Have you ever thought to earn millions of dollars from your art as an artist? Soon the next thought that appears on your brain will tell you it’s irrelevant. But as a matter of fact, it is relevant and possible through NFT, i.e., Non-Fungible Token that functions through blockchain technology. Now, let’s see how it is useful in earning money, and is it possible for everyone to cash against their entertaining stuff?
NFT- A Comprehensive Information
Now, you are aware of the definition of NFT, but you got one term, i.e., Fungible, and you may wonder what exactly it is in the digital world. If you know bitcoin, that is fungible, which means you got the right to trade from one to another, but non-fungible implies the right of ownership.
NFT gives an identity to your art where no one can forge or replicate your creativity in the digital world as your signature is compiled in the art in the form of codes.
Using NFT, the artist can auction the art and get the good value of the same that he failed to get in the physical world. Moreover, the buyers collect the art and look for the best time to resale it to get a good profit.
How to make money on NFT?
If you are clear with the concept of NFT, then you can easily make money, as there are few ways for them. However, if you are still on the verge of the sea, don’t get worried as the journey has started, and you can board the ship anytime. Now that you know the first half of what are NFTs and how to make money, let’s take a look at the second, and arguably a bit more important part of that question. Note that we’re merely covering the basics here – if you want a more detailed rundown of the NFT world, you should look at Mythia’s comprehensive guide.
1. Create and Sell your Art via NFT
NFT is a platform where many entertaining kinds of stuff are auctioned, and the seller gets a good amount of money from the buyers. If you are a creator and need to monetize your art, go with NFT, auction your art, and earn money.
Here, you can sell your creativity in the form of digital art, music, videos, and other entertaining stuff. The best example is Beeple, aka Mike Winkelmann, an artist who sold his art at $69 million through the NFT platform.
2. Collect the art and sell it at a high profit
It’s like a trading game, where the art collector buys the art and sells it at a higher price. If you want to step into the NFT platform as a buyer, then you should bid the art at a good price and further sells it at the right time when the art price hike. In NFT, you must know that all the arts do not have equal importance, some are sold in a million dollars, and some remain worthless. So, you need to judge precisely the demand of art.
Gaming is a huge industry where you can earn a lot of money. Even some games are available in a market based on blockchain technology that enables you to purchase the in-game items, and further, you can trade them accordingly.
Although many call P2E model a reincarnation of classic slot games vilely available on casino sites such as slot-online.com, this is a rising trend which is here to stay. Many gamers do this activity, and some of them offer purchased in-game items free of cost to promote the NFT platform.
4. Sink Money into NFT Startups
No doubt, NFT works in blockchain technology, but it is different from cryptocurrency. NFT is a huge industry where a lot of applications works, and you can also try your luck in the crypto world to earn more money as the NFT platform offers several ways to generate money, such as trading, gaming, and many more.
How to start with NFT?
Now, you are well versed with NFT and how to earn money. The next thing that comes to mind is how to do that? The process is very simple; first, you need to choose the NFT platform, add cryptocurrency to your wallet, and for that, you will need one crypto payment platform. Once you are done with this, post your art and start auctioning. That process was just a glimpse; now, let’s see the detailed process.
1. Choose NFT Platform
There are many NFT applications where you can make money, and they are, Rarible, Nifty Gateway, BakerySwap, NFT Showroom, OpenSea, and significantly more. Now, you can choose anyone and start the process.
2. Turn your Artwork in NFT using cryptocurrency
Before earning money, you need to invest, which is the basic model of any business. Here, in NFT, you need to pay the fee in the form of Ether. If you own some Ether, add it to the crypto wallet and if you don’t have it, then move to cryptocurrency exchange or applications and convert your physical currency to crypto. Once you add Ether to your crypto wallet, you will have to connect with the NFT platform.
3. Attach your crypto wallet to NFT
Choose the NFT app listed above and then move to the Connect Wallet section. After that, you will get the list of wallet providers; select the one you have added the Ether. Once you are done, you will get the terms and conditions of the NFT app, read them and move ahead.
4. Show your art to the audience
Now you have reached half of your way, as the wallet is connected to NFT, and it’s time to showcase your artistic talent. So, upload your art on the NFT app, such as Rarible or others, and proceed to the next step. Ensure to check the supporting files offered by NFT, as most of them support PNG, GIF, MP4, and others. Also, ensure to check the data size offered by the app.
5. Get ready to sell your artwork
It’s time for the auction, and the NFT platform offers you three unique ways to sell your art, i.e., Fixed Price, Unlimited Auction, and Timed Auction. If you want to sell your art instantly, go with the Fixed Price option, set the price, and start auctioning. On the off chance, if you want more bids for your art, go with Unlimited Auction, where the buyers will start biding for your art. In the Timed Auction, you need to set the time for the auction.
So, these were the auction types, and you can choose the one as per your desire. Additionally, you will have to pay the fee for the listing in NFT, and at this point, you will have to be careful because the initial amount will vary from the final amount. So, get your crypto wallet ready with a good amount of ETH.
This article was all about NFT and the possible ways to earn money. As we are in the digital era, the demand for NFT is very high, and many people are earning money through this platform. So, start your day by trying your fate with NFT.