NFT - The Next Bitcoin?

There was an Indonesian student who sold his selfie for one million dollars. A selfie? That’s right. He sold a collection of 1000 selfies by making it an NFT, and he made 5 million dollars in 5 days. For 2.9 million dollars, Jack Dorsi sold his first tweet. Elon Musk, Emily Ratajkowski, Snoop Dogg, Amitabh Bachan, Yuvraj Singh, and everyone else are coming up with their own NFT collection. So, what is NFT? Let’s dig in to earn passive income from it.

Image by artur shihman from Pixabay 

NFT Explained

Non-fungible tokens, often known as NFTs, are digital tokens that operate on a blockchain with smart contracts and represent ownership of unique items. Non-fungible means that something cannot be exchanged for another item because it’s unique. 

For example, a copy portrait of Mona Lisa is not equal to another item. Now, how can one know who’s the owner of the specific item since it can be copied and distributed further? NFTs solved this problem!

Imagine you made a piece of digital art, essentially a JPG on a computer. You can create a mint out of this. The NFT that represents your art contains a bit of information about it, such as a unique fingerprint of a file, a token name, and a symbol. This token is then stored on a blockchain, and you, the artist, become the owner. Now you can sell that token by creating a transaction on the blockchain. 

The blockchain makes sure that this information should not be tempered. It allows you to track who’s the current owner of a token and how much it has been sold in the past.


How did NFT Become Weird?

When you buy an NFT that represents an artwork, you don’t get a physical copy of it. Most of the time, everyone can download a copy as well. While the token owner owns the original piece of art, the creator of the NFT retains the copyright and reproduction rights. So, an artist can sell his original artwork as an NFT, but he can still sell prints.

How to get Rich with NFT?

The first step is to comprehend the concept of NFT and how it works, and then dive in to earn the best digital assets.
There are a lot of marketplaces to buy and sell NFT, such as OpenSea, Axie Marketplace, Rarible, and Mintable, among others. Take a look at these marketplaces and choose the one that best fits your needs.
After you've chosen a marketplace, you'll need to connect your cryptocurrency wallet to it. Then, on your selected marketplace, upload your digital file and follow the steps. 

Each platform will have its own set of processes for buying and selling and earning royalties or not.
Once the information is filled in, it's now time to put your file up for sale after you've completed the details and it's been posted and minted. Depending on the marketplace, the best strategy is to lower the price and list your product during non-peak hours.

You can even buy NFT at a lower price and sell it once the price surges. This is called trading. In this step, the minting process will be skipped automatically. If you currently own a collection of NFTs and no longer require them, you may easily sell them in the same way that you would if you made them yourself.


What does the Future Hold for NFT?

It is evident that the NFT conquest appears to be just getting started as more people and organizations choose to support the Non-Fungible Token ecosystem. The blockchain project's future is uncertain. It's essential to keep in mind that, while selling NFTs may appear to be simple, it's not always the case.

When you mint your content and sell it, you'll bear marketplace and Ethereum expenses, which can be rather significant depending on when you sell it. However, experts believe that NFTs are here to stick around and will continue to expand beyond the world of art and gaming.

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