What are NFTs? How Do You Make Money On NFTs? Non-fungible tokens, which are also known as NFTs or ERC-721 tokens, can be used to represent many different types of assets such as cryptocurrencies, real estate, stocks, and more. They are extremely popular in the gaming industry and were first created by CryptoKitties in late 2017.
They have become increasingly used on the Ethereum blockchain and allow anyone to create unique digital assets that can be transferred with smart contracts from one owner to another. Below are some simple steps to find How Do You Make Money On NFTs…
Understand The Basics Of Blockchain
While making money online with NFTs is not very difficult, you do need a good understanding of blockchain technology. If you don’t know what that is, consider starting here. It’s an introduction video of 5 minutes and might help you get started.
Personally, I wouldn’t say it’s required but it will certainly make things easier if you have some basic knowledge about how blockchain works. As we’ll be working on Ethereum which uses smart contracts, also a part of blockchains technology.
Get Your Hands on Some Crypto
You can use fiat currency (USD/EUR) to buy crypto in exchanges like Coinbase or Binance or other platforms like LocalBitcoins where you can meet people who are willing to sell their crypto for fiat currency.
There are many different coins out there and each one has its own price, so make sure you pick one that has enough liquidity so you can easily convert it back into fiat currency when needed.
Go To Exchange Buy Your First Cryptocurrency
You’ll need a cryptocurrency exchange if you don’t already have one. The easiest way to find one is using CoinMarketCap; simply search for cryptocurrency exchange and choose one of those that looks legit. In order to buy cryptocurrency on exchanges, you’ll need a wallet (like Coinbase or MyEtherWallet).
Cryptocurrency wallets allow you to store your cryptocurrency in an online space, meaning they are widely accessible as well as vulnerable to hacks and thefts. I recommend holding most of your crypto assets in cold storage such as hardware wallets (which I discuss later), but that first trade will have a small number of funds transferred into its hot wallet the equivalent of a checking account to ensure it can be completed quickly.
Once you have access to your wallet, sign up for an account on a reputable exchange like Binance or KuCoin. It takes just minutes to create an account and verify your identity. After signing up, link your bank account so that you can deposit funds directly from your bank into your new cryptocurrency exchange wallet without paying fees associated with credit card transactions.
Once linked, transfer some fiat currency from your bank to buy some Bitcoin (BTC) or Ethereum (ETH). If you’re not sure how much BTC/ETH to purchase, start off by buying $100 worth of each currency. This should give you enough capital to experiment without risking too much money if things go wrong.
Buy And Sell Your Crypto
Buying and selling cryptocurrencies (digital assets) on an exchange is just like any other financial transaction. The main difference is that you’re paying your exchange directly, instead of a bank. So it’s as simple as transferring funds from your bank account to one on Binance or Bittrex.
It sounds simple, but there are nuances that could trip you up if you don’t know what you’re doing. You have to do enough research so that you’ll feel comfortable making purchases and sales at each cryptocurrency’s price point. Otherwise, buyers will be able to take advantage of your lack of knowledge about market fluctuations and trends over time and sellers will be able to charge more than what a currency might actually be worth at any given moment in time.
If you want to make money trading cryptocurrencies, remember these tips:
1. Do Your Research
2. Don’t Get Greedy
3. Be Patient
4. Don’t Gamble
5. Have a Plan
6. Set Limits
7. Trade Safely
8. Stick With What Works
9. Track Your Progress
10 Keep Learning
Now let’s look at how these tips apply specifically to buying and selling crypto.
Check Out Bounties They Pay You In Crypto
Many people say that cryptocurrency is in a bubble right now. While I don’t necessarily agree with that statement, I can see why you might think so. It all has to do with their eyes being bigger than their stomach, and their willingness to invest at unsustainable prices.
That being said, many companies have issued what are called bounties on Upwork. These bounties pay people in crypto if they complete certain tasks. Although some of these are more beneficial than others, most do not require any technical skills whatsoever.
Therefore, you can make thousands of dollars without even knowing how to code! This is an extremely easy way to make money online. In fact, it’s one of my favorite ways to make extra cash online. If you’re interested in learning more about making money online with bounties, check out my post on How To Make Money Online With Bounties.
One of my favorite things about cryptocurrencies like Bitcoin and Ethereum is that they aren’t tied down by borders or geographical locations. As long as there’s an internet connection available, anyone can send or receive Bitcoin anywhere around the world. This means that you could potentially buy Bitcoin from someone in another country (or state) and then sell it locally for a profit!
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