NFT trading is all over the internet. You might also have come across the viral post about any digital art being sold for ridiculously high prices. Different sorts of digital arts including images, GIFs, JPEGs, videos, or audio can be NFTs which are sold for millions or billions of $.
What is an NFT Stands For?
NFT are Non-Fungible Tokens. They can be converted into cash or cryptocurrency. They are unique digital assets you own virtually. Each token of an NFT is unique and you can convert it into cash directly.
NFTs are based on Ethereum blockchain and you can trade NFT via Ethereum or NFT marketplace tokens to make profits.
How to Earn Money from Trading NFTs?
You might be wondering what is the point of NFT trading and how creators are earning staggering amounts with them.
If you remember selling unique Pokemon game cards in your childhood, or even if you trade NBA cards right, you do have the idea of NFT trading works.
NFT could be any digital art — created by creators or artists. They can be sold by collectors or creators till you get the highest bidder. Anybody can start earning money by selling or buying some NFTs. You can create digital art and know how to promote your NFT collection to attract potential investors.
I still don’t get it….! How and why anybody would buy NFT and make money by trading it?
Okay… let’s make it simpler. You can’t interchange NFT into cash or crypto, they are more like virtual assets and exist in the online world.
NFT platforms are online marketplaces where the Mega-rich would support the digital artists by buying their art, however also accessible to art enthusiasts who would buy or sell different collectibles to earn money from trading NFT. You can use free ways to market your NFT collections and generate a significant amount of revenue.
Even if you buy the Art anybody can save and use that Digital Art…so what’s the point of buying it anyway?
Yes, it can be used by anybody over the internet. However, you need to recognize that the creator will be recognized with a Blockchain contract stating that this specific art is the original one.
How to Start Trading NFTs?
It depends on who you are. You can be a digital artist or a digital art collector.
For Digital Artist…
First of all, Kudos and more power to you. NFT has kind of revolutionized by empowering digital artists with opportunities for the art to be sold and traded. With which a benefit is granted to the creators that are upon any future sales made you can decide a fee from 5% to 10%.
We all know money has always been the core obstruction in creative artistic work. Now artists can focus on being more creative and gain passive income.
For NFT collector or flipper….
Well, some of the NFTs can work for you as a digital asset. You can earn money from trading NFT when the value goes up.
You need to have an eye for any digital art with potential growth in value with time. It can be risky to buy NFT with nobody to buy it at a much higher value.
What are Some Top Platforms for NFT Trading?
OpenSea is the largest NFT platform with 700+ projects making it the largest online marketplace. NFT minting fee is 2.5%, where you can trade art, domain names, and other collectibles. It has a pretty good User Interface for beginners as it receives various payment methods including Ethereum.
You need no verification, nor did any coding require. However, it is open and democratic with a one-time gas payment of around 50$-100$.
2. Nifty Gateway
Nifty Gateway is great for individuals dealing in dollars. There is a wide range of limited-edition collectibles as Nifty has partnered with different innovative brands. This platform was made to the news when the famous Canadian musician Grimes sold her digital artwork worth 6 million dollars.
Like OpenSea, Rarible is also one of the most popular NFT trading platforms available. You need to pay a transaction fee of 2.5%. To facilitate trading the trading platform offers its currency known as “RARI” as well as Ethereum also.
The platform is user-centric, therefore allowing the users to vote for changes on the platform along with making comments about the artwork sold. Plus you will have to pay a fee every time you mint a new NFT and the cost is higher with low traffic.
Other NFT Marketplaces to check for are Foundation, SuperRare, & Mintable.
Your First Step should be to Create Digital Wallet on MetaMask
- Download the chrome extension of MetaMask.
- Create a Wallet on MetaMask.
- Send Ethereum. In case you don’t have any Ethereum you can buy with your credit cards directly through Binance, Kraken, or Coinbase.
- Get ready to MInt your NFT.
- You are ready to earn money from trading NFT.
What is NFT Minting?
It is the phase of the NFT selling process when your digital artwork becomes a part of Ethereum Blockchain. The artwork is a public ledger, nobody can change it from its original form and neither tamper with it.
You can create your digital artwork yourself and upload it to any platform to sell — you can also get it created via other freelance artists. You can find digital artists online or order from Fiverr.
You can learn from other traders how to increase the bid value of your NFT collection.
Here is a video for your guide: