What is NFT? How to Make Money on NFT?

NFT is a current trend in the world of technology, blockchain, and cryptocurrency. NFT is a Non-Fungible Token, and below we will discuss in detail what is NFT and how to make money on NFT?

What is NFT?

As I mentioned above NFT is a non-fungible token. In economics, fungible assets have a unit and they can be exchanged like fiat, like money. NFTs are like properties but non-fungible, and still can be interchanged.

NFTs are digital tokens, that can be considered as a certificate of ownership in the technological world.

For example, traditional works of art like painting or sculpture. But they are only one original copy in the world. But NFTs can be endlessly and without any problems duplicated. However, artworks can be tokenized, thus copied to the digital asset.

How to create?

Everybody can create an NFT. And it is absolutely FREE. NFT can be created using anything like drawings, photos, videos, etc.

There are different ways and platforms in the digital world. And every day thousands or probably even millions of NFTs are created all around the world. And the price of some of those NFTs goes even up to millions of dollars.

One of the popular platforms where people create NFTs today is OpenSea. To create an account there you will need a crypto wallet. The most recommended one is MetaMask.

How to create NFT in OpenSea?

After you create an account on OpenSea you are ready to start creating your own NFTsand even sell them. It won’t take much time and it doesn’t require any special skills or knowledge.

To start creating NFTs find the ‘Create’ button on the main page of OpenSea. If you can’t find that button, then there is another way to do it.

Go to the menu which is located on the top right side of the page. Then go to the ‘Account’, then to the ‘My collections’. You will be directed to the page with all NFT cards that you own. And here you can start creating your own collections and then own NFTs.

The creating form is very easy. Just prepare the NFT file, i.e. images or videos. You can add the link with details of your future NFT. Also, you can decide how many duplicates of the NFT you want to have.

When your NFT will be ready, you can start selling it.

How to make money on NFT?

There are several different ways how to make money on NFT. Below I will tell you the most popular and the easiest ways to do it.

Trade

One of the most popular and essential ways how to make money on NFT is by selling it. You can buy NFT from other people and then resell it for a higher price and get a profit from the margin. Or, now you know how to create your own NFT for free, so you can create your own NFTs and sell them.

Another important thing is when you create and sell your NFT you can decide do you want to get a commission when your NFT is sold to others. In other words, every time your NFT is sold you get a commission. And the size of that commission you can decide by yourself.

Play

There are many card games based on the blockchain. For example, Splinterlands, Gods Unchained, Rising Star, etc. These are games where you earn money while playing them. Such games are called play to earn (p2e).

The core idea of such games is that you collect different cards (NFTs) and play with them, battle, mine, farm, rent, etc. By using these cards you earn in-game assets such as a token or other NFTs. Also, you can trade these game NFTs too.

I recommend you take a look at these games because they offer different ways of making money on NFTs and other tokens, and you can even get a passive income on your NFTs.

Stake

There are also different platforms where you can stake NFTs and get a profit. In some projects, there are so-called governance tokens, and holders of these tokens get dividends.

Or, talking again about games, in some games, you can stake the NFTs and get profit.

Summary

A topic about NFTs is very broad and there are countless NFT transactions that are done every day in the world. And, as you see there is plenty of various method of making money on NFTs. Just find the way that suits you best.

Source: https://job-online.club

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