NFTs. What are they and is it just a craze?
Up until last week when I watched a video by the Social Media Examiner interviewing Instagram expert, Natasha Samuel, I had no idea what an NFT was! So, I finished the video and after that started my research.
I’ll share what I found!
First, you can create, collect and share your NFTs on IG! and hook up a wallet in the app.! Very cool.
Okay, so now that we know that, let’s cover some questions I asked google this week.
What is an NFT?
An NFT, Non-Fungible Token, is a one-of-a-kind digital asset. It can represent real-life items and this token is usually in the form of art, but not always, and typically owned and sold by the creator.
*NFTs are tracked to the owner by a blockchain, the same technology that powers cryptocurrencies.
What makes NFTs valuable?
NFTs are a special type of crypto asset because they are unique and can only be owned by one individual at a time although sometimes one NFT can be visually the same but a different edition, just like an art print.
What are some common NFT types?
2) Digital Art
3) Video Game Items
5) Collectable items/trading cards
6) Sports Moments
7) Virtual Fashion
*There are many types of NFTs but it seems that the ones listed above are among the most popular.
-A piece of digital art by Beeple, “Everydays — The First 5000 Days,” was sold for $69.3 million… Read this NY Times article if you want more details.
-Even a tweet can and has been made into an NFT and sold, crazy! The founder of Twitter sold an NFT of his 1st tweet for $2.9 million, even crazier.
Can anyone make an NFT?
Yes, anyone can make an NFT using the right tools but digital creators who are already experienced in the making of digital art have the upper hand and experience to create them easily and correctly.
*That doesn’t mean we can’t all do it and be wonderful at it with time.
How can a small business make money with NFTs?
As a small business owner, you can create NFTs for others, create a personal NFT store for people to buy your NFTs only, or make a multi-vendor marketplace where both you and your visitors can create, buy, and sell NFT’s.
*You can always get help from a web developer if needed.
Are there other ways to make money with NFTs?
*This Forbes article gave 10 great ideas for making money with NFTs. I’m going to list them here for you exactly the way they had them.
1) Create An NFT Online Course
2) Write An NFT-Themed Blog
3) Create An NFT Forum
4) Become An NFT Broker
5) Craft An NFT Newsletter
6) Write An NFT eBook
7) Create A White Label NFT Service
8) Become An NFT Artist
9) Create NFT Collectibles
10) Launch An NFT App
What are some big brands that are making and selling NFTs?
1) The NBA
4) Louis Vuitton
It seems like NFTs are a big thing and are going to become even bigger. As always, I see huge potential in this as I do with everything.
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