Nowadays, people are looking for more innovative and effective ways to make money. Some of them prefer to invest in cryptocurrencies and try to figure out the most profitable coin. Others prefer to deal with more interesting solutions. For example, selling and buying NFTs may become a cool source of extra income. If you do not follow modern trends and have no idea what NFT stands for, the following information may be rather useful and helpful for you.
Non-fungible tokens are unique and verifiable assets. They are created on the basis of blockchain technologies. There are several blockchain platforms that support the creation of NFTs. Ethereum, Flow, and Solana are the most popular of them. Every token exists in a single exemplar.
It’s necessary to use special services to create (or mint as it is properly called) NFTs. The best place for both newbies and pros is OpenSea. It’s perhaps the most popular marketplace that deals with lots of non-fungible tokens and collectibles. There are also several alternatives you should know about. They are Axie, NBA Top Shot, Rarible, Foundation, and some others.
Why Are NFTs Good for Investments?
One of the most intriguing questions sounds like, “Is it a good idea to invest in NFT?” If you still have some doubts about whether it’s worth trying or not, you should consider the following reasons:
- The NFT market is booming at the moment. 2023 may be called the year NFTs. The tokens have become a trending phenomenon.
- More and more corporations pay attention to this phenomenon. Not only private artists but whole corporations and large firms tend to create their NFTs to gain new customers and attract a larger audience.
- NFTs are a strong alternative to cryptocurrencies. Being based on blockchain technologies, many NFTs are used in video games as collectible or precious items. It has become more popular to utilize NFTs than cryptocurrencies within gambling activities.
- Non-fungible tokens join like-minded people from all over the globe. Collecting pieces of digital art is becoming a real mainstream. Different chats and services are created where users discuss tokens and their peculiarities, share experiences and tips. Every NFT owner is able to find a platform or a website that will fully meet his needs.
Stay in Trend and Monitor the Market
One of the most common mistakes almost all newbies make is to ignore appearing trends and focus only on famous or top NFT collections. Yet, the thing is the greater part of beginners can’t afford to buy top collectibles while the price is often more than a million.
Discover the Best Ways How to Invest in NFT
At the moment, there are several ways you may explore in order to get profit from the best (or just fine) NFT collections. The first solution is good for you if you are an artist and have created an awesome token. By the way, there is a huge misbelief that only photos or memes may become successful NFTs. Nowadays, there are copious other types of tokens – from audio files to attires.
You have to take several steps to start making money on your own NFTs. They are the following:
- Create an NFT.
- List it on the chosen marketplace.
- Then, you can sell tokens.
- You receive your funds every time your creation is resold.
At the same time, if you are not a digital artist and just want to find a good solution for investments, NFTs are still able to meet your needs and desires. You may buy promising collections and sell them when the prices become higher. In this case, you should be aware of all trends and popular tendencies. For instance, when Dolce and Gabbana had launched their first (and for the time being, the only one) NFT collection, fashion tokens became extra popular.
Choose Proper NFT Collections to Invest In
One of the most striking things about NFTs is that everyone can become an artist and create unique tokens. No wonder the number of feasible collections is enormous. At the moment, it’s not easy to select the best NFT to invest in. There are no definite rules that will help you decide whether this collection is going to head the chart while that one is about to fail.
Yet, you should definitely know about the most interesting offers for 24 hours, 7 days, and 30 days. In such a way, you may decide which collections are popular and may be good for investments. You are to consider the following variants:
- Cool Cats;
- Adam Bomb Squad;
- World of Women.
Of course, the tokens are not free. The price may vary depending on the collection and volume. In order to catch the most profitable solutions, you are to monitor the prices and ratings. It may be a rather overwhelming process, but there are lots of services that are ready to help cope with this task.
At the same time, you should also know about the biggest collections that cost the whole fortune. The best examples are CryptoPunks, Ape Yacht Club, Axie, and some others.
How Much Can You Earn Selling NFTs?
After users discover the major ways how to invest in NFT art, they definitely desire to get to know how much they can earn. There is both good and bad news. The bad news is that there is no formula that will help you calculate your profit for sure. The good news is that it’s up to you to decide how much you desire to get for this or that token.
So, if you really want to make NFTs bring you money, it’s necessary to follow popular trends in the NFT market. You should know everything about trending and promising artists, their new NFT collections, the most eagerly awaited releases, etc. Moreover, thanks to such sites as Top NFT Collections, for instance, you are to face no difficulties when looking for newbies in the market or considering the trades of giants of the NFT universe.