If you have heard this story. It was a 22-year-old college student who earned $1 million by selling his selfies online. The pictures are of him taking selfies every day for 5 years. How did he sell them? By creating an NFT collection of nearly 1000 selfies and selling them on OpenSea. Those photos instantly went viral and have sold for over $1 million in total.
This story has become an inspiration for everyone about making money and investing in it. So what is NFT? How to make money from it? Let’s find out.
The meaning of NFT
According to reference information from Google and Wikipedia. NFT stands for Non – Fungible Token (understood as Token that cannot be replaced). They are a new application of blockchain technology.
We can simply understand that there are two 5 dollar bills, which can completely exchanged for 1 10 dollar bill. This $10 note is also interchangeable with other $10 bills and vice versa. That is the reason for the term “Fungible”. And “Non – Fungible” is irreplaceable. This is a digital certificate that cannot copied or replaced. Thanks to the security of blockchain technology, the record of ownership and cannot modified. So that ensures that there is only 1 owner at a time.
Compare NFT and Coin
NFT and Coin are similar because they are the same asset on the blockchain. The same characteristic is decentralization and anonymity. You can store it and Coin at the same time on a certain wallet and move them, sell them. Like Coin, NFT also has a lot of markets dedicated to it.
A coin you will be easier to buy and sell because of its high liquidity. Their value is determined by market prices based on supply and demand. As for NFT, there is no specific price determined by the author’s feelings. Therefore, NFT’s liquidity is not as high. Also coins are divisible, and NFTs are not, they are unique, indivisible and non-fungible.
How to create NFT
Understanding what NFT is, do they have any application in life? Not only have but also many more applications. NFT is being applied in many different fields. Highlights are digital art, collectibles, game items, sports, ..
- Digitize real assets
- Music, meme, icons
Where to buy NFT
As you know, NFT is a token, so the token must created based on some blockchain platform. And there are many blockchain platforms available today. Tech News have researched and compiled the top 5 blockchains that you must know.
Top 1 of the blockchain names with NFT capitalization must mention Ethereum. As the king of the village NFT. Since more than 90% of the total NFT value generated as standard ERC-721 tokens. Famous names have been used such as Axie Infinity, CryptoPunks, …
In the Crypto ecosystem, in addition to Ethereum, Solana also a place highly appreciated by NFT players. With the fastest processing speed, which can considered the best today, Solana can process more than 1000 transactions in 1 second. It is not an exaggeration to say that this is a good choice for NFT developers
Developed on top of Ethereum, Polygon (formerly Matic) is a Layer 2 platform. This is the foundation that will solve your problems with Ethereum. Such as backlog, slow processing or congestion, ..
Next is a layer 1 platform and a promising 3rd generation blockchain project. Cardano highly regarded by experts in the crypto market. Also a very valuable place for NFT developers to refer.
Finally, Tezos. The blockchain platform resonated since 2017. Currently, the platform’s XTZ coin ranked 42nd among the largest capitalization coins. From there is also a potential place for NFT brothers to refer.
3 Best Way to sell and make money with NFT
Is this what you were most looking forward to reading in this article? That’s how to make billions from NFT. Who can make money from NFT? It’s all of us. If we have enough knowledge about NFT. Here are 3 popular ways that people often do to make billions from here
Create NFTs and sell them on the exchange
This is the method that many NFT innovators are following. Nowadays anyone can create themselves an NFT and sell it for a price in the world, making you a step up in the clouds. As long as that work is hard to copy, it has a personal imprint. From there they will have a high value and people have to hunt to buy them.
Hunt potential or free NFTs and resell
For those who can’t create NFT, how to make money from it? It’s the hunt for potential collections, either cheap or free. Then resell for a profit. This way seems pretty bad luck. Because you have to be really in the hunt and have good predictability.
Play NFT’s game
Making money by playing NFT games is also a hot trend not only in Vietnam. NFT games mentioned as P2E or GameFi. As a type of game with its own economy, participants can earn in-game currency and items and trade them.