There are many examples. Take the Save Mins of Life NFT, developed by Noora Health, which saves the lives of at-risk patients in South Asia. This photo collage in May 2021 sold 1 thousand. 337 ETH (Ethereum) at the time was worth about $ 4.5 million.
This is the NFT source code used for one of the earliest versions of the World Wide Web, which sold Changed Everything for $ 5.4 million. Through Sotheby’s in June 2021. The code was accompanied by a letter written by Sir Timothy John Berners-Lee, an English computer scientist who is considered the “father of the Internet,” as well as a poster with a code stamped and dated. in origin.
Another example is CryptoPunk # 3100, a simple pixel art character that sold for $ 7.58 million. December 2021 Or a picture of a rock (EtherRock) that a skilled graphic designer can make in an hour. It sold 400 ETHs worth about $ 1.3 million last year.
If someone still doesn’t know what’s going on NFT is the simplest definition: unique digital files for which we acquire commercial rights, often graphics. Each NFT has a separate serial number and the transaction history is stored in the blockchain infrastructure so that you can see who the real owner is.
Can the average person earn from NFT?
After reading many stories about people who became millionaires overnight, we thought we would try it too. Unfortunately, we faced an obstacle in the beginning: opening an account on OpenSea.io, the largest platform with NFT, requires the connection of a cryptocurrency wallet, for example, the application MetaMask.
Installing MetaMask is free, but if we want to sell our NFT, we need to “activate” the account on OpenSea.io. The cost of this activation depends on the current Ethereum rating and blockchain traffic. It can be $ 50 once and $ 300 another time. We had $ 180. (770 PLN). This commission is non-refundable and applies to the first NFT auction placed on our account. We release the latter for free, and OpenSea.io will only charge a commission for possible sales (approximately 2.5% of the deal).
If there are millions of money to be earned in the future, what is 770 PLN? We recognized it We will cover the commission, but it soon became clear that it is not so easy to pay for it using MetaMask. The commission is paid in Ethereum, so you need to buy Ethereum first. OpenSea does not offer this – we can get it directly from MetaMask. We tried, but it didn’t work. The Wyre and Transak services available there did not work properly – an error occurred after entering all the information required for the operation, and we were unable to process the transfer.
Fortunately, there is a simple solution. We can buy Ethereum on exchanges like Coinbase or Binance and then transfer funds from the exchange to MetaMask. We did it, but another commission appeared – the exchange is waiting for payment for the “transfer” of funds to another platform. So we got Ethereum for only 1,000. PLN and about 90 PLN paid a commission and sent them to MetaMask. Expensive? A lot, but remember that we were driven by the desire to make big money.
When the funds finally went to MetaMask and we were able to pay the commission, we were able to set up an account and sell NFT. These were three schedules that we paid a total of 2,000 to a professional freelancer. zloty. We wanted to sell something attractive and original.
So, we have invested a total of 3,000. We were able to showcase PLN and finally three NFT collections. First we created auctions without a reserve price, and then with a price of 0.1 ETH for each NFT (about 1.1 thousand PLN for each item). In both cases, the consequences were catastrophic. NFT files were available on the OpenSea website, but for some reason they were not shown in the search engine and in the directory with NFT from a certain category. In other words, if no one had direct access to our NFT, they would not be able to see them.
It’s hard to say how you will solve this problem – OpenSea did not respond to our email, but we checked it on the Internet and many Internet users report similar problems. Often the solution is to resell NFTs. We did and it worked.
Days passed, then weeks, and finally our NFT was shown only a dozen times. This result can be compared to an auction held at Allegro when we sell products in a popular category and do not use a paid presentation. Hardly anyone sees him.
Results? Millions must be earned elsewhere
If we want to make money on NFT, we have to buy files from popular collections like CryptoPunks or Bored Ape Yacht Club to try to sell them to another collector at a higher price. These are very expensive, often risky transactions, cheaper for about 100 ETH (about $ 260,000) in the case of the Bored Ape Yacht Club or about 1 ETH (about $ 2,600) at CryptoPunks, although much depends on the moment. . There are also ones for 90 ETH because of the special file. However, there is no guarantee that someone will later decide to buy oil at a higher price than us.
When we want to create and sell an NFT collection ourselves, our chances of making a profit are slim. Almost no one will show the proposed files, or even decide to buy. Millions will have to be earned in other ways.
The article is next from the series “Financial independence step by step”, is dedicated to investment and financial markets. We want to increase the awareness and knowledge of our readers in the field of financial independence, savings and investment opportunities.
Editors “Forbes Women”