We all love something that gives us a sense of personalization. Our social media accounts and content all have the same personalization factor in common. A similar addition to owning something on the internet is NFT. So, what can you do with NFT? A lot, but before we go deeper into the topic, let us gradually explore the basics and FAQs.
What are NFTs?
The most basic answer to that question would be non-fungible tokens or fragments of cryptographic tokens that you find on the Blockchain. People often use them in real-world items like music arts, real estate, and artworks, all in a virtual capacity. NFTs break the typical restraint in cryptocurrencies which is the limitation in trading and exchanging unless they fall under the same category.
Another question that often hits the internet is the “non-fungible meaning.” Non-fungible means something wholly unique, and you cannot exchange it for anything else. Are bitcoins non-fungible? No, because you can exchange one bitcoin for another, and they will both retain equal values.
What is an example of NFT?
The NFT world or the “world” itself is still alien to billions of people over the globe. While some sections of the globe are enjoying new technologies every day, some features still seek a stable internet connection. Only those who keep up with the advancements of technology know about cryptocurrencies and NFTs.
Some of the common NFT examples that exist in the current digital market are:
- Digital collections
- Sneakers in the trending fashion lines
- Domain Names
How to buy NFT?
If you clearly understand NFT and how it differs from the traditional cryptocurrencies on the market, you could buy your NFT and make decent money during the transaction. So, how do I buy and sell on NFT? Firstly, you will need some items before you own NFT:
- An authentic digital wallet to store your NFTs and other cryptocurrencies.
- Depending on the type of currency your NFT provider accepts, you can then purchase some cryptocurrencies. It will most likely be Ether.
- While buying cryptocurrencies, you can use platforms like Kraken, OpenSea, PayPal, Coinbase, etc.
- After doing all the previous steps, you can move the NFT from the exchange to any wallet you prefer.
You need to remember that most exchanges will charge you some percentage on every transaction when you buy any cryptocurrency.
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How do you make money from NFT?
Let’s start with another question, “can I create my NFT?” The answer is yes, and only after having a digital wallet and digital currencies. But, your goal should be selling those NFTs rather than just creating. You will need a marketplace to sell your NFT and mint your NFT. To mint, look for the start button. The following links will demand you upload the NFT with a name and proper format. After the end of the procedure, you scroll down and click the create option—the price of minting ranges anywhere from $1 to $500.
Now that you are somewhat wiser on creating an NFT, you will need some quality information on investing in NFT and maybe on the NFT crypto arts. Don’t worry; we have some key points to consider if you happen to make an NFT, buy one, or sell it.
How to Sell NFTs?
2021 saw a lot of NFT transactions, and the numbers are sure to go higher this year. The total sales hit $2.5 billion, and we are only talking about the first half of the year here. You can make money with NFTs with the help of two ways:
- Selling on Marketplaces: There are several marketplaces you can choose to sell your NFTs. Some famous names include Mintable, Axie Marketplace, SuperRare, OpenSea, and Raible. The following process is minting them or turning your NFTs into crypto-collectibles/ digital assets on the Ethereum blockchain.
Once you complete the process of uploading and minting the NFT, list them for sale. The marketplace will calculate something called “gas-fees,” the fee for recording transactions on the Ethereum blockchain. The cost will highly depend on the busy levels of the network. To avoid high charges, we recommend listing your products during non-peak hours.
- Trading NFTs: Trading is another way to earn some money through your NFTs. Also, you don’t have to be the creator too. You could be a seasonal investor or an aspiring entrepreneur that utilizes NFTs as stocks. As trading personnel, you only need to focus on one thing, which is finding the right time to sell them. Consider the gas fees: royalties, listing fees, and other factors before inserting your hand in NFT trading.
What is NFT art?
NFT is simply a digital asset that lives, sucking off the qualities of the digital universe. You sure can earn one, but you cannot touch it. So, the question arises; can any art be an NFT? NFT can be anything digital like artwork, memes, music, or even articles. An example of a trending NFT is the “Disaster Girl” meme that sold for $500k.
The whole world of NFT is a part of the giant Blockchain mechanism gaining popularity over the years. NFTs are an important part of the Ethereum blockchain. You can understand the concept better by comparing Blockchain with a digital ledger. So, owning an NFT means you have a digital certificate of authenticity proving that the piece is genuinely yours and has everything original.
Now you have fewer questions regarding the highly trending topic in the current digital world. I know you have many new questions, but learning is a never-ending process, and the world of NFT is expanding with each passing day. Not all of us are Blockchain developers; some just like to explore the topic as enthusiasts. After all, technologies like Blockchain and cryptocurrencies started from a concept of an enthusiast. The main catch here is never to stop exploring.
BLOG POST WRITTEN BY PRABESH NIROULA
Prabesh Niruola is a writer who has been venturing into the realms of content writing for 5+ years. While he does not bind himself to a particular niche, his extensive research on the subject at hand and skillful ways to present the context help him shine in this profession. Apart from professional writing, he also expands his horizons through poems. If you love expressing or reading poems, do follow him on his Commaful profile. The link is given below.
Prabesh is also a heavy metal fan and indulges in the constant pursuit of guitar mastery.