As the world evolves, so does technology and the way we go about our everyday lives. Once upon a time, these things called newspapers were neatly folded and thrown perfectly at our doorsteps by an unseen presence that would arrive daily. Now, we have what is called Google Search, which, with the touch of a finger, can give us an enormous amount of news and information both past and present.
This newer technology has not only made our lives simpler but has also changed the way the world sends and receives information at a more exponential rate. The same concept can now be used based on how we exchange videos, photos, and many other digital files by way of NFTs.
An NFT, or a non-fungible token, just like cryptocurrency, is a unit of data stored on a digital ledger, commonly known as the blockchain. An NFT represents real-world objects such as videos, art, photos, and music, which are bought and sold online, usually with cryptocurrency.
However, NFTs are different from cryptocurrency because these digital assets have a limited run and are generally a one-of-a-kind item with unique identifying codes. This unique feature is what makes NFTs non-fungible or simply not mutually interchangeable.
Although the concept may be a bit confusing, so was the internet over thirty years ago. However, learning to navigate the cyber world and NFTs will soon become second nature with a bit of patience, knowledge, and practice!
An NFT is created by uploading a file, i.e., artwork and photos, to an NFT auction marketplace such as OpenSea, just as an Amazon seller would upload their pictures of products to the Amazon marketplace to sell to potential buyers. Once your digital asset is uploaded, you will need to set up an auction, describe your NFT and sit back and wait for your first sale! However, it is essential to note that there may be fees associated with selling digital assets as NFTs.
If you are not ready to dive in headfirst yet as a seller, there are many ways to jump in and get your feet wet as a small-scale buyer to get the hang of these big technologies that are currently built on Ethereum. Cryptoslam.io is an extremely educational platform to find some of the top NFT collectible sites. Here you can see who's who on the web and the blockchain when it comes to NFTs.
This site will break down in detail the daily stats for market sellers, market buyers, sales volume, market caps, and mints, which is a term that refers to additions of an NFT to the blockchain. Here you will find and can do some research on some of the greatest assets of the NFT world, such as NBA Top Shot who has quickly risen in the ranks in a short period.
Another popular digital asset that is quickly gaining traction as the new NFT on the block is Topps MLB. However, to get really inspired, check out some of the top NFTs ever to be sold! Some of these valuable NFTs include CryptoPunk, Metariff, Forever Rose, and Beeple’s "Crossroads," to name a few.
Surprisingly, most people are not into buying NFTs because they like that specific item. Instead, just like holding on to cryptocurrency, they see it as an investment opportunity to make substantial income at some point possibly.
Take, for example, NBA Top Shot; now imagine buying a Steph Curry card for only $9 and one day selling it for, let us say, $20,000. I know what you are thinking right now. How can this be possible? Well, remember that all NFTs are unique and one of a kind with limited runs, correct?
With that being said, when these digital assets become scarcer, collectors will be willing to pay top dollar to complete a set. And fortunately for you, if you are holding the card, they need you may be on the receiving end of a huge profit! This is only one example of cashing in big with NFTs. Another way is to create something that people will love and want to buy or collect. Take the amazing artist Beeple for example, who has sold his unique art for millions!
Lastly, another great way to make money from NFTs is by in games or, simply, a video game that allows players the ability to "play to earn" free coins. A popular platform to sign up to play these free games is Gala Games. Furthermore, you can also purchase NFTs for upcoming games, which could possibly yield in and out-of-game passive income.
NFTs are indeed the new kids on the block when it comes to the blockchain. Although the concept may be a bit confusing, this new technology could be the beginning of something remarkable! Just like cryptocurrency is paving its own way into our lives, NFTs are not far behind. The world is becoming more digital, so it makes sense to have digital assets such as photos, art, videos, and other real-world objects made to be easily bought and sold online for immediate use. Now is the best time to jump in and take advantage of this new technology and possibly earn some money along the way!