NFT Profit

Creating NFTs is a whole other ball game. NFT Profit is predominantly aimed at NFT trading, but that doesn’t mean you can’t branch out. To mint an NFT, you need to visit a marketplace.

NFT marketplaces are essentially playgrounds for NFT enthusiasts. The largest one to date, Opensea.io, has more than 10 million users. They combine auctions, viewings, conversations, and creativity for all things NFT. If you want to make your own NFT collection, one of these platforms is where to start.

All you need to do is create your digital work then upload it to the marketplace blockchain. You then name the piece and add its attributes. When you are happy with it, you mint the creation. Depending on what platform and blockchain you use, the price for minting an NFT varies. Ethereum blockchains, for example, and amongst the most expensive. Please research minting fees before you get started.

Your freshly minted NFT then appears in your account ready to sell. Set a price or put it up for auction- the choice is yours. Alternatively, you can store it in your digital wallet.

Please note that these marketplaces are not designed for speculative NFT trading on a high level. If that is your goal, NFT Profit has all the tools you need.

NFTs are a form of crypto but they are not a currency. Both exist on the blockchain and require a digital wallet for storage. They are also both entirely digital. The similarities can be confusing, but there is a very simple explanation as to how they differ.

In short, the clue is in the name. NFT stands for non-fungible token. Non-fungible literally means that it cannot be replicated: there is only one exact copy. Compare that to Bitcoin, for example. Every Bitcoin is the same. They are interchangeable- you can swap one for another, and there is no difference. Every crypto coin has exactly the same origin, value, and worth.

An NFT cannot be a currency because it cannot be exchanged like for like.

Blue chip NFTs are essentially elite tokens. They are usually part of collections minted by well-known artists or channels. Most blue chip NFTs are rare and highly collectible, usually selling for high prices. Some notable blue chip collections include CryptoPunk, Bored Ape Yacht Club, and Cool Cats.

These are comparable to what is known as blue chip stocks in the traditional trade markets. Again, they are high-value, high-profile assets with the potential to sell for a lot of money. Traditional blue chip stocks include Microsoft, Coca Cola, and McDonald's.

Yes, you do. If you want to buy and store NFTs or any type of crypto asset, you need to have a digital wallet. A digital wallet (also referred to as an e-wallet) is essentially a crypto bank account. It functions the same as a traditional banking account that stores your funds and assets, except it is entirely digital and everything stored in it is essentially a file.

You can set up a digital wallet through a reputable coin exchange or an independent provider. They come with two security keys: one for access and one for transaction confirmation. Do not share these codes with anybody else.

It is also a good idea to consider buying an offline digital wallet for added security if you are planning to hold on to your NFTs for a while. Online wallets are secure, but they are still open to cyberattacks.

An offline wallet lets you store all crypto files on what looks like a pen drive. It removes them from cyberspace and keeps them safely out of sight and any unwanted prying eyes. When you plug it into a computer or laptop, the files (a.k.a assets, NFTs, currency) are automatically uploaded and available.

One thing to remember: don’t lose it!

First, the team would like to clarify that not all NFTs are valuable. Most tokens sell for very little. The percentage of NFTs that sell for four or more figures is not as high as some may think it to be. Please do not go into NFT trading or collecting with the expectation that every piece is going to make thousands of dollars.

NFTs are like art. Just like traditional artwork, some sell for $10 and other pieces go for millions at auction. A big part of it is to do with who made it, where it is sold, and what history the piece has. Of course, an NFT is unlikely to have quite as rich a history as a Van Gough, yet some have outsold his pieces by significant margins.

The history of an NFT is about the artist, the auction activity, and the previous owners. If a celebrity once owned an NFT, it is likely to be worth more. Similarly, if the NFT relates to a significant event, be it political, social, or otherwise, the attention it attracts could hike up the value.

Like art, it is difficult to predict exactly how successful an NFT can be. Blue-chip collections might sell for higher prices, as do celebrity collections. Rarity plays a huge part, in that the more exclusive a piece is, the more it may bring in.