Everything You Need to Know About NFT Investing
What is there to know about the latest buzzword around the globe? Can we really make money from it?
Born in 2014, NFTs (Non-Fungible Tokens) has become a popular topic of discussion amongst artists, entrepreneurs, and investors in the past year. This is not surprising considering the $2.5 billion boost in NFT sales in the first half of 2021!
Whether you’re the creator of these digital assets, or an NFT stock investor, these digital tokens are said to bring in great income to many people around the globe.
Information on NFT investing are making its rounds and more people are hopping onto the new money making bandwagon!
If you’re reading this, you’re probably part of the curious minds wanting to know more! So let’s begin…
What are NFTs?
We’ll start with the simplest question, what are non-fungible tokens?
Well, it’s all in the name. They are tokens, or assets, that are completely unique to one person and cannot be replaced. For more elaboration on what these tokens or assets are, they can range between anything from collectibles, artwork, music, memes, videos, and even event tickets, domain names, and texts.
They are unique in the sense that only one of these assets or creatives exist. They cannot be duplicated, forged, or stolen - just like the famous Mona Lisa painting, for example.
Why people invest in NFTs
Creators are utilizing NFTs to make money from their original digital artwork or music, without getting the middlemen from “the real world” involved, such as agents. Artists list their NFTs for sale on the marketplace which are sold like cryptocurrency through the Ethereum blockchain, a platform that safely executes the transactions of NFTs between buyers and sellers. The blockchain also stores the information of the owner of the NFT, ensuring that their tokens are uniquely owned by them. Each NFT has its own, unique reference number which is recorded and used during trading.
You don’t need to be an artist to be part of NFT trading. Many entrepreneurs and investors buy and stock up on NFTs to sell them later, and are making massive profits from this.
NFTs can become of great value the longer you keep them. The scarcity of each item leads to its value increasing over time.
How to get started on creating NFTs
The first step to NFT trading is finding a marketplace. Many are using Opensea, which is currently the most popular marketplace for NFTs. Once you’ve created your Opensea artist account, the next step is creating your crypto-wallet or NFT wallet, where you will need to purchase Ether, the cryptocurrency supporting the purchase of NFTs. Your NFT wallet will need to be connected to your artist account to proceed with the NFT creation process.
Next, you’ll convert your digital artwork into NFTs. This is done by uploading your file onto your artist account to convert into NFT. You’ll receive confirmation that your NFT has been created.
Once created, you can go ahead and enlist your artwork for sale!
For those who are interested in purchasing NFT stock to sell, the same as above applies without the conversion of any digital art into NFTs. You’ll simply purchase NFTs and put them up for sale the same way creators do.
Purchase NFT created by team blakINwite
Now that you know more about NFTs, you’re probably considering either creating your own, or becoming an NFT stock investor.
blakINwite has just started an NFT artist account where you will now be able to purchase digital artwork created by our creative team!
Stay tuned on our social media pages to be the first to know about our new NFT collection drops!
Instagram, Facebook, and Twitter: @blakinwite