From celebrities to reputable companies, everyone comes into contact with NFTs. In recent days, Non-Fungible Tokens (NFTs) have become a popular trend in the crypto community. The amount of profit you can make from it has made NFTs a very attractive field to invest in.
However, not all NFTs are created equal. While some are worth millions of dollars, others are not that much. In order to make a good profit with NFTs, one needs to know certain things to take advantage of this current NFT gold rush.
In simple terms, Non-Fungible means something unique that cannot be replaced by anything else. Money that we use in everyday life is fungible. It means that if two people each have a dollar, they can exchange it because the value is the same.
However, it is not the case with non-replaceable tokens. Two people with NFTs can’t exchange them because they don’t have the same value. NFTs are part of the blockchain, meaning they are a record that shows you own a unique piece of content. This unique piece of content can be anything like music, videos, images, tweets, essays, etc.
Making a profit through NFTs
To access the NFT market, one must know where to invest. Before investing, there are certain things that you should keep in mind to ensure maximum profit.
NFTs by individuals
photo credit: CNWN
When it comes to making huge profits through NFTs, the digital artwork NFTs created by individuals are the most profitable NFTs created to date. For example, one such digital artwork created by an artist named Beeple sold for $69 million. While some express concern about such an extravagant amount of money being spent on something you can’t even hold in your hand, others view it as another revolution in the art world.
The record-breaking artwork being sold by Beeple may just be the start of something much bigger. Digital artworks in the future may very well surpass those of Beeple. Beeple was, after all, unknown until recently. Imagine popular artists starting to sell NFTs of their artworks. This indicates that there is huge potential to make a profit from individual digital artworks.
We already know the values that collectibles have in the real world. So it is understandable that collectibles have very high demand and profitability in the NFT market. Collectibles that have already raised millions of dollars in the real world will yield similar amounts to NFTs after tokenized (a process of creating a digital token from a collectible on the blockchain).
Because NFTs have proven authenticity and rarity, according to one estimate, tokenized collectibles in digital form will yield even more than what they are worth in the real world.
In recent times, sports cards have become one of the popular NFT collectibles. So there is no doubt that many sports authorities and teams will launch their NFT collections in the future.
photo credit: Mirandus / GALA Games
Video game based NFTs have not become as popular as they should be. In the future, however, they will be pretty much the most sought after NFTs. This is because most video game companies have not been active in the NFT market, but as the popularity of NFTs increases, things will soon change.
Video games have more to do with NFTs than anything discussed before as they are both products of the digital world. We’ve all played video games. How much do you think the value of NFT will be from some of the classics and most popular games in the world such as Mario Brothers, Contra, etc.
Gamers already spend a lot of money on virtual items. People who are familiar with Call of Duty, DOTA, World of Warcraft, etc are familiar with this.
Once one of the major gaming companies launches NFTs, it will be a huge boost for the NFT market. Many video game designers are also actively involved in the creation of NFT, and in the future NFT based on in-game items will most likely be the next step in the NFT evolution.
There are also many other ways you can make good profits with NFTs. For example, you can invest in NFT startups. This is a great idea, as the world of NFTs is in an early stage of development and has plenty of world-changing applications.
This post Your guide to making a profit with NFTs
was original published at “https://www.noobpreneur.com/2022/03/18/your-guide-to-earning-a-profit-with-nfts/”