Looking for a new solid investment? Consider NFTs.
Sales of NFTs, short for non-fungible tokens, hit nearly $25 billion in 2021. The year before, sales were just $95 million. That rapid popularity has led many to purchase NFTs and then effectively flip them for a quick profit.
Based on those numbers alone, you may now be asking yourself, “How can I make money with an NFT?” It may not be difficult as you think to break into the world of NFTs, digital assets that represent everything from a painting to a video or image.
Here’s how to get in the hot NFT market today.
Buying an NFT
NFTs can be sold for either cryptocurrency or money, but all transactions are recorded on a blockchain, like cryptocurrency. There are many different reasons why an NFT can be valuable, including the artist behind it and its rarity.
There are many different platforms to choose from when purchasing or selling NFTs. Some require cryptocurrency, while others are OK with credit cards.
Selling an NFT
After purchasing an NFT, heading to an NFT trading post like OpenSea is a good way to go if you’re looking to make money.
You can even show off an NFT collection you made yourself or accumulated through purchases on platforms such as Lazy.com to let many buyers peruse what you have for sale.
In addition, anyone can sell an NFT if you own the copyright to an original media piece. Sites such as Rarible.com give you a platform to also price and list items.
Profiting From an NFT
The aforementioned sites are good places to start for simple NFT sales, but if you’re dealing with NFTs that are a bit more complex as assets, it pays to consult an NFT or cryptocurrency expert for help.
In addition, as with stocks, you can potentially score a big profit by predicting the profitability an NFT likely has when you sell it down the road. As NFTs continue to soar in popularity, hanging on to assets that pretty much guarantee a big return on investment will set you on a successful financial path.