NFTs in their own simplest ways stand for Non Fungible Tokens. One sees them almost every day on social media; they’re digital artworks of many different types such as memes. Whenever a meme makes someone laugh it’s a Non Fungible Token to which someone has secured the certified ownership. They’re digital assets one can sell memes to someone else and also buy from someone as long they possess the ownership of the content they’re selling.
They can also be easily created as well. If the level of creativity doesn’t lack and the work is their own they hold the rights over it like any other assets they own.
They’re the most creative works of digital art such as a painting or video or audio among the many others categorised.
A better example might be cryptocurrency both are almost identical to one another. One can even sell or buy them at the right time and make a profit from it and also both Non Fungible Tokens and Cryptocurrency run on blockchain technology making them secure.
While NFTs also have unique identifying codes and metadata unlike cryptocurrency making it easier to differentiate among all the other Non-fungible Tokens available online. As they’re all supposed to be unique and possesses a certain degree of originality. Two NFTs can never be the same as the name Non Fungible Tokens already suggests.
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How to Make Money from Non Fungible Tokens (NFTs)?
If one is a creator or can create NFTs, then they can sell it on online Marketplaces and easily monetize from them. Opensea, Rarible, SuperRare, Mintable etc are online marketplaces for selling Non Fungible Tokens. Where many different types of NFTs like videos, games, music, photography, etc can be sold.
Trading NFTs are a commonly practised method of making profits. One can buy an NFT and resell them while making a profit from them some even turn the market value of it to benefit huge amounts off of it.
In Game NFTs
Gamers have been using this method to make profits from selling in-game items as Non Fungible Tokens to other players. One can easily sell in-game NFTs to other players using the platform available inside games. And rare NFTs or collectables are sold at a higher rate. Cryptokitties is an example of it; a single NFT of crypto kitty has been sold at a price higher than $300,000.