Non-fungible tokens or NFTs are the latest crazes in cryptocurrencies that are gaining a lot of attention and rapidly growing in popularity. From crypto enthusiasts to entrepreneurs and creators, and investors, they are keen to learn how to make NFTs and monetize it. Unlike currencies and coins that have dominated the cryptocurrency market, NFTs are entirely different because these are digital tokens that you can trade off and earn money. Before you learn how to make money with NFTs, it is essential to have a proper understanding of NFTs and how to acquire them to later earn money from it.
How to make NFTs?
If you compare NFTs with some rare coin collection or a baseball card, you will better understand NFTs, which are pieces of cryptographic tokens existing on a blockchain. At best, you can consider it a digital certificate linked to some digital assets like some artwork, musical creation, and even real estate held in digital form. NFTs having links to selected assets that might be available in plenty create a scarcity among assets.
An NFT is a unique digital item that has a single owner. First, choose a unique asset like a painting, picture, video game, music, collectible item, tweet, GIF, or meme to convert into NFT, provided you own the IPR rights for it. Next, start the mining process for converting the item into NFT that exists on the blockchain.
The monetizing process
Having created the NFT for the chosen asset, you become its sole owner and are ready to earn money from it. It is when you should learn the technique of making money with NFT. Before creating NFT, you must have or create a digital wallet because you need to fund the NFT project with cryptocurrencies. You can access your digital assets with the help of digital wallets like Math Wallet, Metamask, Coinbase wallet, etc.
Next, choose an NFT platform that acts as a marketplace for NFTs. Choose from various marketplaces like OpenSea, NBA Topshot Marketplace, Axie Marketplace, Raible, Larva Labs/ Crypto Punks, Mintable, Nifty Gateway, and ThetaDrop, to name a few. The marketplace must be compatible with your NFT, and OpenSea is the most popular NFT marketplace.
Now you are ready to mint your NFT or make money with NFT, upload the digital file to the platform. The process will convert the digital file into a marketable NFT. In the final stage, based on the platform, you must decide how to monetize your NFT. The choices are – selling your NFT at a fixed price, setting a timed auction, or going for an absolute auction. To set up an auction, you must set a minimum price and royalties to earn revenue from reselling your NFT in the secondary market. The minimum price should include the fees for holding an auction.
More people are keen to learn how to make NFTs as digital tokens gain immense popularity.
