Have you heard of NFTs but have no idea what it is? Do you know that you can make money with NFTs and that they are generally quite large? That’s how it is!
There is a topic that has caused a stir in recent weeks and that have come to stay, a series of digital assets or cryptographic tokens that are changing the way people sell and buy art on the internet .
However, if something has led to the issue of NFTs not stopping, it is the confusion that this token system generates …
How is it possible for people to become millionaires overnight by selling simple images that anyone can download for free from the internet in a couple of clicks?
The success and profitability of NFTs is thanks to their high exclusivity value , where digital pieces available to everyone are transformed into non-expendable pieces, unique and impossible to exchange or replicate.
But we better go in parts … What are NFTs? How do they work? Why are they the new preferred source of income for many people in the world of cryptocurrencies? All those doubts will be answered below.
What are NFTs in Crypto?
The Non Expendable Tokens , known by its acronym, NFT , are digital assets that do not exist in tangible form , but acquire unique and irreplaceable properties similar. Something very similar to what happens with works of art that are exhibited in museums today, but in this case, in the digital context.
An NFT can be any piece that exists only in digital file format , be it an image, animation, video, GIF, movie, text file, music album, etc …
NFTs, like cryptocurrencies, are stored in the blockchain , a shared and transparent ledger that allows keeping track of who owns “x” pieces and also makes it possible to verify the authenticity of these files.
What does non-fungible token mean
The title of Non Fungible Tokens that gives name to the NFTs, refers to the impossibility of replicating the works and assets that contain the files sold as NFTs, be it an image, song, video, etc…
In fact, the term non-fungible means that no substitution or exact copy is allowed . Even if there is a similar piece, it will never reach a value above the original, in this case, the one that has been transformed into NFT.
Works of art from the physical world such as the Mona Lisa or The Starry Night , have been replicated, photographed and staked millions of times, but no piece could have a similar or greater value than the original paintings painted by the hand of Leonardo da Vinci or Vincent van Gogh , respectively. The same is true for NFTs.
Quite the opposite to what would happen with a physical ticket of any amount, for example, 100 euros, since this ticket could always be replaced by another ticket in similar conditions and would not lose its value: it would continue to represent 100 euros.
How NFTs Work
At the moment a person sells an NFT , they would not only really sell the file or piece of art that it contains, but they also sell the property title that accredits it as a “unique and original version” and therefore, the version with the economic value highest.
This solves the most common question why, if a file can be downloaded for free on the internet, it is as expensive to sell as NFT.
Remember : the image is not only sold, its certificate of ownership is sold, which when acquired, makes you the original owner of a work and gives you the freedom to set a higher price and continue to earn money with it. As if you bought the Mona Lisa at the Louvre Museum and then decided to re-sell the piece.
All artists can “tokenize” their works and artistic works and launch them on the NTFs market in auctions and sales, even keeping the copyright, but selling the certificates of ownership over them, as if it were a signed piece.
However, most of the sales of millionaire and viral NFTs have been produced by great media figures, such as Chris Torres (creator of the famous animation Nyan Cat ), Grimes (musical artist and wife of Elon Musk), Willyrex (popular youtuber and Spanish streamer) and even the co-founder of Twitter, Jack Dorsey , who sold the first tweet in history in NFT format for 2.6 million dollars.
For an average artist or person who is not known in the public sphere, it is much more difficult to capture the general attention when selling a piece as NFT.
Although this does not mean that they cannot earn some money after transferring the digital ownership of their creations to “digital art collectors”, the possibility of receiving millionaire figures in return is less.
Does it make sense to buy and sell NFTs?
Until now, nobody knows and it all depends on how the rise of “crypto art” and “crypto-collectors” evolves. While some consider that NFTs are just a bubble about to burst , which can cause great losses of money, others are already amateurs and consider it to be the new revolution in art.
Although there is nothing to prove that all these files will be worth what they cost today in a few years, the argument of those who buy NFTs is that most of the great artists of the future, will possibly have built the foundation of their careers with digital creations initially published. on the internet.
That said, if the digital certificate of these works is acquired in an original way, it does not matter if they do not have a physical version, the owner of the token would have in his possession an asset of great value and would have made a good investment, but so far the beginning is basically a bet.
In fact, the NFTs fever has caused great controversies such as the destruction of physical works of art, which always exceed the value of their digital version and have now been destroyed to be immortalized solely as a digital token and finally exceed their value.
Regardless of whether or not you are interested in the sale and / or personal acquisition of NFTs, it is an interesting topic that gives rise to many questions about what is the future of art as we know it until then.
Where to buy and sell NFTs
Another very common question is where you can buy and sell NFTs, but the reality is that there is no single site. Everything will depend on the NFT itself and the web pages in which they are published for sale.
• There are websites such as Coin Ranking , where you can see NFTs for sale and be redirected to purchase.
• Shops or official sites of artists who, in addition to selling other types of items, take advantage of their name to join the NFT boom and include them in their product catalog.
What is certain is that to buy or sell NFT you will need a cryptocurrency portfolio to send or receive the money for the works, specifically with the cryptocurrency Ethereum.
These types of cryptocurrency wallets can then be connected to NFT’s buying and selling websites and apps to finalize transactions. Make money with nfts.
Now we want to know your opinion! What do you think about NFTs? Do you consider that they are up to the standard of collecting traditional art or will these archives lose value over time? Do you think it can be an option that allows you to work for the world? Respond in the comments.