Is it profitable to make NFTs

So no, NFTs don't make sense. But cryptocurrency has shown that a trend doesn't need to make sense in order to grow exponentially every year. We're probably witnessing an NFT bubble right now, and as with Bitcoin in 2017 that bubble will probably burst -- but don't expect that to kill NFTs for good.

NFTs don't make sense but that won't stop them

Commentary: Bitcoin doesn't make sense either, but that hasn't stopped it from becoming a trillion-dollar phenomenon.

Someone bought this NFT for $69,000.

I vividly remember the moment I realized NFTs, or nonfungible tokens, were a thing.

One of my friends is into cryptocurrency, and he was regaling me with a particularly tempestuous tale. He'd invested $300 into an altcoin, one of the thousands of tokens not named Bitcoin or Ether , but the developer vanished. Then, after months of silence, the developer returned, revealing they had been working on the coin the whole time. That coin became the hot ticket in crypto town, and my friend's $300 became $30,000. Typically preposterous crypto things.

"I'm not going to sell," he told me. "If you hold the coin for a certain number of days, the developer gives you an NFT. So I'll wait for that."

I was staggered. I knew NFTs to be nifty-but-worthless pieces of digital art, but my friend was willing to risk a once-in-a-lifetime jackpot to get one. Then he explained that someone had bought an NFT for 800 ether, or $1.2 million, the week before.

Nonfungible tokens are digital products whose authenticity has been certified on a blockchain. They can be pretty much anything digital: Kings of Leon are selling tokens that give owners access to their new album. A gif of the Dogecoin cryptocurrency mascot (pictured above) sold as an NFT for $69,000, and Christie's last week auctioned a digital art NFT for $69 million . Doggface, a TikTok creator, is hoping to sell one of his viral videos as an NFT for $500,000.

Entertain your brain with the coolest news from streaming to superheroes, memes to video games.

This is where "nonfungible" comes in. A fungible asset is one that's interchangeable with others of its kind -- like money. There are 1.8 billion $50 notes in circulation, and all of them are worth $50. Assets that aren't fungible, like houses, cars or paintings, aren't interchangeable and are valued on a case-by-case basis.

At this point, you're probably confused and maybe even beating yourself up for not getting it. But actually, there's nothing to get. It's incomprehensible that clips, memes and gifs are selling for six, seven and even eight figures. Know what else is incomprehensible? Cryptocurrency, but that hasn't stopped it from becoming a trillion-dollar market .

Just because NFTs are crazy doesn't mean they won't be around for a long time.

It will be interesting to see what the future holds for NFTs. Sustaining long-term attention is difficult in the crypto world. That problem only becomes more apparent when there is little or no utility that people care about. The approach of bringing NFTs into DeFi may offer a solution, but given the sheer number of NFT projects, that may not be as straightforward. Figuring out a long-term game plan involving revenue-sharing and utility will be the next hurdle to tackle.

Is Revenue-sharing The Utility NFTs Need To Succeed Long-term?

CryptoMode NFTs Blockchain Art Mogul productions Crypto PR Revenue-Sharing Holly Sonders

Non-fungible tokens make for great collectibles, yet not all projects offer long-term utility. Different options can be explored in this regard, including a revenue-sharing system with NFT holders. These “piggy banks” incentivize holding, although that alone is never sufficient to succeed.

Revenue-sharing NFTs Have Merit

When people invest in non-fungible tokens, they usually have two choices. Either they flip for a quick profit or hold it long-term for a profit. Where that profit will come from exactly differs from one project to the next. Some ventures provide utility, whereas others hope for influencer support and the hype that process can generate. Both approaches are valid, although neither serves as an incentive per se.

Introducing utility for NFTs has proven to be an interesting problem. Many approaches can be explored, although very few options will work out well. Without a solid plan of development, NFT projects will lose traction quickly, and prices will crash. If the volume decreases too, it is often the end for such projects. A revenue-sharing model can offer some relief.

To put that into perspective, revenue-sharing is a tricky ordeal in the NFT space. Finding a balance between giving back to users and enticing long-term holding isn’t too apparent. As a result, initial revenue projections will often seem very promising, yet developers can only sustain them if a viable ecosystem keeps driving demand and attention. As has become painfully obvious, utility and NFTs do not always go hand-in-hand.

However, there are projects capable of offering a “combination” of sorts. They provide revenue-sharing and some form of utility, which are two sides of the same coin. One project, Sympathy For The Devils, shares part of the revenue generated through secondary market sales . Moreover, they will let NFT holders merge their Devils to create new ones with rarer traits. It incentives holding through revenue and for the “merging”, at least in the short term.

What About The Long Term?

While the above example sounds interesting, it fuels a short-term incentive for holding onto NFTs. In the long term, however, something else will need to be created. Not all types of utility fuel growth, though. Crazy Crows Chess Club offers free Chess.com memberships to every NFT holder, yet the value of its non-fungible tokens has plummeted. It will remain difficult to provide long-term value that goes beyond speculation.

It will be interesting to see what the future holds for NFTs. Sustaining long-term attention is difficult in the crypto world. That problem only becomes more apparent when there is little or no utility that people care about. The approach of bringing NFTs into DeFi may offer a solution, but given the sheer number of NFT projects, that may not be as straightforward. Figuring out a long-term game plan involving revenue-sharing and utility will be the next hurdle to tackle.


Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected]

Here’s how it would work.

The Biggest Advantage of NFTs for Authors

The main differentiator that makes NFTs game changers is that you can make a percentage cut of the resale of the NFT in the secondary market (in perpetuity). That’s because NFTs are powered by “smart contracts” on the Ethereum blockchain.

For example, let’s say Jennifer buys the NFT directly from you for $100, and you set a 10% royalty in the smart contract. Two years later, you become quite famous and Jennifer sells it to Mike for $500. Then you get paid a 10% cut of that sale (i.e., you get paid a $50 royalty).

And if seven years after that, Mike sells it for $12,000, then you get 10% of that sale’s transaction as well (i.e., you get paid a $1,200 royalty).

Welcome to our NFTReview 1, This course teaches marketers how to profit with NFTs, one of the hottest topics of 2021.
*Get this Product here: https://bit.ly/301R0Uj
It’s incredibly easy to set everything up with a 30-day, no questions asked, money-back guarantee. There’s NO risk.
—————————————————————————————————————-
Note: If you are interested in buying this product, purchase from the link and get free bonuses.
—————————————————————————————————————-
For Bonuses, purchase this product through my link and send me a screenshot of your purchase on my instagram.
*My Instagram: https://www.instagram.com/topmarketreviews/
—————————————————————————————————————-
Disclaimer: Every effort has been made to accurately represent the product(s) sold through this website and their potential. Any claims made or examples given are believed to be accurate, however, should not be relied on in any way in making a decision whether or not to purchase. Each individual’s success depends on his or her background, dedication, desire and motivation as well as other factors not always known and sometimes beyond control. You recognize any business endeavor has inherent risk for loss of capital and there is no guarantee that you will succeed.

How to Make Money With Non-Fungible Tokens in 2022 | NFTs | NFT Review

Welcome to our NFTReview 1, This course teaches marketers how to profit with NFTs, one of the hottest topics of 2021.
*Get this Product here: https://bit.ly/301R0Uj
It’s incredibly easy to set everything up with a 30-day, no questions asked, money-back guarantee. There’s NO risk.
—————————————————————————————————————-
Note: If you are interested in buying this product, purchase from the link and get free bonuses.
—————————————————————————————————————-
For Bonuses, purchase this product through my link and send me a screenshot of your purchase on my instagram.
*My Instagram: https://www.instagram.com/topmarketreviews/
—————————————————————————————————————-
Disclaimer: Every effort has been made to accurately represent the product(s) sold through this website and their potential. Any claims made or examples given are believed to be accurate, however, should not be relied on in any way in making a decision whether or not to purchase. Each individual’s success depends on his or her background, dedication, desire and motivation as well as other factors not always known and sometimes beyond control. You recognize any business endeavor has inherent risk for loss of capital and there is no guarantee that you will succeed.

Related Searches:
How to Make Money With Non-Fungible Tokens in 2022
fastest way to make money online
how to make easy money
non fungible token
non fungible token review
what is non fungible token
how to make money with non fungible token
how to buy non fungible token
how to be successful with nft
sajan elanthoor
justinopay
what are the new launches
top market reviews
how to be successful in trading
nft review
nft art market
nft artist guide
nft art coin
how to make money with crypto nfts
howtomakemoneywithcryptocurrency
nftexplainedindetail
nftexplainedeasy
whatisnftandhowitworks
digitalartnftmarket
how to make money with nfts 2022
how to make money with nfts 2021
nft explained easy
what is nft and how it works
how to make money with cryptocurrency 2021

Let’s take a look at what the future holds for NFTs and their environmental impact. One thing is sure: NFTs are not going out of style anytime soon.

Final Words

Now that we’ve seen the 15 top NFT marketplaces for 2021, I’m sure you’re wondering about NFTs and whether or not you should invest in them now or later. Accordingly, one piece of advice I have for you is to do extensive research on NFTs before placing bids.

NFTs are a significant investment that can let you buy a lovely villa, but they consume a lot of energy and contribute to environmental deterioration. As a result, there have been discussions among users. Professionals are working on strategies to make crypto items that do not demand a lot of gas.

Let’s take a look at what the future holds for NFTs and their environmental impact. One thing is sure: NFTs are not going out of style anytime soon.

For more information, contact us.

Advocates say the ability to own digital art enables people to make ongoing creative work from the NFT they own, perhaps using it as the art for their company logo, adding it to existing intellectual property or even making a Gorillaz-style NFT avatar band.

DAOs will be the new Spacs

This time last year, Spacs – short for special purpose acquisition companies – were the talk of the town. Spacs were a trick to help get your company publicly listed without the drawn-out, costly and risky process of an initial public offering (IPO).

A company would be created, raise money and then look for a startup to merge with, skipping lots of regulatory steps. People feared it would undermine safeguards designed to protect regular investors. From now, though, Spacs feel like they’ve had their moment.

While several startups, including BuzzFeed, went public via Spac in 2021, most of them underperformed the market and many lost money outright, meaning startups are eyeing up IPOs once again.

The hot abbreviation as we enter 2022 then is DAO – short for decentralised autonomous organisation. DAOs, which generally use their own cryptocurrency to create a one-coin, one-vote democracy, raise money and seek to use it for some agreed purpose. One recently tried but failed to buy a copy of the US constitution, leading to an almighty row over refunds when it failed.

Advocates see DAOs as the forefront of a new, democratised internet. Sceptics see a waste of time and effort, only an illusion of decentralisation, and big risks to naive investors not sure of the risks involved, or of the steep transaction fees. It’s possible both groups are right.

So unlike most digital items which can be endlessly reproduced, each NFT has a unique digital signature, meaning it is one of a kind.

What are NFTs, how to buy & are they safe? Here are all answers

Reuters NFTs are usually bought with cryptocurrencies or in dollars and the blockchain keeps a record of transactions.

Non-fungible tokens (NFTs), a type of digital asset, have exploded in popularity this year, with NFT artworks selling for millions of dollars.

The trend is perplexing those who might wonder why so much money is being spent on items that only exist in digital form and can be viewed by anyone for free. Supporters view NFTs as the next phase in art collection.

WHAT IS AN NFT?

An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and who owns it.

So unlike most digital items which can be endlessly reproduced, each NFT has a unique digital signature, meaning it is one of a kind.

NFTs are usually bought with cryptocurrencies or in dollars and the blockchain keeps a record of transactions. While anyone can view the NFT, only the buyer has the status of being the official owner – a kind of digital bragging rights.

Buying an NFT of an image or video does not normally mean the buyer gets the copyright of the underlying item.

WHAT KIND OF NFTS EXIST?
All kinds of digital objects – images, videos, music, text and even tweets – can be bought and sold as NFTs.

Digital art has seen some of the most high-profile sales, while in sports, fans can collect and trade NFTs relating to a particular player or team.

For instance, on the National Basketball Association Top Shot platform, enthusiasts can buy collectible NFTs in the form of video highlights of moments from games.

While these highlights can be seen for free on other platforms such as YouTube, people are buying the status as the owner of a particular NFT, which is unique due to the digital signature.

NFTs can also be patches of land in virtual world environments, digital clothing, or exclusive use of a cryptocurrency wallet name.

The first tweet from Twitter boss Jack Dorsey – "just setting up my twttr" – sold for $2.9 million as an NFT in March.

HOW MUCH HAS THE MARKET GROWN?
Traded since around 2017, NFTs surged in popularity in early 2021, then had another explosive jump around August.

Sales volumes surged to $10.7 billion in the third quarter of 2021, according to data from market tracker DappRadar. This was up more than eightfold from the previous quarter.

On the biggest NFT marketplace, OpenSea, there were $2.6 billion of sales in October this year, a massive increase from the $4.8 million in October 2020.

WHY HAVE NFTS SURGED?
Some attribute the frenzy to lockdowns forcing people to spend more time at home on the internet.

NFTs are seen as a way to have possessions in online and virtual environments, which can communicate social status and personal taste – for some people, it is the digital equivalent of buying an expensive pair of sneakers.

For others, the lure lies in rapidly rising prices and the prospect of big returns. Some buyers "flip" NFTs, selling them on within a few days or even hours for profit.

The recent price gains in cryptocurrencies such as bitcoin, which rose around 300% in 2020, have also created a new group of crypto-rich investors, who spend their cryptocurrencies on NFTs.

WHY ARE NFTS IMPORTANT?

Enthusiasts see NFTs as the future of ownership. All kinds of property – from event tickets to houses – will eventually have their ownership status tokenised in this way, they believe.

For artists, NFTs could solve the problem of how they can monetise digital artworks. They can receive more income from NFTs, as they can get a royalty each time the NFT changes hands after the initial sale.

NFTs could also transform music, sports and gaming, NFTs' proponents say.

WHAT ARE THE RISKS?
Like cryptocurrencies, NFTs are largely unregulated. Anybody can create and sell an NFT and there is no guarantee of its value. Losses can stack up if the hype dies down.

In a market where many participants use pseudonyms, fraud and scams are also a risk.

Please take a moment to consider if this thread is worth bumping.

Sign up for a new account in our community. It's easy!

Already have an account? Sign in here.

Announcements

  • Second Life Public Calendar
  • Second Life on Social Media
  • Replies 126
  • Created Apr 27
  • Last Reply May 10

Top Posters In This Topic

Scylla Rhiadra 9 posts

Rowan Amore 14 posts

Finite 24 posts

FairreLilette 30 posts

Popular Days

Popular Posts

Polenth Yue

Polenth Yue

Fungible is a sad word for me, as when I first heard it, I really hoped it was about having the potential to become a fungus.

Bree Giffen

Bree Giffen

I really wouldn't any of my tokens to have fungi. That's disgusting. No wonder why people pay so much for them. I don't understand what copyright has to do with it. How do you copyright mushrooms? The

Drake1 Nightfire

Drake1 Nightfire

Listen you.. I did Google it.. i got a bunch of answers about bitcoin.. I dont do any of that stuff.. Kids these days.. No respect i tell ya. And for a family member even!

Mike Winkelmann, a CGI artist famously known as Beeple in the art world, created a digital art piece that is a collage of all his art pieces since 2013. The NFT-pegged artwork sold for a whopping $69 million.

Why is NFT Important for Art

The art industry as we know it fails artists in multiple ways. New artists have a hard time finding art agencies and galleries that are willing to support them and sell their art. If they luckily manage to find an agency to sell their work, the agencies usually take a considerable chunk of their total sale.

Furthermore, fraud and counterfeit artwork still are a major concern in the art market. Fraudsters cheat art collectors from hundreds of millions every year by selling counterfeit artwork. The only way to curb the sale of counterfeit art is to ensure buyers get to see proof-of-ownership. This will ensure that everyone can authenticate the original artwork from the counterfeit one.

NFTs enable artists to do exactly that. Every art piece that is pegged to an NFT gets a unique identifier that cannot be changed, stolen, or tampered with as it is stored on a blockchain. This identifier acts as a proof-of-ownership and the blockchain records each time the NFT is transferred to a new owner.

Beyond security and authenticity, NFTs offer artists a global platform to create and sell artwork with royalities from secondary sales predetermined during the minting process. On NFT marketplaces, artists can choose to take a percentage of the sales each time a new user buys their artwork from the current owner.

While cryptocurrency assets are fungible and can be interchanged for other currencies of the same value, such as one bitcoin for another one bitcoin.

Conclusion

It’s clear that NFTs are in the limelight during this time, and the creators of NFT artworks, such as the artists, gamers, and big business brands across the world are certainly cashing in on big money.

A new player seems to enter the NFT marketplace on the daily basis, bringing with them new NFTs to be sold in a desire to earn big.

What is NFT art? Whether they are here to stay or soon to go, in the here and now, they are mostly the toy for the rich and powerful, the ones with money who can make it all happen.

The non-fungible token phase of the 21 st century gives a new meaning and purpose to digital artwork and its artists, and the huge costs of these works online suggest that the digital works produced by artists of our day and age have a future in the art world as we know it. Also, check out our post What Makes Art Sell.

Comments

Popular Posts