CRYPTO CORNER EPISODE 190
Market Analysis, Updates, News & Reviews
In today’s episode: NFTs and how you can make money off them
So, let’s talk about how you can make a profit with NFTs.
What are the most popular NFT sectors, the most profitable and easier to tap into.
Well, NFTs are all over the internet these days, even the mainstream is now raving about them. On a daily basis we see catchy headlines about yet another NFT setting record high prices – from Jack Dorsey’s 2.5 million dollar first tweet, to Crypto Punks collectibles hitting the million dollar mark or that all too familiar Christie’s Sale of Beeple’s collage of artworks for $69 million…
Indeed, everyone and their dog are now racing to get their feet in the water and some will be riding this wave for as long as it goes, while others will watch from the sidelines, not knowing where to start or what to do… until it’s too late and the boat has sailed… or perhaps NFTs will become one of these permanent tools that we use in everyday life and in a few years’ time we will all use them for everything, so you will look back at this video and say – All this used to make no sense to me, how times change.
When we talk about a non-fungible or NFT, we are talking about a cryptographic token that represents something unique, original, indivisible, programmable, self-executable, non-exchangeable and therefore, non-fungible, built on a blockchain. Its designed to have unique and digitally verifiable properties.
We’re in the middle of a revolutionary movement – the advent of digitizing authorship.
As we see, NFTs today are starting to cover pretty much anything, simply as a digital type of a certificate, that provides a bridge between the physical and the digital world.
In order to make money from NFTs you basically have two choices:
You’re either a creator or collector/speculator.
In fact, most of the people who make crazy profits with NFts now are speculators, in other words, those who buy them only to sell them higher soon after.
Then, there’s one other way you can get your hands on NFTs that I can think of and that is through Gaming.
This is actually the most popular and commonly used method to earn NFTs for free – or well, for your effort and skills, I should say.. but nevertheless, it’s still possible to earn NFTs through games and even trade them. resell them for profit, gaming is a huge industry with a high volume in sales and there’s so much happening in Gaming right now, NFTs and blockchain are really taking the gaming sector by storm and there’s a new youtube video called The Blockchains of Ready Player One, which talks about how blockchain could power The Oasis and highlights real blockchain games and VR experiences available today.
I think it’s important to watch it, in order to understand how things work in this industry, so you can have a good head start when you choose to get involved. This video explains in detail how blockchain and specifically NFTs came into the gaming industry and why they are so important in changing this industry, also oracles (oracle networks) such as Chainlink and how they make it possible to transfer data and connect blockchains, which is taking the gaming sector to its next level.
Also, with the Ethereum blockchain always in overload with transactions, we see that projects like ARK, Hive, Enjin and others are now coming in this space to offer cheaper and faster solutions that enhance the user experience, so it’s a very informative short video – it’s about 15 min or so, that I would recommend to you. I’ll drop the link in the description below for your reference. They also cover all the most popular games that you should know about, so it’s a great summary of everything you need to know about NFTs and gaming and which are the top projects in this space to be involved with.
From the yearly NFT report we see that Metaverses and Gaming are in the top spot when we look at the volume spend.
One of the most expensive NFTs sold to date is a piece of virtual land from Axie Infinity – one of the leaders in blockchain gaming. $1.5 million (USdollars that is…).
I also featured here OVR – a new AR gaming experience that offers NFTs much like Axie Infinity – their plots of land start at just 10 dollars – still, but not for long. If you missed that episode and don’t know why I think that this is a project that you should know about, find the video link in the description, or if you’re watching on Youtube, you’ll see it pop-up in the top corner now.
In my next episode I will present to you another great new project that deals with NFTs – this time collectibles but with an added value of generating profits for just owning them – it’s a very cool new concept, so make sure you catch that one too.
So, in regards to NFTs, everyone and their dog are now racing to get their feet in the water and some will be riding this wave for as long as it goes, while others will watch from the sidelines, not knowing where to start or what to do… until it’s too late and the boat has sailed… or perhaps NFTs will become one of these permanent tools that we use in everyday life and in a few years’ time we will all use them for everything, so you will look back at this video and say – All this used to make no sense to me, how times change.
Yes, and they’re changing too fast now. Ever since blockchain came into the picture, we’ve seen one after another great innovations that we often don’t quite grasp at first, but then they start making perfect sense.
I used to wonder why is Ethereum so important when it first came around, I just thought that Bitcoin was doing a great job at being decentralized currency and Litecoin was good enough as an alternative, faster and cheaper… so we’re good. Later, with the numerous dApps and DAOs that were created on Ethereum’s network, I started to see what the fuss was all about and since then we’ve witnessed the boom of the ICOs, the birth of Non-Fungible Tokens, then parachains and oracles gave birth to a thriving DeFi industry that is growing with the speed of light right now. NFTs also took off last year and are the fastest growing sector in crypto right now.
They were the big surprise in 2020, thanks to their millionaire sales that experienced a growth of 238% last year, to a more than 300 million dollar industry, according to the Non-Fungible Tokens Yearly Report 2020, carried out by the Nonfungible platform and L’Atelier.
I also featured here a game with collectibles called Blockchain Cuties Universe – this is now in the top 20 blockchain games according to NonFungible.com – I only featured it a month ago and it’s blowing up so much already.
It’s actually the first gaming project that offers NFTs built on 5 different blockchains and they can be traded for profit, loaned or borrowed and so on. Same with OVR lands – you can actually build different experiences on these lands and charge other players for visits, like Live gigs or Fights and so on… or you can lend your parcel to someone else, who can built it up and you collect your rent – passive income in a virtual reality that converts into real-life profits.
Or maybe you’re an artist and want to try your luck in creating your own NFTs, I dedicated another episode to the websites that help you create and sell your artworks as NFTs, so check it out. It’s also on my blog here and you can grab all the links you need from there, so this will also be dropped in the description for your reference.
You can use these websites to also buy and re-sell NFTs if you know which are the most influential artists in this sector. I must warn you that the Art NFT scene is going through a bubble right now, so you need to be clever about it and only invest in pieces that have real potential, don’t be too random about it, because just like with the ICO craze in 2017, when everyone started jumping on the trend, people ended up buying into all kinds of crap projects, simply because they didn’t do enough (or any) research and just followed the herd. This is how you can make bad choices and end up losing money rather than make money, so I will dedicate more videos here on NFTs, which are the top artists to watch out for, and other tips, NFTs is an ongoing theme of Crypto Corner this year, I talk about them every week now. so stay tuned.
So, to recap: to make money from NFTs you can either create them and sell on the open market, you can earn them via gaming or you can simply buy and sell them for profit, if you know what to get.
I feel that gamers have the obvious advantage here, because they’re already exposed to NFTs through the games they love and that’s the most seamless way to get your foot in, it’s also not as forced as becoming a buyer and reseller because if profit is your only aim, but you don’t understand the nature of the industry you’re buying into, you’re on a bad start. Luckily, you have several sectors within the NFT industry to choose from – it can be sports collectibles, movie and other memorabilia, Virtual Reality and Gaming NFTs, Art and other collectibles that can involve even celebrity tweets or other Intellectual property, such as music, video and the list keeps growing, so as time goes by, the opportunities become more and more and the basket is expanding, at least some of its fruits will age well, while others will surely go rotten, but that’s always the game – you win some, you lose some. There’s no win without a certain amount of risk-taking.
📄The Ready Player One youtube link is here
📄Older episodes: The Blockchains of Black Mirror
📄My previous NFT videos:
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