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You would have come through the word NFT many times while reading the news. So what does this word means exactly? What is the significance of the word NFT? And how to make your career and fortune in NFTs? You can have a glimpse at the Table of Contents.
Table of Contents
- What are NFTs?
- Money-making Opportunities in NFT trading!
- Create/mint your own NFT and make money
- How to convert your art into NFT and trade it in Marketplace.
- How to trade NFTs
- Do not forget to read this!
What are NFTs?
NFT means non-fungible token, it’s a kind of digital asset in the metaverse and crypto world. NFT can be anything digital like images, video, 3d objects, or your virtual avatar. Anything that is digital and it is stored over blockchain using complex algorithms is said to be NFT.
The process of converting your digital file into an NFT is called minting and it’s done over the blockchain. Once you mint the token, NFT gets stored over the blockchain and is ready for trading.
To Know about NFTs in Brief you can read this article, What is NFT? | Best Blockchain, Tokens, and Earn Money by NFTs Best Guide 2022
Money-making Opportunities in NFT trading!
The two best ways to make money through NFT are…
· Through creating your own NFT collection.
· Through trading NFTs that already exist on NFTs Marketplace.
Create/mint your own NFT and make money
Making your own NFT collection is the best for famous artists, celebrities, and brands. Cause it’s quite easy to get your NFTs sold if you got a bigger community. Furthermore, even those artists who are not so famous and don’t have bigger communities but they possess a valuable collection of digital artwork can definitely mint that artwork into NFTs.
Advantages of converting your artwork into NFTs.
· Digital art can be copied easily while NFTs are stored over the blockchain which proves your ownership of the digital art and hence it may reduce piracy as well.
· NFTs are digital assets and their value is appreciated over time, while digital artwork values don’t show exponential growth in value as shown in NFTs.
· NFTs can be used as objects in Metaverse, you can showcase art NFTs in exhibitions and art galleries.
How to convert your art into NFT and trade it in Marketplace.
Step 1 – Select a marketplace that lets you create NFT, and sign up at one of such marketplace.
There are many marketplaces wherein you can create and sell your own NFTs, One of the most popular marketplaces is opensea.io, a few others include Rarible, Axie Marketplace, etc.
The first step is to sign up on one such marketplace.
Opensea.io is the largest NFT marketplace and it’s user-friendly.
Rarible – Built on the Ethereum blockchain, It has a variety of NFT collections.
Larva Labs – best known for CryptoPunks NFT collection.
SuperRare – It is based on the Ethereum blockchain and its NFTs can be sold over Opensea as well
Foundation – This marketplace is booming since its launch in 2021, It has sold NFTs worth $100 million so far.
Nifty Gateway – Some of the most popular artists have their presence on this platform including singer Grimes and Beeple.
Mintable – It is similar to Opensea.io, artists can sell their work in form of digital assets on this platform. Mintable is backed by Mark Cuban.
Hence, after you sign up on one such platform, we go to the second step.
Step 2 – Select a virtual crypto wallet that is compatible with the marketplace.
Depending upon the marketplace that you choose in step one, you need to get a virtual crypto wallet wherein cryptocurrency and digital assets including NFTs can be stored. MetaMask is one such widely used wallet and it is compatible with Opensea. Top wallets for NFTs are…
· Metamask
· Math wallet
· Alphawallet
· Trust wallet
· Coinbase wallet
After the selection of a wallet, you need to add funds in your wallet that you can use to pay gas fees while minting NFTs and to buy other digital assets.
Once funds are added to the wallet, pair that wallet to the marketplace, and you’re just one step behind from actually minting your own first NFT.
Step 3 – Select and upload the file that you wish to convert into NFT
Select the file that you wish to convert into NFT, and upload the file on the NFT marketplace, This file can be anything an image, video, GIF, 3d object, audio clip, etc.
Once the file is uploaded on the platform, now you can mint it into NFT and store it over blockchain, after paying gas fees.
YOUR FIRST NFT IS READY FOR SELLING! NFT gets stored in the virtual wallet or in the marketplace itself.
Step 4 – Sell NFT and make money
Now you can put NFT on sale, by setting up its price or bidding range. You should add a proper description about it and add tags as well. Promote your NFT on social media handles to get buyer and sell.
Once the NFT is sold, the payment gets stored in your blockchain wallet.
How to trade NFTs
· Trading NFTs is quite simple and easy, even if you are not an artist and you still wish to make money from NFTs, then trading NFTs is the best option.
· Opensea.io is the biggest NFT marketplace from where you can buy and sell NFTs in a simple way.
· For trading NFTs, all you need is a virtual crypto wallet with sufficient funds in it.
Steps to start trading NFTs
Step 1 – Create an account on the NFT marketplace from where you wish to buy NFT. Usually, Opensea marketplace is considered to be the best option for beginners.
Most of the famous NFT collections are available on this platform for trading. A detailed analysis of NFT collection performance can be seen as well.
Step 2 – Select a virtual crypto wallet that is compatible with the marketplace, and add funds for buying NFTs.
Step 3 – Once the wallet and marketplace are connected together, you are ready for trading.
Step 4 – Some of the NFTs are directly available for buying while some needs bidding. In case of buying, once you’ve made the payment, the NFT gets stored in your virtual wallet. And in case of bidding, the highest bidder gets the NFT after paying the bidding amount
Do not forget to read this!
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