NFT- A Quick Way to Earn Online | Primathon

NFT- A Quick Way to Earn Online | Primathon

Mar 24, 2021

Non-Fungible Token (NFT) is taking the digital world by storm now. Many crypto millionaires and billionaires are part of this platform who are waiting to buy several artforms from upcoming artists. NFT is a cryptographic token, basically a digital file in blockchain. It is a unit of data representing a digital item. Now, this digital item can be any jpeg image, pieces of several digital art brought together just like a collage, including some photoshop and animations.

So, whatever you wish to sell here will be auctioned among hundreds of potential buyers who will pay a good amount to you for your artwork.  These also include audios and videos. These creative artworks uploaded by an owner here are copyable by anyone irrespective of the times it has been copied before. So, you can buy it easily along with a proof of ownership that comes with it. Many influencers have found the platform a source to earn good income by even sharing their tweets and selling it among several potential buyers out there.

How does it really work?

Although by being a part of digital trading, NFTs are nowhere similar to the cryptocurrencies like bitcoins where you can exchange them. In simple words any two NFTs are not at all interchangeable with the same one. If you are an artist interested in selling one of your workpieces here then just upload the image of your art piece and mention a description about it. Once the price range is fixed, you are all set to go! Many buyers purchase an NFT via Ethereum but there are also other ways by using WAX or other ERC-20 tokens. If you are a newbie in the platform then first you will need to create an NFT by having a digital wallet and buy some Ethereum. Once done, you will be ready to upload the artworks and start earning.

When did it all begin?

The very first NFT release was Ethereum-based presented as part of the Etheria project created by Cyrus Adkisson. This was back in 2015, but during the release of Cryptopunks in 2017, it went viral followed up by CryptoKitties. Later the MoonCatRescue was out which became the third non-fungible token project. Talking about the Cryptokitties, the amount raised as an investment by the project was $12.5 million and from there many artists and Hollywood stars started joining the platform. The purchase of MOCA- the Museum of Crypto which became the largest-ever purchase ever made on NFT witnessing a sale of $55,555.55. Artist Trevor Jones sold his masterpiece “Picasso’s Bull” making MOCA one of the Cointelegraph’s top 100 most famous people in the blockchain. 

Benefits of NFTs-

Well from making a huge amount of profit to giving all the upcoming artists a great chance to show their work, NFT has proved to be helpful for many out there. Some of its important beneficial points are here as follows-

  1. Inherit value associated- Artists will get an inherent value associated with their piece of art uploaded here even when his/her art is not bought by someone.
  2. Ownership to every buyer- Each art form bought by you here will be coming with all its ownership authorities given to you so you can resell it when the price goes high.
  3. Royalties- Let’s consider a buyer buying a video file from you decides to resell it in NFT. In such a case the royalties attached to the project will be given to you. This will not only prove to be profitable to you but also all the resellers will be making huge profit.
  4. Anything and everything auctioned here- With numerous arts you can also sell your tweets, posts or any basic picture.

For eg: Twitter CEO Jack Dorsey’s first tweet on twitter is up for a bid. It’s just like getting someone’s autograph which is under your own ownership now.

  • Copyright- If an artist wants then he/she can keep the copyright to work created by him/her. The buyers cannot get full access to the original file uploaded here.

Many graphic designers and photographers have earned a lot from here. For eg: The above latest art form sold by Mike Winkelmann, also known as Beeple, consisted of 5,000 images together and it was worth at a $69.3 million. He just collaged them all together and made huge profits. His artwork was not only appreciated a lot but also proved to be one of the highest sold art pieces here. So, what do you think, is NFT really profitable for the upcoming artists or not?

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