With the advent of cryptocurrencies, it has become possible to make money on virtual art using NFT technology. This allows users to secure ownership of any digital art object, game unit, or eternal domain using blockchain technology. Let’s dwell on the matter in more detail.
From numerous reviews of platforms, such as Coinspeaker https://www.coinspeaker.com/, it has become known that Canadian singer Grimes, Elon Musk’s common-law wife, earned $5.8 million in 20 minutes, releasing a collection of NFT tokens in early March. And on March 15, Musk himself published a track about NFT technology on Twitter and promised to sell a token song.
You will be surprised to know, but there is already a potential buyer. The artist Beeple, who became rich after selling a JPG collage of his works in the form of an NFT token for the record amount of $69.35 million, offered the Tesla co-founder $69 million. But Musk is in no hurry to keep his promise.
Bubble or Source of Wealth?
There is no definite answer to the question of whether it is possible to get rich by buying and selling NFC tokens. Startups call such a tool super promising. However, conservative entrepreneurs are looking at it warily, fearing another “soap bubble.”
NFT technology opens up new avenues for the commercial use of digital assets, experts in this field believe. Brad Cam, the co-founder of startup Unstoppable Domains, also speaks of the growing interest in NFT technology. “The purchase of the win.crypto blockchain domain for $100,000 indicates a growing interest in the NFT phenomenon,” the press office of Unstoppable Domains quoted Cam.
Pros of NFT Technology
Market experts are confident that art will go online en masse and turn into digital collections of paintings and performances. The main benefits of this art are as follows:
- No additional space is needed to store digital copies of art;
- There is no need to maintain or repair it;
- All originals are in the database and are unique.
In addition, NFT tokens are a new topic that is trying to marry crypto activists and the art world. The idea of tying digital creativity to tokens is original. It can work for both small and large markets, where money-filled creators are exploring new ways to capitalize, stimulating art lovers filled with more money and innovation.
Anyone who has a crypto wallet in ETH can make money in NFT. Trades can be conducted in any currency, but you can pay for tokens only in ETH. There is no single correct way to collect and earn NFTs. After all, such assets are low liquid, and the value of each item is subjective.
Barry Lachey is a Professional Editor at Zobuz. Previously He has also worked for Moxly Sports and Network Resources “Joe Joe.” he is a graduate of the Kings College at the University of Thames Valley London. You can reach Barry via email or by phone.