The Covid-19 pandemic has accelerated the world of creator economy. People create all kinds of content — be it blogs, social media posts, music, video, physical art, or digital art. But the main question we need to ask is, how well are creators valued?
The scope of NFTs
NFT stands for Non-Fungible Token. The word ‘non-fungible’, in essence, refers to the inability to replace. In other words, it means the entity is unique in nature.
It came into existence to provide added value for creators and artists.
NFTs can’t be duplicated, stolen, destroyed or hacked and the ownership is in a verified and safe form. It is completely transparent in nature.
The ownership of a physical asset can be transformed into a digital asset in the form of NFT. This NFT can be traded or exchanged.
Musicians, dancers, singers, artists, authors, actors, directors, sportspersons, famous personalities — anyone can create NFTs. You can create NFTs for music, video, artwork, collectibles, virtual real estate, or any real-world asset.
Creators can get royalties paid for their work of art, video, image, book, or even a game.
Creating NFTs
Any creator can create their own NFT and host it on any of the blockchain networks. Blockchain is nothing but a decentralized network where each block has previous block data and where no one owns the storage.
Minting is the process of hosting NFTs in the blockchain. Minting can be done by verifying ownership of the work, through which the NFT is created and mapped to an asset. After minting is done, the NFT can be listed on any marketplace.
The most popular blockchain platform to mint NFT is Ethereum.
There is a cost involved in minting NFTs which is called ‘Gas’. There is also a cost involved in listing. But the return on investment will be high if done in the right way.
You need to add cryptocurrency to your wallet as all transactions involved in creating NFTs need it.
How to make money from NFT?
Once you create NFTs for your physical or digital assets, they can be sold or traded on NFT marketplaces like Open Sea, Rarible or Foundation.
Trading and investing on NFTs take place using cryptocurrency, which in turn can give you more gains. NFTs expose you to a global market — geography is not a boundary to sell.
Create a community on social media or Discord to make monetary gains from NFT in the long-term — NFTs appreciate over time.
It is a good idea to promote your NFT collection using social media like Twitter or Telegram. You can even go for paid ads. Get the buzz going and get paid as well!
You can conduct an auction for your network by inviting bidding to maximize the returns. The auction works well on valuable things like:
- A video of Messi’s first goal
- Shah Rukh Khan’s first video recording
- Ed Sheeran’s first sample music track
Here’s a fun fact: event tweets are getting traded as NFTs! Imagine the kind of change technology has brought. The world of blockchain is powerful enough to find the real value for the creator in you through NFT.
Going forward, you even use NFT as collateral to get credit to fund your project or needs! The road ahead is exciting indeed.
