By now, you probably heard, celebrities like Jim Jones, Jack Dorsey, and Tom Brady are starting their own NFT business, but what exactly is an NFT and how do you make money from it?
Non-fungible tokens, also known as an NFT are a new type of digital asset that is recorded in a digital ledger through the same technology used to monitor bitcoin called the blockchain. Each NFT is unique and can’t be duplicated. So, think of them as distinctive digital items nobody else owns.
You can use various currencies to buy NFTs. NBA Top Shot, for example, allows you to buy them with a credit card. But, other platforms require you to buy using some form of cryptocurrency preferably ether in this case.
Where Can You Buy NFTs
You can shop for them online through various marketplaces like OpenSea. It’s an online gallery where you can browse digital art, trading cards, and other collectibles artists create. But, before you begin, you need to add money to a digital wallet that you can spend from. Once you buy your cryptocurrency and add it to your digital wallet, you’re ready to bid on and buy NFTs.
How to Sell NFTs
Imagine you have some cool digital art you’re ready to sell. You can turn that into an NFT and list it for sale now.
- Go to Rarible.com and tap “Create” on the top right.
- Create a single or multiple collectibles
- Select “Choose File” to upload a PNG, GIF, MP3 or another file type. The max size is 30MB.
- Enter in the price you’d like, or leave “put on sale.”
- Enter in a name for your NFT and a description.
- Set your royalties. You’ll continue to get paid if it resells on the secondary market. This is based on the current sale price.
- Choose “Connect wallet and create.”
- Pay the “Gas” fee to process the listing. $214.00, is equivalent to 0.1 ether.
- Click “Start” to sign the sell order using your digital wallet.
- Click “Sign” in the MetaMask pop-up.Y
- That’s it! Now it’s listed. If the product ever sells, the funds will transfer to your digital wallet. You can use them to buy other NFTs or cash out using an app such as Coinbase.