So, you’ve heard of NFTs and how they’ve helped some individuals make money. It would be beneficial for you to learn the art of making money with NFTs if you’re an entrepreneur or small firm that produces digital content.
You may have heard of the 24-year-old artist who made over $300,000 by selling NFTs of her work. This news went viral in no time and got more eyes and attention towards what NFT is.
Understanding NFTs is the first step to start making money. We’ll give you a quick overview of NFTs and show you how to make a profit with them.
What are NFTs?
For those unfamiliar with NFTs, consider them tradable digital receipts that are maintained on a publicly distributed database known as a “blockchain” that everyone can access and verify at all times. These digital receipts contain unique information that can be used to verify who the only owners of certain tangible or intangible assets are.
However, it’s important to note that NFTs don’t save the digital entity they represent. Instead, they just direct you to the file’s location, which is somewhere on the internet.
NFTs cannot be traded like bitcoins because no two items represented by NFT are ever the same. This is why they are called non-fungible tokens.
What is the best way to sell NFT?
NFTs are typically sold in markets in multiple ways based on which platform you choose. You just need to upload what you’re selling, convert it to NFT, and then wait for it to sell. It’s a lot like Amazon or Etsy.
Do you have a digital content portfolio along with the copyright? If yes, follow the steps below:
Select marketplace, mint your NFT and connect your wallet
There are so many legit marketplaces available. OpenSea, Axie Marketplace, Raible, super rare, and Mintable are some examples. You can easily choose the one that suits you.
You may then start the Minting process. In this process, you convert a digital file into a crypto collectible or a digital asset on the Ethereum blockchain. Don’t worry about getting stuck and complications, most platforms will guide you through it.
After you’ve chosen a marketplace, you’ll need to link your cryptocurrency wallet to it. Then upload the file and follow the steps. Each platform will have its own set of procedures to offer the item as a one-time buy or earn royalties.
Fill out the details after the file is uploaded and minted. You’ll see that the marketplace will calculate “gas fees” after you’ve listed it for sale. This is a transaction fee for the Ethereum blockchain network. The fee varies depending on how busy the network is. The best strategy to lower this fee is to list your product during non-peak hours.
It’s vital to keep in mind that, while selling NFTs may appear to be simple, it’s not always the case. When you mint your content and sell it, you’ll suffer marketplace and Ethereum fees, which can be rather significant depending on when you sell it. Because of the fact that the industry is new and volatile, trading NFTs might be risky.