Although the use of non-fungible tokens (NFTs) in blockchain technology is still in its infancy, there has been a remarkable growth in global sales volume since 2017.
In the first half of 2021, $2.5 billion worth of NFTs were sold worldwide. This growth has been driven by a variety of stakeholders, including consumers, investors and financial institutions.
What is an NFT?
A non-fungible token (NFT) is a crypto-asset that is designed to be neither interchangeable nor replaceable, which makes it unique.
However, that’s not the case for cryptocurrencies like Bitcoin (BTC) are not designed to be unique, but rather interchangeable.
If a person trades one bitcoin for another and retains the same value, it can be said that they are exchanging one dollar bill for another dollar bill.
How does NFT work?
In order to understand how NFTs are connected to creative works, it is important to understand their most basic form. NFTs are cryptographic tokens that are administered on a blockchain and have unique attributes that differentiate them from other tokens.
This is because each token is programmed with an ID and other metadata that cannot be reproduced by any other token, the blockchain serves as a decentralized ledger that monitors ownership and transaction history.
How to create your own NFT
The good news is that creating an NFT art is very simple. You can create it using your laptop or PC with simple paint or advanced applications like photoshop. Or you can also create it online using various tools, for example, canva.
If you have never used Canva before, you can start by registering on their website while trying out different templates before starting your design project. It is important that you know how the tool works so that you don’t make any mistakes while using it.
After creating your art, you can upload and sell in the open marketplaces depending on your choice. For example, “opensea.io”. It’s very similar to listing and selling your products online using e-commerce websites like ‘Amazon’ or ‘Flipkart’. We will discuss the complete steps in parts.
OpenSea is one of the best platforms for selling NFTs online. You can use OpenSea to list your projects and earn money from it as well as track your sales stats over time.
Top 3 popular NFTs to buy in 2022
In addition to CryptoKitties, there are many other NFTs that have received huge valuations from investors.
For example, the artwork Crossroad by artist Beeple sold for $6.6 million on Nifty, while Twitter co-founder Jack Dorsey’s first tweet, “just setting up my twitter,” sold for $2.9 million on the same platform.
Silks
The racehorse industry is one of the most profitable industries in the world. The owners and jockeys make millions each year, while the horses themselves are often worth millions of dollars.
While you can't own a racehorse, you can now get involved by owning an NFT that's tied directly to some of America's most successful racehorses.
Silks is a new startup that's using blockchain technology to allow people to buy and sell digital assets based on horses. The tokens are called Silks and they're built on top of Ethereum's ERC-721 standard.
The best part is that you don't need any experience with cryptocurrencies or blockchain technology. Silks works by connect its users to the real-world horse racing industry by offering NFTs that are tied directly to some of America's most successful racehorses.
Decentraland – Metaverse-Based NFT Project with Limitless Customizability
Decentraland is an Ethereum-based metaverse that allows users from all over the globe to create avatars and interact with other community members. The platform is free to use, but it also has its own cryptocurrency, MANA.
There are several ways to make money with Decentraland:
Sell your land: You can sell your land for crypto or fiat currency. The real estate market is booming in Decentraland and some people have already made millions by selling their plots.
Sell items: You can also sell items in Decentraland which you have created yourself or purchased from other users. There are already several shops where people sell goods like clothes, furniture or food products.
Create apps: You can develop apps for Decentraland and earn money with them. For example, there's already an app called CryptoBots which lets you collect virtual robots that fight each other in battles. Another app called CryptoPuppies lets you breed puppies together (similar to CryptoKitties).
In summary
NFTs can be traded on exchanges, and their prices have risen as more people join Decentraland to trade or invest in the properties.
Experts predict that this progress will secure future expansions and boost the platform’s returns even further.
The good news is that creating an NFT art is very simple. You can create it using your laptop or PC with simple paint or advanced applications like photoshop. Or you can also create it online using various tools, for example, canva.
