WHAT ARE NFTs? VALUABLE GUIDE TO MAKING MONEY WITH NFTs

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NFTs (non-fungible tokens)have taken over the internet, and many famous individuals are now buying their favorite NFT collection, but the definition of an NFT doesn’t do much to clear up the confusion of what they represent. About 40% of NFT owners can’t relay to a layman what NFT is and why everyone is lining up to buy them.
NFTs have been sold for enormous sums on the internet, as the tokens make their way into everything from art to video games. It would be nice to provide a valuable guide to making money with NFTs. Are you ready to make money trading NFTs? I am ready, what about you?

What are NFTs? 

Non-fungible tokens (or NFTs for short) are a new type of digital collectible that is intended to be one-of-a-kind. Let’s take a look at the present digital ownership paradigm to see why this is so fascinating. Fungible and non-fungible digital assets are the two categories of digital assets. Fungible digital objects, such as audio or images on Facebook, can be swapped out. Digital assets that are fungible are the same, and one Bitcoin is the same as the next. The majority of cryptocurrencies are fungible tokens, which means that anyone can exchange one for another without difficulty.

Non-fungible digital items, such as art or real estate, are not interchangeable. There is just one painting in your collection, not ten. NFTs are one-of-a-kind and cannot be easily exchanged unless both token holders agree on the underlying assets’ perceived worth. On the blockchain, NFTs are a new sort of digital asset that can be produced, managed, and exchanged. They are designed to be one-of-a-kind from the start, and they can never be destroyed or copied. When a transaction occurs, NFTs self-execute using a simple set of rules established in smart contracts. An NFTis an asset that you own and control, rather than one that is controlled by a bank, government, or social media platform (Twitter, Instagram, Facebook)

Valuable Guide to making money with NFT

1. Select your preferred marketplace and link wallet 

There are several marketplaces to pick from, but each has its own way of running transactions. For example, MagicEden is one of the leading NFT marketplaces on the Solana blockchain, while OpenSea is on the Ethereum blockchain. Even Rarible retains a 2.5% fee for NFTs sold, same as OpenSea and others. You need to do your research and choose which best fits your needs. 

2. Minting and listing an NFT

Suppose you are looking to create your personal NFT or have created one. It takes two steps to drop NFTs: minting and listing. Minting is the process of generating NFTs by uploading your assets, whereas listing is the act of selling them. You’ll need to fill out a smart contract with information about the token once you’ve created one. This comprises the total supply of tokens, the token’s name, and the cost of creating (minting) the tokens. For new NFT projects, minting is available for those who get a WL spot either from a Discord channel or on Twitter. Also, another date is set aside to mint the NFT collection on the website for those who couldn’t get on the whitelist or those who missed the WL event. 

Once you mint for maybe 0.13 ETH, you can list the item for whatever price, such as 1 ETH or more. If the project gains more publicity like the BAYC, cryptopunks and others. You are sure to start making money without doing anything as far as you can hold till you feel you need to sell. One piece of advice I definitely use to give NFT investors or buyers is to invest money they don’t need immediately; this would enable you to HODL the NFT until it skyrockets like the BAYC. 

3. Gas Fees

You definitely need to pay gas fees to list your NFT collections on all the popular marketplaces like OpenSea and Rarible. Each gas fee is determined according to the price you are listing. i.e., 2.5% of 1 ETH depending on the price of ETH at the time of the transaction will be removed as a service fee to complete the contract transaction. Gas fees aren’t simply for paying for the computing power required to run the Ethereum blockchain; they’re also a mechanism to keep the network from becoming clogged with fraudulent transactions. Because each transaction is costly, it is unlikely that the network would be spammed. 

4. Making money through NFT video games and digital works of art. 

NFT artworks created by individuals like you are by far the most profitable Non-Fungible Tokens ever generated in terms of pure profit. So, if you have created an NFT art, you are definitely in to make more money. If you don’t know how to design an NFT, you can contact professionals in the field to do so on your behalf on marketplaces like Upwork and Fiverr. Also, there are several NFT games that can earn you a fortune; they include the battle of guardianIdle cyberAxie Infinitycrypto kitties and several others. Kindly check each of these games out, invest, earn and play while you enjoy yourself.