Over the years, we have seen a plethora of digital art blossom before our eyes. In 2021, the renowned digital artist, Beeple, sold his NFT for $6.6m. But not everyone is like Beeple…
Some people list their work for months with nothing tangible to show forth. While others want to get on this moving train but don’t know where to start. This begs the million-dollar question: What is the secret to earning through NFTs? Surely, you would like to know what Beeple did differently from other creators. In this piece, we will dive into the secrets of earning through NFTs.
Anyone would be excited to start profiting off NFTs. But before learning the ways of earning, you have to understand what NFT is.
NFT is an acronym that stands for Non-fungible token.
What do we mean by non-fungible? Fungibility entails that an asset can be exchanged for a similar one. Take currency money as an example. Currency money is said to be fungible because a denomination of $100 can be interchanged with two denominations of $50.
Also, there are a ton of notes of a certain denomination in a country. Let’s assume the denomination in question is $100. No matter where you go, as long as you see a $100 note, its value remains the same.
Now we can say that just one $100 note is not unique because there are many more $100 notes in existence. The reverse is the case for non-fungible items. It clearly describes the uniqueness of an item. A non-fungible item means that it cannot be interchanged for anything else. Also, no other item of that kind is in existence.
A Non-Fungible token is a certification that shows ownership and authenticity over an item. Suppose there is an NFT of the “Mona Lisa” painting listed. One can purchase this NFT but keep in mind that it is not the actual painting that is being purchased but the certificate of ownership. Hence, you have only bought the certificate that states that you own the painting. But this is the only token type existing on the blockchain.
You might be wondering why NFTs cost so much. The high cost of NFTs is largely attributed to scarcity. Oftentimes, value is attached to things that are highly limited and difficult to access. Since humans love to…