Can The Non Fungible Token Pave The Road To Riches

​Can The NFT Pave The Road To Riches

What is the Non Fungible Token? What is a fungible token for that matter? What is the NFT and can you get rich with them? Somewhere, someone is the proud owner of a cartoon cat that is apparently worth almost two hundred thousand dollars for a single image. Granted, that does not mean this was a good investment. It also means, somewhere, somebody got paid one hundred and seventy thousand dollars for effectively drawing a cartoon cat. Can you do that on the NFT Marketplace?

Welcome to the digital realm of the NFT or Non Fungible Token.

​What is The NFT

The NFT is as noted above, a Non Fungible Token, and it was established as a means to register or mint personal digital art, and to allow people to buy, sell, and trade the NFT online. There is seemingly very little middle ground in terms of the NFT markets, though there do seem to be three distinct sides to the equation.

On the one hand are the ardent supporters of the NFT, who, much like supporters of crypto, believe that this is just the start of a new generation of the every day world. On the other hand are people who decry the NFT and lament the “Wild West Atmosphere” seemingly associated with the current state of wholly digital transactions. And finally, there are those who have no clue what the NFT is and could care less.

The first thing you will need is some form of digital art. What if you are not an artist? Well, do you have a cell phone? Do you have a digital camera? Do you have any way to take digital pictures? Then you already have everything it takes to begin building your digital NFT gallery and publishing it on any NFT marketplace online.

What are you going to take pictures of? What will your NFT collection consist of? What is it that you like? There was one person who created an entire NFT marketplace selling nothing but pictures of rocks and gravel. Whether or not the NFT marketplace with nothing but pictures of rocks will be successful likely depends on the marketplace and perhaps how effective you are with sales.

​How Do I Create The Non Fungible Token

What cannot be doubted or contested is the fact that there really is no reason not to get involved in the NFT markets. Whether you are taking pictures of flowers, clouds, unique buildings, cars, or virtually anything else, as long as you own the rights to the original artwork, there is virtually no limit to the NFT portfolio that you can build and put up for sale.

The first thing that you will need to do is to determine the best NFT marketplace based on your needs. While many of the largest NFT markets online are tempting, they are not without their hazards as well. Many of these sites are fraught with lawsuits which claim and counterclaim subjects like theft, copyright infringement, and other issues of concern for the more casual NFT trader.

When you have a thousand people posting pictures of the same kind of flower, it becomes almost inevitable that some people are going to think they see their pictures everywhere. Some of the NFT traders are equally intent on shutting everyone down who may be able to compete with them on any level. Still, pick the best NFT platform you can find, and then begin transferring your digital art to your collections.

From there, you will have the option to create your NFT and you can do this by “minting” your digital artwork. What this process does is to establish a blockchain address for your art, forever marking that as yours.

Also remember that you can create more than one NFT from the same piece of art, though they should be minted together to ensure integrity, commonly known as limited edition NFT art. As was previously noted, there are very few restrictions about what you can post for the NFT, but then you may want to focus on marketing and sales for the NFT.

​Why Would I Create A Non Fungible Token

At the end of the day, there are two primary reasons that people convert their digital artwork into the NFT format. The first is to have their art registered and verified as their own. The second reason is to begin earning money on the NFT marketplace.

Since it is understood that most people are not the greatest artists in the world, will focus here on how to earn money on the NFT marketplace. You can go the route of the rocks, and just try to literally and figuratively pave the road with the NFT collection composed of nothing but pictures of rock and gravel. Look at the craze of the seventies regarding Pet Rocks and remember that those pieces of gravel literally made someone a millionaire.

Many people however, especially the NFT collectors, will probably want to take a more varied approach, and have a little more diverse offering in their NFT collections. In terms of sales, there are generally two selling options on the average NFT marketplace online.

One choice is the “Buy Now” button. For this option, you select the price you want for the NFT. The cost of the NFT may vary depending on how unique the artwork is, and how many of the NFT were minted based on that individual piece of art.

If there is a limited edition of 1000 NFT copies of the same piece of digital art, it will likely have a much lower resell value than a unique work of digital art that has only been minted into a single NFT. With the Buy Now button, the NFT owner can set the price they want for the NFT and allow it to be listed on the marketplace.

​Can I Get Rich Selling On The NFT Marketplace

The other option for selling the NFT on most NFT markets is by using the built in options to create an NFT auction. Most of the NFT platforms have made this an easy option, but as is always the case, there are good and bad considerations regarding the NFT auction spaces.

The most expensive non fungible token ever sold was sold through an NFT auction, and netted the owner almost seventy million US dollars. Those NFT sales are rare, few, and far between, but not impossible. On the other end of the spectrum, it could be that nobody will bid on the auction, or perhaps worse still, someone will come along and bid a seemingly inconsequential amount and be the only bidder.

The NFT auctions can be just as devastating for the unwary seller as they are beneficial to the smart NFT shopper. The Buy Now button is only safer insofar as the seller can set an exact price they expect for the sale and transfer of the NFT. The NFT auction however, is likely where the big NFT deals are going to come through. For that reason alone, it is easier for someone who has a large following to create a successful NFT auction.

The more potential buyers you have for your NFT, the more likely you can instigate a bidding war between would-be buyers. Ideally, the NFT would be so popular that this occurred naturally, but not many people are that fortunate, especially not when first learning how to build an NFT auction.

​Why Enter The NFT Marketplace Now

At the end of the day, yes, you can get rich in the NFT marketplace. However, it is also wise to remember that much like cryptocurrency and other blockchain technologies, this is still a relatively new marketplace. If however, the market does continue to grow and expand, it would seem better to get in early rather than waiting until it was too late to capitalize on market growth.

Those who do get into the NFT marketplace now will not have to invest a substantial amount of money. Some really good pictures and a little bit of time is essentially all it takes to enter the NFT marketplace as a serious player. For those who wait to enter the markets until they stabilize, the marketplace may be easier to navigate, but it will be much more challenging to get rich with the NFT.