The popularity of NFTs has been growing in recent years, with many people using them to own and trade digital assets. Some notable examples of NFTs include digital artworks by popular artists, virtual real estate properties, and even celebrity tweets.
What is NFT?
NFT, or non-fungible token, is a type of a unique digital asset that cannot be interchanged. NFTs are created using blockchain technology and stored on a decentralized ledger, making them immutable and secure. NFTs differ from traditional cryptocurrencies, which are interchangeable (a Bitcoin is no different from another Bitcoin). Collectibles, digital art, or even virtual real estate can be represented by NFTs.
What are NFT use cases?
One common use case for NFTs is collectibles. For example, an artist may create a series of digital artworks and use NFTs to certify that each one of them is a unique piece. Collectors can then purchase and own these NFTs, and at the same time have a proof of their ownership of the digital artwork.
Another use case for NFTs is gaming. NFTs can be used to represent unique in-game items or assets. For example, a game developer may create a shield that can only be owned by a single player, and issue an NFT to certify the ownership of that shield. This allows players to own and trade unique items within the game, and also allows the game developer to potentially monetize these items.
The use cases for NFTs are diverse and can be applied to a wide range of industries when there is a need to prove authenticity and ownership. From digital art and collectibles, to gaming and beyond, NFTs offer a new way to certify that.
How to earn money with NFTs?
There are a few different ways to earn money with NFTs. Here are some ways:
- Develop and sell your own NFTs. If you are an artist, photographer, or musician, you can create digital assets (such as art or music) and issue them as NFTs. Then you can then sell these NFTs on various online marketplaces, such as OpenSea or Rarible. If the NFT is resold, you'll get royalty revenue as well.
- Invest in NFTs. Just like with traditional forms of investing, you can research and identify promising NFT projects or creators, and then invest in their NFTs. If the value of the NFTs increases over time, you can sell them for a profit.
- Stake NFTs. Some NFT projects may offer the ability to earn money by staking, or holding, a certain number of NFTs. By staking your NFTs, you may be eligible to receive a portion of the project's transaction fees or other rewards.
- Become a liquidity provider. If you hold a large number of NFTs, you may be able to earn money by providing liquidity to NFT marketplaces. This can involve locking up your NFTs as collateral and earning a portion of the transaction fees.
Please note that it is important to do your own research and carefully evaluate any potential opportunities before investing or participating in the NFT space.
What is NFT minting?
Minting is the process of creating an NFT. Being stored on a decentralized ledger ensures that the NFT is immutable and cannot be altered or duplicated. This makes NFT a valuable and secure way to own and trade digital assets.
How to mint and sell your NFT?
Because of their unique features and nature, NFTs have become increasingly popular among collectors and investors as a way to own and trade digital assets. Usually, you have to take the following steps to create an NFT from scratch and sell it:
- Create a digital asset you want to represent. This asset could be a piece of art, for example.
- Make sure you have enough funds in your crypto wallet that you’ll use. If you don’t have a crypto wallet, you can easily create one on Metamask, for example.
- Choose a platform or marketplace to mint your NFT. You can do that on Bitlocus!
- Connect your wallet to your chosen marketplace.
- Follow the steps as required by the platform or marketplace and create an actual NFT. Congratulations!
- Place your NFT on an online marketplace or trade peer-to-peer.
How to mint an NFT on Bitlocus?
You can tokenize your photos, images, or artwork in a few simple steps on Bitlocus platform here.
- Fill in the information on collection name and collection symbol.
- Add the image. You can add up to 10 images at once. The max size of the file(s) is 10 MB.
- Connect your wallet. Be sure to have 1000 BTL (Bitlocus tokens) and some ETH for gas fees for each NFT.
- Click Mint and find the minted NFTs in your wallet.
That’s it! If you want to develop a collection with additional features, Bitlocus offers bespoke NFT development services. Check here for more information.