With the explosive growth of cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETH), new forms of digital assets have attracted thousands of investors. They have even moved billions of dollars. NFTs, which stands for Non-Fungible Tokens, are one of them.
Between January 2021 and September 2021, sales of these tokens reached US$13.2 billion. When you think about it, this amount is larger than the combined gross domestic product (GDP) of Acre, Amapá, and Roraima. Below, take a look at what NFTs are and how to make money with them.
What is NFT?
NFT is an acronym for non-fungible token. To fully understand what this technology is, it’s important to understand what the terms “token” and “fungible” mean. Simply put, a token is a digital representation of an asset, such as currency, property, or art, recorded on the blockchain. Therefore, if a person owns the tokens of a property, it means that they have a right to the property or a portion of it.
On the other hand, according to the Brazilian Civil Code, fungible goods are goods that “can be replaced by other goods of the same kind, quality and quantity”. Therefore, a 100 reais note is interchangeable, as it can be exchanged for two 50 reais notes. for another.
Where to buy NFT?
In short, you can buy NFTs on marketplaces dedicated to selling these digital assets. Some examples of platforms include: OpenSea, Binance NFT, Rarible, Solanart, Foundation, SuperRare, Nifty Gateway, and 9Block (Brazil).
How to create NFT and make money?
You can create or buy NFTs. The creation process is very simple. Taking OpenSea as an example, you need to log into the platform, connect a cryptocurrency wallet, and enter your project. It can be images, videos, music, or 3D models. The file can be up to 100 MB in size.
Additionally, you have to pay for gas. Additionally, OpenSea charges a commission of 2.5% when your NFTs are sold. Other platforms like Rarible, SuperRare, Nifty Gateway, and Binance NFT have similar fees.
In short, physical and digital paintings, music, game items, memes, photos of sports moments, website domains, videos, and even social media posts can all become non-fungible tokens. Just like works of art that appreciate in value over time, NFTs can follow suit.
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