NFT Project | NFT’s Explained | How to Make Money from NFT

NFT Project | NFT’s Explained | How to Make Money from NFT
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Non-fungible tokens, or NFTs, are becoming some of the most profitable blockchain-based experiments in history. High-profile influencers, like Twitter CEO Jack Dorsey, have recently made the news auctioning off NFTs. Although the cryptology behind NFTs is quite tricky, understanding what they are and how to make quick money off of them is not!

We’ll look at what an NFT is, how you can sell NFTs and make money, where they’re exchanged, and recent examples of NFT sales. Let’s dive in.

What’s an NFT?

“Non-fungible token” means a crypto asset that cannot be altered or reproduced. You can think of these tokens as the digital equivalent of artwork in a private collection. Each piece of art in the collection is unique and valued differently.

Like pieces of art, an NFT can be sold for money or cryptocurrency. However, the token’s asset transfer is recorded in the blockchain just like cryptocurrency. This establishes who currently owns it.

Each NFT is tied to a digital (or in some cases, physical) asset of the original owner. Technically, anything in digital form can be turned into an NFT. Famous tweets, Facebook posts, Instagram pictures, and more can be turned into NFTs and sold by anyone.

What Gives an NFT Value?

Just like pieces in our hypothetical art collection, consumer interest drives the value of an NFT. Similar to trading cards, the rarity and base of interested consumers influence their worth. While an image can be converted into an NFT, that doesn’t prevent the image from being freely shared.

How Can I Buy an NFT?

Some platforms allow credit cards to be used, but the vast majority of sites where you can buy and sell NFTs require you to use cryptocurrency. You’ll need to establish a wallet for the currency of your choice. Blockchain.com is one popular platform that allows users to create wallets for free.

How to create an NFT
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, with Ethereum NFT being the most popular. Apart from Ethereum, Flow and Binance are also commonly used for its development. You need a crypto wallet and cryptocurrency, mainly Ethereum, to transact.

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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.

I hope you found value in our NFT Project video. Make sure to leave a like on the video if you gained value from it!

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Timestamps

00:00 Intro
00:18 What is nft and how to make money from it
06:54 Examples of opportunities
10:28 Summary