In practice, NFTs are most often used to represent digital artworks, for example, avatars that can be used as profile pictures on social media networks. Since they are issued on blockchains, NFTs can be transacted on a 24/7 basis anywhere in the world. This has allowed a flourishing NFT market to develop, and some NFTs have sold for millions of dollars.
Have you ever tried creating your own NFTs, trading existing NFTs, mint NFTs from upcoming projects, or such stuff?
If I speak from my personal pov, I think we should point out that investing in NFTs is a high-risk activity, and you could lose the entirety of your investment. Make sure to consider your financial situation and do your own research before deciding to buy any NFTs.
One of the most straightforward ways of making money with NFTs is to create your own NFTs and sell them. The infrastructure for this is developed very well, as most NFT marketplaces allow anyone to publish NFTs and offer them to a global audience.
These days I'm most interested in gaming NFTs which you earn through playing some games, there's a huge specter of these games, whether that is some of the most famous games such as Axie Infinity or Splinterlands if you're into fantasy games than you should play CoinFantasy. If you have any proposals for what to play, please write in the comments.
Of course, creating NFTs that people will actually want to buy is anything but easy. There are a few considerations that need to be taken into account before starting.
NFTs have a wide range of applications. While the most popular NFTs can broadly be classified as art NFTs, some NFTs are meant to have utility as well. You should be aware that the NFT market is less liquid than the market for fungible crypto assets like BTC and ETH. This means it will take longer for you to sell your NFTs, and you might have to adjust your asking price often in order to find a buyer.
What struggles do you have the most when it comes to NFTs?