Unless you have been on a digital detox for the past couple of years the chances are you have heard of NFTs and the fact that people are using them to make money. That doesn’t mean you know exactly what they are or how to make your own money with them, but the fact is that it is something becoming massively trendy and most people have heard of the concept at least. However, if you’re a content creator, a small business, or simply an entrepreneur looking for the next venture then NFTs are certainly you should become familiar with pretty quickly, or you could be missing out.
What Are NFTs?
Non-fungible tokens are digital assets that exist on a blockchain. You don’t have to know too much about the technicalities to get involved in making money from them so don’t worry. It might be a good idea to have an understanding of from where does the NFT value come from, but aside from that, the important part is working out how you can make some money from them.
They can be used to buy and sell both digital and physical items. Generally, they are used for items like artwork and music, but they can also be used to sell things like virtual real estate or gaming skins. Unlike Bitcoin, they’re not a currency with an exact value, so it isn’t really possible to trade them in the same way – because you can’t trade like for like.
Buying and Selling NFTS
One of the best ways to make money with NFTS is to buy and sell some of them. This is usually done via an NFT marketplace and they all work slightly differently, so it is worth having a look at a few of them and seeing which ones seem to suit you best.
If you want to sell an NFT then you need to create the content and upload it to the marketplace- think of it like selling something on Etsy. Once you have uploaded it and turned it into an NFT you simply wait for it to sell. Of course, it can be hard to put an exact value on this because it doesn’t work quite the same way as digital currency which is why it’s worth having a browse of marketplaces to see how they work and which one you could benefit from the most.
It is of course possible to buy an NFT and then much like any other investment, hope that it goes up in value before you sell it again. You can also join platforms that will allow you to trade your NFT with someone else who has something that you like. This is great news because it means you don’t need to be a creator to be able to sell something in this way. Much like stocks and shares people use this way of investing as a way to make money, so if you’re looking for a new way to make money from financial investments it is definitely an avenue worth exploring.