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What are NFTs?
NFT which stands for non-fungible token. Are generally built using the same kind of programming as cryptocurrency, like bitcoin or Ethereum. A non-fungible token is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. Physical money and cryptocurrency are “fungible,” meaning they can be traded or exchanged for one another.
Where to buy NFTs?
OpenSea is currently the worlds largest NFT marketplace. However other popular NFT marketplaces include, Binance, Coinbase,Crypto.com, NFT Launchpad and Nifty Gateway. Benefits of owning an NFT essentially allows its buyer to say that they own the original copy of a digital file, in the same way you might own the original copy of a piece of physical art or the master file of a music recording.
How do you make money with NFTs?
The most popular way to generate money from NFTs is by selling them on NFT-dedicated marketplaces. Today, there are a variety of marketplaces and platforms where you can create, list, sell and exchange NFTs including: OpenSea. Mintable.
Is creating NFTs profitable?
Many people ask the question “Is creating NFTs worth it?” The sale prices of NFTs are rising as they gain in popularity. Consequently, NFT creators stand to make a lot of money. However, not all NFTs will even sell, let alone make their creator any money, given all the fees involved with minting and selling NFTs.
Popular NFT blockchains include, Decentraland MANA, Axie Infinity AXS, The Sandbox SAND, Theta Network THETA with the majority of NFT being minted on the Ethereum network we are starting to hear more about NFT being minted on more scalable blockchains that have low fees.
Here is a list of some popular NFT projects currently:
One of the most popular NFT collections is Bored Ape Yacht Club (BAYC), a collection of 10,000 apes on the Ethereum blockchain. It currently has a floor price of over 113 ether, or $351,868. To date, 496,700 ether, or $15,466,641,960 of volume for BAYC has been traded, according to OpenSea data.
Another growing project includes CryptoPunks which are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person the blockchain. CryptoPunks is a non-fungible token collection on the Ethereum blockchain. The project was launched in June 2017 by the Larva Labs studio, a two-person team consisting of Canadian software developers Matt Hall and John Watkinson.
Pudgy Penguins is another popular NFT collection on the OpenSea Marketplace, Pudgy Penguins is a collection of 8,888 NFTs waddling through Web3. Embodying empathy & compassion, Pudgy Penguins are a beacon of positivity in the NFT community. At the time of writing the all-time average price of Pudgy Penguins is 1.523 ETH ( $2,984 ), so expect to pay around that cost to secure an NFT in the Pudgy Penguins collection: Fund your wallet with cryptocurrency to buy your NFT on OpenSea.