The topic of making money on the resale of non-fungible tokens literally broke the Internet. As such, today there are hundreds of thousands of people throughout the world who successfully buy and resell tokens, with many who are creators of their own unique designs and make good money for it. Sounds tempting, no? Let's take a further look at NFT technology - how to create a token and start earning cryptocurrency.
What is an NFT?
A Non Fungible Token (NFT) or non-fungible token is a unique object of sale that cannot be replaced by, or considered equal in value to, another object: it has no analogues. This quality, being irreplaceable, gives a sense of undeniable ownership of a digital object, making them popular among collectors and investors. The bulk of users, however, are attracted by money, as there is profit to be made on special marketplaces by buying and reselling NFT.
How to make money withNFTs and why they are needed:
If we talk about earning withNFTs, there are some considerations. The main thing is that you have enough money and patience for such operations. Let's look at two main options for profiting on the purchase of tokens.
The first option is to buy popular goods for the purpose of their subsequent resale, of course, for a larger amount. The difference is then your profit. If you have enough money, you can buy very popular and expensive objects that are highly sought-after and resell them for many times more than what you spent. Given that, it is not necessary to limit yourself to one token at a time.
The second way is to anticipate demand by buying inexpensive tokens that may grow in value. in the future. Then you could earn dozens or even hundreds of times more from their sale than what you paid for their purchase. This method will allow you to earn with minimal investment, but you will have to pay with another resource - time. For the value of these assets to grow, you need to be patient. It may take months or even years and, of course, it is important not to lose touch with the sectorand the token itself, so as to avoid ending up with nothing.
If you choose to go with minimal investment then you should think about how to create your own NFT. Of course, it's not free. At the very least you will have to pay for "gas" when working with the ether network, since there is no free way to enter the world of cryptocurrency. Nevertheless, creating NFTs is one of the best options.
How to make your own NFT token
If you are interested in creating an NFT token, then you need to decide on the most important thing - what exactly do you want to create. The fact is that for real earnings on such things, your object must be in good demand, otherwise your income may be less than site commissions, and you will go into the red. To do this, you need your creativity to make something truly unique and irreplaceable so that no one can compete with you. And at the same time, the object should capture the interest of the audience.
A token can be anything from a GIF or a meme to a moment from a sports match or a world music hit. The limit is your imagination.
If you generally understand how NFTs work, it will be easy to create them. Nevertheless, before you start creating: study the market, determine whether there will be a demand for your product and whether you can make money from it. When you feel ready, it’s time to start. When a concept for your token, it's time to find a platform.
Where can I create my own NFT?
Today, the most popular platform for NFT trading is OpenSea. A number of features are available to users, such as: creating NFTs, putting them up for sale and even getting kickbacks from all subsequent resales.
To create a token, you need to register on the site. This step is performed easily and quickly if you have a crypto wallet (in this case, Ethereum). The wallet is immediately tied to your account. This is necessary so that you have the opportunity to conduct transactions and pay commissions.
Then there are just a few small things to take care of. You need to create a collection, come up with a name for it and dictate certain settings (although this can be done later). Formats for tokens can be vastly different and you can get acquainted with them on the site, preferably in advance of youyou creating the desired object.
By downloading the token, you give it a name, fill in some settings and voila, you can put it up for sale. You should be prepared for certain expenses, however, including the commission for the sale, as well as payment for the transfer of the token and for signing the contract (it is done once, all further sales are made upon it).
The volume of commissions varies depending on the workload of the site, and, accordingly, the time of day. But you will have to experiment a little before you find the optimal time period in your time zone.
In order not to go into the red, your creativity will be what renders your profits so that they cover all commissions and costs. But there is also good news: you can set a resale fee in the collection settings. Therefore, every time your token is resold, you will receive a certain percentage to your collection account.
How NFT art is sold
Art has now become an object of sales on the crypto market and brings considerable profit to its creators. On trading platforms you can buy tracks of popular music creators, works of world-class photographers and paintings by contemporary artists as NFTs. For art lovers, the NFT market has become another opportunity to purchase and enjoy their favorite pieces and works of their favorite authors.
But do not think only celebrities have a chance in this market. Unknown but talented people can also sell their works, which they do with great success and, by the way, with profit. Moreover, this approach is even more useful for them, because thanks to blockchain technology, the authorship of the token is irrefutable. Thus, there is never a dispute about who created the little-known masterpiece. After all, in the blockchain archive you will forever be recorded as the author of your masterpiece, regardless of who currently owns it.
The amounts that circulate in this segment of the NFT market reach millions of dollars and can amaze with the speed of their dissemination. Probably, it was this fact that made the NFT art market the object of many discussions, as well as a goal for hundreds and thousands of up-and-coming artists, writers and composers. If you really have talent, you can make amazing NFT tokens. How to create them - now you know. There are bound to be connoisseurs of your work lying in wait.
In the wake of the popularity of cryptocurrency, everyone is engaged with how to create an NFT token. Despite all of the apparent complexity of this concept, anyone can create their own crypto trading objects. To do this, just follow these simple steps:
- Find an area where your talents and market demand intersect;
- Find a platform to list your token;
- Create a wallet on acryptocurrency platform and recharge it with the required amount;
- Create a token and place it on the site;
- Put your work up for sale and wait for your buyer;
- Rejoice in your success and profits;
- Repeat steps 4-6 an unlimited number of times.
In any case, we highly recommend getting to know all the subtleties of the site on which you want to be listed, learn all about commissions and formalities in order to avoid upsets in the process. Also, study the demand on your chosen site to know exactly what to create, or amaze the whole world with a new original masterpiece. Either way, everything is in your hands and the hands of fortune. May she smile upon you.