NFT has become one of the main and discussed trends of the outgoing year. In early spring, the monthly turnover of NFT token markets approached $500 million. Most likely, next year the hype will only grow, so it is worthwhile to figure out in advance what NFT is and how you can make money on them. In this article we will tell you: how NFT appeared, how you can buy, sell or create it for free.
Non-fungible token – is one of the types of cryptocurrency tokens, each is unique in its own way and cannot be substituted with another or counterfeited. NFTs can be digital assets or tokenized versions of physical resources.
A fungible asset can be replaced with a similar one that has similar characteristics and value, for example, fiat currencies are the same as a crypt.
NFT tokens are issued on the Ethereum blockchain, so all information about the tokenized object and operations with it is available to the public. Some of the most popular tokenization objects are:
- art (digital or physical);
- objects of virtual universes: land, clothing, etc;
- game items: characters, artifacts, weapons, equipment, etc;
- licensing and certification.
How the NFT token appeared
The first ever non-fungible tokens appeared in 2017. The first was the HOMERPEPE meme, which sold for $500. After that came the unique CryptoPunks pixel art images from Lever Labs. The pictures depicted various characters.
CryptoKitties has become one of the most popular NFT tokens. These NFTs, due to the large number of transactions, have congested the Ethereum network. At CryptoKitties, users acquire cats, care for them, exchange between each other and produce offspring. It is possible to create a cat for 0.011 ETH, but you can also buy an exclusive animal. For example, one of the collectible Dragon kittens was sold for 600 ETH.
Even well-known brands support the NFT idea. For example, Nike has patented a sneaker with an NFT token embedded inside the shoe. He, in turn, describes a unique model of sneakers.
How NFT is used
NFT tokens provide an opportunity to confirm the fact of ownership and right to use assets, as well as establish the authenticity of items. The most popular areas of application are:
- Collectible items;
- Online gaming industry;
- The property;
- Card games.
Decentralized Applications (DApps) use NFTs to issue unique digital tokens that act as collectibles or investment products.
Best NFTs and Projects
- In the past year, singer Grimes sold 400 NFTs that were tied to her drawings and her brother’s animations for $ 5.8 million.
- The tokenized Nyan Cat meme sold for $ 590,000.
- At the beginning of the year, an NFT token was sold at one of the world’s most famous auctions, Christie’s, the cost of which was $ 69 million. It was a digital collage of artist Michael Winkelmann (Beeple) “Everyday’s: the first 5000 days”.
- The first musician in history to tokenize his own album was DJ 3LAU. The DJ managed to earn $ 11.6 million on it.
- Axie Infinity is an online game where mythical creatures play the role of characters.
- Gods Unchained is an online collectible card game.
- Sorare is a football manager.
- My Crypto Heroes is a classic RPG game. Players need to improve the skills of the heroes by completing various tasks and participating in tournaments.
- Neon District is a cyberpunk RPG.
- CryptoPunks is the iconic and first of its kind collection of NFT tokens. It consists of 10 000 pictures. The pictures depict various characters such as: men, women, aliens, zombies and others.
- Hashmasks – the collection was created by the joint efforts of 70 artists. They created 16 000 randomly generated mask characters.
- NBA TopShots are collectible NFT cards. They depict the best NBA shots ever.
- Crypto Stamps are Austrian postage stamps. They are saved as digital images.
Where to buy an NFT token
Trading platforms offer a variety of NFTs and related digital assets. Among the most popular are the following:
- OpenSea is the largest NFT trading platform. The peculiarity lies in the fact that the site creates a token immediately after the appearance of a buyer for it. This approach saves the author from additional commission.
- NiftyGateway – the popularity of the site lies in the fact that it hosted the largest sales in terms of profit. For example, singer Grimes sold her own tokens on NiftyGateway.
- Rarible is an NFT marketplace.
How to get NFT for free
It is possible to get a non-fungible token for free. For example, purchase them for rewards on various resources such as CoinGecko.
In addition, many cryptocurrency exchanges, project founders and developers, distribute NFTs during draws and airdrops.
However, the easiest way to get an NFT token for free is to create one yourself.
How to create an NFT yourself
The easiest way to issue your own token is to use OpenSea or Rarible. However, it is worth remembering that Rarible will have to pay a fee for the token before a real buyer appears.
To create an NFT on OpenSea, you need to connect the MetaMask crypto wallet, then click the Create button and fill in the required information. Next, upload the logo and cover of the future NFT token. After you create three tokens, it will be possible to verify the album and put all tokens for sale.
NFTs are still in their early days. However, we can already see their significant development, and most importantly – public interest. The developers promise new technological solutions, innovative directions, applications and distribution in various fields. NFT tokens are slowly but surely becoming digital representatives of real assets and objects, thereby affecting the blockchain industry, business and economy. But in order to start making money on cryptocurrency today, we suggest using the services of trader’s assistants – a trading bot. One of the segment leaders is the RevenueBot service. The service provides the opportunity to create trading bots on the largest cryptocurrency exchanges: Binance, Bittrex, Bitfinex, Exmo and others. Creating a bot is free of charge, the service will not take commissions until the client begins to make a profit from trading the bot. With the help of deep settings of the bot, the service’s clients implement trading strategies that are problematic to experience in normal trading. We will immediately indicate: the bot does not have access to customer funds on the exchange, but trades using API keys, that is, the account will remain out of access. RevenueBot has over 35 thousand customers who earn money thanks to trading bots.
Why should I choose this service?
- Pay the commission only after making a profit.
- The bot settings open up a variety of ways to make a profit.
- Inside RevenueBot, a marketplace is implemented where customers can buy a ready-made bot so as not to bother creating their own, or sell their own if the configuration has shown efficiency. Also, the services of a mentor (an experienced customer of the service) are purchased on the marketplace, who is ready to answer the questions of newcomers. Over time, you can become a mentor yourself, getting additional profit for this.
- Regular updates of the service’s features that optimize the trading process.
- The presence of the RevenueBot referral program allows you to earn money on trading, even without resorting to trading. Attract new customers for the service and get up to 30% of the profit they receive every month (but not more than 15 USD).
This is a small list of the advantages of the service. You can continue to list the positive qualities of RevenueBot, but why do this if you can go to the official website of the service and see for yourself everything? It is highly recommended to make decisions faster, because the crypto market does not stand still, but grows at exorbitant steps. Who knows how much profit is missed by someone who does not dare to come and start trading with RevenueBot.