Don’t Sell Your NFTs; Do These Five Things Instead
Ignore the hype, NFT sales are not as lucrative as they seem
The NFT market has grown into a major sector of the crypto industry over 2021, with the total money spent on purchasing NFTs surpassing $12.6 billion, up from $162.4 million at the start of the year. The industry has grown 200x since.
Per the hype, Twitter’s Jack Dolsey sold his first tweet for $2.9m. Other expensive NFT sales include The Merge, which sold for $91.8m, and Everyday, which sold for $69.3m. Matter of fact, NFT sales have turned into the new drug money of the digital economy, but the hype, and popular media, are not telling us the whole story.
Problems With Selling NFTs
To be exact, selling your digital arts is not the best way to make money from NFTs. It’s not at all as lucrative as the hype makes it look. Data obtained from OpenSea, the biggest NFT marketplace yet, were computed and the statistical returns revealed some serious shortcomings of NFT sales. These shortcomings have to do with gross inequality, and excessive fees.
The inequality
It was found that 33.6% of NFT sellers sell their NFTs for $100 or less, and they’re the largest percentile. Those who make the most money, hitting the…
