How to Make Money with NFTs
How to Make Money with NFTs
NFTs are in tons of headlines and Google searches at this very moment. You might’ve heard that there is money to be made but maybe you don’t know enough about what an NFT is to actually turn a profit from it.
NFT stands for non-fungible token, meaning that it’s a certain unit of online data on a digital blockchain. There is nothing physical about an NFT at all, it’s all digital data. Additionally, NFTs are part of the Ethereum blockchain.
What has made these pieces of code so valuable is that they are connected through the blockchain to a specific piece of ‘art.’ This art might be a GIF, video, tweet, anything online that can be considered an art piece. Buyers of NFTs can actually own their favorite videos, memes, and moments in digital space.
On top of that, NFTs are one-of-a-kind pieces of data. This means that if you own an NFT, there is only one of those types of data in the entire world. When there is rarity behind any collectible or the words one-of-a-kind are used, you can bet that collectors and resellers will be drawn to it like a fly to a light.
This is where money comes into NFTs. Own the right one and you can sell it for much more than you paid for it. In the last few months, news headlines have talked about certain NFTs going for hundreds of thousands of dollars online. NFTs are popular right now and there is money to be made from them.
How you can make money from NFTs
Just like any other type of collectible, your goal to make money from an NFT is to buy one for as low of a price as possible and resell it for more money. This could be an NFT that you hold for a week or one that you hold for years to come. Right now is the Wild Wild West of the NFT world so a market is just being established for it. No one is really sure where that market might go in the future and how the prices of these online pieces could change.
Compare it to Pokemon Base Set cards. When they came out in the late 1990s you could find them everywhere and they weren’t valuable at all. Now, they sell for thousands of dollars if they are in good condition. NFTs are more well-known than Base Set Pokemon cards but still, they are at the infancy stage of being a collectible.
Find a marketplace
To make money from NFTs, the first thing you’re going to need to do is find a site that sells them. NBA Top Shop is a great example of this. This site is probably one of the most well-known online retailers of NFTs and sells moments of NBA players making plays. Some of these NBA moments can be bought and sold for hundreds of thousands of dollars.
Some other NFT marketplaces are: -OpenSea -SuperRare -NFT ShowRoom -Nifty Gateway -Foundation -Axie Marketplace -Rarible
These marketplaces can be used to buy and sell NFTs and find the value of an NFT. For example, Jack Dorsey (the CEO of Twitter) sold his first tweet for $2 million. Certain popular gifs have been sold for hundreds of thousands of dollars. This happens because it gives a person ownership over an online asset, which is something that was more difficult to do in the past.
With that in mind, try to find NFTs that you think might perform well because of what they are and how people view them. Try on NBA Top Shot first to see what kinds of moments buy and sell, then convert it over to other types of NFTs. Do your research and you’ll find what makes money and what doesn’t.
Looking to start reselling? Signup now at https://juicedio.com