NFT Meaning: How To Make Money With NFT (Complete Guide). In this article, I will share with you the meaning of NFT, How you can sell and make money on NFT, I will walk you through with vital information.
I am sure you have been hearing terms like, NFT, NFT Meaning, Opensea, Opensea NFT, NFT Art, NFT Crypto etc, In this article, i will guide you and explain it to you. NFTs have taken the digital art world by storm and provided a lot of avenues to sell art for millions of naira.
Table Of Contents
- 1 NFT Meaning
- 2 WHY IS IT CALLED A “NON-FUNGIBLE TOKEN”?
- 3 WHAT DO I NEED TO BEGIN MY NFT JOURNEY?
- 4 PROPERTIES OF AN NFT
- 5 WHAT MAKES AN NFT EXPENSIVE
- 6 How You Can Sell Your NFTs?
- 7 Conclusion
NFT is an abbreviation for “non-fungible token,” and it’s potentially include anything digital, such as paintings, animated GIFs, sounds, or video game goods. Using the blockchain, NFTs let you acquire and sell ownership of one-of-a-kind digital things while also keeping track of who owns them.
You can profit from NFTs by buying intelligently and selling later:
In summary, the optimal strategy to profit from NFTs will differ depending on the individual. If you have extra cash, your best choice may be to purchase an item that will obviously increase in value over time. While some higher-profile NFTs are now pricey, the NFT market is still in its early stages, so you’ll have significantly less competition. If you’re a content producer or influencer, you’d be better served to generate and sell your own unique NFTs.
WHY IS IT CALLED A “NON-FUNGIBLE TOKEN”?
First, you need to understand what Fungible means.
A Fungible is an asset that has the same properties as another unit of the same asset.
For example Gold, Money, Bitcoin is fungible.
20 grams of Gold in the UK, is still the same as 20 grams of Gold in the US. You could switch them and they will still be worth the same thing.
$100 is the same thing as $100, no matter how many different papers are printed.
1 BTC is still 1 BTC no matter what wallet it is stored in. However, a Non Fungible Asset is unique and cannot be directly interchangeable with each other and the Value of the NFT is given by the NFT’s community.
NFTs are way beyond JPEGs & Gifs as many believe, because of their Uniqueness, NFTs can represent an
Art, a picture, a meme, a tutorial, a skit, a tweet, a Song, Music Video, basically any digital asset. NFTs also work perfectly for real estate.
You may wonder, “Can’t I right-click save the NFT without purchasing?” This is true, but you would not be able to sell it at the value of the original.
NFT’s, on the other hand, are unique and not mutually interchangeable, which means no two NFTs with the same utility can be traded for each other. Think of precious relics, rare art, or a limited-edition Rolex or sports car. NFTs create scarcity among otherwise infinitely available assets and there’s even a certificate of authenticity to prove it.
NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate, and more.
WHAT DO I NEED TO BEGIN MY NFT JOURNEY?
To access the NFT Marketplace you need two basic things.
1• A Crypto Wallet: You’ll need to choose a wallet that is compatible with the blockchain network that supports the NFTs you wish to buy.
If you plan to buy or sell NFTs built on the Ethereum blockchain, you will need to use a compatible Ethereum wallet such as ‘MetaMask’.
For NFTs sold on the Solana platform, you will need to use an SOL-compatible wallet such as the ‘Phantom SOL’ wallet.
2• Fund your wallet: You will need to fund your wallet with the compatible Chain the NFT is built on before buying, listing, or minting an NFT.
This means if you’re buying an NFT based on Ethereum, you must have several Ethereum in your wallet to purchase and pay for gas fees.
Ethereum is the most popular blockchain platform for holding NFTs, so chances of selling, flipping NFTs, and making money are higher on the Ethereum blockchain as it is more widely accepted.
PROPERTIES OF AN NFT
Each NFT has metadata that represents a piece of unalterable record.
With NFTs, the developer can create a limited or unlimited supply of certain assets making it extremely rare.
NFTs can only be sold as a whole and cannot be divided into smaller pieces.
Fungible refers to items or commodities that can be exchanged with other assets or commodities of the same type. On the flip site-wide, something that is non-fungible cannot necessarily be easily exchanged for something of equal value. Art and collectibles are often considered non-fungible because of their unique properties.
WHAT MAKES AN NFT EXPENSIVE
1. Strong community
2• Floor price listing.
FACTORS THAT MAKE NFT LOSE THEIR VALUES.
1• Weak community.
When the community behind the project is not supportive and committed to the NFT we lose its value.
This is a major reason for the possible depreciation of NFT.
2• Under listing.
When you list an NFT below its floor price the NFT will depreciate in values anytime the NFT has to be sold. It should be listed above the floor price, give it value and people will come for it. Listing it low does not attract buyers.
IS NFT LIKE CRYPTO?.
The primary difference between Crypto and NFT is that unlike cryptocurrency and digital currency, NFTs cannot be traded for each other as they are unique representations of real-world assets. Cryptocurrencies and digital currencies can be traded for each other as there will be no loss to their value. Also, NFTs possess a certificate of ownership, unlike cryptocurrency.
How You Can Sell Your NFTs?
1. Use an NFTs platform and payment wallet
Let’s say you have artwork, picture or video or even tweet you want to sell, you have to mint or make an NFT version of your art with an NFT platform and a payment wallet.
Some NFT platforms to use are OpenSea, SuperRare, Nifty Gateway, Foundation, VIV3, Rarible, BakerySwap, Axie Marketplace and NFT ShowRoom. The most popular is Opensea.
Payment wallets include Coinbase, MetaMask, MyEtherWallet, Torus, WalletConnect, Fortmatic and Portis.
To be able to mint or make an NFT you have to pay some fees to these platforms with your payment wallets. The payment is usually made in cryptocurrency, the cryptocurrency used for NFTs is Ethereum.
If you have Ethereum, transfer it to your digital wallet, if you don’t have it, buy. The money you earn will also be in a cryptocurrency which is convertible to cash.
2. Connect your digital wallet to your payment platform
Once you’ve set up your digital wallet, add some Ethereum to it or buy, then connect your wallet to the NFTs platform because you need your wallet to sell your NFTs.
3. Upload your NFT
Now that you have connected your wallet to your NFT platform, you are ready to upload and create your NFTs.
Most NFTs platforms or marketplaces accept files in PNG, GIF, WEBP, MP4 and MP3 files, up to 30MB in size.
Add a description of your artwork and the percentage of royalties you would like to collect on further sales.
4. Choose how you want to sell them
There are 3 ways to sell an NFT; timed auction, limited price or unlimited auction.
A timed auction means that you set a price and a time. Limited price means there is a minimum price it can be bought and unlimited auctions mean you put it up for sale and accept a price that you find suitable.
5. Pay the listing fee
Before you can sell your NFTs you have to pay the listing fee which is basically for Ethereum miners and for that you need to fund your wallet.
The process of selling NFTs is not as difficult as people make it.
NFTs could change how digital files are owned, managed, and transferred. However, when it comes to making money, it’s rather speculative. An NFT is only worth thousands or millions if people say and believe they are.
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