What Is An NFT?
The hype around NFTs is real.
You hear about it constantly where people are making an obscure amount of money, but take a step back and understand what an NFT even is.
NFT stands for Non-fungible token.
Yea that doesn’t make it any more simpler does it?
In a nutshell, NFTs convert digital works of art and other collectibles into one-of-a-kind, verifiable assets that are simple to trade on the blockchain.
Here Are 3 Ways To Make Money With NFTs
Sell Your Own NFT
There are various ways to sell NFTs depending on the platform of your choice. Generally, you upload your content to the marketplace, turn it into an NFT, and wait for it to sell. It’s similar to Amazon or Etsy.
There are essentially 3 steps to selling your own NFT.
After you’ve completed the details and your file has been uploaded, it’s time to sell it. The marketplace will compute “gas fees” after you list your item for sale. This is a blockchain network fee to keep track of transactions. This fee varies depending on how busy the network is.
1.3 Promote Your NFT
It’d be great if you could just make amazing art and have others notice it and pay you for it, but that happens rarely. People must first be aware of your fantastic work before they can obtain it.
That’s why promotions matters.
Here are a few basic ways to promote your NFTs.
A drop is a digital work of art that you post as an NFT on online marketplaces, like Opensea.
One of the most cost-effective methods to publicize your new release is to add it to the NFTlaunches, which gathers the greatest NFT drops from different markets in one location. It only takes a few minutes to submit your artwork.
It’s a no-brainer to do this step. You must notify your Instagram, YouTube, Twitter, and other social media platforms followers once you have launched your drop. Using sites such as Facebook that you already utilize to market your creative work can help you gain traction.
Make sure you have a compelling teaser ready before you submit your artwork. A great video trailer will tell viewers about your NFT Project while also maintaining their interest.
Here is an example of a teaser:
Another popular approach to gain more attention is to start a giveaway. Consider giving out an NFT as part of a forthcoming series in order to receive more shares and follows online.
Finding an influencer who has a committed following and making her/him promote your NFT collection is another way to promote your NFT.
You can give the influencer an NFT for free or pay her money to do a sponsored post or story.
Start NFT Flipping
What is NFT flipping flipping?
To put it simply: Your goal is to buy an NFT at an low price and then sell later at a higher price and making profit.
You are looking for projects that have not yet launched on the secondary market like OpenSea because these projects have most likely already taken off.
There are many more steps to this. We breakdown the entire process in 7 Steps here.
Invest In The 'Blue Chip' NFTs
There are a few established projects that are considered top tier.
However, NFTs aren’t for the faint of heart. Even though there may be some established projects that seem like a safe bet, don’t let your guard down because an NFT can still go to zero from one day-to -the next!
Here are some of the most popular and established Projects.
Most of these projects are very expensive to get into, which is why we put this last in the list.
CryptoPunks was one of the first non-fungible token projects on Ethereum. Developed by Larva Labs in 2017, they are algorithmically generated and include 10,000 collectable items. The company worked with two Canadian software engineers to assemble this collection.
The Bored Ape Yacht Club is a hot spot for famous artists and entrepreneurs who invest in NFTs.
One such individual who recently joined the club was American rapper Eminem, which included him as one of its newest members alongside talk show host Jimmy Fallon; musician Future; music producer DJ Khaled- all names that you know from your favorite social media feeds!
Eminem even put a picture of his NFT as his profile picture on twitter.
The price is skyrocketing and the value of this collection is continuing to grow.
Owners receive an exclusive membership card that grants them access into private concerts in virtual reality!
The newest project among NFTs, Decentraland is a virtual reality world that allows users to buy land and create avatars. Not only this but owners can trade tangible collector’s items too!
Buying a piece of land is still expensive for most people.
According to Business Insider, high end plots were sold for USD 15 million in December 2021.
Celebrities like Paris Hilton are also associated with Decentraland
Conclusion:
NFTs are the future.
We are still in the early wave of this new technology and as such, it’s hard to say what will come next.
If you feel like you do not know everything yet. that’s ok! NFTs are still new to people to fully grasp.
One thing is for certain though; we can’t go back from here. The industry has only just begun and with every year more people get on board with virtual assets, there is no doubt that these digital goods will only grow bigger and become a more integral part of our society.
What do you think? Do you see an opportunity for using NFTs or tokenized items in your business model? Let us know!
