NFTs the Digital Treasures
Step into the world of digital ownership and uniqueness with Non-Fungible Tokens (NFTs) – the modern-day equivalent of rare collectibles from our childhood. Just like being the envy of your peers with the rarest cards or stickers, NFTs allow you to possess something truly unique in the digital realm. In adulthood, the thrill of owning something exclusive remains the same.
Still, many multi-millionaires in the real world would opt for unique designs of cars or customized editions of gadgets or vehicles that are exclusively produced in their name all of that just to feel special and meet the desire that one could have something that others are not able to. NFTs are the new-age digital possessions that set you apart from the crowd, giving you a sense of superiority and bragging rights. And the best part? The value of these digital treasures can soar to incredible heights, making them not just a possession, but an investment.
While some may be skeptical about this new form of ownership, the allure of NFTs is undeniable. News agencies are buzzing with stories of jaw-dropping prices for seemingly simple artworks, sparking intrigue and fascination across the globe. Explore the world of NFTs and discover the thrill of owning something truly one-of-a-kind. Join the digital revolution and experience the power of unique ownership like never before.
Now the main question is could we trust it with our money? What happens after we have purchased them? How reliable are they?
NFTs
Non-Fungible Tokens are in fact a new form of ownership occurring in a non-physical environment which is the virtual world, the internet. Somehow the coding which is a unique digital certificate meant to represent the original claim on a blockchain environment. Space on the blockchain is indeed expensive and limited, therefore, the value is created by the space obtained itself and also the product, or concept it is used to be a representative of.
Moreover, when someone has already purchased an artwork, image or anything online via NFT no one else can claim to own the same item or digital product in any form and it will remain his/ hers until they desire in other words, the significant features in this form of ownership would be Scaresity and Authenticity.
Can’t I just right-click and click on Save As?
The question asked by many people is can’t I just right-click on the file and click Save As in order to have the item in my own storage? The answer is to have a copy without much value, Yes. Nonetheless, the item will never be in your name through that procedure. An original work of art always differs from a duplicated copy in many aspects, the most important one would be the Rarity or Scarcity.
Being original means no one else has that work of art and the artist has created it only for a specific client. Other copies of the same artwork will be assessed based on the materials and effort used in recreating that work of art not based on its rarity.
The other significant matter in this regard would be the Authenticity of the artwork. In physical possessions such as a painting or sculpture, in order to gauge the authenticity of the artwork one had to call an expert in that discipline to show up, and sometimes it required the person to fly all the way to that country or city which could clearly cost a fortune.
However, in NFT’s case, checking the authenticity would only take seconds and could be done by any normal person. Hence, there is no need to convince a posh expert to fly all the way to that area and spend a lot of money and time to keep the person pleased in order to give you a thorough examination.
The other aspect would be any person’s opinion could be subjective, meaning that personal emotions could always be influential in the outcome or the final decision could be impacted by external forces such as financial motives, etc.
However, NFTs are a different story meaning that the process of evaluating the authenticity is done objectively.
Different Forms of NFTs:
Since the birth of such a concept in the blockchain world, different forms of NFTs have been generated from which 10 major ones could be named such as
1- Art NFTs
Which range from collectibles, assets in Metaverse, profile images, collaborative forms of art, and AI-generated and Real-world Tokenized Art. The leading marketplaces for such NFTs could be OpenSea, one of the pioneers, Rarible, SuperRare, Foundation, and Nifty Gateway.
2- Collectibles–
As mentioned earlier, scarcity or being rare has always been a characteristic that motivated many people to pay attention to NFTs in many regards. Collectibles like Apes or CryptoPunks are mostly sought as a memento or sentimental value which happens to also be considered as a valuable asset as well.
3- Metaverse NFTs
Virtual and Decentral lands are sold in Metaverse, an atmosphere in which any kind of virtual asset or belonging could be bought and sold giving rise to the emergence of popular brands in Metaverse such as Adidas, Gucci, and Snoop Dog.
4- Utility NFTs
In this form, companies provide clients with a range of services and privileges such as special access, and some type of rights or privileges stemming from tokens being held. Governance Abilities, Invitations to Events, Discounts, and other perks and privileges will be the advantages of such projects.
For instance if one holds $VEE he or she is granted access to specific communities.
5. Fractional NFTs
When one talks about fine arts or some properties, sometimes it could be very unlikely for one individual to be capable of purchasing the artwork or property due to its special features, high values, techniques, or history, that is why investors are able now to invest in one item together in order to be considered as one of the owners. Hence, fractional NFTs have made it possible for people to go for masterpieces or items they thought to be so far-fetched.
There are well-known platforms that offer such services: Fractional. Art, Masterworks, and PartyBid. What critics of this approach mention is the regulatory uncertainty.
6- Gaming NFTs
In-game assets like characters, skins, weapons, etc. Could be owned in reality by players which manifests the value in the real world. Such assets could be traded in marketplaces by players freely. Popular gaming NFTs are Axie Infinity, The Sandbox, and Gods Unchained. Nevertheless, what turns off critics is the alteration in the ultimate objective of gaming which is pleasure not work. The Play to Earn approach damages that image.
7- Metaverse Land NFTs
Virtual online lands could be bought and sold virtually which is mostly popular in gaming, events, and real estate.
8- NFY Domains
Crypto domain names such as .crypto and .eth NFTs offer better chances for identity, branding, web3, and business opportunities on the blockchain.
The interesting feature is that ENS domains like Jane. eth could replace crypto wallet addresses with human-readable titles.
Moreover, domains leading to .nft, .dao, .coin, etc actually donate web3 community membership.
9- MEMES of NFTs
Memes have been in play since 1996 and became much more trendy in 2021. With the emergence of some coins which were referred to as “shitcoins” and identical to memes were considered to be unstable in fostering rapid and sudden changes surprisingly experienced a warm greeting from the audience and people, especially after Elon Musk’s tweet and orientation in this regard.
10. Music NFTs
- In this form, the audience is able to directly purchase the song from the musician or artist directly.
- Documented authenticity, royalty automation, and deeper engagement are clearly witnessed in this form.
Static and Dynamic NFTs
Static NFTs which is the more conventional form of NFTs that present a fixed and unchangeable form after being minted on the blockchain. On the other hand, dynamic NFTs provide the chance for the client to change some features in the NFTs such as content updates, interactivity, and programmable behaviors Unlike static NFTs, dynamic ones allow the creator to modify the content or update it in order to enhance the main theme or content.
From simple animations or interactive VR creations, dynamic NFTs allow the client and the creator to interact with the concept in a much more intriguing and interesting manner.
Real-time data integration is the other exclusive characteristic of the dynamic NFT which means it could be altered or express quick response to the real-event phenomena or occurrences in the world.
The other special characteristic is that the owners could own the NFT together, meaning that fractional ownership is allowed in this form which was not available before.
NFTs have become an inevitable component of the world of art, finances, and modern societies against which many people, particularly among the experts in the mentioned fields have spoken out. Nonetheless, one has to go with the currents if he or she is willing to survive in the market and keep up the reputation among peers.
How to Make Money Using NFT?
“How to make money using NFT?” Here is what 5 thought leaders have to say.
- Create and Sell Unique Digital Content
- Invest in Utility-Based NFT Projects
- Collaborate with Other Artists
- Sell Directly and Set Up Royalties
- Add Real-World Utility to NFTs
Create and Sell Unique Digital Content
The NFT space has opened up several pathways to generate income, but the key is to approach it strategically and with a clear understanding of value in digital assets. One effective method is creating and selling unique digital content, such as artwork, music, or virtual goods, particularly if you have a specific skill set or creative edge. Platforms like OpenSea or Rarible allow creators to mint NFTs and sell them directly to an audience. Establishing a strong personal brand and engaging with your community can boost sales, as collectors are often drawn to creators they can connect with. Remember, quality and exclusivity matter in this market, so releasing limited editions or high-quality, unique pieces can significantly increase their perceived value and resale potential.
Another approach is investing in NFT projects with strong communities and utility. Instead of just buying NFTs as collectibles, focus on those that offer additional benefits, like access to exclusive events, staking rewards, or royalties. Some NFTs grant fractional ownership in virtual real estate or assets in the metaverse, providing a form of passive income. While speculative, these NFTs add a layer of functionality that appeals to a broader audience. Research the project’s team, community engagement, and roadmap, as these factors often indicate long-term success. For anyone looking to profit from NFTs, the market rewards a mix of patience, strategic investment, and staying informed about emerging trends and utility-based projects.
Shehar Yar, CEO, Software House
Invest in Utility-Based NFT Projects
Original digital artwork, music, films, and other stuff can be produced by artists and creators and then issued as NFTs. Make sure the content is completely unique or that you have express authorization to use any third-party materials in order to prevent copyright concerns. If the work becomes well-known, selling these distinctive digital assets on NFT marketplaces can bring in a sizable sum of money.
Working together with other creators can help you reach a wider audience and make your NFTs more visible. The fan bases of both parties are frequently interested in joint initiatives, which increases the possibility of sales. Contracts pertaining to revenue-sharing and copyright ownership should always be formalized.
PRITY KHASTGIR, International Patent Attorney, Tech Corp International Strategist
Collaborate with Other Artists
NFTs can be a great way to make money if you know how to approach them, especially if you’re an artist or a creator. NFTs give you a platform to sell your work directly to buyers, without needing a middleman. Even better, you can set up royalties, so you continue earning every time your NFT is resold.
Flipping NFTs is similar to flipping houses or sneakers. You buy an NFT that you think will go up in value, and then sell it when the price is right. Just make sure you do your research and don’t buy based on hype. Look at the team behind the project, the community, and the NFT’s unique value.
Some people are also making money through NFT-based games. These games allow you to earn or collect NFTs while playing, which you can then sell or trade. It’s not for everyone, but if you’re into gaming, this could be an enjoyable and profitable way to get into NFTs.
I also advise exploring NFT staking, where you lock up your NFTs in a platform and earn rewards over time. It’s a bit more technical, but for those who already have NFTs, this can be an easy way to generate passive income.
Jared Stern, Managing Member, Uplift Legal Funding
Sell Directly and Set Up Royalties
I’ve spent a good amount of time exploring NFT revenue strategies, and what stands out is focusing on creating actual utility and community value. First, NFTs with real-world utility tend to attract more sustained interest. For example, some creators offer NFTs that double as passes to exclusive events, online communities, or even courses. By adding tangible benefits, you’re giving people a reason to buy and hold onto these NFTs beyond speculation.
Royalties on resales is another effective income stream. Many NFT marketplaces allow creators to set royalties so they earn a percentage each time an NFT is resold. This setup means as your brand grows, your early NFTs could trade at higher values, giving you passive income over time.
Also, consider partnering with established brands or projects. For instance, if you’re an artist, collaborating with a popular game to create in-game NFTs can open up new markets and boost visibility. Collaborations can introduce you to established communities without starting from scratch.
NFT success often comes down to offering lasting value and building relationships within your niche.
Kenan Acikelli, CEO, Workhy
Add Real-World Utility to NFTs
To make money with NFTs in 2024, try these key strategies. Invest early in new projects—buying promising NFTs when they first launch can yield major returns as demand grows, much like early investors in Bored Ape Yacht Club saw. Play-to-earn games like Axie Infinity and Battle Infinity let players earn valuable NFTs while gaming, making them a fun way to profit.
Mint and sell your own NFTs if you’re a creator—digital art or unique content can be minted and sold on platforms like OpenSea, and you can set up royalties to earn each time it’s resold, giving you ongoing income. Flipping NFTs—buying low and selling high—also offers short-term profit opportunities.
For a more passive approach, consider staking NFTs to earn rewards or renting them for use in events or virtual worlds. Each method has risks, so research thoroughly and understand the market before diving in. These appr
Dogukan Unal, GM, IPEC
