In an ever-changing world, we are always having to learn some new terms. Those just getting used to understanding cryptocurrencies now have to work out what an NFT is and more importantly, how to make money from them.
NFT stands for non-fungible token and uniqueness is an important factor here. If the NFT is unique, then something else can’t come along and replace it. For example, this could be a trading card of which only one has been made. Even tweets fit into this category.
Other examples of NFTs are drawings or music. Being successful with these NFTs can totally change your life. There are some huge profits to be made from them. Take for example, the artist Nyla Hayes. Selling NFTs as her art has made her a multi-millionaire. Even more impressive is the fact that she’s only 13 years old.
Every time that Hayes creates a portrait, it is a totally unique one. This means it is perfect for an NFT. It’s a simple method that is used to make the riches that are heading in her direction. For example, one piece of work was a drawing of the comedian Lucille Ball. Once that was completed, it was posted on an NFT website, and it wouldn’t be too long before it was purchased.
The key to NFT success is therefore uniqueness, but how do you achieve that? You can always tell a drawing created by Nyla Hayes. Each person drawn has a stretched neck. Apparently, it comes from her seeing a drawing of a brontosaurus.
So far there have been over 3,000 of these portraits but each one Is unique. You do need to be wealthy to buy one of her drawings though with as much as $6m being spent on one of her drawings, the MetaworldGambler reported.
That sum is just a fraction of the $69.3m that was paid for ‘Everydays: The First 5,000 Days.’ That was an NFT created by the graphic American designer Mike Winklemann. He’s better known as ‘Beeple’ and whoever purchased his crypto art gets it in two forms. One is a 319-megabyte jpeg file and the other is an NFT confirming that it is unique. It’s all a very long way away from successfully bidding for a Picasso.
The fact that British auction house Christies handled the deal and accepted payment in a cryptocurrency was a big step forward for NFTs. Just as cryptocurrencies themselves need more acceptance, the more industries seeing the advantages of NFTs can only lead to more expansion in the future. Even Ukraine is selling NFTs to raise additional funds at a very difficult time.
Another NFT that sold for over $6m was a video clip by Pablo Rodriguez-Fraile. It lasted just a matter of ten seconds and he’d paid just $67,000 for it. Whether these massive prices will continue remains to be seen.
One industry that has expressed interest in NFTs is the music industry. Snoop Dogg recently bought Death Row Records. His plan for the company is to make them the first NFT recording label available in the Metaverse.
Dolly Parton is getting in on the act too with her NFT collection ‘Dollyverse’ with tokenized artwork and music. More interest is going to be shown in what promises to be a very interesting future as NFT artwork is seen as a way to extend music, film, and television.