ 590,000 Ethereum Digital Currency (ETH).

One of the first NFT sales to make headlines was Twitter CEO Jack Dorsey, who sold his first tweet as NFT. The proceeds went to charity, eventually ending up at $ 2,500,000.

The most expensive NFT sale took place at Christie’s auction house. It was a popular diving house at Blockchain Auctions. The image was a large JPEG file with 5,000 unique images taken by the graphic designer. Although he did not have a particular reputation, he was only sold for $ 70,000,000. Part of the reason it sold so well was that it was also the first public auction of an NFT. However, NFTs are still new enough that “unicorn” sales like this are still happening.

What Is the Future of NFTs?

Like many Blockchain experiments, the future is relatively unknown. However, prominent publications show that NFTs will not be eradicated any time soon. Now that wealthy investors are pouring money into them, they will likely become more and more mainstream.

Learning about how to make money with NFT can be attractive, but we should consider risks. To enter the market with the least risk, and creativity you have is potentially valuable. The game sprints, the music you record, the pictures you take, the featured user accounts on various sites and forums, and just about anything else you can think of can be an NFT.

The Bitcoin network was introduced to the world in 2009 by an unknown individual or group called Satoshi Nakamoto. In 2021, there are more than 10,000 different projects in the field of cryptocurrencies. each of them has its role in building the future of money.

The market value of cryptocurrencies reached $ 1 trillion for the first time in January 2021. It passed $ 2.5 trillion in less than three months later. It shows that this market is one of the growing markets in the favor of its investors.

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