Welcome to the weird, wacky, wonderful and sometimes insanely profitable cyber-world of NFTs. It can be a complicated place – filled with crypto jargon and bizarre behavior – but once you understand what is going on, you too can benefit in this monumental moment in time.
In this brief article you will learn the following:
- The Meaning of NFT
- What is an NFT?
- NFT Marketplaces
- Can NFTs be Profitable?
- How to Profit from NFTs
NFTs Meaning
Short for Non-Fungible Tokens. Doesn’t help much, does it? Keep reading…
What is an NFT?
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
What makes NFTs special is that they are encrypted (minted) so that each one is technically unique and cannot be copied or forged. Often NFTs are art but they don’t have to be. They could be anything that is only available online provided they are minted properly.
NFT Marketplaces
NFT marketplaces are platforms where NFTs can be stored, displayed, exchanged, and even minted (created). Across genres, you can attract a large number of users and enthusiasts.
Can NFTs be Profitable?
That said. In a word, YES but…
Warning: While there are people that are making MASSIVE fortunes right now, the majority of people are ignorant of how NFTs work and consistently lose money in this emerging market. If you plan on getting into the business of NFTs, it is strongly advised that you get properly trained first.
NFTs can be profitable and we’ve all heard stories of NFTs selling for hundreds, thousands or even millions of dollars. As of this writing, the most expensive NFT sold for $91.8 MILLION and every day there are regular people consistently generating thousands per week.
Because NFTs are so new and so many rich influencers are putting their money into NFTs it is commonly believed that this innovative trend is here to stay. And because this trend is growing so quickly, it is reasonable to assume that prices of NFTs will only continue to rise.
How to Make Money from NFTs
There are a number of ways that anyone can profit from NFTs but we’ll just focus on the two most common. Trading NFTs and creating your own NFTs to sell.
Trading NFTs
This brings the old “Buy low, Sell high” concept into the Metaverse. It is based on the free market concept of demand and supply coupled with new-world greed and vanity. It is unique in the trading space because to some it is more than just the numbers. People sometimes get attached and often obsessed with their NFTs so prices can fluctuate greatly.
However. There is an art and science to trading NFTs in a scientific manner that eliminates emotion and reduces risk as much as possible. Also knows as flipping (buy and then sell) NFTs, this can be done by beginners with minimal up-front investment and huge profits when done correctly. That approach is detailed in this video ….
Creating Your Own NFTs to Sell
While the process of creating (or minting) NFTs has traditionally been very complicated and costly, new technology and new players have made it incredibly easy and cost-effective to create your own NFTs.
If you are an artist or if you lean towards the creative side of the Web, you may want to look into this approach. It is very cheap to get into and being the creator means you can set your own prices. In a market as crazy and lucrative as NFTs are right now, that can be very appealing to many.
For more information on this approach, check out this video …
As with crypto or any volatile trading platform, never invest more than you can afford to lose. Use the above two resources to educate yourself before entering the NFT space to mitigate your risks and maximize your returns as much as possible.