So, you’ve heard of NFTs and how some people have made money on them. NFTs are the latest cryptocurrency sensation to go mainstream. If you’re an entrepreneur or small business that creates some form of digital content, it makes sense for you to learn the ropes of making money through NFTs.
The first step to making money with NFTs is to understand them. We’ll provide a brief explanation of NFTs and guide you on how to make money with NFT by selling them. Let’s first start by explaining what exactly NFTs are.
NFTs or non-fungible tokens are pieces of cryptographic tokens that exist on a blockchain. They’re used for real-world items like artwork, music art, and even real estate but in a virtual capacity. Unlike cryptocurrencies, NFTs cannot be traded or exchanged because they are not identical to one another.
Think of baseball cards or a rare coin collection. NFTs create scarcity among assets that are otherwise infinitely available. They are typically used to buy and sell digital items like tweets, artwork, gaming skins, and virtual real estate.
NFTs are generally sold on marketplaces with different processes depending on the platform of your choice. Essentially, you’ll upload your content to the marketplace, turn it into NFT, and wait for it to sell. It’s very similar to Amazon or Etsy. If you already have a digital content portfolio for which you own the copyright, here’s what you need to do next:
There are dozens of marketplaces for you to choose from. These include OpenSea, Axie Marketplace, Rarible, SuperRare, and Mintable. Have a quick look at these marketplaces and select one that best suits your content.
Your next step is to “mint” the NFT. In simple terms, minting an NFT is the process of turning the digital file into a crypto collectible or a digital asset on the Ethereum blockchain. Though this may sound confusing, most, if not all, marketplaces will provide a step-by-step guide on minting your NFT right on their platform.
Once you’ve selected the marketplace, you’ll have to link your funded cryptocurrency wallet. After that, upload your digital file and follow the process on your chosen marketplace. Each platform will have different processes and allow you to either sell the item as a one-off purchase or earn royalties