After taking the globe by storm, everybody has an opinion on non-fungible tokens or NFTs. Some call it a scam, some say it is revolutionary, and others are curious as to what it really is.
However you feel about NFTs, even if you do not know what they are, you should know that you can make money with NFT. And if you're interested in knowing how then keep reading further.
Before learning how to make money with NFT, you must first comprehend what it entails.
NFTs are collectibles or digital assets which are stored on the blockchain. Blockchain is a database where you're allowed to store collectibles, objects, or assets with sustainable ownership.
These digital assets stored on the blockchain as NFTs can be anything starting from a video, an artwork, a picture, a song, etc. Every NFT is distinctive and the ownership of it can be authenticated on the blockchain. Nobody can tamper with the history of activities or transactions.
There are several ways to make money using this technology. They are as follows:
To do so, all you need is to create a smart contract with a lock and collect the rent. Once the rent period is up, your NFT will automatically return under your ownership and the transaction will be completed.
As a user of the network, you can update your NFTs and lock them for a given time to earn passive income.
To make a huge profit, you need to do proper research and analyze the collectible.
Blockchain technology can be used as a platform more than just for selling and buying pictures. We've barely scratched the surface and the possibilities are limitless. All you need to do until then is keep learning and make the best of the situation.
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