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(Non-Fungible Tokens) What are NFT’s and How Can You Make Money With It

What are NFT’s And How Can You Make Money With It

What are NFT's And How Can You Make Money With It
3d concept NFTs can be used to commodify digital creations, such as digital art, video game items, and music files.

Introduction.

The cryptocurrency movement started not less than ten years ago with the movement becoming stronger day by day.

Over the years various government agencies and organization has made several attempts to clamp down on the use of cryptocurrencies but it has all ended in a futile effort, eventually leading most countries to start adopting it by creating their version of non-volatile cryptocurrencies called Central bank digital currencies popularly known as CBDC’s.

This article is not written to cover the basics of cryptocurrencies that we already know, besides If you are coming in for the first time and you want to understand the basics of cryptocurrencies, I wrote a comprehensive guide on this blog to help you with the basic knowledge of cryptocurrencies with a link below.

Luckily for you, if you already know about cryptocurrencies, I am going to be showing you another wonder that has been discovered via cryptocurrencies.

These wonders are called Non-fungible tokens, popularly known as NFT’s.

If you are new to the cryptocurrency world, there are possible chances that you might hear of how NFT’s have started making waves globally, also, you might have seen how creatives get to protect their work with these, and also make money at the same time.

In this article, we are going to be going in-depth into the world of NFT’s and also discover how we can take advantage of this global phenomenon.

What are (Non-Fungible tokens) NFT’s?

In this section, I am going to be taking things step by step by spelling out what ” Non-fungible means”.

Non-fungible” more or less means that it’s unique and can’t be replaced with something else.

You see, an average coin like Bitcoin, Etherum, Sol coin’s are fungible, meaning that they can be traded for something else such as other coins and even cash, but this is not the same with “Non-Fungible tokens”.

Non-fungible tokens are digital assets that represent real-world objects like art, music, and videos.

They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes which makes it different, so for example, you may decide to right click and save an artwork on an NFT marketplace, but that thing you just saved does not have the underlying code that makes it an NFT, so it’s just a useless piece of fake art.

If you ask me, NFT’s are one way to protect your artworks from being copyrighted.

Why You Should Start Creating NFT’s

If you are like most people who are scared of investing their hard-earned money in cryptocurrencies, then you should participate in NFT’s to become part of the cryptocurrency community and eventually benefit directly from it.

The Innovations behind NFT’s has made it possible to reach billions of cryptocurrencies users all over the world to donate to your artwork.

In this section, I am going to be stating out clear reasons why you should start taking advantage of NFT’s now in their early stage.

1. You Get To Create Genuine Ownership of Your Artwork.

The world is a copycat and this has caused so many creative works to become pirated in the wrong hands, making the original creators get less for their artwork.

The foremost advantage of non-fungible tokens is evident in the proof of ownership. Since NFTs are on a blockchain network, they can help in associating ownership to a single account.

Most important of all, NFTs are indivisible and could not be distributed among multiple owners. At the same time, the ownership advantages of NFTs ensure that buyers are safe from the concerns of fake NFTs.

For example, downloading a picture of the Mona Lisa from the internet does not make you its owner, neither does it qualify you to make money selling it.

NFTs, ensure that you own the real thing and therefore have ownership overvalue. In simple words, NFTs can convert the traditional norms of verifying and managing the ownership of assets.

As you can find NFTs on a blockchain network, it is reasonable to transfer ownership of NFTs easily. Therefore, you can also find the advantage of the easy passing of asset ownership with NFTs in many real-world scenarios.

2. NFT’s Makes Your work Authentic.

One of the benefits of non-fungible tokens relies on the uniqueness of the tokens. NFTs are created on the blockchain, thereby implying the corporation of unique records with them. The unique traits of NFTs showcase their potential for providing value.

At the same time, NFT creators have the privilege of issuing only a specific number of NFTs to introduce scarcity of supply, thereby making the artwork expensive.

Immutability in blockchain-based NFTs ensures that they are immune to modifications, removal, or replacement. Therefore, NFTs can easily showcase their authenticity as the most valuable quality.

3. Creation of Economic Opportunity

Up until now, Content creators frequently encounter the concerns of other platforms gulping down their profits and potential for earning in form of middlemen.

For example, A music artist selling his song on Spotify, Amazon Music and many others would have shares of the profit of their work collected by these middlemen, thereby causing a reduction in total profit, but this is not the case in NFT’s.

In NFT’s the totality of your artwork belongs to you, making you the sole owner of all rewards that it attracts. The benefits of non-fungible tokens could lead to the expansion and growth of a completely new creator economy.

With the help of NFTs, the ownership of content is blended into the content only. So, when the creators sell their content, the funds directly go to them. If a new owner sells the NFT, the creator could receive royalties by setting up smart contracts while developing NFTs.

The original creator can earn royalties for each re-sale of the token since the NFT metadata includes the creator’s address, This can go on for as long as it can.

4. Boost Inclusive Growth.

In a traditional setting, when an artwork is created and sold at an auction, the art creator, gets to make money on that instance only and knows nothing about that art as soon as it leaves their custody, this is entirely different in the world of NFT’s because you get to collect artwork from the initial creator of the artwork at a certain cost which is made directly to that person.

On the other hand, buyers have the option of liquidity in different types of assets with the help of NFT’s, and if you intend to sell that same artwork, for a higher value, the original creator of that same art also gets a certain royalty.

How To Start Creating NFT’s.

NFT’s lives in a blockchain, this is to say that there are various ways of creating NFT’s. I find it shocking when people only talk about only a sing;e way method to creating NFT’s which are native to Etherum and leave out other Blockchain platforms such as Solana and Binance Open chain.

There are various ways to start creating NFt’s It all depends on the blockchain that you want your NFT’s to exist. To start creating NFT’s you need to get the following setup.

1. Get Creative.

The first thing you want to do before venturing into the world of NFT’s is to get your house in order, this also means that you need to ensure that you have enough creative works to be deployed.

Most NFT artists do their artwork in collections, making them more valuable and eye-catchy, and if all you have is just a single piece of art, they are still good to go, just make sure to have enough on your plates.

Moreover, you should bear in mind that all NFT’s are digital artwork, this is to remind you if you have only physical artworks available, you need them to be converted into digital files such as images, audios or Video files.

Just in case you are new to go digital with your art, Digital art for beginners doesn’t have to be that difficult. Digital art is a talent that is perfected through time and practice. There are, however, a few steps that you have to check off before you start getting familiar with digital art.

You will need a tablet or computer to work with when creating digital art. It can be an Android or Apple tablet. I suggest you purchase a pen to go with it such as the Apple pencil, or a Digiroot Universal Stylus for Android devices. (Digiroot Stylus Link opens to Amazon to find out the price).

1. Choose an illustration software, program, or app on which you want to make your digital art, I prefer Adobe illustrator

2. Sketch and decide what you want to create.

3. Practice, practice, practice to get yourself familiar with the software you are using.

4. Watch videos, tutorials, or join courses to learn more about how to create digital art and start creating till you get perfect.

2. Choose your prefered Blockchain platform.

The next step to creating NFT’s is to decide on what blockchain platform you want your NFT to live on. The most popular by far is Etherum, but you can try out other blockchain platforms like Binance and Solana because they support NFT’s too.

What do you think?

Written by Udemezue John

Udemezue John is a web developer, digital marketing expert, and a Serial Entrepreneur.

He Started his digital marketing career at a Health and Wellness network marketing company where he learnt to create paid Facebook ads and Google ads.

He brings a unique, uncensored approach to his travelling experience and writing.

He is also a seasoned investor, a finance education expert currently exploring the stock market and Cryptocurrencies.

His work is published in major publications on Medium.com, and many others.
Udemezue John started my journey as a digital nomad in the year 2013 after completing his high school, to seek financial freedom, and also to help small and large scale business seek the financial freedom they need.
This is more reason why he started this blog and also started his digital marketing company called Inspire Africa.

Life is to be enjoyed. You can connect with me on twitter Twitter.com/_udemezue

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