After the NFTs' resounding online explosion, everyone became confused about those strange symbols and their numbers that went crazy. How can a picture of a foolish monkey be worth hundreds of thousands of dollars? Why do the rich pay so much? How can those images and symbols be made in the first place? That's what we're going to try to seduce in this article.
Before starting the subject, I would like to point out that the fame of the NFTs belongs mainly to the American digital artist Mike Finkelman, or "Pebble" as he is known professionally, who managed to make a fortune that made him one of the most famous artists in his field in the world by selling NFTs early last year, and that wealth is estimated at about $70 million, by the way.
What are NFTs?
Non-Fungible Tokens (NFTs) are simply symbols, electronic forms, and any visual content that only one or a few people can own. Think of it as a professional gamer who wants to get special costumes in Fortnite, PUBG, or other games, and apply it to living reality.
The idea of metaphysics and the general tendency to make our reality virtual reality is what makes those symbols real value and makes celebrities and money-makers buy them at such high prices;
NFTs are encrypted digital currencies, but they are not replaceable. Imagine you have five dollars, either that $5 in one sheet or five papers for $1, right? This is the case with barterable currencies, but in the case of NFTs, it's like you own a Mona Lisa, which we can't reproduce in human ways to match the original 100 percent, which means that the only person who owns a painting is just you and no one else, that's how it works.
Why do I sell NFTs?
Because of their staggering prices, NFTs can make you rich very easily. Imagine with me that the spectrum color cat's "meme" was an online symbol in 2011, but in 2021 that GIF was sold at auction for about $600,000, about 9 million! You may wonder how a public symbol can become private property that no one will be entitled to use in the New World as a symbol other than the original symbol, and the answer is simply because it was sold in the form of NFTs.
How can I benefit financially from NFTs?
At first you should know that it's not easy at all, we're talking about thousands of dollars here. A market with these funds is normal to find it crowded with passionate people, it's not about a straw and you don't think you're going to be rich from your first attempt, and believe me I just want not to shock you with reality, and if it shows something, it shows our interest in our dear readers and followers.
The most important thing I would like to warn you is that this article may not be your way of profiting directly and immediately behind NFTs; it could just be a bridge or gate that opened the way for you and provoked your mind to look more and more at the subject and that's the purpose of this article.
Also, there are some terms you should be familiar with such as:
- Blockchain: Is a large series of encrypted and un centralized files online whose content cannot be tracked, a technology based on cryptocurrencies.
- Passive Income: Or negative profit, which is the way to attract money to its owner without any trouble, maybe asleep and earn tens of dollars, such as YouTubers, or those who own online stores where they sell their products, and so on.
- Minting: Simply convert your NFT file into an encrypted file that cannot be tracked with Blockchain technology.
1- Manufacture and sell NFTs
The first step to profiting from NFTs is to make and sell these items through a much-existing store such as OpenSea
The second step is to turn NFTs into an encrypted file on the so-called "blockchain" or Blockchain process known as "Minting", and there are hundreds of videos on YouTube explaining that process, just types: How to Mint My NFTs and enjoy, if you are not a Fan of videos on YouTube, don't worry because most of the stores we talked about explaining to their users how to do this process in detail.
The third and final step requires a digital currency portfolio, and if you don't have one, look for how it works, so it's easy. The important thing is to connect that wallet to your chosen store and follow the procedures of that store, and when you're done you'll be ready to sell your NFTs, it's like negative income or Passive Income.
2- Trade in NFTs
The second way to win from NFTs is the easiest way that doesn't require you to take the second step in a first way, minting.
If you're not a design fan or something, but you want to enter that market, you can trade it, by buying NFTs at a price and selling them at a higher price, it's like investing and requiring someone familiar with the market situation.
The only problem with this method is the risk-taking part, you may buy some NFTs and you can't find anyone to buy them from you anymore, which is why we only recommend you to go into it if you are familiar with the market as mentioned.
If you want to start, you will follow the same steps you have taken in the industry process without minting because the file will already be yours and the original file owner has already taken minting.
The future of NFTs
The future of anything based on blockchain technology is unknown, as the future of a lot of things, is volatile every day and in a state of constant change, however, experts expect the NFTs to flourish because of the metaverse era we are now experiencing.
What we want to conclude with is the idea that it is not for anyone, only people interested in this field can start taking some risks, and what we recommend is not content with this article or any article at all when it comes to investment or the cryptocurrency market in particular, and everything related to Blockchain technology in general.
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