NFTs are slowly but surely taking on the world- they are gradually encompassing every industry with their enormous potential! Let’s take you through this article to help you understand better. 🔽
Mint it out of thin air on your own
Minting NFTs requires no Satoshi Nakamoto- you and I can do it, right here, right now! Let’s give you a detailed roadmap to help you go about it. Who knows, you might even have minted your first NFT by the end of our series 🚀
For the sake of an illustration, we’ll be using the example of OpenSea!
1. Link your wallet
To begin, you must first create a cryptocurrency wallet and then link it to the NFT exchange of your choice.
2. Make your first NFT item!
Click the "Create" button in the top right corner of the marketplace's home page. You will then be asked to name your NFT and upload a digital file. Included in the optional sections are a description of your work, an external link to extra information (such as your website), and the blockchain that the NFT will be based on.
Once you click "Complete," your first NFT will be created!
3. Be certain that your wallet is funded
Gas fees are needed when selling an NFT. Keep an eye on the necessary transaction fees because some may be more expensive than you anticipate.
Make sure you've bought some cryptocurrency on a crypto trading app and deposited it into your wallet before making your first sell. You can then transfer the cryptocurrency from your wallet to your NFT marketplace account, depending on the market. Some marketplaces, like OpenSea, let you set up a payment method like a credit card and buy cryptocurrency right from your marketplace profile.
4. Post your NFT up for grabs!
When your NFT is ready, you can sell it on the open market. On the description page for your NFT, select the "Sell" option in the top right. The time has come to describe in detail your sale. Choose between a fixed price depending on your preferred cryptocurrency or a timed auction.
Next, select "Complete listing." Based on the level of activity on the cryptocurrency network at the time of listing, the market will determine the gas fee and request payment from your cryptocurrency wallet. Your NFT will be published and accessible for purchase on the market once the gas fees has been paid and you have approved the final terms.
Did someone here just learn how to mint their own NFT out of thin air? Uh we think you just did!
Minting your profits too!
Unlike those portrayed in popular media, minting money from NFTs can be done without advanced qualified skills. Normies like you and me can do it- and do it well! 💵
Buying and Selling NFTs
One of the simplest ways to profit from NFTs is to produce and sell them. Using NFTs, you may create and market anything digital, such as works of art, pictures, videos, memes, and real estate. If you have a creative edge, you can earn money by selling your original works as NFTs! 🤑
Trading NFTs is a clever and straightforward approach to quickly and effectively make money. You can buy an NFT collection and profit by selling it for more money.
However, NFT trading can be a little tricky. The most important factor is when to make the transaction, which is greatly influenced by the NFT's characteristics, your reasons for buying it, and whether or not there is any other interest in the item. You can quickly browse the internet and different markets to learn more about these components. 🧑💻
A person who owns a particular NFT can lend it to someone else who requires it momentarily. NFT rental marketplaces use defi-like blockchain technology to ensure that the NFT is returned to the owner when the rental period is over and to facilitate secure transactions.
For those that create and collect NFTs, renting them out might be a lucrative passive revenue source. The exciting part is that you don't have to make new NFTs; you may use the existing ones for an extended period. 🖼️
The ways mentioned above of making money out of NFTs are, no doubt, a little expensive. This is where lazy minting enters the scene.
Since recording data onto a blockchain involves a gas fee to cover the computation and storage cost, minting an NFT on a mainnet blockchain typically costs some money. Especially for people who are new to NFTs and may want to wait to commit a lot of money upfront before knowing whether their work will sell, this can be a barrier for NFT makers.
But here's the catch! 😉
The transaction that transfers ownership of the NFT from the creator to the buyer includes the gas fees for minting, so there is never a minting fee for the NFT creator. Instead, some purchase prices are used to pay for the extra gas required to make the first NFT record.
Use cases of NFTs
NFTs have been increasingly used across multiple industries- from gaming to digital art, fashion to the music industry- NFTs have been increasingly dominating the markets. Following is a list of one of the most prominent use cases of NFTs! 🚀
Gaming Industry 🎮
Gaming and NFTs go together perfectly. Just like Peanut butter and jam! NFTs can be incorporated into the gaming business by making NFTs playable across platforms. Thanks to NFTs, which offer game developers yet another opportunity to expand their brand and create yet another source of income, gamers are more inclined to continue playing a game if they already own characters or items within it. 🃏
NFTs increase the value of games by facilitating trading and allowing for the variation of NFT objects in games. Due to the absence of an intermediary and the instantaneous nature of blockchain transactions, NFT owners won't need to worry about scams. This creates more opportunities than ever before, including the ability to buy guns or other equipment that actual users have already tried out. 🔫
Axie Infinity is a popular example of a game which has incorporated NFTs into it!
Music Industry 🎧
NFTs let fans and artists engage in meaningful communication, allow fans to demonstrate their support, and ensure that artists can provide distinctive experiences like private live broadcasts or exclusive events. Here, artists must figure out how to deepen their relationship with their audience. Fans are inclined to support NFT independent musicians because all money goes to the artists directly, among other advantages. In contrast to the conventional music industry, where ticket purchases benefit venues, publishers, and record companies, NFTs offer new chances to support favorite artists and promote their independence directly. 🎸
Royal, a marketplace for music NFTs, promotes its platform as a location where users may buy shares of songs and afterward receive royalties from the music they've invested in. Limited digital assets, which are extended versions of NFTs sold by Royal, will have few tokens available for purchase. Recently, it extended streaming royalty rights to two of Nas' tracks, "Ultra Black" and "Rare."
Fashion Industry 👠
Digital fashion is here to rule! 👑
Luxurious fashion designers are stepping into the exclusive realm of NFTs and cryptocurrencies, even though conventional fashion significantly benefits society. NFTs, give premium brands the ability to provide clients with priceless, one-of-a-kind experiences, boosting brand recognition, engagement, and revenue. NFT is mostly used by fashion companies to interact with gen-Z, the subsequent wave of consumers. 🛍️
Louis Vuitton has expanded its virtual platform in the ongoing interaction between luxury and gaming by adding new objectives and new NFT rewards to its standalone game app since the launch of Louis: The Game in August, which offered players the opportunity to win historical postcard NFTs. The project incorporates various ideas crucial to luxury's involvement in the first Web3 experiments.
Digital Art 🎨
Given that digital files are simple to duplicate, an artist can create an NFT representing a work of art to convince a customer that it is the best art file currently in existence. Blockchain's immutability makes it feasible for a digital record to have this level of rarity and uniqueness. Additionally, because royalties may be built into the NFT smart contract, providing a percentage of the sale back to the original artist, NFTs allow artists to receive a cut on the secondary sale of their virtual artwork.
Physical land or property can be represented on a blockchain as an NFT in the real estate sector. As a result, the digital token representing a plot of land can have a wide range of characteristics, including its location, value, and dimensions. Blockchain makes it hard for nefarious parties to alter the ownership of land and other tangible assets connected to it.
Let's give you a real-life example.
Propy is a platform for real estate transactions that enables buyers, sellers, agents representing them, and escrow agents to complete a conventional real estate transaction online. The purchase offer, payment, and deeds are all published on a blockchain that cannot be altered.
Sports NFTs! 🏅
Sports NFTs are blockchain-based digital assets that are verifiably one-of-a-kind and represent digital trading cards, athletic events, digital memorabilia, and other sports-related products.
In addition to giving fans a new method to interact with their favorite teams and athletes, the issuing of sports NFTs offers athletes, clubs, and sports brands a new avenue for monetization. 💵
Get this - what if we told you that you could own a limited edition virtual memorabilia of your favorite player? Are you willing to pay an extraordinary amount to be able to hold it? This is precisely how NFTs make vast sums of money in the market! 💰
Two of the most well-known NFT start-ups, NBA Top Shot and Sorare, have raised more than $1 billion in funding and have generated more than $1 billion in revenues so far.
Almost there! 😌
Even though NFT use cases are still in their infancy, it is clear that they will be advantageous to those going about their daily lives. This will simplify the usage of many services and increase the transparency of business dealings, particularly when determining who owns tangible items like real estate, works of art, ideas, concepts, and the like.
In the following years, more development in this field is anticipated, but at the rate things are going, you might still need to realize that this is happening, and we're already moving towards a decentralized future! 🔮
There’s been a lot of talk around minting NFTs and making money out of them, but have you actually wondered what would happen if you miss your minting period? Stay tuned to learn more!