What are NFTs and how do NFTs work?
NFTs ( Non-Fungible Tokens) have diverse uses and are one of the most popular ways to earn money online these days. In this NFTs article, you will learn about NFTs and how to make money with NFTs, this includes how to buy, create, mint, and sell NFTs.
There is a newly introduced token and exciting asset class that is rapidly procuring traction in the world of cryptocurrency. NFTs are unique in that each token is vary from the next which makes them perfect for gaming, collectibles, and other uses.
What are NFTs?
NFTs are digital assets that are exceptional and non-fungible and are created using blockchain technology, and each token has an exceptional identifier. This means that each NFT is unique and cannot replace another NFT, it can represent unique items in video games, digital collectibles, and other online platforms. NFTs vary from traditional digital assets like BTC or ETH because they are not changeable.
NFTs are valuable because they can be used in several applications and ecosystems. These are some of the most popular NFT marketplaces:
- Social media platforms e.g DTube.
- Collectible games e.g crypto kitties.
- Online Marketplace, e.g OpenSea, Mintable, and more.
In this article, I will make use of OpenSea as an example of how to buy, create and sell, but before that, I will annotate in brief why NFTs are so special and their benefits.
Why NFTs and the benefit?
NFTs are still in their initial stage, so there is much room for growth and innovation, so you can make as much money as you can on NFT. They’re ideal for online transactions and other things because of the benefits.
There are a few reasons why NFTs are becoming so popular:
- Secure and tamper-proof.
- Safe and reliable investment.
- Unique, making them a valuable digital asset.
- Usable in a variety of different applications.
- Represent unique items in video games and other digital collectibles.
And most importantly, don’t forget NFTs are stored on decentralized ledgers, which means that authorities cannot control or forfeit them.
Before we proceed to OpenSea tutor, I want you to take note of 4methods to earn and generate rapid income with NFT, there are;
1. Buy and hold NFTs as assets.
2. Create and sell NFTs on an online marketplace
3. Mint NFTs for a video game or other digital platform.
4. Use NFTs for online transactions and you can use them as a means of reward for buying digital products.
Now let’s proceed to OpenSea, where you can buy, create and sell which are the methods of making money with NFT.
Below is the step-by-step guide on how to buy NFTs on OpenSea.
- Create your wallet. I will recommend CoinBase or MetaMask.
- Set up your wallet account and store your 12-word phrase.
- Transfer cryptocurrency into your wallet to get started( min. 0.1ETH).
- Create your account on OpenSea.
- Log in to your OpenSea account.
- Search through the NFT marketplace.
- Select NFTs you want to buy.
- Click the ‘Buy Now’ button.
- Check out and make your purchase.
Below is the step-by-step guide on how to create, mint, and sell NFTs on OpenSea.
- Decide what you want to sell, and how you want your NFT art to look like
- Create your NFT art(use your preference Graphic design software)
- Once you are done with your NFT design, Log in to your OpenSea.
- At the menu bar of the OpenSea homepage, there is a “create” icon.
- Click on create, upload, and name your NFT art.
- Write your NFT description.
- Add the landing page URL of your NFT art(External link).
- Create to mint.
- Once you are done, you can check your profile item list for your NFTs.
I will write an article on how to drive sales to your NFT marketplace because this requires marketing strategy and SEO-friendly content, and as a certified digital marketer, I will annotate in full detail how digital marketing would help you drive more audience, and traffic to reach your target to achieve your sole goal, sell.
NFT is a digital asset that you can invest in, with the level of its rapid growth in the world of cryptocurrency, making money on it is an opportunity for all.
In culmination, there are many ways to make money with NFTs. all you need to do is to be creative and think outside the box. The sky’s the limit when it comes to making money with NFTs. So, go ahead and explore all the possibilities.
If you have any questions? Let me know in the comments below, I’d like to answer your question.
Thanks for reading
If you enjoy or learn from this article, feel free to comment, like, and share to make others find it.
Scorefield