How people are making millions with NFTs, and how you can too
What is an NFT?
Let's start off with the basics. What is an NFT? An NFT is a non-fungible token in which there is a limited quantity and drives the price up. If I had an orange jacket you would not really pay more than let's say 20 dollars but if that orange jacket was signed by Elon Musk you would pay much more. This is an example of limited quantity goods. Instead of selling jackets NFTS are digital files that are bought using cryptocurrency (most commonly eth)
Are NFTs going to replace art?
From what we know now NFTs are not going to replace art yet they are an interesting way for artists to sell and list their digital artwork. Instead of the common norms of poor homeless artists, they may actually make money from their work.
Why do people pay so much for art?
Well, there are a couple of reasons. First it's for the "cloat". Like, imagine owning the original animated cat Gif. Isn't that amazing. Yet people also buy NFTs for the ability of the price to go up and as an investment. If I buy a Cryptopunk (type of NFT) at 100k and two days later the price is at one million I make a 900k profit.
How do you make money with NFTs?
There are two ways you can make money with NFTs. The first way is by buying a highly demanded NFT fast then selling it later at a higher price. Its high risk- high reward. This may be highly rewarding and takes less time then creating and marketing your NFT which has a much lower chance of being sold yet can also be risky as you may spend thousands on a single NFT and the price drops the next day. The other method is by actually creating your NFT which has a less risk because you only have to pay the gas fee of publishing your NFT (crypto-currency fees). The only downside is that your NFT may not be sold and you waste your time (again not as bad as loosing your life savings on a hyped NFT.)
"Just Bricks" selling for around 10 thousand dollars.
How can you do this
Listing your images as an NFT is pretty simple today with all of the technology and services available. First, you are going to make your art. You can do this by hiring someone on fiver or creating your own art on photoshop. Go to OpenSea and connect a wallet to start publishing your NFTs.
After you connect your Ethereum wallet you should find a button that allows you to be able to post your NFTs on the market. You can either publish Collections which are many different images sold seperatly but share the same base idea. CryptoPunks is a collection of different characters that are sold seperatly. You can also publish single NFTs.
There you have it, you just published your first NFT. If you enjoyed this article leave an upvote and let me know if I should write about marketing your NFT so it can actually get sold.