NFTs, everyone is talking about them and the thing that these strange pictures are selling for millions make this thing more fascinating. From top brands and small businesses to celebrities and common individuals, everyone is buying the NFTs.
And you also want to learn why people are buying NFTs and how to make money with NFT. Here is the full guide.
What is an NFT?
NFT stands for Non-Fungible Token. NFTs are based on blockchain technology, the same as cryptocurrency. They have their own identity and metadata which make them unique on the internet and can not be replicated.
To be more clear, NFTs are something on the internet that have its unique identity and can not be replicated. NFTs use blockchain technology. As NFTs are based on blockchain technology every NFT has a unique data stored in it. IT have all the records of past owners of that NFT.
Advantages of NFTs.
- NFTs are a new way to earn money for designers. If you are a designer then make some NFTs and start selling them or you can start a gig on fiverr of NFT makers.
- NFTs are dreams for collectors. Collector got new things to add in their strange collection.
- And its not just collectors, anyone can invest in NFTs and start making money. As the NFTs are trending people can invest in NFT and can earn through them.
- And finally it creates a sense of belonging to a community. For example Bored Yacht Apes Club this collection has 10k unique NFT and people bought its NFT to be a part of this club.
Disadvantages of NFTs.
- If you own an NFT, it does not mean you own the design, people still can download it and use it anywhere.
- Most of the NFTs are not designed or made by artists. They are generated images with simple pieces of code.
- These NFTs have no purpose, buying an NFT for a million using it as a profile picture doesn't make any sense unless you have an insane amount of money.
CHECK THIS ALSO - 7 ways to make 100k a year.
Top 5 most expensive NFT ever sold.
The NFTs are getting so popular and everyone wants to make money with NFT. Because they are selling in the millions. Literally, there are some NFT which sold in millions and. And here are the top 5 most expensive NFT ever sold.
5 - CryptoPunk #5822 — $23.7m
The NFTS CryptoPunk #5822 sold in February for $23m. Some cryptopunks are owned by celebs like Logan Paul, Snoop Dogg, Jay Z.
4 - Beeple’s HUMAN ONE — $28.985
This NFT is a video. And sold on November 9, 2021 for $28.985.
3 - Clock — $52.7m
This NFT acts as a clock counting the number of days that WikiLeaks founder Assange has been imprisoned. It sold for over $50m.
2 - Everydays: the First 5000 Days — $69.3m
This NFT is created by Beeple, same as clock NFT. And it sold for almost $70m. The NFt is a collage of 5000 NFTS of Beeple.
1 - Pak’s ‘The Merge’ — $91.8m
.png "\"Pak’s ‘The Merge\" The most expensive NFT.")
The most expensive NFT sold ever is Pak’s ‘The Merge. It sold for over $90m on December 2,2021.
How to make money with NFT?
As the NFTs are selling for millions so everyone wants to make money with them. In the year of 2021 the NFT Market surpassed a gross trading volume of $12 Billion. And here are 5 ways to make money with NFT.
- Create and sell NFTs
- Trade NFTs
- Rent NFTs
- NFT Royalties
1 - Create and sell NFTs
The most effective way to make money with NFT is to create and sell them. You can create your own NFT. NFTs can be anything such as video, audio, memes, properties etc. You can create NFT with anything. People are even selling their fart as NFT.
2 - Trade NFTs
You can start buying and selling NFTs to make money. It is the easiest way to make money easily and efficiently. You can buy a NFT at a low price and sell them at a higher price. And someone bought CryptoPunk #5822 NFT for $30 and sold it for $11.75m dollars
3 - Rent NFTs
You can make money with NFT by renting them. It can be a good passive source of income for NFT creators and collectors. There are platforms like reNFT where you can rent your NFT. There are games where you can rent NFT. And NFTs that you rent are governed by smart contracts.
4 - NFT Royalties
NFT royalties is another way to make money with NFT. You are going to get a commission every time the NFT going to sell to someone else. For you can set up some percent royalty to your NFT.
Best NFT Marketplaces.
How to Make NFT?
Conclusion
NFT are selling for millions and trending all over the world. And anyone can earn money with NFTs easily. But its possible as long as they are trending. Investing in NFT is bad but anyone should be careful because in the most popular NFTs are images with some meta data.
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