How to Make Money from NFT
If you have noticed, recently there have been videos or news about NFT that have been sold for hundreds of dollar and some have even reached thousands of dollar. You must be wondering how they make money from NFT? and how can we make money from NFT? Did you notice, that NFT (Non-Fungible Token) has become a popular trend in the crypto community today?. Everyone is talking about their NFT. And some are talking about launching their own NFT.
Before we know the way or method to make money and profit from NFT, do you understand NFT?. If you don't really understand. Let's recap the meaning of NFT briefly!. The simple NFT or non-fungible token definition is goods or assets that aren't interchangeable.
Fungibles are those that you can interchange, one for another. Therefore non-fungible tokens are units of data stored an a blockchain and certifies a digital asset as unique and accordingly, un-interchangeable. And each asset has a different value depending an its uniqueness.
Surprisingly, creating an NFT isn't complicated and there are platforms where you can get guidance on the entire process. NFTs are built and supported by a particular blockchain, and most use the Ethereum blockchain.
Apart from Ethereum, there are various types of blockchain networks in use such as Binance, Polygon and Solana. NFT can be traded in the marketplace. Every transaction and purchase transaction in recorded on the blockchain using a smart contract. Of course it is safe and secure because it uses blockchain.
You must be wondering how to make money from NFT. So, don't go anywhere and read this article to the end!
There are four ways to make money from NFT.
1. Digital Works of Arts
Digital works of arts are among the most popular and valuable NFTs at the moment. The history of the blockchain and art world has changed 360 degrees after an auction house managed to sell a work of art for 69 Million Dollars.
It was the first time when Christie's auctioned a fully digital artwork. It can anything, if you create a digital asset once it is sold. Then you will be able to profit from it.
2. Fashion NFTs
In a similar way as with artwork, where NFT is able to handle the problem of counterfeiting of these assets in the presence of blockchain technology and smart contracts. Clothing brands or the fashion field are already starting to benefit from NFT. Big brands like Nike and Adidas have already released limited editions and collaborated with celebrity icons for some of the limited editions released.
So, basically if you have a clothing brand or even accessories. you can get profits from NFT in a safe and environment.
3. Licensed Collectibles
So far, sports cards are by far the most popular type of licensed NFT collectibles. Recently the NBA has also launched its NFT cards collection. It's very likely that other sports organizations will soon follow. In releasing their NFT card collections.
4. NFT Games
Ok, the forth one. Which many people must already know is, NFT Video Games. NFT - Based games will be the future for NFT technology. Many gamers are willing to spend money to buy items in the games they play.
For example, weapons, shields, skins or potions and more. If nay major video game company decides to sell in-game items as NFTs. The impact of such a decision on both gaming and blockchain ecosystems would be tremendous.
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Compared with other NFTs such a digital trading card and virtual arts. In-game NFTs are the most advanced of all. The NFT used in these games is very complex, interactive and it also changes over time. For example as players level up for a used character.
That's the way of 4 ways to make money through NFT. Which one do you want to use?. With all kinds of unique applications out there. It is up to you to evaluate the ways and means to make a profit from NFT.
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Reference: https://youtu.be/mbuBhmUuYWI
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