The world of NFTs is constantly changing and evolving, but for many people, the world of NFTs is still new. It’s a big world with endless possibilities. In today’s lesson, I am going to tell you all about NFT. If you make it to the end of this blog article without distractions, NFTs will be pretty simple for you. You must have come to know very well how NFTs are made. And how to earn from NFT.
What are NFTs?
So let’s step up our steps and take a dip into the answers to all your questions.
NFTs mean non-fungible Token, As you can understand it is made up of two words (Non-fungible and token).
First, let us understand what is Non-fungible, Fungible means replaceable. which can be replaced is a fungible And non-fungible is non-replaceable, the thing that can not be replaced.
Many things in the world cannot be replaced.
- If I give a very simple example then the Kohinoor diamond can not be replaced.
- Leonardo Vinci’s painting Mona Lisa is a single painting, which cannot be replaced.
like if you make art, or click pictures or design or record a song, All of this is non-fungible. it’s different and unique so now it is clear what is non-fungible.
What is token.
Friends, if i explain the token in short, simple and easy language, then, Token means a certificate of ownership.
suppose you made a meme or you made a drawing, Now someone is buying this from you and the buyer says, How can I believe that you have made this And if you have its Certificate of Ownership, So everyone will trust that you are its owner.
In the case of NFTs, it’s automatic, it’s digital and there is technology behind it. You will know all that today in this blog article but I am explaining it in simple language.
Jack Dorsey tweet, he is the owner of the tweet but when someone bought that tweet, So the Certificate of Ownership went to another person.
if you made a gif and meme or you clicked a picture, it belongs to you in NFT. But after selling that token will belong to someone else. And the certificate of ownership went to someone else because he purchased it, And he gave you currency in exchange.
So whenever you sell or buy any digital asset art, drawing, game, meme, music, painting, card or any non-fungible thing in NFTs marketplace, you do not get it in digital form that non-fungible thing You get a token for.
So now you know what is NFTs, tokens of non-fungible things, non-fungible tokens. So now we understand what is NFTs and how is it.
Now we will know how it works, And then we’ll learn how NFTs are made, how are they sold and how to earn from NFTs.
How do NFTs work and what is the technology behind it
I have said in many articles that the blockchain revolution is coming in the future And NFTs work on the same blockchain technology.
Let me explain in simple language how it works. I will give a small basic example there is a village someone is buying and selling land, and its records are being maintained by the government office. Going ahead, if someone wants to take possession of the land, Then he can do fraud with the government officers, He can bribe his records can be altered people do such things.
This could be a great solution instead of keeping the record in an office and a building if that record is in every house and everyone is maintaining it, No one will do fraud and whoever lies will be caught because it will not match all the house records.
That’s the beauty of blockchain, Every transaction, everything is recorded in millions of systems, So there is no scope for fraud. because Blockchain technology is behind NFTs, Blockchain technology is also behind cryptocurrency, That is why selling and buying NFTs is done with cryptocurrency.
Now let us understand to earn from NFTs. Let me tell you I share many opportunities with you in my blog, because I don’t want my viewers to ever think should have known this earlier I will let you know about every opportunity, But let me tell you this as well Hard work is necessary. I Don’t tell you schemes to get rich overnight do this today and tomorrow you will get the lottery, No, Sensible and valid opportunities but Hard work is required.
Which type of NFTs should we make?
Keep your art and creativity While making NFTs but Also, keep an eye on what is trending. When you make NFT on trending topics, then it is more likely to come in front of people and it also increases the chances of selling. it like today a hot topic, that is trending, while I am writing article Musk is buying twitter And this topic is the trend. If I’m a 3D designer and I make 3D art related to it, it’s more likely to sell, so keep an eye on the trend.
where to make NFTs?
If you are a segment artist, If you are from a particular field or if you are interested in a particular field So it must have software for example. if you are interested in video editing You can use Premiere Pro, Final Cut Pro, Da Vinci And you can create digital assets related to video editing.
If you are interested in graphics Then you can use Photoshop, and Illustrator, if you are interested in drawing There, are many drawing software so this is the segment if you are interested in a particular segment There is much software to create digital art.
But if you don’t know how you should make So there are many free and reliable sites. where you can make NFTs. OPENSEA, ENJIN, RARIBLE, BINANCE, FORGE, SUPERRARE, PROTON MINT, and many more sites Which are world famous for NFTs creation? They are popular all over the world and the funny thing is that these sites Are also for NFTs creation and they are also the marketplace of NFTs. That means here you can make NFTs and you can also sell them And here you can also buy NFTs.
All NFTs transactions are done in cryptocurrency that’s why you need a crypto wallet. A crypto wallet is a place where you store cryptocurrency through which you buy or sell cryptocurrency.
So I have told you the first way to earn from NFT, if I conclude it, I can conclude it in 5 points.
- create a digital asset that is unique or useful to others.
- create your crypto wallet.
- create your account on the NFTs marketplace.
- link your wallet to your account.
- list your digital art and asset to the NFTs marketplace.
How to earn from NFTs
I will share 3 ways to earn from NFTs. I am going to tell you in all there ways one by one.
First way to earn NFTs
the first way is to create and sell. The very first way to earn from NFTs are to create a digital asset, you can make digital art, you can make memes, graphics, paintings, and craft. it’s from should be digital And try to keep it unique and appealing. By creating digital art or digital asset, You list it in the marketplace of NFTs.
What is a marketplace? like the marketplace of products is Flipkart and Amazon, Sellers list their products there, And buyers purchase them.
Many products are sold and many buyers also come to purchase. in the same way, there is also a marketplace for NFTs where you make NFTs and list them, And buyers buy them. In the technical world of NFTs, it is called minting.
NFTs are a new concept, THis can be a very good opportunity for many people in this too we have to learn. it is not possible if you list something in NFTs today and tomorrow you got rich. You have to learn and understand what people buy. what should I write keywords should I use? and when your first NFTs sell out, The chances of selling the second NFT increase further. When some of your NFTs are sold you are in a way becoming an NFTs superstar.
Your NFTs have value and you have credibility When your NFTs get sold, the price of your NFTs goes up. And if someone is patient in this process HIs potential and his earning scope can increase manyfold.
Another way to earn from NFTs
Another way to earn from NFTs is Trade and Earn. As stocks are traded in the stock market, sometimes stock prices increase and decrease. in the world of NFTs also, a lot of people trade NFT. which means Buying the NFT which is available at low prices when its price increases sell it.
If you want to trade in NFTs or anything else. So you have to get inside that thing and you have to understand it in detail. You have to understand its trends, you have to understand the price of which NFTs may increase in the future, and the price of which NFTs can decrease.
Third way to earn from NFTs
The third way to earn from NFTs is to become an NFT designer. Many people list NFTs who understand their words and profits. They put their whole mind into this, they can’t design because their mind is engaged in how to earn from NFTs. on which word they should go How to market it? and how to make it popular.
Such people are looking for NFT designers who can create NFTs for them Because they are engaged in business so they need designers. Companies also give jobs to NFT designers, Many people need a partner in the form of an NFT designer. You will find such opportunities on Linkedin so you can become an NFT designer.
- If you are a 3D designing artist, They are in high demand in the world of NFTs.
- If you make good cartoons and fun toons, So its demand is also growing.
- If you have any art that can be digitally presented, so many people are looking for you, work hard and reach out to such people and create opportunities for yourself.
I hope now it’s clear to you what is NFTs, Non-Fungible Token, How works, and What is the technology behind them? And what are the ways to earn this?
People’s opinion about NFT
NFTs are a hot topic, so it are different types of opinions regarding them.
- Some think this is a very futuristic thing.
- Some say it will come and go.
- Some people say it makes complete sense.
- Some people say it could be a scam.
Look, nothing in the world is guaranteed. Neither any country nor any government nor dollar nor currency but we do keep our own opinions. And in my opinion the price of art and unique things, or its exchange it’s not from today. it’s been many years, it’s from painting, singing someone makes music and someone else buys, Someone writes a story and another buys it Ths story is mine now. I wrote the lyrics but someone bought them.
- Monalisa’s painting was made by someone and it was auctioned and gradually its price increased.
- The Last Supper is a painting. There are Amrita Shergill’s paintings. Art and things like that have always had value.
Now it is going digital because of NFTs, And is being secured and lifelong. It is digital so will always remain it’s recorded everywhere in the blockchain, That’s why it will be secured and it will be easy to transact, it is becoming very convenient.
The market size of NFTs
If I talk about the market size of NFTs 2022 Is $22 billion dollars And in the next 3 years i.e.till 2025 it will be $80 billion.
I have also shared the scope and my views with you And I also gave a simple and complete explanation of NFTs.
What do you think about my attempt to explain NFTs? Do tell me in the comments. See you again in the next blog article with new training and new learning, Till then stay happy, and keep sharing happiness. I love you all.