During the pandemic situations of Covid-19, crypto trading got very popular. Different cryptocurrencies have been added to this platform for a beneficial trade. The Non-Fungible Token (NFT) is one of those crypto trading assets that can earn a handsome revenue for you. Like many other currencies, these tokens also got popular during the severe conditions of the Covid-19. However, it’s important to know ‘how to invest in NFT?’, for effective trading in these tokens.
The pandemic situations of Covid-19 left many people jobless. However, those who came to know about the crypto trading platforms earned a handsome profit even during such alarming situations. However, one should learn all about the particular platform that he’s going to choose for future investments.
The same is with the NFT platform. It may earn a handsome profit for you but you should have to dig the crypto market to learn all about these beneficial tokens. This task will need a lot of effort plus time. To make your search easy, we’ve proposed a detailed guide that will make you familiar with all the facts and figures about the query under discussion. So, let’s explore this guide to learn something new.
What are Non-Fungible Tokens (NFTs)?
In crypto trading, NFTs (Non-Fungible Token) is one of the important assets. They are not real currency rather they are present in the form of ownership of valuable items like video files, audio, arts, images, music, and many more.
Firstly found on May 3, 2014, NFTs also operate via the very same technology that powers different cryptocurrencies. Every investor can’t afford NFTs as their worth is in the millions. Not only in the field of film, video, or art, these assets are also gaining popularity in the field of gaming. Instead of the common currency, some games offer NFTs to the player of the matches as their rewards.
Where to Sell NFTs?
Once purchased, NFTs can be sold out on different platforms. Some of the most popular platforms where one can cash out his/her NFTs are listed here.
- Nifty Gateway
There are many crypto trading platforms with potential buyers of NFTs but the most reliable and common marketplaces are listed above.
1- Nifty Gateway – An Authentic NFTs Auction Platform
Introduction to Nifty Gateway
Nifty Gateway is one of the most reliable, prominent, and authentic platforms for the online auction of Non Fungible Tokens. Since its foundation, this NFTs auction platform has been acquired by two brothers (twins), Cameron Winklevoss and Tyler Winklevoss. Both these brothers, known as Winklevoss Twins, are well-known American investors and entrepreneurs.
Founder of Nifty Gateway
Duncan and Griffin Cock Foster founded the Nifty Gateway for the auction of NFTs. These are cooperative entrepreneurs who also dream of an organization regarded as Digital Air Jordans.
How Does Nifty Gateway Work?
Nifty Gateway platform is operated by an experienced team called nifty team. They work to regulate all the activities on this platform. Hence, there is no chance of any nonsense at this forum. Only authorized tokens are auctioned by reliable customers. If anyone wants to auction his/her content using this platform, his content will be checked by the official nifty team. The officials of this platform will decide whether the content is worth auctioning or not. All this is done to improve the standard and quality of this platform’s services.
The Nifty Gateway platform operates on a custodial system. Hence, it’s also named as a custodial NFT platform. If someone knows its operation, Nifty Gateway is a safe and secure platform to use for dealing with NFTs. Some hackers hacked the accounts of some users at the start of 2021. Later it was revealed that all the users, whose wallets were hacked, didn’t fulfill the two-step verification policy of the platform. So, they were hacked by hackers.
If users secure their accounts via two-step verification, the Nifty Gateway platform is quite safe and secure. The terms and policies of this business platform are quite easy to fulfill. Once you follow the terms and policies of Nifty Gateway, your credits of NFTs are safe here.
There is another option for the users of this platform, they can reverse the transactions made via any stolen credit cards. So, if someone loses his/her card, his credits are safe in this case too. Also, for safe storage, the NFTs are not stored on the users’ wallets rather on the omnibus wallet.
Potential Buyers of the Nifty Gateway
Till now, the most active and potential dealers of Nifty Gateway are as follows.
- Grimes (Full name: Claire Elise Boucher): A Canadian musician, producer, and writer.
- Beeple (Full name: Michael Joseph Winkelmann): An American artist, animator, and graphic designer. He has dealt at this platform worth $69 million.
- LOGIK: Nifty Gateway’s Collection of Art
These are some potential dealers of the Nifty Gateway platform who always take an active part in almost all auctions. However, these are not the only users of this platform. Many other active dealers have purchased many NFTs. All these are followed by NFT artists.
Nifty Gateway and Sotheby’s
Sotheby’s has recently partnered with the Nifty Gateway platform. They started their collaborative journey in early 2021.
Sotheby’s is a well-reputed British sales company. It deals effectively with fine arts and other rare objects. The purpose of this partnership is to widen the vision of both these platforms through collaborative work.
How to Sell NFT on This Platform?
Sellers will have to create an account by filling a questionnaire at this forum. After filling the questionnaire form, the user will be processed through the interview. He/she will undergo a complete interview before using this forum for creating and selling NFTs.
2- Open Sea – NFT Auction Platform
Like Nifty Gateway, Open Sea also offers you a platform for the auction of NFTs. You can deal with the rarest digital items here. Here is a method to get started with this platform.
- Browse for the Open Sea.
- Create your account on it.
- Provide all the essential information to get started.
- After creating an account, you can search for any digital item.
- If you want to buy or sell your NFTs, browse for these tokens.
- Search for the artist or other buyers of the NFTs.
- Deal with them to buy or sell the NFTs.
Like many other NFT platforms, rarible is also an authentic and reliable platform for the auction of NFTs. Being an open marketplace, rarible facilitates the artists and other creators to deal in the NFTs. People can search for sellers or buyers here. Also, this platform assists the dealers by providing a weigh-in feature to judge the fees and other NFTs rules. This is a unique feature of this platform.
Foundation is a social platform where different artists work in a clone. They make their clones or foundations to exhibit their arts. After laying down a foundation, the artists can send invitations to their fellow NFT users to post their art at that particular foundation platform. Also, different artists can upvote for their fellow NFT dealers.
Like the previous NFT platform, this forum also has unique characteristics to facilitate its users. Here the artists can boast their high caliber arts. However, for this purpose, they must purchase “Gas” to mint their NFTs.
This thing helps the artists to increase the prices of their NFTs. Also, the “gas” increases the value and hence demand of the particular NFTs. So, their value increases over time.
Launched in 2018, SuperRare is also an NFT auction platform. This forum also offers a chance to the artists and other NFT users to trade in these tokens. SuperRare offers a unique way to trade in the NFTs. One can sell or purchase his non-fungible tokens at this unique platform. Also, one can exhibit his artwork by creating an account on this forum.
In three years, this platform has facilitated many artists and other figures by offering a sale of $90 million worth. All artworks are of high quality as this forum features to judge each artwork. After having a tag of crypto-collectible, one can trade in this currency here.
Like many other lucrative platforms of NFT trading, mintable also facilitates its users to deal in different cryptocurrencies. Unlike other NFT platforms that offer trade-in only a single currency, this platform helps the users to deal in various currencies and tokens.
One can get his start with cryptocurrency or NFT trading from this platform as it’s easy and simple to use. One can use it easily to sell, purchase, or deal in NFTs. So, this platform is the best chance for those interested in NFT trading as this forum is easy to learn and use.
Above mentioned platforms are some of the best and reliable forums for the successful processing of the NFTs. But these are not the only platforms that one can use for this purpose. No matter which platform someone is going to use, he should research for that one properly. Without proper investigation, one can’t judge whether it’s reliable or not. Also, different platforms have different rules and regulations that one must learn to use them.
How to Earn Profit From NFTs
The control ledger technology of the bitcoin and NFTs is the same. Also, many other cryptocurrencies like Ethereum utilize the same technology for their operations. So, you’ll have to invest in these tokens like other cryptocurrencies. Here is a precise way to process your NFTs for profit.
Investing in NFTs
As mentioned above, you should have to use any of the authentic platforms to purchase NFTs. For this purpose, you’ll have to learn how that particular platform works for processing these tokens.
Like many other cryptocurrencies, the prices of these tokens are also finalized via auction. Also, the demand value determines the prices of these tokens. The higher the demand the higher will be their value.
For purchasing the NFTs, you’ll have to make an account and the wallet on the platform that deals in NFTs. After creating a wallet, you’ll have to pay for the tokens according to the rules and policies of the platform you’re using for this purpose. No matter what forum you’re going to use, a wallet is necessary. Here is a step-by-step detailed procedure to invest in NFTs.
- 1- Sign Up for the NFT Platform
To purchase NFTs, sign up for any of the above-mentioned platforms. Once you’ve created the account, create a wallet to purchase the NFTs. You can use your debit card to do this. Also, a direct bank transfer is an option for this purpose.
- 2- Buy the Required Cryptocurrency
Different marketplaces use different methods for processing the NFTs. So, buy the required cryptocurrency to purchase NFTs.
- 3- Add a Wallet
After you’ve purchased the cryptocurrency that’s required to buy the NFTs, the next step is to proceed with the purchasing of NFTs. Add the wallet that you’ve created to receive your tokens. Add any of the wallets as an extension to the cryptocurrency platform. The most commonly used wallet is MetaMask. Some other platforms are mentioned here.
- 4- Confirm the Transfer
When you pay the cryptocurrency-required NFTs, you’ll buy them. Browse your wallet address and make sure that your assets are in the wallet. After you’ve received the NFTs, you can process them to earn the revenue.
After successfully purchasing the NFTs, the next step will be their processing for earning the revenue. This is possible only if you know where and how to sell your NFTs. So, you should learn about the selling methods too along with purchasing methods.
You can use your assets to store as collectibles, display for the other artists, or different ledger projects. Different marketplaces charge different fees for the auction of NFTs. This fee is called ‘gas’. After paying this fee, one can use his assets for the exhibition.
When you upload the NFTs for exhibition or auction, the marketplace will confirm essential criteria to make sure that your assets are original. Once you have fulfilled all the requirements of the marketplace you’re using to sell your NFTs, your assets will be available for sale. When these are sold, the platform will manage the transfer of these tokens from your wallet to that of the buyer. You’ll receive the revenue in return for that auction.
Pros and Cons of Investing in NFTs
As mentioned at the start, NFTs have become very popular in the last few years. These tokens have become the center of people’s attention. Via such marketplaces, people have earned a handsome profit even in the crisis of the physical markets during the pandemic situations of Covid-19. However, these are not always beneficial for all types of people. Some people may avoid investing in these tokens due to certain reasons. Here are some of the pros and cons of investing in NFTs.
- Like many cryptocurrencies, these tokens also earn a handsome revenue for you.
- Once learned, the NFTs platforms are easy and simple to use.
- One can use them as collectibles or process them for the benefit.
- Their prices keep on changing, so one can trade in the accordingly to earn profit.
- Digital assets are getting popular day by day, so these can also be beneficial for you.
- One can sell them according to the fixed price or via auction.
- An increase in demand will automatically increase the prices of NFTs.
- The prices of non-fungible tokens remain the same until an increase in demand.
- An inexperienced person may face certain losses via flexible prices.
- Their high prices don’t last forever.
- Their processing features high fees that may sometimes be higher than profit.
- They may impact your working importance as these tokens need a certain amount of energy for proper processing.
Is Investing in NFTs Beneficial?
Many people get confused about the point of whether to invest in NFTs or not. It’s a debatable query. However, if you’re interested in beneficial trade and have a creative mind, this platform is the best for you to earn a handsome profit margin. Here are different ways to process your NFTs for making money.
1- By Selling Your NFTs
If you’re a creator, you can earn money by monetizing your NFTs and selling them to any of the investors. You can create any content like music, video clips, audio clips, memes, or any other digital content for sale. A creative mind can sell any of his creations as NFT. So, you can earn by selling your artwork on any of the above-mentioned platforms.
2- NFT Trading
If you don’t have the talent to create any NFT, you can choose the other people’s work to earn profit. To do this, you’ll have to buy the NFTs and sell them by earning a profit. If you have the talent to trade in any art, it can also earn a huge amount for you.
3- By Purchasing NFT Games
Not only music, videos, or audio can earn you profit, there are many other digital artworks. Purchasing such games that are sold as NFT can prove beneficial. Purchase and sell them to earn profit. This trade is also one of the best ways to earn via the NFT platform.
4- Through NFT Staking
Staking, in crypto terms, is the process of handing over your crypto assets to someone willing to trade in them. Your original amount of NFT will be safe and you’ll earn revenue from the profit margin. A creative mind can earn through different ways and this is one of them.
5- By Investing Your NFTs in Startups
Investing in various NFT startups is another indirect method to make money by using NFTs. Also, if you’re observing that your NFTs are not earning a handsome revenue from other methods, this is another way that may prove beneficial for you. Investing in such startups may be your first step towards a bright future.
These are not only the methods to earn the money via non-fungible tokens. If you’ve any other innovative ideas about them, consider investing your NFTs there. The motif should be just profit, so you can do this through any method.
Investing and making money from any platform can be very beneficial for you if you know the basics of that particular platform. Over time, different crypto trading platforms have gained popularity. Non-fungible tokens have also facilitated people to earn handsome revenue. However, you should learn how to buy, sell, or process them to earn profit. A brief introduction to the NFTs along with different methods to earn money from them are mentioned in the above section. You can use any of these ways to earn via the NFT platform.
1- Is NFT a good investment?
Since their invention, non-fungible tokens have earned huge profit margins for those who know how to use this platform. Also, the future of NFTs is going to be very bright. So, investing in NFTs is a good and profitable idea.
2- How do you make money with NFT?
You can earn money via NFTs by the following methods.
- By investing in startups.
- Via NFT Staking.
- Investing in NFT gaming.
- Through trading in these tokens.
- As a creator.
3- How do you buy NFT coins?
Here is a brief method to buy NFTs.
- Sign up for the platform you’re going to use for purchasing NFTs.
- Invest in the cryptocurrency that is required to buy the NFTs.
- Invest that cryptocurrency to purchase NFTs.
- Attach a wallet to the NFT platform for receiving your tokens.
- Confirm that you’ve received NFTs in your wallet.
4- Why would anyone buy an NFT?
By purchasing NFTs, one can support his or her favorite artist. Also, this is a beneficial platform to earn money for those who are blessed with creative thinking.
5- Why NFT is the future?
NFTs are going to be one of the best investments of the future. It will provide people to share their ideas mutually. Also, the way of the authenticity of different platforms of NFTs is excellent. Moreover, one has the option to choose an auction or fixed price method to sell his NFTs. So, the future of NFTs is going to be very excellent.