The Rise of NFTs: How to Earn Money from Selling Non-Fungible Tokens
Cryptocurrency may be an umbrella term, but non-fungible tokens (NFTs) are the real innovation in the industry right now. NFTs can represent many different things, such as physical assets like gold or real estate, or digital assets such as unique pieces of art, video game characters, and even other cryptocurrencies. There are currently more than 2000 different NFTs on the Ethereum network alone, and this number continues to grow every day. For both buyers and sellers of NFTs, this presents an exciting new opportunity to make money from digital assets that didn’t exist in previous years.
How to Get into NFTs With No Money
What Are Crypto Collectibles?
Crypto Collectibles is a term that encompasses all non-fungible digital tokens, meaning they are unique and can’t be duplicated (like each token represents a collectible, such as Beanie Babies or trading cards). Although there’s no industry standard, they usually live on blockchain technology and are sometimes used in video games. Crypto collectibles have been around for several years now, but 2018 saw them explode in popularity—and turn into a bonafide business opportunity.
Where Can I Sell Crypto Collectibles?
Currently, you can sell collectibles using marketplaces like OpenSea and RareBits. After setting up an account on either platform, you’ll be able to create a sales page with your crypto collectibles attached as NFTs (e.g., CryptoKitties). You then list your items for sale at whatever price you see fit.
Understanding the Market
The market for non-fungible tokens is still in its early stages and many businesses haven’t yet decided whether they should accept them as payment. If you are planning on selling an NFT, first understand what your customers want—and don’t make assumptions. Ask questions to determine whether there’s a demand for NFTs and what kinds of items your customers would like to purchase with them.
Getting Your First Crypto Collectible
Crypto collectibles, or NFTs, are a rising trend in cryptocurrency and blockchain. There are many ways to invest in non-fungible tokens (NFTs) other than buying them with money. From reselling cards that you’ve bought for ETH or BTC, to earning them for free through play, there are several methods by which you can get your first crypto collectibles. Here’s what you need to know about starting your collection.
Storing and Securing Your Crypto Collectibles
Crypto collectibles are valuable digital assets. Since these items have a financial value, they need to be stored safely and securely. There are a few ways you can do so depending on what platform you choose to use. It’s important that you exercise caution when storing your crypto collectibles if you want them to retain their value over time.
Getting Started in Trading
Trading can be a great way to increase your income, but it’s important that you only invest what you can afford to lose. Don’t let people persuade you that cryptocurrency trading is easy money – it isn’t. If anything, people make more mistakes when they trade because they aren’t aware of all of the risks involved with cryptocurrency trading. The truth is that anyone who tells you otherwise is likely trying to sell something themselves and steer you in their direction.
A Word on Exchanges, Wallets, Security, and Legalities
To exchange these ERC721 tokens on a platform, you’ll need an Ethereum wallet that supports them. Some popular options include MetaMask, MyEtherWallet, and Trust Wallet. The tokens can also be stored on a Ledger hardware wallet.
