NFTs are one of the most exciting up-and-coming elements of the digital trading world andthey have emerged on the back of the meteoric rise of cryptocurrency in recent years. From the biggest celebrities to the average Joe, everyone istrading NFTs, but what actually are they, and how can you make money with them? In this guide, we’ll be discussing everything you need to know about trading NFTs to let your creativity shine and build a valuable side hustle.
What Is an NFT?
Non-Fungible Tokens, or NFTs, are digital identifiers that can be traded on an online marketplace. Typically, they are pieces of artwork, video content or music, but there is a huge number of weird and wonderful things that people have minted and sold as digital tokens. Because NTFs are traded using blockchain technology, the ownership and sale history behind itare transparent and secure at all times, which makes these tokens a valuable investment for traders around the world.
Assessing the Price of NFTs
If you’re new to buying NFTs, then you might find it difficult to wrap your head around how these tokens are valued, and therefore what price you should buy or sell for. Because there are a lot of NFTs available, you might think that NFTs aren’t worth much, but there is actually a huge collectors’ market for certain tokens, and knowing which ones are valuable can make you a lot of money. For example, some of the most expensive NFTs of all time have sold for upwards of $10 million!
For creators, this offers an exceptional opportunity to make a living from your artwork, especially if you create an NFT collection like the Bored Ape series, which saw buyers vying for the newest edition. To assess the price of NFTs, the best approach is to spend some time researching the different options available before deciding how much you want to pay, and then comparing that price with what’s on the market.
Finding the Right Marketplace
To buy and sell NFTs, you’ll need to find a suitable marketplace to create items, list them and set the right price. There are three simple steps to take to do this:
1.Buy Some Ethereum: Ethereum is the primary cryptocurrency used to buy and sell NFTs, so to start trading you’ll need to buy some of your own. You can do this through a number of different platforms andcater your purchase amount to your own budget – there’s no minimum spend necessary.
- Transfer Your Currency Into A Ethereum Wallet: Next, transfer your new currency into an Ethereum wallet. This wallet will be used to work with NFT marketplaces on which you can buy and sell NFTs.
- Use An NFT Marketplace To Buy And Sell NFTs: The marketplace you choose to trade your NFTs onwill play a big part in your success, so this is an important step to get right. It’s vital that you choose a marketplace that not only allows you to track the value of different tokens, but also that lets you create your own, especially if want to develop content from scratch. The NFT Marketplace at OKX.com is a great choice for this, and you can learn more about it online before you create an account.
Trading NFTs can feel like a complex undertaking, but once you’ve done some research and got started, you’ll be able to take full advantage of the digital world that can help you establish an extra income while pursuing your creative passion.As long as you choose the right marketplace and research the price of each token before you buy or sell, you’ll be able to create the very best content and trade NFTs with ease.
