The advancement of the revolutionary Blockchain technology and people eyeing into the Metaverse might be a great chance to make a fortune through NFTs [Non-Fungible Tokens].
NFTs and Cryptocurrency are the 2 most valuable fruits provided by the Blockchain.
A few years back, 30 Bitcoins that were paid for buying a Pizza are now worth $ 1.2 Million and an NFT that was sold for $ 80 is now worth $ 600,000! Blockchain technology, cryptocurrencies, and NFTs are turning people into millionaires and billionaires.
Many people might have missed the chance of becoming billionaires from Cryptocurrencies and they regret now for joining late into the world of the blockchain. But NFTs have brought back that lost chance.
How are NFTs beneficial?
NFTs have allowed artists and creators to go Digital, where their artworks will need no maintenance; and security can be managed only with some simple precautions.
Artworks such as paintings, gifs, templates, music, videos, paper documents, and even tweets can be held on the Blockchain. Virtual land and property too are held there, and that can be a document of ownership to a real physical asset.
Paperworks can not be preserved for infinite time, but the Blockchain has provision for that paperwork to be saved and secured in it for eternity.
The NFTs or Non Fungible Tokens are the digital artistic products that are minted into Cryptographic and algorithmic graphics and uploaded to the Blockchain.
Over the last 2 years, people’s craze for the NFTs has picked up sky high. Media, Celebrities, Tech Giants, Venture Capitals, and many others are joining in to this NFT world.
Payment card giant Visa Inc bought a famous CryptoPunk NFT and launched a program to integrate NFT to creator businesses for incentivization and acceleration.
Besides being digital collectibles and tradeable, NFTs have become lifestyle and class symbols now. They can be turned into brands, they can be copyrighted, and they can be themed for games and exclusive clubs.
From where and how to Buy an NFT?
Most of the wallets that have dApp browsers can be used to access the NFT marketplaces.
Rarible, Nifty Gateway, NBA Top Shots, and Opensea are some of the biggest marketplaces for NFTs.
Since Ethereum [ERC721] is the most widely used Blockchain for NFTs, and Opensea is the most popular marketplace for Ethereum Blockchain-built NFTs, here is a short guide on how to buy an NFT from the Opensea using a Metamask wallet.
- From the dApps browser of the Metamask wallet, all the Ethereum-based NFT marketplaces are accessible.
- Search for the NFT marketplace, preferably Opensea through the dApps browser
- Connect wallet: At the top right corner of the website is the wallet option. A message will pop up in the Metamask wallet asking for permission to grant Opensea access.
- “Explore” NFTs or Search Creators or NFTs by their names in the search bar.
- Choose “Buy“ or “Bid” depending on whether the NFT is for buying or an auction.
- “Confirm” [after double-checking the details of the order, such as the floor price, trading stats, etc.]
- “Proceed to payment”, after clicking this option, a pop-up message will be there in the Metamask again, asking permission to make the payment.
- “Confirm transaction” on the wallet, and that’s it.
NFT is deposited to the contract address of Metamask and the necessary amount of Ethereum is deducted from the price of the NFT and fees for the transaction. Now, the buyer is the proud owner of an NFT.
NFT can be minted too.
- The first step is to connect to the Opensea using the dApp browser of Metamask.
- In the top right corner of the website is the option to “Create”.
- “Connect wallet” and grant access for the connection from Metamask.
- Select “My collection” and upload the artwork, add name, and description, and create a “Folder” for the artwork.
- Assign an image; add a Banner Image of the artwork.
- Click “Add new item”
- Sign a message through the wallet
- “Upload image”, an audio file, gif, tweet, or 3D
- Add traits and attributes, and click “Create”
- Sign using a wallet to confirm the creation of the NFT is created and fees are deducted in Ethereum from the Metamask. The NFT will appear in “My collections” on the Opensea website.
Both minted and purchased NFTs can be put up for auction or sale in the Opensea or in other NFT marketplaces if they support the Blockchain, i.e. if the markets support the Ethereum-built NFTs.
The NFT can be set for sale at a “Fixed Price”, “Fixed Time Auction” or “Unlimited Time Auction.” Auctioning can be done through Christie’s and Sotheby’s too; yes, these famous auction houses have stepped into the Metaverse. They have their own NFT marketplace.
Apart from the initial sale or auction price, every time a minted NFT changes hands, the creator will get royalties. Salute to the creators like Mike Winkleman for the ‘Beeple’, Larva Labs for the ‘CryptoPunks’, the Yuga Labs for the famous ‘BoredApes’ and ‘MutantApes’.
All these once-within-reach NFTs are worth fortunes now and are among the trending and most wanted. They have taken the art of the NFTs to new heights.
The Beeple holds the record of being sold at the striking price of $ 69.3 Million, and the ‘BoredApe’ NFTs gave enormous Return-of-Investment [ROI] of over 140,000%.
The Blockchain has added a new experience to the Web where there is no central authority and no censorship. Payments, trading, and even web shopping can be done without the traditional payment systems; more quickly and fee efficiently.
Browsers too are decentralised now, people do not have to rely upon Chrome, Microsoft Edge, or others we have known all along. DApp [decentralised app] browsers and others like Brave, and Netbox are taking over.
All indications are towards a Metaverse and a decentralised Web 3.0 that will fast change many traditional technologies and systems.
Looking for how to make money on NFT’s ? Take a look at: How to make money on NFTs? Gods Unchained – High Yield NFT Game for Investors and Players
Also read: Let’s Have A Sneak Peek: What are NFTs?
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