[Mika]

While I am not in favor of investing in NFTs to profit from this blockchain-based digital media, I do believe that creating your own NFTs and selling through NFT marketplaces is a good way to make money.

How to Create NFTs

Generally speaking, there are two ways to Create an NFT

Creating NFTs by Writing and Deploying Smart Contracts

You can create NFTs on various blockchain platforms, and the most popular options are Ethereum, Binance Smart Chain, Polygon, and Solana. In order to create NFTs, you need knowledge and skills in the blockchain platform that you want to use for your NFTs. You also need skills to write codes to define your NFTs’ attributes.

Some of the common NFTs attributes are NFT name and description, image associated with the NFT, ownership attribution, etc. You need to write and deploy Smart Contracts with the attributes that you want for your NFTs. The code you write will specify how your NFTs will behave.

After the Smart Contract is written, you will have to deploy it through the blockchain platform of your choice. Once the Smart Contract is deployed, you will have to mint your NFT. You will find MyEtherWallet very useful for this purpose.

Creating NFTs by Directly Minting Through Marketplace

If you do not have the proper skills to create an NFT, there is another way to create an NFT and this is really easy. Find a digital art or digital photograph, go to OpenSea, an NFT marketplace. Upload your media and mint it as an NFT. You will have to link your Ethereum wallet and pay for gas fees. Interestingly, there is also gas free marketplace on OpenSea. In order to use this option, you will have to choose Solana Blockchain instead of Ethereum Blockchain. If you do not have digital media to mint as an NFT, you can go to freelancer platforms and hire a graphic artist to create digital art for NFTs. Actually, NFT art creation service is very popular on Fiverr.

How to Sell Your NFTs to Make Money

NFTs are basically digital media on the blockchain and people create NFTs for the purpose of selling it and making money. There are a lot of NFT marketplaces where you can see your NFTs. You can try OpenSea, Solsea, Rarible, Binance NFT, etc.

The NFT market is as competitive as other markets, therefore, selling can be very daunting. However, if you have created interesting NFTs, and if you have marketed your NFTs very well, you might be able to sell your NFTs and make money.

[ptrikha21]

Quite interesting tips.
I want to know that whether all such NFT platforms need a basic fee to run?
And what are those Fees in USD?

[cmoneyspinner]

@Mika - If you know how to create NFTs, I'm curious to know if you have sold this skill to others on sites like Fiverr. Seems like you could probably earn creating NFTs for others.

[Mika]

Quite interesting tips.
I want to know that whether all such NFT platforms need a basic fee to run?
And what are those Fees in USD?

Most of the platforms require sellers to pay for gas fees. Fees depend on various factors and it is difficult to give exact value in USD.

@Mika - If you know how to create NFTs, I'm curious to know if you have sold this skill to others on sites like Fiverr. Seems like you could probably earn creating NFTs for others.

Having knowledge on something and using that knowledge to make money are entirely two different things. Selling services is really difficult on Fiverr or other freelancing platforms.

[cmoneyspinner]

Selling services is really difficult on Fiverr or other freelancing platforms.

You're telling me! I know how hard it is. I only suggested it because it seems like people are really into NFTs these days. I thought it might be a great opportunity for you.

[Jem Smith]

NFTs are ridiculous. I will right click and save those ugly monkey pictures if I want to.

[Mika]

You're telling me! I know how hard it is. I only suggested it because it seems like people are really into NFTs these days. I thought it might be a great opportunity for you.

BY the way, I have some NFTs on few marketplaces but I am yet to make any sales.

NFTs are ridiculous. I will right click and save those ugly monkey pictures if I want to.

NFTs are not digital image that you can save by right clicking. NFTs are digital media stored on blockchain.

[cmoneyspinner]

@Mika - One of my kids told me to try NFTs because one of his friends made a lot of money.
But I stick with what I know. Since I don't know enough about NFTs, I won't try it until I feel confident with my knowledge about it.

[holdoors]

I have seen people marketing AI art as part of the NFT line. The AI generated images are sold as NFT. The people can even save on designer fees nowadays.

[Jem Smith]

You're telling me! I know how hard it is. I only suggested it because it seems like people are really into NFTs these days. I thought it might be a great opportunity for you.

BY the way, I have some NFTs on few marketplaces but I am yet to make any sales.

NFTs are ridiculous. I will right click and save those ugly monkey pictures if I want to.

NFTs are not digital image that you can save by right clicking. NFTs are digital media stored on blockchain.

I know what they are, and the concept is stupid. If you buy NFT art you don't own the copyright to it (as some people think), and you don't have a legal right to anything.

[Mika]

I know what they are, and the concept is stupid. If you buy NFT art you don't own the copyright to it (as some people think), and you don't have a legal right to anything.

When you buy a painting, the painting is yours but you do not have to authorship of the painting, right. NFT works on the same concept. While people can steal your digital art, they cannot steal NFT. By the way I am also not interested in buying NFT. However, if there are people willing to buy an NFT, why not try to sell it?

[Treborika]

I have never been in to the NFTs before. I really have no idea about the NFTs but I will look at it since we can earn from it.

[cmoneyspinner]

I know what they are, and the concept is stupid. If you buy NFT art you don't own the copyright to it (as some people think), and you don't have a legal right to anything.

When you buy a painting, the painting is yours but you do not have to authorship of the painting, right. NFT works on the same concept. While people can steal your digital art, they cannot steal NFT. By the way I am also not interested in buying NFT. However, if there are people willing to buy an NFT, why not try to sell it?

I get what you both are saying. That's why I appreciated this Stephen Colbert video. It's funny but makes sense.

[Xynehappy]

I think this is something that requires some skills for one to be doing a very good job for it. I am glad that works for you.

[Mika]

You can frequently hear that some people are making an insane amount of money from NFT, and you might be wondering how these people are actually making money from NFT. Proponents of NFTs say that NFTs can be more profitable than cryptocurrencies as you can sell a single NFT or NFTs collection for a lot of money, whereas opponents say NFTs are a fad and sooner or later, they will be gone. No matter on which camp you belong, you need to accept that NFTs are all the rage, and everyone involved with cryptocurrencies seems to be taking an interest in NFTs.

If you have never been into NFTs, you might be wondering how beginners can make money by selling and trading NFTs. There are multiple NFT marketplaces and people might suggest you to use these marketplaces to sell or trade NFTs for money. However, the burning question is how do you get started with selling or trading NTFS?

Currently, selling NFTs is one of the best ways to make money from the crypto market. If you do not have the skills to create NFTs, there are a lot of NFT creation tools that can help you create NFTs. NFT marketplaces also offer a few clicks NFT creation service. For instance, on OpenSea, you can upload media and easily mint it into an NFT. All you need to do is pay for minting fees. Since NFTs are priced according to the blockchain used for the NFTs, for instance, NFTs minted on Ethereum have ETH price tagged, whereas NFTs on Solana or Polygon are priced SOL or MATIC. Since NFTs are priced according to the blockchain used, just like the crypto price, NFTs' fiat value can also fluctuate, however, its price in crypto remains the same. One of the main things related to selling NFTs is setting an appropriate selling price. You can see a lot of creators selling NFTs for 3-4 ETH or even more, but if you are new, you can start with a low price, for instance, 0.001 ETH.

As mentioned above, one of the easiest ways to create NFTs is by using your digital media and converting it into an NFT by using NFT marketplaces. In order to create digital media, you need graphic design skills. Photoshop skills will come in handy. However, you can also try AI graphic generators like Midjourney to create NFT art. All you need to come up with an interesting prompt.

Have you ever made money from NFT? How did you do it? What suggestions do you have for people who want to step into the world of NFTs? Please share your valuable feedback in the comments.

[Mika]

I have seen people marketing AI art as part of the NFT line. The AI generated images are sold as NFT. The people can even save on designer fees nowadays.

If you use NFT marketplace to mind art into an NFT, using AI tools to generate can be an easy way to create NFT art

[Fergal]

NFTs were extremely popular a little while ago and there were stories of people making a huge amount of money from them, in a very short space of time. The hype seems to have died down a lot, are people still making money from trading NFTs?

[Mika]

NFTs were extremely popular a little while ago and there were stories of people making a huge amount of money from them, in a very short space of time. The hype seems to have died down a lot, are people still making money from trading NFTs?

When I check marketplaces like opensea, I still see people selling NFTs and making money. One f the reasons why the hype seems to be dying is because a lot of people believed NFTs are just dusfgured ape in drawing.

[Jem Smith]

I just saw a news article yesterday about how nearly all NFTs are now worthless. It sounds like you need to be pretty selective about which ones you get if you want them to hold their value.

"According to a new report by dappGambl that reviewed data from NFT Scan and CoinMarketCap, 69,795 out of 73,257 NFT collections have a market cap of 0 Ether, leaving 95% of those holding NFT collections – or 23 million people – with worthless investments...In order to survive market downturns and have lasting value, NFTs need to be either historically relevant such as first-edition Pokémon cards, true art or provide genuine utility, they said in the report."

https://www.theguardian.com/technology/2023/sep/22/nfts-worthless-price

[Jem Smith]

I know what they are, and the concept is stupid. If you buy NFT art you don't own the copyright to it (as some people think), and you don't have a legal right to anything.

When you buy a painting, the painting is yours but you do not have to authorship of the painting, right. NFT works on the same concept. While people can steal your digital art, they cannot steal NFT. By the way I am also not interested in buying NFT. However, if there are people willing to buy an NFT, why not try to sell it?

It's not the same. When I buy a painting, I get a physical object that I can put in my house. I can sell that physical object or keep it. I did not think that buying a painting meant that I had created it, what it gives me is ownership of the painting. You don't own the digital art when you buy an NFT. You don't own anything. And 95% of NFTs are now totally worthless.