February 7, 2023
Have you ever wondered how to make or sell NFTs? Or how to turn your physical items into digital assets with value? Then you are at the right place.
In this article, you will learn what NFTs are and how to make or sell NFTs. You will also learn about the present, and future NFT use cases and their future in the Web 3.0 world.
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With the growing popularity of NFTs, one might be led to believe NFTs are here to stay since they have proven essential for creators and crypto enthusiasts who make lots of money from NFTs. If, like them, you are interested in making money with NFTs, then you should learn how to make NFTs, sell them, and make money from the process.
Before then, you need to know certain facts about NFTs. We will start with the definition of NFTs and how to make, sell, and earn with NFTs.
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An NFT, or non-fungible token, is a noninterchangeable token created and powered by blockchain technology. They are similar to cryptocurrencies because they are on a blockchain. However, they do not function as cryptocurrencies. NFTs are different from cryptocurrencies. They can’t be traded or exchanged as you can with cryptocurrencies.
So, NFTs are non-fungible and can’t be replaced or interchanged, unlike fiat currency or cryptocurrency. They are unique, difficult to counterfeit or forge, and important in proving authenticity and ownership.
Before we proceed, there are some words and phrases you need to understand to make understanding the following sections easier.
Ever since the high-profile sale of most NFTs, like Beeple's First 5000 Days, which sold for $69 million, or Jack Dorsey tweets which sold for over $2 million, many creators and artists have been interested in making and selling NFTs.
Let's go into making and selling NFTs and the best marketplaces that offer top-notch NFT services.
The first step in making NFTs is deciding which digital item to use. You can decide to use an item you just created new or one that has been created in the past. Whichever is the case, make sure the item you are using for your NFTs belongs to you and is made by you.
Cryptocurrency, especially Ethereum, is the currency of choice in the NFT marketplaces. Therefore, before making your NFT, you need a crypto or NFT wallet, especially one compatible with Ethereum or the blockchain supported by your NFT marketplace of interest.
After minting your NFTs, you must store them in the wallet. That is why it is very important to use cold wallets, also known as hardware or offline wallet, which offers more security for your NFTs. Hot wallets are also good in terms of convenience and ease of usage, but not security, as they are online and prone to cyber-attacks.
The NFT or crypto wallet will also hold the crypto for the NFT-making process. Popular and reliable wallets you can store your cryptocurrency are MetaMask, a hot wallet, or Ledger, a cold wallet.
After setting up a wallet, the next step is choosing an NFT marketplace where you can mint NFTs, list, and sell NFTs. It is always best to choose trusted NFT marketplaces.
The best NFT marketplaces offer a wide variety of NFT services. OpenSea is among the best NFT marketplaces with many NFT collections and top-notch NFT services. It runs on the Ethereum blockchain.
Apart from OpenSea NFT marketplaces, other best NFT marketplaces include Mintable, NIfty Gateway, and Rarible, which uses Ethereum blockchain and NBA Top Shot which uses Flow blockchain.
Once you see the best NFT marketplace that fits your needs or has the NFT services, proceed to create and set up your account. These NFT Marketplaces are platforms for digital creators and artists to make NFTs and sell them.
To make NFTs, one must understand the concept of minting tokens since making NFTs requires minting. Minting NFTs is easy, but without a proper guide, one can make mistakes that could affect making money with NFTs.
If you are using the OpenSea marketplace to make NFTs, here is a list of steps you must follow.
Once all this is ready, you can make your NFTs. All that is left is to click on 'Create.’ At this point, the smart contract is created on the blockchain, and the NFT is minted.
There are fees to consider, ranging from minting to maintenance and selling or listing fees. In most NFT marketplaces, minting NFTs is free; in others, you will have to pay to access any of their NFT services.
Congratulations! You have successfully minted your NFTs. You can call yourself a proud owner of an NFT. What Next? Sell the NFT. However, you will have to set a reasonable price for the NFT and then click on 'Sell NFT.'
If you are using OpenSea, the process will be as explained above. If not, the steps will fairly differ.
You’re not done just yet! Clicking sell is only the beginning of selling your NFT. As with every other product, marketing is key – ensure you promote your artwork. It would help if you marketed your NFTs to potential buyers of your NFTs.
TIP: Artwork that provides value or supports charitable goals is often perceived better.
The process is usually not hard but a bit technical. You can hack it by leveraging social media platforms like Twitter, Reddit, Telegram, Medium and, most importantly, Discord.
These processes, combined with a targeted advert for specific audiences, and a very compelling advert, will make a difference. The title and description of the NFTs also come into play.
To make NFTs, you must also consider the minting process's price. Aside from that, there are other costs you have to consider. We would love to explain or break down these costs for you. But know that the cost for minting an NFT will differ depending on the gas fee, which also fluctuates depending on crypto price.
The main reason is the nature of the blockchain, and crypto prices always fluctuate. Other factors contribute to the cost of making or selling NFTs, ranging from the time of making the NFT to choosing NFT marketplaces.
That is why you should make NFTs at night when the network is less condensed and choose the best NFT marketplaces that are reliable.
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NFTs, although a new and emerging technology, already have a wide range of uses with more on the way. These uses go beyond NFT trading and go as far as the digital representation of intellectual properties.
Let's look at some ways you can use NFT and how you can make money from it.
NFTs have proven very useful in proving ownership and an object's authenticity. Recall that NFTs are on the blockchain, which ensures that information stored on it cannot be changed, altered, or deleted.
NFTs are used for the digital representation and transfer of real estate properties. They can also be used for authenticating and proving ownership of these properties and enabling smart contracts, which use computer codes to execute agreements.
NFTs help verifies identities and store medical records by avoiding counterfeits and preserving confidentiality.
NFTs are now used to protect patents and secure intellectual property. Since NFTs are immutable, patent ownership can be tracked from the NFT timestamps or history.
NFTs are taking over the gaming industry and allowing gamers to have fun while making money. NFT gaming has transcended P2E games, dominating different aspects of video gaming.
NFTs can also be used in ticketing, either for concerts or any other kind of event. Because of the uniqueness of NFTs, ticket fraud would be reduced, and misplaced or lost tickets wouldn't be an issue. It will also help with a reduction in paper usage.
These are not all the uses of NFTs, and more uses are appearing daily. NFTs can also be used to track artworks, apart from being used to represent arts that cannot be forged. NFTs are important in the decentralized finance (DeFi) world for NFT staking and other DeFi NFT services and can also be used for voting since it helps to verify identity.
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In 2021, NFTs took the crypto world by storm, revolutionizing the world of digital art and climbing to the ranks of the richest crypto assets of 2021.
The technology backing NFT makes it possible for artists and creatives to sell digital art without an intermediary. However, this is just the beginning of what NFTs have in stock for the Web 3.0 world.
NFTs are already growing communities of loyal fans, evolving their uses, changing what gaming assets can be sold or resold, and paving the way for dominating the Metaverse.
In the future, which is almost upon us, NFTs would serve as an entry point into the rapidly developing Metaverse, and own anything in the Metaverse, whether a land, fashion item, username, etc., you need to own an NFT. To own an NFT, you either make NFTs or buy them. NFTs would also help to redefine digital assets and the verification of identities.
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Despite the many uses, NFTs still have their limitations. They are volatile and illiquid because they are still an emerging technology.
Another limitation of NFTs is that, unlike stocks, bonds, real estate, and other kinds of investment, NFTs do not generate any revenue. There are no dividends, rents, interest, etc. Although it is expected in the event of further development, NFT uses in the DeFi sector would develop to include them.
Plagiarism and fraud are other limitations of NFTs. No one can doubt blockchain integrity, but someone can steal the art of another and turn it into their NFT, defying the main purpose of NFT.
Making and selling NFTs is a very easy way of making money with NFTs. However, it could be a good or bad idea depending on your level of knowledge, what you invest in, and where you get information. It will help if you are careful to avoid losing money. Remember, it is still an emerging technology, and no one can say what the future holds.
Making NFTs is a fun process with a lot of potential for newbies in the industry. If you proceed with caution and constant practice, you will slowly build your way to having one of the high-profile NFTs in Web 3.0.
7 February 2023
Karol
Creative Producer
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