If you ask any modern-day trader about top trading options available in the market, Non- Fungible Tokens (NFTs) would certainly make it on the list. The popularity and advancement in blockchain have opened gates for NFTs which are now the most revered offerings based on the technology.
NFTs provide the buyer with proof of ownership of a digital item and preserve its ownership for future transactions through digital signatures. As a result, an artist may sell their work digitally to a worldwide audience and make a big profit and manage royalties.
With NFT sales growing 55 percent from 2020, from USD 250 million to USD 389 million, Non-Fungible Tokens (NFTs) have become one of the hottest blockchain trends of 2021, according to CoinMarketCap.
Avax Apex, for example, is one of the oldest NFT platforms that has thousands of NFTs listed on Avalanche Blockchain. Avax apex has sold 10k NFTs in 13mins so far.
How to create your NFT for profitable trading?
1. Select your NFT Artwork: The first thing you have to do is to pick the artwork. Non-fungible tokens can represent any digital file. You can make an NFT of a digital painting, a text, a piece of music, a video. Literally, anything that can be reproduced as a multimedia file. After all, the NFT game is all about turning digital artwork into “unique” pieces in the age of their infinite reproduction.
2. Be Ready with some Avax: For the sake of simplicity, let’s assume that you’re going to utilize Avax to create NFTs. That’s the most popular, and it’s supported by the most significant NFT markets. Creating an NFT might be expensive. Therefore,“MetaMask” is one of the simplest wallet apps to use. To build an NFT, you must pay a fee, and the price is very variable.
3. Select Your Marketplace to Trade: As soon as you’ve got everything in place, you’ll need to decide on a marketplace where you’ll feature your NFTs. Kalao, Nftrade and Yetiswap are among the most popular NFT marketplaces.
4. Create Your NFT Token: Once you’ve connected your Metamask wallet to the NFT Marketplace, you can create your collection and you can save your work. Finally, the actual minting of a new NFT may begin. Each time you want to create an NFT, create a new item by uploading your artwork and provide all the details you are asked for. Complete this process click the “Create” button and congratulations! You have just produced your own NFT. But The process actually doesn’t stop here.
5. Accept or reject bids: The ultimate aim of NFT creation is wealth creation. Hence bidding process is of utmost importance for the NFT Owners. Once the auction closes, the seller is informed about the highest bid. If the seller is not happy with the current highest bid, he can refuse it and can continue with the auction process.
Final Thought
NFTs definitely offer a great opportunity for wealth creation and appreciation. If done under expert guidance, who knows you may end up owning a digital Mona Lisa of the future.