Over the last few years, NFTs have taken the crypto world by storm.
In January of this year alone, nearly $1 billion worth of NFTs were traded. The most valuable NFT ever sold, called “The Meg,” has a market of over $91 million. There’s clearly a lot at stake with NFTs and digital art, but 70% of Americans still have no clue what an NFT is or how they’re made.
You can get a better sense of what NFTs are and how they work by answering the age-old question: how are NFTs made? Today, we’re going to go over it all, so keep reading and we’ll demystify NFT art once and for all.
What Are NFTs?
Non-fungible tokens are digital assets that can be traded, bought, and sold on the NFT marketplace. Most of the time, NFTs come in the form of digital art, which is assigned a unique ID code and metadata that makes it unique.
NFT art is very similar to fine art in that its value is dictated by the market itself. There’s only a set number of NFTs made, so you’re paying for scarcity. When you own an NFT, you might have the only one of its kind, which may make it valuable to multiple other investors.
To invest in NFTs, you just need to obtain an account on a digital art market on Ethereum, which is the blockchain most NFTs are on. Then, fill your crypto wallet, and start browsing art to find something you like. If you end up with a valuable NFT, you can make a lot of money by selling it to another collector.
How Are NFTs Made?
There’s another way to make money with NFTs, which is to create your own. If you’re a digital artist, NFTs present a unique moneymaking opportunity and it’s actually quite easy.
First, you need to have a high-quality version of your digital art. With your Mac or PC, you then find your preferred NFT marketplace to display your NFTs.
From there, you can just click “create” and upload your high-quality digital image with a unique title. Each NFT marketplace will have a slightly different process for minting NFTs, but just follow the instructions that the site of your choosing provides.
After you’ve made sure that all of the information is correct, you simply finalize the NFT creation, and it’s uploaded. Set a price, then start promoting your NFTs on social media to generate interest and find buyers.
Investing in NFTs
Investing in NFTs is a great way to diversify your crypto portfolio. Now that we’ve helped answer the question, “how are NFTs made?”, you can really take advantage of this growing marketplace. If you’re lucky, you may just create the next “The Meg” and pocket millions of dollars.
Did you find this post helpful? Visit our site again for more on business, technology, and crypto investing.