making money with nft

 

NFTs are digital collectibles. They can represent objects, places, concepts, or anything really. There are plenty of different games using NFTs. Some examples include Cryptokitties and Etheremon . I personally trade NFTs for the game Fomo3d . There’s a lot of benefits to trading nft’s as opposed to trading other types of crypto assets. Here are a few:

Low barrier of entry (you don’t need much). Low time commitment (you don’t need much time). The most liquid new asset class (you can buy and sell them for any other cryptocurrency).

 Image source: https://solanart.io/

NFTs work a lot like regular cryptocurrencies (and this is also how they are traded). The only difference is that there’s no blockchain. There’s just a smart contract. When you want to trade an nft you don’t need the blockchain. These smart contracts run on the ethereum network . You can use etherscan to read their source code . Here are the steps of buying and selling nfts: [ARTICLE CONTINUES]

You find an nft that you like. You put in a bid. If your bid is the highest when the auction ends, then you win the auction. You must then pay for the nft with ether (you can also use eth directly for this step, but if you do that, you’ll get a better price). If you don’t have enough ether to buy them all at once, then you will be automatically liquidated . Your bid and your competitor bids are transferred to the smart contract and become escrow funds. ##What is NFT

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NFT stands for "non-fungible token". The first and most famous example of an NFT is Cryptokitties. Collectibles, digital or physical, can be considered fungible if each one can be exchanged for another of the same type. You could trade your old black coffee mug for my brown coffee mug because we are both looking to swap something that's identical in color and size.

Most crypto collectibles cannot be exchanged in this way, as there's only one of them in the world. This makes them non-fungible, hence the name: "non-fungible token". In the case of Cryptokitties, you could not trade your cat for another because as far as anyone knew, a single Cryptokitty only had one existence.

Image source: https://hazemonkeysociety.com/

In a non-fungible token there's no difference between an owner and a cat. You are the owner of the NFT and so is it, just like the way you are both a human and I am both Luke Skywalker in A New Hope.

Non-fungible tokens can represent anything that can be cut up into pieces (like real estate or vinyls), or anything with unique digital characteristics (numbers, codes). They are often used in games but nft could be used to represent any kind of collectible item.

NFTs are a new frontier for game developers, and the interest is high. A variety of payment systems, game tokens and currencies are being developed on top of NFTs. One could say that NFTs have the same appeal as cryptocurrency to gamers. [See comment from @Bruno without reference]…

 Image source: https://womanofsolana.com/wp-content/uploads/2022/04/158-1-1.png

Which brings us to: we, at JoyToken, believe that cryptocurrencies should be used as currency and not just as an investment asset (although they're still very good at that). This is why we are developing game items as NFTs, so they can be exchanged in game, purchased and traded on crypto exchanges.

Theoretically, an NFT can be used in any way the developer wants (it's not mandatory to use the blockchain to store the tokens). The most common use of an NFT is to represent a virtual item that you own and can exchange for another. In games like Cryptokitties or Axie Infinity (an RPG where you collect cute little monster things) players buy and sell their non-fungible tokens as items. These players are speculating on the fact that other people will want those tokens too, so they can be traded at a higher price.

 Image source: https://www.fivesquid.com/188325/design-3d-cryptopunk-3d-crypto-punk-3d-nft-art-nft-art-3d-character-design

Another way to use NFT is to "break up" the token into smaller pieces that can be used as a currency in game. The most famous example of this is Etheremon, where you collect monsters and train them for battles. You need to sacrifice them to evolve them and also use your own monsters as training material for others. Your collections of digital Etheremons can be traded for Ether or other Etheremon tokens, creating an ecosystem where the NFT are used both as collectible items and as in-game currencies.