How can you earn money with NFT's
In the crypto world and also outside of it, the term NFT is used more an more frequently.
What is a NFT?
NFT stands for non fungible token which in plain English would mean a token that can't be replaced. It's one of a kind.
What are the usages of NFT's?
The first usages for NFT's were seen around artistic circles. Artists create a piece of art and tokenize it to sell it. This can be done for paintings but also songs and videos. The problem here is that it's difficult to quantify the value of such NFT's. In addition to that an artist can create several copies of the same piece of art and sell it. These types of NFT's have therefore a collectible value.
Another sector where NFT's are being used is the gaming sector. NFT's allow to represent caracters or abilities from games and they can be traded and sold. A very good example is the game splinterlands. The gaming cards are NFT's, you need these cards to play the game. You can combine the cards to get better ones. This is what is called blending NFT's, you take two or more NFT's and you combine them together to get a more powerful one in the process.
Splinterlands NFT's can be traded, rented and exchanged among users. This is pretty interesting from a user point of view because he will remain owner of the assets that he purchases. Each asset has a certain value.
I would make a difference between these NFT's. There are some NFT's that have actual use cases and an inner value and other NFT's that don't really have one but still you can find people who will be willing to pay good money for them.
On which platforms do you find NFT's?
NFT's can be found on a lot of blockchains today but I would say that Ethereum has probably still the biggest market. The problem here are also the transaction costs. In my opinion the best blockchain for NFT's is WAX. WAX is a EOS clone and offers the possibility to transact for free with very little staked coins. Another big advantage of WAX is that it is very user friendly. You can create an account in a couple of seconds with your facebook or google account. There are also platforms that allow you to create or trade NFT's without needing any coding knowledge. The most well known is Atomic Hub.
How can you earn money with NFT's?
This is something that most people don't really understand. The most obvious one is that you can earn by selling or trading NFT's. It's like trading with other tokens. If you sell it for more than you bought it, you can make a profit.
However there are also other ways. There are plenty of NFT's that are given away for free and maybe one day they will have some value. One idea is to collect these free NFT's and try to sell them later on.
Then you can make money by creating and selling NFT's. On the Wax blockchain, creators of NFT's can set a percentage that they will get each time somebody sells one of their NFT's. This commision is generated each time a NFT's changes hands. This can transform NFT's in a kind of perpetual passive income generators!
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This is something i need to explore, but it looks like Crypto world is going faster than my learning pace!
Thank you for sharing!
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I agree, things are evolving at such a fast pace that it gets difficult to stay on top of everything :-). Thanks for stopping by!
!ENGAGE 20
Nice to read you!
ENGAGEtokens.Thank you much for the tokens!
Oh, I hear and read about these NFTs a lot, but still, sometimes it takes a little more time to really understand.
For example, can an artwork get more than one NFT?
Anyway, thanks for this helpful post.
It took me quite some time and effort to understand the NFT subject a bit better :-). Once you dive into it, you can see the potential that comes with it.
I think it depends on the platform. On NFTshowroom that is on Hive for example, the artist can decide how many NFT's he wants to produce of every artwork.
Thanks for stopping by!
!ENGAGE 20
Just reading about it has convinced me that this is something that is disruptive and has great potential: D
It's like a place that has been waiting for a long time for artists and designers, I will take a look at what is in the NFTshowroom, this is a new thing for me too.
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NFTshowroom is a great place to start looking around for NFT's here on hive. There are litteraly NFT's everywhere here: on splinterlands, dcity, rising star, dcrops...
ENGAGEtokens.I still don't understand the value of an NFT anymore. But most NFTs really are just some pieces of art with no real utility so I tend to just stop caring. But yes, WAX has done a pretty good system where creators get a decent amount out of every NFT they create.
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Basically there are two types of NFT's the ones with and the ones without use cases. I tend to ignore the ones without use cases. The best examples for NFT's with use cases are Splinterlands cards or Rising Star cards. Having these cards brings an added value in the game and therefore they have also a certain inner value.
Thanks for your comment!
!ENGAGE 20
ENGAGEtokens.It is crazy to think that Splinterlands was deep into the whole NFT thing before it really even had a name I think. I have loved watching the tech progress over the years and what we have now is just unbelievable. It is safe to say that NFTs have changed my life.
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That's totally true. Nobody was speaking about NFT's at the time and I think that Splinterlands is an amazing example to illustrate what NFT's can achieve. I believe not every little drawing out there will be worth a lot of money but the NFT's linked to real use cases are very interesting in my opinion. Thanks a lot for the comment!
!ENGAGE 20
Yeah, I totally agree with you on that. The game ones are the type I think will really have staying power.
ENGAGEtokens.I am always confused of ART NFT concept. As you said this can be easily copied so hard to find the originality so could loose value. How they make sure that it's the only and original piece ?
Renting of cards sound interesting as you can gain something and don't have to loose the card either.
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I agree with you. I don't see the same interest of buying are like that other than music maybe. I prefer the concept where NFT's have a utility and an inner value. Thanks for your comment!
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ENGAGEtokens.Hi @achim03, you were just shared some LUV thanks to @harpreetjanda. Holding 10 LUV in your wallet enables you to give up to 3 LUV per day, for free. See the LUV in your wallet at https://hive-engine.com or learn about LUV at https://peakd.com/@luvshares
Thanks for the great article.
I have wanted to learn more about NFT's.
One of the questions I have has been
can you use physical paintings and recordings as an NFT?
My sweetheart is an excellent artist and we are both songwriters with a band.
We put out our first album a couple of years ago.
It would be interesting if there is a way to sell songs with NFT's
I'm not totally sure how the artists are doing it but I see some artists who scan a physical painting. You can see some examples on https://nftshowroom.com/ that is a NFT platform on Hive for artists.
This is getting more and more common. Musicians publish NFT's in the form of Mp3 that they sell. On Hive you can create such NFT's in the context of the game Rising Star. Maybe you want to have a look at this link: https://www.risingstargame.com/artist_agreement.asp. They provide a way to put your music for sale for a very modest price of 35 Hive I believe and you can define how much you want to sell it for. All the people in the game can then purchase your song.
Thanks for your comment!
!ENGAGE 20
ENGAGEtokens.So far the way we utilize Alien Worlds NFTs on Rplanet was quite nice ^^ Yet, they are about to change the working mechanism...
Waves blockchain also has a great project of Ducks, if someone is interested, I also like the Ducks of Waves :)
Thanks for the headsup. I went to check duck waves. Want to be ready for it :-)
!ENGAGE 20
ENGAGEtokens.It is a really cool idea for a way to invest in someone's art work. I like the idea of digital assets like this anyway because they don't take up too much space. And I guess it would be the same as with a physical piece of art where maybe the artist can give a license to create reproductions to sell as another way to make money. Just a thought. 😀
Exactly. The artist can actually sell the same artwork several times which allows him to generate some income. It's a bit like a musician selling his discs but for all types of artists :-)
Thanks for stopping by!
!ENGAGE 20
You're welcome, Achim! I guess I understand better than I thought! Thank you for the ENGAGE tokens and Enjoy your Sunday! 😀
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ENGAGEtokens.Good Morning and Thank you, @misterengagement! 😀 Enjoy your day.
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NFT is the buzzword nowadays. Yeah, I create some NFT's in NFT Showroom, I was curious how's this going. But after I read your article I read this . Looks like a correction. 😎
There is a lot of hype and exageration in the NFT space and I think that in the end not everything will keep it's value. When you have to pay 4000$ for a piece of land in the Alien Worlds game, I think things are a bit nuts :-).
!ENGAGE 20
Haha, you're right. But $4000, for a part of Mona Lisa (when the picture will be tokenized) it's not a bad deal. 😎
ENGAGEtokens.