Hello crypto traders. In this video, I will tell you about NFT cryptocurrencies, what they are and how you can make money on them. As there was a boom in ICOs in 2017, Defi in 2020, so now the peak of NFT popularity is brewing in 2021. Everything in order below.
What is NFT cryptocurrency?
NFT coins are one of the types of digital money, the technology of which was invented in 2017 based on ETH. Non-Fungible Tokens (NFT) are unique or non-fungible coins, each of which cannot be exchanged for another. Moreover, such a cryptocurrency cannot be counterfeited, copied, or divided.
These properties of NFT tokens make them ideal for creating unique content and confirming their copyrights, transferring them, and resale. These can be songs and music, works of art (paintings and paintings), films, computer games, objects in video games, and in some cases even cars, houses, and apartments.
Prospects for NFT coins
NFT has great prospects for the future. Thus, sales and income from unique digital coins increased by 3 times at the beginning of 2021 compared to the previous year. Of course, their development and improvement will take several more years, but many companies are already actively investing in this type of cryptocurrency. Operations with NFT are faster and cheaper than with real objects.
Movie streaming services will find it easier to acquire rights to show new movies, and Google or Apple online stores will be able to provide their customers with copyrighted music faster. Some physical paintings have already begun to be digitized, for example, “Morons (White)”, which after selling for almost 100 million USD, was transferred to NFT, and immediately burned, leaving only the digital original.
How to make money on NFT
And of course, you should be concerned with the question of how to make money on NFT tokens? There are several options here. The first option – you buy any NFT coin you are interested in (be it a painting or an object from a computer game) on the OpenSea or Rarible platform. Then, after a while, sell this token at a higher price.
This is common trading and speculation, but there is a risk that you will buy digital money that no one needs or no one wants to buy at your price. The second option – you yourself create unique content: pictures, videos, music, a computer game, or digitize a unique piece of antiques, and then destroy it.
The third option is that you, as an agent, find an interesting NFT token, then find a buyer, to whom you tell the prospects and advantages of this cryptocurrency. And you just deduct the commission from the transaction! The fourth option is playing NFT games, for example, CryptoKitties, where it is possible to create and upgrade your computer characters for their subsequent sale.
NFT tokens video completed. I told you what NFT is, how these coins should be used and how to make money on it. Despite the fact that NFT is a whole art and science, there are still risks and pitfalls. Therefore, when trading NFT, it is also worth observing risk management. Until next videos on botcryptotrade.com