Make Money by Selling NFTs
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| How to make money with NFT |
NFT has become very famous recently when we talk about crypto and Blockchain. Especially when we hear that NFT content has sold for hundreds of thousands of dollars, we feel that we have an opportunity to make profits. But it is difficult to exploit due to the lack of information and competencies. The lines of this article will try to solve this problem somewhat, as it will guide you properly to understand what NFT is, how to make money from it in the first place, and how you can create sellable NFT content and display it for sale in exchange for revenue. With all the platforms, sites, and services you need in this journey.
What is an NFT?
NFT is an acronym for Non-Fungible Tokens. It is simply the acquisition of contracts to own content on the Ethereum blockchain.
In a closer sense, a blockchain network consists of a blocks series, each containing a set of information, transaction schedules, and more. What if we could store contracts in it and give their rights to a specific person? From this concept, you can now insert different content in the network such as pictures, music, books, posters, or any form of digital content, then determine its value, and anyone can acquire their rights and contracts to use it in the network. Thus, anyone else using that content in the network will have to provide a commission for its use to the original contract holder.
We know it's a little complicated to understand, but here's our comprehensive article on NFT titled: What Is An NFT Simply Explained? Which explains to you in detail everything about NFT.
Why would you like to start buying and selling NFTs?
The first question you may want to ask yourself is whether this field is right for you or not and whether profits can you earn through it. To show you the idea more closely, we have selected some Use cases that may encourage you to complete this article.
Benjamin Ahmed Makes Over $400,000 Selling NFT
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| Benjamin Ahmed |
Benjamin Ahmed, who is only 12 years old, lives in Britain. Since the concept of NFT began to spread, he managed to achieve profits exceeding 400,000 dollars in about two months. He made a collection of photos and made them available for purchase on NFT. Then "Weird Whales", according to the CBC statement, bought them periodically from him until his profits reached 400 thousand dollars. We can not say that he was only intelligent and skilled, but Benjamin Ahmed was lucky. ( Source ).
How to start creating and selling NFT content?
After knowing what is NFT and how it works, and how people got rich by selling it, you might also want to start making and selling yours. We are happy to tell you that this is possible if you adhere to the following steps:
- Start creating your collection.
As we indicated, NFT is content that can be inserted into a blockchain network and made available for ownership contracts. So your first step is to create and configure the content you want to make available for sale in NFT format. We mentioned that the content would be images, video, books, text, and more, but your chances are better if it's an image.
You can make a single image and make it available for sale, but that may not be enough. The best way to earn from your NFT content is to create a bundle of images with a specific theme or the so-called collection. For example, an NFT collection called Lazy Bunny (a cartoon bunnies pictures with human feelings). Each bunny has a different name and description.
So your opening move is going to be to create a particular collection, style it from scratch, and if it's effortful for you, you'll be able to use one image, but it will be a weak chance to make sales from it.
- Create an account in dedicated wallets
To sell or buy NFTs, you need a wallet which directly and easily connected with various platforms. There are many among them, TrustWallet, CoinbaseWallet, MetaMask, and more. We highly recommend to you MetaMask wallet.
MetaMask is a wallet available in browser extension; after installing it, open your account through it, and it will act as an intermediary between you and several other sites. When you need to pay or receive money from a platform, you can connect only your MetaMask wallet then it performs the rest of the operations.
- Recharge your account or wallet with some Ethereum
We have to remind you that the various platforms that you can display the NFT content you want to sell are not free. They ask for some money to publish and list your collections and NFTs. Because it is active on the Ethereum blockchain, you need to pay for Ethereum and not any other currency. So, the third stage would be to charge your account with some Ethereum to pay the NFT raise fee that you want to sell.
Best NFT Marketplaces
We now have the content we want to sell as NFTs, we have a digital wallets account (MetaMask), and some Ethereum available with which we can pay any fees for NFT Marketplaces. The next stage is to choose the best and the most popular platforms and upload the content we want to sell. It is one of these platforms:
Binance
Binance is considered the largest platform specialized in crypto and digital currencies, whether it comes to buying, trading, staking, ICO and others. Binance also offers you the ability to buy or sell NFTs on its platform. The advantage of Binance is that it is the most popular, meaning that the chances of selling your collection are more than any other platform.
However, there are some problems with Binance: it is currently closing the door for raising NFTs until further notice and does not accept many people to sell on it (must be active on the platform and have a sparkling membership to put your NFT for sale).
OpenSea
OpenSea is one of the largest platforms currently specialized in buying and selling NFTs, with millions of other NFTs available for sale and purchase.
Also, OpenSea allows everyone to upload their own NFTs on the site and put them up for sale. Once you enter to OpenSea's official website, go and click on the "Create" button in the above tabs, it will ask you to register with one of the wallets (among them Metamask wallet). Then it will redirect to other details such as NFT upload, its description, additional information, and an option if you want to bid on it or just set a price (bidding is always good). Pay the necessary costs, and wait for it to be accepted into the platform to be available for sale.
Rarible
This platform attempts to search for and display the rarest NFTs and allows all users to share their NFTs through it. It supports the Metamask wallet.
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To help you refine the information and skills related to NFT in particular and Blockchain and its technologies in general, we suggest you a collection of related articles that may help you.
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