NFTs- You may be wondering, what is this craze about this new blockchain technology term? How are people making millions of dollars selling images online, even screenshots? The latest been the Picture of the first hand-written employment application letter (written in 1973) by Apple Co-founder Steven Job sold for $174,000.
Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.
The distinct construction of each NFT has the potential for several use cases. For example, they are an ideal vehicle to digitally represent physical assets like real estate and artwork. Because they are based on blockchains, NFTs can also be used to remove intermediaries and connect artists with audiences or for identity management. NFTs can remove intermediaries, simplify transactions, and create new markets.
Like physical money, cryptocurrencies are fungible i.e., they can be traded or exchanged, one for another. For example, one Bitcoin is always equal in value to another Bitcoin. Similarly, a single unit of Ether is always equal to another unit. Real example is, one $100 note can be exchanged for two $50 notes. This fungibility characteristic makes cryptocurrencies and physical money suitable for use as a secure medium of transaction in the digital economy.
NFTs solve some of the problems that exist in the internet today. As everything becomes more digital, there's a need to replicate the properties of physical items like scarcity, uniqueness, and proof of ownership. Not to mention that digital items often only work in the context of their product. For example you can't re-sell an iTunes mp3 you've purchased, or you can't exchange one company's loyalty points for another platform's credit even if there's a market for it.
NFTs are digitally unique, no two NFTs are the same.
NFTs are part of the blockchain so they are individual tokens with extra information stored in them. That extra information is the important part, which allows them to take the form of art, music, video (and so on), in the form of JPGS, MP3s, videos, GIFs and more. Because they hold value, they can be bought and sold just like other types of art – and, like with physical art, the value is largely set by the market and by demand.
Why do they have value?
Like all assets, supply and demand are the key market drivers for price. Due to the scarce nature of NFTs and the high demand for them from gamers, collectors and investors, people are often prepared to pay a lot of money for them.
Some NFTs also have the potential to make their owners a lot of money. For instance, one gamer on the Decentraland; virtual land platform decided to purchase 64 plots and combine them into a single estate. It sold for $80,000.
That's not to say there's only one digital version of an NFT art available on the marketplace, though. In much the same way as art prints of an original are made, used, bought and sold, copies of an NFT are still valid parts of the blockchain – but they will not hold the same value as the original.
And don't go thinking you've hacked the system by right-clicking and saving the image of an NFT, either. That won't make you a millionaire because your downloaded file won't hold the information that makes it part of the blockchain. Make sense?
NFTs can be bought on a variety of platforms, and whichever one you choose will depend on what it is you want to buy (for example, if you want to buy baseball cards you're best heading to a site like digitaltradingcards, but other marketplaces sell more generalised pieces). You'll need a wallet specific to the platform you're buying on and you'll need to fill that wallet with cryptocurrency. As the sale of Beeple's Everydays – The first 5000 days at Christies (above) proved, some pieces are beginning to hit more mainstream auction houses, too, so these also are worth watching out for. In case you missed it, that Beeple piece above was the one that went for $69.3 million.
NFTs are also making waves as in-game purchases across different video games. These assets can be bought and sold by players, and include playable assets like unique swords, skins or avatars.
Blockchain technology Is becoming increasing popular. Video games are being created and stored on blockchain. By creating NFT art works for games, your works could be sold for thousands of dollars to gaming companies and interested player.
Because of the high demand of many types of NFT, they are often released as 'drops' (much like in events, when batches of tickets are often released at different times). This means a frenzied rush of eager buyers when the drop starts, so you'll need to be registered and have your wallet topped up ahead of time.
NFTs are definitely having a moment, with creators of NFT art including artists, gamers and brands across the spectrum of culture. In fact, it seems every day brings a new player to the NFT marketplace.
Logan Paul sold NFT video clips, which are just clips from a video you can watch on YouTube anytime you want, for up to $20,000. He also sold NFTs of a Logan Paul Pokémon card.
For artists, stepping into the NFT space adds another space and format to create and share art – and offers their admirers another way to support their work. With pieces ranging from small, quick-to-make GIFs (Rainbow Cat, above, was sold by NyanCat for $690,000) to more ambitious works, artists can offer the public a range of ways to buy art and make money in the process.
Even tweets hold value, with Twitter co-founder Jack Dorsey selling off the first-ever tweet for a massive $2,915,835.47.
Musicians are also selling the rights and originals of their work, as well as short videos to clips of their music, and you can even buy digital real estate and 3D assets like furniture.
Here is a list of sites that sell NFTs: OpenSea, BakerySwap, VIV3, Rarible, Nifty Gateway.
Technically, yes, everyone can sell an NFT. Anyone can create work, turn it into an NFT on the Blockchain (in a process called 'minting') and put it up for sale on a marketplace of choice. You can even attach a commission to the file, which will pay you every time someone buys the piece – including resales, this is a life time income opportunity. Much like when buying NFTs, you need to have a wallet set up.
Whether you like it or not, NFTs are here to stay, they have certainly become a new plaything for the uber-rich and there is real money to be made, if you can make it happen. NFTs give new meaning to digital art, and the prices seen at sale indicate it is a real part of the future of art, and collectibles in general.
Related post: How to make money reselling/redeeming Gift Cards
Want to start creating right away? You need to acquire the skill on how to to create and sell NFTs that can fetch thousands of dollars for you. All you need to jump into this bank wagon is the technical know-how. Anyone can create NFT and get it sold. Remember, you, can create anything into NFT and start making money right away.
We have compiled a well written comprehensive ebook/manual on how to create different types of NFTs following a simple step by step procedure.
In the book, you will learn the following:
- How to create NFTs on different Blockchains which include; Ethereum blockchain, Binance Smart Chain, VIV3, etc.
- You will get to learn how to mint multiple NFTs without coding.
- You will also learn how to write/create smartchain code if you want to set up your NFT commerce website or mobile app.
- You will learn how to sell your NFTs works on your website if you don’t want to to use NFT marketplaces already available.
- How to safely buy NFTs.
- And lot more.
Many people, Nigerians and Africans artist and digital/crypto enthusiasts are making serious money with NFTs on a daily basis.
It is my personal guarantee that after going through the ebook, you will know all about NFTs, you will be able to create, sell and be making money.
The manual cost N7,000 ($15 USD).
After going through the manual, you can always reach me for any further assistance creating, selling or buying NFTs through it.
To order for the ebook/manual onlin click on any of the links below, you will be redirected to paystack/flutterwave where you will complete your payment and download the manual/ebook immediately.
Click Here To Pay Online Via Paystack
Click Here To Pay Online Via Flutterwave
For bank transfer, or further questions, contact:
dillionworldresources@gmail.com
+2348035217265 (calls/Whatsapp).
