If you have something to mark, all you have to do is:
- Create a crypto wallet. For example: Metamask, Enjin or Trust Wallet.
- Choose an NFT trading platform. For example: OpenSea, Rarible, SuperRare or Binance.
- Download the file you want to «tokenize» and create your NFT.
- Fund your crypto wallet to pay fees and commissions.
- List your work for sale or auction. Wait for NFT to buy.
Of course, there are more trading platforms than listed. We recommend that you carefully compare the conditions of the trading platforms so as not to be disappointed with the choice later.
The terms of commission for users can be different: from commission for sales to commission for placing the asset. That is, you must pay before the user earns for selling NFT tokens.
To increase your chances of selling, you must either create a work of artistic merit or create something new and unusual. This is written in the news.
How to invest in NFT?
Like any other asset, an NFT token can be bought and sold. The vast majority buy tokens to resell them at a higher price. Now the market is clearly on the up and many investors see it as an opportunity to make money.
To invest in NFT you need to follow the same procedure as above. Don’t upload your work, just buy someone else’s.
Risks of investing in NFT
Don’t think that this market is a new Eldorado where anyone can become a millionaire quickly. As with anything, the risks are significant and before you invest in NFT you need to understand this.
It’s natural for extreme cases to attract attention… And we’ll keep bumping into the news about the story of how a 12-year-old girl made $1.6 million selling her drawings as NFTs. Or that the profitability of CryptoPunks NFT collection was over 700,000%.
But we must recognize that these are extreme cases and we must not focus on them.
NFT sales statistics on the OpenSea platform show that more than 60% of trades are made with tokens valued at up to $200 and another third of tokens are traded at prices below $100. And there are very few very big cases left.
So what are we dealing with, a promising new market or a bubble created by the hype and desire to make a quick buck off of NFT imagery?
Many analysts believe that NFT is a bubble that is about to burst. But we must not forget that the same opinions were expressed about Bitcoin back then.
Probably many reviewers would like to go back to at least 2017 and buy Bitcoin for $5,000. Now its price is hovering around the $40,000 mark.
According to the portal nonfungible.com, which keeps daily statistics on transactions, it can be noted that since March 2022, the number of transactions has decreased, as well as total sales. Transaction volume fell 30% from $74.3 billion to $52 billion.
This may reflect both a drop in investor interest and signs of some stabilization in the market.
It is difficult to predict what lies ahead for the NFT market in the future, it can count on both a sharp “slump”, and a transition to a quiet period of development, as happened with some cryptocurrencies. The only obvious thing is that it will be interesting to watch and even join in.