How to make money with NFTs

You are interested in how to make Money with NFTs? Non-fungible tokens, or NFTs, are becoming some of the most profitable blockchain-based experiments in history. High-profile influencers, such as Twitter CEO Jack Dorsey, have recently made the news auctioning NFTs. Although the cryptology behind NFTs is quite complicated, it’s not so easy to understand what they are and how to make some quick money with them!

How do NFTs work?

“Non-fungible token” means a crypto asset that cannot be modified or reproduced. You can think of these tokens as the digital equivalent of artwork in a private collection. Each artwork in the collection is unique and valued differently.

Like artwork, an NFT can be sold for cash or cryptocurrency. However, just like cryptocurrency, the asset transfer of the token is recorded in the blockchain. This establishes who currently owns it.

Each NFT is tied to a digital (or in some cases physical) asset of the original owner. Technically, anything that is in digital form can be converted into an NFT. Famous tweets, Facebook posts, Instagram pictures and more can be converted into NFTs and sold by anyone.

Why are NFTs valuable?

Just like the pieces in our hypothetical art collection, consumer interest drives the value of an NFT. Similar to trading cards, rarity and the base of interested consumers influence their value. Although an image can be converted into an NFT, that does not prevent the image from being shared freely. However, it definitively shows who owns the asset through the blockchain.

How can i get NFTs?

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

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

How can i sell NFTs?

First, you need an original piece of media for which you own the copyright. This can be a picture you took, a gif you created, a song, or pretty much any other form of media.

Next, go to Rarible.com. Click on the “Create” button that you see in the upper right part of the page. You’ll probably want to sell a single file first, so choose the “Single” option when prompted. Then, you need to think of a selling price for your item. You can choose how much cryptocurrency you want and enter it in.

You will then be asked for royalties in case someone buys your asset and uses it elsewhere. This is optional, but it’s a good idea to set a small rate that equates to a few cents or so per view of your digital asset. Remember that Rarible retains a 2.5% service fee on sold items.

Last, you’ll need to pay a mining fee, also called a “gas” fee, at the time of listing. To do this, you need to connect the crypto wallet you created. Send the appropriate money and a sales page will be created for you on Rarible. Your Rarible listing will automatically propagate to other listing websites like OpenSea.

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