The first blockchain network was built to allow for a decentralized financial system. This ideology has now grown to include almost everything today and the 2020s will witness a decentralization wave that will soon be the norm. One industry that seems to be catching on earlier than others is the creative industry. In the past, digital artworks could always be replicated and the original, hand-painted artworks were held by the world’s elite. NFTs (also known as non-fungible tokens) became the solution to this problem. NFTs are a unique digital asset that allows artists and creators to lay proof of ownership over theiroriginal work and also sell that proof to the highest bidder. NFTs are run on blockchain technologies and they gained increasing popularity during the pandemic in 2020. The first tweet ever posted was sold by the CEO of Twitter Jack Dorsey for about 69 million dollars. In this article, we want to discuss how you can join the moving train and make money from NFTs.
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- 1. How to Invest in NFTs
- 2. If you want to begin investing in NFTs, you can follow these simple steps.Pick an NFT
- 3. Find out the buying/bidding process
- 4. Publicize the NFT
- 5. Sell the NFT
- 6. After you have succeeded in driving up the value of your NFT, it is time to offer it up for sale. If you did a very good job of publicizing the NFT, people would most likely bid on it and this will only drive the price higher and higher. If you don’t have bidders, then you want to put your NFT up for sale on a crypto exchange and patiently wait till when someone buys at your price Patience is the key in this respect.
- 7. Summary
How to Invest in NFTs
If you want to begin investing in NFTs, you can follow these simple steps.
Pick an NFT
If you want to invest in NFTs, the first step would be to pick an NFT you like. NFTs are up for sale across most cryptocurrency platforms and its should not be hard spotting one that picks your fancy. Your NFT can be anything from a meme to a piece of art, a video game or even a sound recording. When you have identified an NFT you want, you should move to the next step
Find out the buying/bidding process
When anybody wants to sell an NFT, they usually sell them in cryptocurrency and the most popular cryptocurrency for this purpose is Ethereum. Most NFTs are run on the Ethereum blockchain network while some NFTs are hosted on the Solana network. It is important that you know what the NFT is exchanging for and fund your crypto wallet with that cryptocurrency. If the NFT is up for a straight sale, you can easily pay and the exchange will confirm your ownership of the digital asset. However, if the NFT is quite popular and you have to go through a bidding process, be sure that you come with a full budget and gracefully look for another NFT if someone beats you to it.
Publicize the NFT
After you have successfully bought your NFT, you want to do everything in your power to publicize this piece of digital art. The most expensive NFT purchases were popular NFTs that viral on the internet. If your NFT happens to go viral on the internet, you will sell it a much greater price and that right there is the hallmark of investing
Sell the NFT
After you have succeeded in driving up the value of your NFT, it is time to offer it up for sale. If you did a very good job of publicizing the NFT, people would most likely bid on it and this will only drive the price higher and higher. If you don’t have bidders, then you want to put your NFT up for sale on a crypto exchange and patiently wait till when someone buys at your price Patience is the key in this respect.
NFTs have made a lot of people rich today but it is not a get rich quick scheme. Chances are when you buy or create your own NFT, nobody will be willing to buy it and you need to come to terms with this fact. However, the crypto space has been buzzing with NFT fever for a while and if you are patient, you can make good money from investing in NFTs. This article already outlined the steps you need to follow if you are just starting out in NFT investment. Cheers.