Last Updated on November 24, 2021 by Admin
Non-fungible token (NFT) has emerged as new way to make money online. Various business tycoons and famous celebrities are making huge money out of it. NFT is next level source of generating passive income for those who turned their unique artwork, photograph, video clip, tweet, message etc. into NFT and sold the same at NFT marketplace where millions of people are trading in NFT cryptos.
What is NFTs?
Non-fungible tokens (NFTs) are unique and identifiable digital form of artwork, painting, picture, photograph, music, video clip, quote, game, tweet, meme or any other asset which is original & unique in this world means no other copy is available for it, who hold some value and digitally stored & linked to the blockchain with unique crypto punk # through which owner of such unique NFT is able to sell them at NFT marketplace.
Each transaction of buy and sell of those NFT is recorded in the digital ledger on blockchain where the ownership of NFT is clearly identifiable.
How to create NFT?
Anybody can create own unique NFT by converting their artwork, painting, picture, video etc. into digital format such as JPG, GIF, TIF, MP3, MP4 or any other format/file. After that NFT marketplace is to be selected where such digital file is to be uploaded and turn that content into an NFT or crypto art.
A digital wallet is also needed to pay “gas” fee, which is the energy required to complete the transaction on the blockchain. Simply sign up the NFT marketplace by creating the account and connect digital wallet with small purchase of ethereum to pay the required fee.
Once the file is uploaded and if processing is successful then a unique number is allotted to that particular NFT which is called crypto punk#. This is how NFT is created and is ready to sell in the NFT crypto market.
Owner of the NFT has own choice to fix the selling price of NFT first time and thereafter buyers and sellers on NFT market place my bid or trade for it later stage.
The original owner of the particular NFT will also get share of commission from every transaction of buy & sell on the NFT marketplace as each transaction can be checked and verified through digital ledger available on crypto blockchain.
NFT marketplace or NFT platforms
As you know that to create NFT and to sell the same online, suitable NFT marketplace is required. You may decide the same considering that what type of digital wallet is required to store it and what kind of cryptocurrency you’ll need to complete the sale.
NFT websites listed below are some of popular NFT marketplaces: –
NFT crypto coins
Due to popularity and rapid growth of NFTs, many NFT coins are also available in the crypto market. Since NFTs (non-fungible tokens) provide ownership of any digital artwork, music, videos, collectibles in games, and sports collectibles etc. so depending on the marketplace, different cryptocurrency coins are used on different NFT market places.
Few of them are mentioned below:-
At the top of the NFT coins list, there’s the MANA NFT coin. Users can use MANA NFT coins to make payments for purchases on the Decentraland Marketplace. Decentraland is powered by Ethereum, a leading blockchain. This Marketplace offers artworks, social games, apps, 3D art, and challenges. Users can purchase and sell digital game assets such as avatar wearables, land, estates, and more.
The Sandbox (SAND)
Sandbox is a virtual world with a “play-to-earn model” where you can be both a gamer and a creator. You can buy and sell and create and build digital game assets. You can use NFTs to create digital voxel assets, upload them onto the Marketplace, and use the Game Maker to merge them into the game. They can also purchase land from the virtual Sandbox metaverse to increase its value by populating it with digital assets and games.
CHZ is listed on the world’s leading cryptocurrency exchanges like Coinbase and Binance. CHZ coins are used by fans that support popular sports teams from around the globe. This digital currency is used to purchase Fan Tokens to make payments on Socios.com. These Fan Tokens are utility tokens that can be used to purchase VIP rewards, participate in voting polls, access AR-enabled features, forums, and exclusive promotions.
WAXP is the primary token used on WAX (worldwide asset exchange ecosystem) is a purpose-built NFT blockchain. This means that WAX provides blockchain-based tools for brands to launch an NFT collection, including Marketplaces, DApps, exchanges, and games. WAX is a decentralized network of digital entertainment and games used to create, store, buy, and sell NFTs. WAX prides itself explicitly as a carbon-neutral blockchain.
NFT can be of any nature which can be saved as & stored digitally in any file format such as JPG, TIF, PNG, PDF, MP3, MP4 etc.
Few example of NFTs:-
- A unique digital artwork, painting, rare photograph, or any picture.
- A unique video or voice recording of any popular personality
- A unique and rare design, peace of work
- Sneaker used by any celebrity in a limited-run fashion show.
- Any digital game
- A quote, write-up or speech of renowned personality
- Digital creation of weird whales
- Any tweet or message by big tycoons
- Digital creation of funny animals such as dogs or cats
Some of the most popular and high value NFTs sold on NFT platforms:-
Image of Beeple’s Everydays – The first 5000 days at Christies sold for $69.3 million (Image credit: Christie’s)
The first-ever tweet sold for almost $2.9 million (Image credit: Jack Dorsey on Twitter)
Twitter co-founder Jack Dorsey sold his first-ever tweet (sent by him to announce he was setting up his account) was just sold for $2.9 million. It proved that even tweets can hold value and can be sold in form of NFT.
How to buy NFTs
For buying any NFT, first you need to choose NFT marketplace and type of digital wallet required to store it and what kind of cryptocurrency is needed to complete the transaction on that particular NFT marketplace.
You may then signup to the NFT marketplaces and choose the NFT which you want to buy from that platform.
You should also be aware of their fees and other charges etc. because some marketplaces charge a “gas” fee, which is the energy required to complete the transaction on the blockchain. Other fees can include the costs for converting dollars into ethereum (the currency most commonly used to buy NFTs) and closing expenses etc.
How to sell NFTs?
NFTs are also sold on marketplaces and the process to sell NFTs can vary from one platform to another platform. If you want to sell own originally created NFT then you’ll have to upload your content/art or master piece to a marketplace then follow the instructions to turn it into an NFT. You’ll be able to include specifics such as a description of the work and suggested pricing. Most NFTs are purchased using ethereum but can also be bought with other cryptocurrency such as Binance coin, WazirX, Sandbox, MANA, WAX etc.
If you want to re-sale your NFT which you already bought from NFT marketplace then process to sell those NFTs is easy and you can keep watch on current price available for that particular NFT and accordingly put your selling price, if the transaction is successful then price of the same will be credited to your digital wallet associated with your signup account with relevant cryptocurrency(ethereum) after deduction of fee and charges of such market place (if any)
If you want to make money online and if you have anything unique, special, rare or creative with you which can be converted to NFT then you can definitely earn huge & effortless money as this is big opportunity to create passive income through NFT marketplace. Millions of people including big business tycoons and world-famous celebrities and popular personalities are taking much interest in creating their NFTs and they are even investing their huge money to multiply their wealth in minimum time frame.
Seriously, you shouldn’t miss this opportunity if you are quite confident to create own NFT. Even NFT marketplace is very hot and you may consider it from investment point of view. You may invest little money in NFT now and keep the same for long time and this may multiply your money to 5x, 10X, 20x or 50X in near future. But same are also subject to high risk. So do investment after doing proper research and with some expert advise to avoid huge loss as well.
Also read other relevant articles: