Financial experts expect the NFT market to reach more than 80 billion dollars in value by 2025. NFT art projects that are in high demand, like CryptoPunk, and Bored Ape Yacht, are fueling this rise in popularity of NFTs and increasing their value.
You can take part in the hype and make a lot of money by selling NFTs. Find out how below!
What Is an NFT? The Basics
An NFT, which is short for a non-fungible token, is a type of digital certificate created on a blockchain network that guarantees the ownership of whoever buys it. You can sell and trade NFTs by using cryptocurrencies like Ethereum.
NFTs come in multiple digital forms, the most popular forms being music, videos, and virtual art or images.
How Much Does It Cost to Buy NFTs?
There are NFTs that sell for millions of dollars, such as the artist Beeple’s Crossroads, which sold for 6.6 million dollars in 2021. Yet, depending on your source, the average NFT sale is only between 200 and 2,000 dollars. Of course, 200 dollars is much less than a few million, but it still is an impressive selling price.
How Do I Create an NFT?
The process of creating an NFT is relatively simple, given that any digital creation can be sold as an NFT. Yet, a digital creation doesn’t become an NFT until it’s been through the minting process.
Be Aware of Ethereum Gas Fees
It’s important to note that during the minting and selling process, you may be charged gas fees. Gas fees are meant to compensate for the computation energy it takes, specifically for the Ethereum blockchain needs to make transactions.
Where Can I Be Selling NFTs?
You can buy and sell NFT art on online NFT marketplaces. NFT marketplaces are like digital auction houses where people can bid for your NFT.
But, before you list your NFT for sale on the marketplace, you must first mint your NFT. You can start the minting process by using your cryptocurrency wallet.
Once you mint your NFT, you can list it for sale.
You Don’t Have to Be a Digital Creator to Deal in NFTs
If you have no interest in creating your own NFTs or are not confident enough in your digital creation skills, you can still take part in the NFT market. For example, instead of creating original NFT art, you can buy and trade other artists’ NFT art for a profit.
Most NFT marketplaces support trade transactions as well as sales and purchases, so there’s no need to use more than one online platform.
Turn a Profit Selling NFTs
You can turn any original digital creation into an NFT that you can sell for a profit. Whether your NFT sells for hundreds of dollars or millions of dollars, you can still make an impressive amount of money selling NFTs. Likewise, if you don’t want to create your own NFT art, you can still make money by trading NFTs using the same marketplace platform.
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