Today we want to discuss the topic is what is NFT. Currently, about seventy percent of people do not know what NFT is, so today this article is to gradually unravel the mystery of NFT.
What is NFT?
The full name of NFT is “None -fungible token”, it is difficult to understand at first sight, right? Here I will give you an example that may be easy to understand. I take out two $100 bills, one of which has Michael Jordan’s signature on it, and the other one does not. If I exchange the $100 without the signature for your $100, would you be willing to do so? Definitely not, because you know the value of the two $100s is not the same. So if this example is expanded to electronic artwork, and this electronic artwork through the blockchain technology, using distributed bookkeeping to ensure the uniqueness, then this artwork is impossible to pirate, then the value of this electronic artwork can be ensured, then it can be traded in the market, this is a kind of NFT, and is currently the most seen in the market NFT trading object. Of course, any product or service that requires a long-term guarantee of uniqueness can be traded as NFT. Thanks to blockchain technology, it is possible for the author to have a continuous existence of copyright income, that is, a certain amount of copyright income every time his or her work is traded, which is very different from the previous art transactions.
How to make money through NFT?
I think this is a concern for everyone. In fact, there are many ways you can cash in through NFT, and today I will give you a few examples for your reference.
If you are a little talented in painting, you can sell their NFT works. Of course, if you do not have a talent for painting, with the help of some software and tools can create professional NFT works. The current NFT works are mainly personalized social avatars, and they are sold in the form of avatar series, which means that you need to create a product line to create personalized flower avatars through colors, backgrounds, expressions, etc. to provide buyers with a choice.
If you are someone who wants to profit from buying and selling NFT works, then you can buy works that you think have market potential on many trading platforms and then sell them for profit. Of course, this is the riskiest part of the process and requires you to have an in-depth understanding of the creator’s background, the potential for appreciation of the work, plus compliance with your country’s laws regarding token trading, etc.
If you are an affiliate seller, you can look for some NFT-related goods in the market to promote sales. Currently, there are many software, platforms, and tutorials with affiliate programs, and the commission percentage is mostly above 50%.
There are also ways to make money, such as trading platforms, software providers, training services, and so on, which are listed here.
Do I need to participate in NFT trading now?
NFT is currently in a phase of rapid development and is currently a relatively good investment opportunity, but due to speculation is very much, the market is filled with a large number of bubbles, electronic artwork prices are inflated, and once the bubble burst, will lead to great losses for investors. Therefore, the author’s advice is to see more and less operation, you can consider first from the Union sales intervention, agent sales of some software, training products, while paying attention to market trends, pay attention to some in the growth period of electronic art manufacturing team (and will regularly release some free NFT works), find the appropriate time to participate in the market transactions to earn profits.
Well, that’s it for today. If you wish to follow or like NFT, you can leave a comment below to communicate.
By NFTs Insight