Can NFTs Make You A Millionaire
The Internet changed everything. The way we do business, the way we express ourselves, the way we interact with each other, everything. The question we’re gonna look at today is, will NFTS do something similar to what the internet did? And I think the answer is yes. But let’s take a small chunk of why that is.
2 Types Of NFTs –>
Today we’re going to dig a bit deeper than that and find out really why NFTs have value and show you some examples that you may not have heard about before. To start, there are two kinds of NFTs in this space right now. Profile picture or simply art NFTs and then utility NFTs Can NFTs Make You A Millionaire
Profile picture NFTs –>
Profile picture NFTs are exactly what they sound like they are meant to be your profile pictures. They’re usually cute, bubbly, or colorful different little art pieces that artists make as NFTs that you can go and put on your social media profiles and express yourself.
And so what better way to express yourself than a profile picture that shows what you like or exemplifies who you are? For all the people that think you can just right-click and save those profile pictures, the only difference here is that the NFT is verified that you actually own that picture.
The main point here is that everyone’s got a profile picture and NFTs are really breaking into that space as a way to showcase that you own your profile picture.
This brings us right to the idea that there is a status symbol with your profile picture and that NFTs.
For example, if we look at two of the most popular collections, Bored Ape Yacht Club and Crypto Punks, we can see that these are quite expensive and they definitely have a status with them. Celebrities like Justin Bieber, Snoop Dogg, Eminem, and Steph Curry they all own Board apes. Can NFTs Make You A Millionaire
So when you go to their profiles on their social media, you can see their profile pictures are sometimes these board apes. And this quickly says two things to us.
One, they are part of the NFTs community, and two, most importantly, they have status because we know that these board apes are worth anywhere from about $250,000 all the way up to several million dollars.
So just owning one of these and having it as your profile picture immediately says that I have a status level that is elite because of the wealth behind this picture. Now, rumor has it that in a couple of days at this year’s Super Bowl, Eminem and Snoop Dogg are performing.
And there’s a chance that Board Ape made an appearance during the Super Bowl halftime show or one of the commercials. Let’s be honest here, your average Joe or even you or me are not going to afford one of these board apes.
Because some of these NFTs in this example are so expensive, it’s actually hard to access them. And that actually creates value through its exclusivity of it.
People that can afford these and just the fact that there are only 10.0k of them that exist already creates an exclusive community and actually adds value to making that class of people that own these elites. Can NFTs Make You A Millionaire
All in all, the wrapup point of this is that NFTs can be a status symbol simply and easily through a profile picture.
Utility NFTs —>
Let’s move on to the second type of NFTs in the space, and this one’s a lot more loaded. This is the utility NFT union collections actually have value outside of art. Yes, yes. And shocking as it may be, these do exist.
And not only do they exist, but they are also starting to become the mainstream, if not the most disruptive part of entities in general.
Let me give you an example. The other day I was looking at potential music festivals to go to this year. Since I live on the West Coast, I figured Coachella might be a good one to check out. Can NFTs Make You A Millionaire
I went on their website. I saw that Coachella tickets are running for about $500 for general admission, which is expensive but is pretty normal for these types of events.
And then would you look at that? I saw that they were doing an NFT collection with FTX. They are absolutely awesome.
Interesting About Coachella —>
And this gives immediate credibility to the fact that Coachella is getting into the NFC space. So I’ll look into it more and they’re actually releasing their own set of infinity key NFTs. These NFTs all have slightly different perks, as you can see here.
But the main perk that they all have is lifetime access for two guests to every Coachella event. In other words, if we just took the next ten years and we went to every Coachella event for the next ten years, for two people, that would be a year or $10,000 over the course of the next ten years.
And that doesn’t include all these extra benefits. That’s also assuming that we could actually get the Coachella tickets before they sell out each year. Or we just have this NFT, which has lifetime access with all these additional perks and benefits.
And there’s more. When I purchase my ticket in the form of an NFT, I’m not making a purchase that will be used and then useless.
I’m making an investment similar to whenever I buy a normal Coachella ticket. Once I make that purchase, the sale is final, so the money does go in, but what I get out is completely different. With a normal ticket, I go to the Coachella event, I get my fun out of it, and then that money is gone. Can NFTs Make You A Millionaire
With an NFT, I go to the Coachella event, I get my fun out of it, and then the NFT is still there. And if I want to, I can sell it to someone else and get my money back and potentially even more money than what I bought it for.
Now, with this specific example, because it’s lifetime access, I could go to Coachella for the next ten years. And then once I get old and wrinkly and can’t dance anymore because my joints don’t work, I can go and sell that NFT to another younger person that wants to go to the Coachella events.
if Coachella is still popping like it is right now, that NFTs will be worth as much, maybe even more than it was when I bought it today. That right there is an investment, not a purchase. An NFTs gives you options.
Purpose of utility behind an NFT –>
This is the whole purpose of the utility behind an NFT. A better way to say this is NFTs has multiple different use cases. Sometimes it’s like this where it’s going to a live event and being able to sell your investment later on after using it for that awesome experience. Can NFTs Make You A Millionaire
But in other cases, it might be a game, or it might be access to an exclusive group that’s really valuable to you, like access pass to behind the scenes at your favorite production, or access to a fan club at a Los Angeles Ram’s game for the Super Bowl.
These are just some examples of the utility that could be behind NFTs that allows for so many more possibilities than just a one-time use ticket.
And it doesn’t just end there. The creator of these tickets is also incentivized. In this case, Coachella is the creator.
The way it works right now is Coachella sells me the ticket, I pay them at $500, and that’s the whole end of the transaction.
Now, let’s say I get sick or I can’t go for some reason, and I need to resell my ticket to someone else because I can’t go.
Well, either I resell it or I lose all my money, or if I do resell it, I’ll probably go to Ebay or Sub Hub and then pay an outrageous fee to sub hub to find me another buyer. That buyer will buy it and also pay an outrageous fee just to buy it.
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Sub Hub —>
Sub HUB makes that money just to verify that my tickets are legitimate. And after a bunch more money is spent, Coachella is still sitting there like, well, we only made $500 off of the original sale, but if you take the same ticket, they sell it to me for $500. But it’s an NFT. Can NFTs Make You A Millionaire
Now, if I send it to someone else across the world, we don’t need stuff up. We don’t need ebay, we don’t have to pay all these outrageous fees. I sell it to someone else for whatever I want. They pay that price. And then there is a royalty fee that’s baked into that sale that Coachella gets.
And the better part is, Coachella doesn’t have to do anything. I don’t have to do anything. We can sell it to anyone in the world within seconds, and all done via the blockchain.
We don’t have to worry about insurance or fraud or anything like that, because it’s all verifiable and it’s all digital. So to recap there, I get a benefit out of it, coachella gets a benefit out of it.
The new person who buys it gets a benefit out of it, and everyone’s fully incentivized in the transaction.
Here’s another example. Coachella has 100,000 tickets that they can sell each year. They sell out immediately. More people still want to go to Coachella, but what happens naturally, if there’s a lot of demand, there is more business to be made.
So when people start selling their tickets for an upscale price on the secondary market, instead of Sub HUB taking all those rewards, if all those 100,000 tickets are NFTs, coachella will reap all the rewards of the royalties of those upsold secondary sales.
In other words, if I buy it and I don’t want to go because someone else is willing to pay me $1500 for my $500 ticket, I sell to someone else. I make a $1000 profit, and Coachella gets the royalty fee. Can NFTs Make You A Millionaire
That ticket can trade hands ten more times, and Coachella will continue to receive royalties every single sale. So that ticket as an NFT becomes an investment for the buyer and becomes a major business advantage for the creator.
I’ll tell you, the only person who doesn’t win here that is eBay and Sub HUB . The third party companies that charge outrageous fees just to verify a transaction, when we can do that on the blockchain, and the creator and the holder, the people that matter the most, actually get the benefit from it.
So, big picture thinking, what does this really mean? It means that Coachella and pretty much every other business is incentivized financially to move to this technology. If you know anything about businesses, the ultimate goal is to make money.
if there’s a chance to make more money on royalties through the blockchain, you better believe that’s where things are going, we didn’t even discuss the fact that Coachella could give the NFTs holders additional Benefits that the standard Tickets might not get.
These are pretty much priceless exclusive experiences for these NFT holders. Like I said before, the Internet changed everything. And Web Three, which includes NFTs, is going to revolutionize things again. Can NFTs Make You A Millionaire
Music festival tickets as NFTs, like we talked about in this Coachella example, allow them to easily create Verifiable and Secure Communities online where they can further expand their business.
FAQs About NFTs
Q. How to make money with NFTs as a beginner in 2023
Ans. the most ideal way to make money with NFTs as a beginner in 2023 depend on your abilities and experience. In any case, a few hints :
1. Creating applications that utilization NFTs.
2. Selling NFTs on auxiliary business sectors.
3. Making administrations that utilization NFTs.
4. Becoming a trader or investor in NFTs.
How to convert NFT to cash
Ans.The most famous method for convert cash from NFTs is by selling them on NFT-devoted commercial centers. Today, there are various commercial centers and stages where you can make, listing, selling, and trade NFTs including: Can NFTs Make You A Millionaire
Best NFT to buy to make money
Ans.RobotEra,Calvaria, Silks, IMPT.
How can I invest profitably in NFTs?
Ans. the most ideal way to invest profitably in NFTs will fluctuate contingent upon your monetary circumstance and objectives. Notwithstanding, a few hints :
1. Do all necessary investigation. It’s vital to comprehend the dangers and prizes related with putting resources into NFTs prior to pursuing any choices.
2. Comprehend the blockchain innovation. Prior to putting resources into any NFTs, it’s essential to comprehend the rudiments of blockchain innovation, for example, how exchanges are confirmed and recorded.
3. Show restraint. The market for NFTs is still moderately new, so there might be some unpredictability related with interests around here. Be ready to brave these vacillations while hanging tight for long haul profits from your speculation.
Can you make an NFT for free?
Ans. yes, OpenSea and Rarible let you make NFTs on Ethereum without paying any charges.
Which sector do you think should invest in NFT the most?
Ans.You can try in these sectors :The Kleks Academy, Battle Infinity, Orsetto Gang, Beings DAO
Is it illegal to screenshot an NFT?
Is selling NFT easy?
Ans.yes,selling NFT is very easy these days.
What happens if NFT wont sell?
Ans.Absence of Hodlers. One more explanation that things in NFT assortments neglect to sell is an absence of gatherers needing to hodl their venture. Probably the most sultry assortments out there experience the ill effects of flippers hoping to purchase low and sell for an unassuming or even high benefit.
where should I sell NFTs ?
Ans.NFTs can be sold and bought on NFT marketplaces