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NFTs can be sold and bought on specific marketplaces. Just like they were e-commerces, any investor can browse the marketplace, find digital content (like a digital piece of art) that they are interested in, and buy it. However, unlike common marketplaces, the purchase is not paid with dollars or euros but with crypto coins. As you may know, however, there is more than one crypto coin in the world, so what should you use to pay for your NFTs?
That depends on the marketplace that you are using. For example, if the marketplace is based on the Ethereum blockchain, you’ll pay with the Ether coin. You’ll pay with the CRO coins if the marketplace runs on the Crypto.org blockchain.
You can invest in NFTs by buying them and selling them at a profit. Pablo Rodriguez-Fraile, a Miami-based art collector, flipped a Beeple digital art piece almost 1,000 times its initial price in less than 6 months! However, not all NFTs are created equal. Some are worth millions, while some are basically worthless. As a collector, you need to look at a piece with a critical eye for the prospects of making money in a future resale.
We’re living in fun times where you can play to earn. Blockchain-based games allow you to purchase in-game items as NFTs and trade them. Already, they’re some highly valued collectibles in the market today such as in the game CryptoKitties. A single crypto kitty has fetched more than $300,000. More games are recently launching with more affordable NFTs. Some are even giving out their collectibles for free for its first couple of players.
What’s staking? In crypto, staking refers to storing digital assets in the form of a ‘stake’ and assigning them to those willing to maintain their upkeep. In return, they give you a share of the reward. You can stake your NFTs to earn rewards and incentives on various sites — one of them being Rplanet.
NFT marketplaces are a point of reference for both buyers and sellers. On those markets, you sell your NFTs (NFTs you created, for example, if you are an artist) and NFTs that you bought from other investors. The process is usually very simple. You need to connect to the marketplace, go to its selling page, and put your NFT on sale.
There is, however, one important content to keep in mind: on blockchains, every operation needs to be signed? What does it mean? That every operation requires a small transaction: even when you put an NFT on sale, you need to pay a fee. How much is this fee? It depends on the marketplace. If the marketplace runs on Ethereum, fees will be very high (because fees on this chain are always high!). If you pick other blockchains, you can certainly spend less on fees.
Creating an NFT matches the process of putting your NFTs on sale the first time. This is how you do it step-by-step:
NFT isn’t only interesting for artists or art collectors but also for investors. Many people, however, wonder how they can earn money with NFT if they are not artists. In this section, we’re going to find out how to do it. The principle behind earning money with NFT is one of trading goods: you buy a good for a certain price and then sell it at a higher price. Earning money with NFT is even more rewarding because if you have been the owner of an NFT once, you’ll keep earning money on that NFT for each related transaction. A crypto investor could purchase NFTs (instead of crypto money as they are used to), wait for the NFT price to rise, and then finally sell it. This is how you earn money with NFT.
As you may have learned in this content, marketplace choice is important for artists, sellers, and buyers. What are the best-known marketplaces for crypto NFTs?
Invest in NFT startups
A final way to indirectly make money with non-fungible tokens is through investing in startups. If there’s one thing that NFTs have proven is that they’re not a quick-passing crypto trend. They’ve numerous applications in various industries that can change the world. There’re so many promising NFTs startups that are showcasing great innovations in the crypto world. It’d be impressive if you can invest in them as they make their first steps into a revolutionary future.
As the big fish continue pouring more money into NFTs, they’re becoming more mainstream. At the moment, gaming, trading collectibles, and creating NFTs might be setting the pace but there’ll be more ways in which you can make money through them. Just like in any other investments, there are some risks. Remember to research widely and invest wisely.