Become a Millionaire in Your Student Life with the Game-Changer NFT Artworks!
Hold on, becoming a millionaire in student life! Is it really possible? With NFT! What is it? Does it have so much potential to make someone a millionaire? Well, this article will answer all these questions as well as open up a magical door before you take your career to a super desired stage; of course, using your invaluable skills, not by gambling or winning a lottery. Although NFT is a mushrooming concept, it is a technical topic. So, before diving into the prospects, we need to understand its basic concepts first.
“People don’t understand NFTs, Metaverse, and crypto today the same way they didn’t understand online shopping in the 1995” ― Anuj Jasani.
What is NFT?
NFT means Non-Fungible Token (NFT) emerged from blockchain technology. Fungibility means something replaceable with a similar thing, but non-fungible denotes a unique asset that cannot be replaced with anything. For example, let's say you go to Walmart to buy a bar of chocolate that costs $10, but you give a $50 note to the counter. Now the cashier can return you two $20 notes or a $20 note with two $10 notes to balance $40, but both cases keep the same value to you.
Now suppose a clever friend of yours wants to exchange his 19th-century old video game with your Call of Duty: Vanguard (2022). Does it convey the same to you? Of course not. The first chocolate case is an example of fungible notes, but the video game is here an example of a non-fungible asset. However, just like the value of fungible assets, the value of non-fungible assets also can rise or go down in the future.
What is the technology behind NFTs?
NFTs use the decentralized and unique features of blockchain technology that help create and acquire new forms of art. Adopting blockchain technology can help artists regain some control over wealthy collectors and dealers in the industrial market. This method excludes intermediaries, who often seek a large share of the revenue from the sale of art, which gives the artist a significant advantage.
Most NFTs are captured and deposited on Ethereum networks, but Tezos and Flow are also good options. The blockchain simultaneously helps verify ownership of the NFT and creates a scope for the owner to remain anonymous in cases. Copyright or license privileges may or may not arrive with the purchase, depending on the NFT.
Types of NFTs
NFT is an incredible digital resource that exists only in the digital arena and can not be touched but owned. Blockchain lasers can tokenize both physical and digital assets to represent NFT. Some common types of NFTs are:
- Event tickets
- Collectible items
- Music & media
- Big sports Moments
- Virtual Fashion
- Real-world resources
- Domain names etc.
- What is NFT Artwork?
When an artwork is digitally minted, and as a result, it gains a distinct and identifiable identity in the digital arena for being traded, it is called NFT. Here, minting means converting an asset to a blockchain-based digital asset and making it a product that can be bought and sold. NFT arts can be in both physical and digital forms. We know that traditional artworks, such as paintings, are expensive for obvious reasons: they are of one kind - hand-painted, uniquely, and often with unique colors. On the other hand, digital arts can be copied and pasted at the owner's discretion, yet NFTs have a different scenario. NFTs are bought and sold with a digital certificate proving ownership of one-of-a-kind virtual or physical assets. Like everything in our universe, these digital things can only have one official owner at a time. Blockchain technology is a non-stop database that can change, secure, and protect data. Due to the nature of the blockchain, no one can change ownership records or copy and paste a new version of NFT. Pak's 'The Merge,' Beeple's 'Everydays,' Pak and Julian Assange's Clock, CryptoPunk are some examples of million dollars worthen NFT artwork.
Why are NFTs getting so popular in the artistic world?
The digital art sector has been undervalued for a long time. Many people may have shared their work on their social media walls in today's competitive world, but not everyone is well paid. But the context of this scene has changed now. NFT is bringing together artists and investors, speculators, and their innovative team hoping to make money implementing the NFT concept. There are various reasons for NFTs shaking up the market.
Freedom of Expression
The most beautiful aspect of NFT is that it allows the artist to express himself openly. Unlike more traditional art forms, where the artist is confined within a canvas or a photograph, there are no restrictions on the artist in the digital art medium. As a result, NFTs have changed the meaning of art, allowing art and artistic forms to embrace more digital expression.
Many artists are creating digital art in strange, provocative, and frequently pioneering styles, which has aroused the curiosity of collectors and investors in the NFT industry. For example, rotating 3D graphics, oversaturated street-style artwork, and cartoons work well in the online marketplace.
Test of Ownership
This is the main reason investors are attracted to this industry. Collectors have an intense desire to preserve antique or unique items with an underlying value. And that's where NFT and Blockchain come in. They allow people to own that stuff. Art collectors speculate on the digital industry and brag about the rare collection of chains. Sometimes they pay unreasonably high prices for works of art, sometimes in the six-to-eight-digit range, although the pieces they purchase can often be viewed and shared online for free.
NFTs provide creators with a smooth way to sell digital art that may not have a large audience. Because it's all done online, it's impossible to think of trading NFT without the help of an art gallery. In some ways, galleries act as gatekeepers, determining who or what to show and earning large commissions when selling works. In addition, artists who have created NFT art are creating online forums and groups where they can help and educate each other through their networks. NFT allows the artists to reach the expected customers in a matter of moments, whose contributions cannot be underestimated.
For industry investors, a blockchain-based model provides additional incentive to bring back new and promising talent, which can benefit from increasing the industry's value by investing early in the artist's career. Many large companies and celebrities use blockchain platforms to buy and sell NFT, and investors typically have a diverse portfolio.
Some, such as the NBA Top Shot, are taking advantage of the NBA's official platform to buy and sell basketball highlights as an online digital trading card. Since its inception, the company's parent corporation has claimed more than $ 390 million in total revenue. In addition, the rock band Kings of Leon has sold some music as NFT for about 2 million, and football star Rob Gronkowski has sold some Super Bowl clips for 1.6 million.
The First tweet of tweeter has been sold at $ 2.9 million. Over time, NFT is increasingly spending millions of dollars.
How can you start?
If you are a designer, becoming an owner of an NFT artwork is not a big deal. In just a few minutes, you can own your digital work by following these five simple steps:
Step 1: Develop a concept
The generation of ideas is the most challenging stage of creating an NFT. It's hard to know where to start NFTs because they can be anything. Maybe you're trying to support a project or a business, or you want to get into the NFT game when it's still started. Everything you create must be consistent with the goal you are working on.
Step 2: Choose a Blockchain
Once you've created your art, the next step is to decide which blockchain you want to use to create your NFT. This will directly impact the NFT marketplace, where you can offer your items. All major blockchain options are available, and we encourage you to do thorough research on each topic before making a decision. Ethereum is the most widely used blockchain for NFT. Tron, Tezos, Binance, Polkadot, and Smart Chain, are other blockchains that enable NFTs.
Step 3: Choose an NFT platform
Once you select a blockchain, you need to find an NFT exchange that supports it. OpenSea, Magic Eden, NFT showrooms, Raible, SuperRare, Nifty Gateway, and Foundation are some of the options. With Lazy Minting, several NFT platforms, such as OpenSea and Raible, allow you to create free Ethereum NFT.
Step 4: Set up a wallet and Connect to the platform
Once you've chosen an NFT platform, you need to create a crypto wallet to store your NFTs and get paid in cryptocurrency when you sell them. The wallet must be compatible with the blockchain you have chosen. For example, you need to create a Phantom Wallet, Solana's Crypto Wallet, to use Scorpio. For other platforms, you can look at Coinbase or Metamask, both usually supported by the majority.
Step 5: Mint, List & Share
Submitting your project is very simple once you've created an account on the platform you have chosen. Start by going to the creator tab, most likely on your profile page or the platform's navigation bar.
When you're ready, start uploading your project files, entering your collection's description, calculating your royalties (which will be used in the future if your art is sold on secondary marketplaces), and finishing your listing.
It will certainly appear on your profile when it is minted after you upload your NFT. Although it indicates that it has been minted, you need to set a price and put it on the market - which is entirely up to you. Be sure to use all of your previous planning efforts for this stage.
At this stage, you must keep tweeting, sharing, and discussing your endeavors on social media. The more interested you are in promoting your initiative to a wealthy audience, the more successful your initial NFT project will be.
To wrap up, if you want to be a collector or investor and take risks with NFTs, you can try with no more than 1-5% of the portfolio. Don't try to chase these NFTs. If 10 people make millions from NFTs, 10,000 people have lost thousands of dollars to make them millionaires. Our exclusive advice is to invest in your design skills and try to earn from this wonder. There is a saying that art can be read in all languages, so this is an undisputed medium to present yourself to the world.
Although the value of both physical and digital art is given by NFT technology, since the era is of the metaverse, it is better to start with digital art if you are a beginner. Valuable skills never get wasted, so whether or not NFT stays in the market for a long time, your skills will not leave you.
Therefore, keep an open eye on the market, enjoy your passion, give some effort to your skills, make a portfolio, and add your arts to the blockchain. Benyamin Ahmed (12), Nyla Hayes (13), and Sultan Gustaf Al Ghozali (22) are some of the fortunate people who became millionaires shockingly utilizing NFT artworks. Who knows, maybe a tycoon will like your portfolio, and you will become the next millionaire of tomorrow!