Cryptocurrency has long become the new digital financial marvel with newborn millionaires who took the risk with Bitcoin and other cryptos and made serious gains. However, trending news reports covering the new kid on the blockchain grapevines, namely NFTs, means crypto is no longer the only story in town.
Selling NFTs is an increasing and trending news topic in the world of blockchain tech, finance, and tech. Once again, some said it would never work however another technological feat proves them wrong.
In the future, NFTs could balance the power of corporations versus creators. Today, too many corporate companies control artwork, design, music, and suspect contracts, seeing these companies make huge profits, usually more than the artist. For many, the balance of royalties is not weighed evenly, while the balance of power weighs heavily in the corporation’s favor. If you want to ensure you earn royalties for your work as a creator, then NFTs are a great way to go. They cut out the middleman and if your NFT is seen as valuable enough, you can choose to sell the rights. The artist should also still benefit from this sale, with no corporation involved in taking its cut.
First, you will need to learn how to create NFTs. Once you get past this step, you then need to invent ways and use existing sales as well as advertising options to sell your NFTs.
Start an online NFT store
With so many web builder solutions out there, the competition has helped spur on the web development business. Website builders have made life affordable and easier for not just bloggers, but also those looking to start an eCommerce store. And it just so happens, those eComm stores are perfect for starting an NFT store online. You can easily learn how to start an online store here. All you need to do is then go out there, sign up for an online store, and list your NFTs.
How to buy or store NFTs for your online store
You will need a crypto wallet and cryptocurrency to purchase NFTs. You will also need to be connected to a platform that holds NFT auctions if the wallet you are using does not have this facility available. Once you have these components set up, you can begin bidding on NFTs. It is probably best to have accounts on more than one NFT auction website, including ‘Primary Auction’ and ‘Secondary Auction’ sites.
Selling your purchased NFTs for a profit
When you buy an NFT, the idea is to either keep hold of it (collector’s item, sentimental value, etc.) or sell your NFTs for a profit. On a ‘Primary Auction’ site, once you own the NFT, you will make a profit after the product is put up for sale if the potential resale value increases. As for purchases on ‘Secondary Auction’ sites, it means you can look at historical sales and compare this to the amount paid for your NFTs.
You can then use NFT market data and trends to make a profit from the resale of the NFTs you purchased. If you open an online store to sell your NFTs, you can either hold auctions or better still, set a fixed price to guarantee you make a profit. Those that tend to be most successful using the online store method are those that don’t mind holding onto NFTs for extended periods, as not all your purchases will sell immediately via your store.
Start an NFT blog slowly building up a profile with the aim of becoming an influencer
If you start an online store to sell NFTs, then why not brain dump your knowledge, record your NFT purchase activities, connect with other people buying and selling NFTs? Doing this takes time, research, knowledge, and effort. However, if you are already doing all these things, then document them and share them. NFTs may seem like a hugely popular niche, but in fact, it’s still misunderstood with way less competition now compared to how it will be in 10 years. If you are becoming an influencer now, when searching for information about NFTs quadruples, your website and knowledgeable personality will already be known in the NFT world.
Bottom Line: Start Looking into NFTs for the Future
As solution-based blockchain technology becomes more prevalent in the digital world, new ways to do business, interact online, and make payments will mean older methods will become redundant. NFTs are one such product (virtual product if you will) that will rise into people’s everyday lives. In other words, the average person may not understand NFTs today, but in the future, NFTs will become the norm. If you are already buying and selling NFTs or running an online store and a knowledge-based website covering as the rise of NFTs breaks into the commercial mainstream, the theory is, you stand to make a good living