Social Media Diving into the NFT Realm
Social media, social media, social media. If you have not already guessed, we will be discussing the wonderful emergence of social media but also looking at how recently it has been linking itself to NFTs.
Social media was created to allow people who live millions of miles apart to remain in contact with one another, although we had telephones but making a call from Cambodia to Australia would be quite expensive. Social media platforms such as Facebook and Instagram have not just enabled us to communicate with people in our personal life but we can also communicate with people on a business and professional level.
What is an NFT
A non-fungible token is what the acronym NFT stands for, NFTs are digital assets that essentially allow their buyers to say that they own the original copy of a digital file. In comparison to cryptocurrencies that can be exchanged or traded for one another like Ethereum and Bitcoin thus making them fungible, NFTs operate otherwise.
Crypto art and NFT art can be seen as better options for people who have less capital to invest in digital pieces. Digital art ownership has proven to be a revolutionary concept since the wonderful arrival of the internet. For example the owner of Twitter, Jack Dorsey created an NFT out of his first-ever tweet, which then went on to be sold for over 2.5 million dollars.
Ways to Make Money with NFTs:
1 – NFT Trading
2 – Minting your own NFTs
3 – Generating Royalties
4 – Invest in promising NFTs early
5 – Play-to-Earn with NFT Games
One thing about NFT trading that your average crypto lover may not love is that with cryptocurrencies every hour of each day matters as the market fluctuates which has seen people make huge profits within 24 hours. With NFTs, you are geared to a more incremental type of profit, which can result in good profit over a longer period.
A good example of this would be CryptoPunks, when they were released in 2017 their prices ranged from 1 US Dollar to about 34 US Dollars. Then when the world was going insane over NFT in 2021 their value skyrocketed, as they were considered first-movers. With one CryptoPunk being purchased at an astonishing 24 million dollars. This goes to show that investing early in promising NFTs can be a good idea.
Play-to-Earn with NFT Gaming
A different approach that can be seen as a profitable way to money through NFT tokens is the play-to-earn concept. A lot of the best NFT games now utilise the P2E features, this gives the gamers in the virtual space to generate rewards through skilled gameplay. Pac-Man Frog wants its users to be able to benefit and potentially make a profit from the Play-to-Earn concept. PAC is a decentralised community token, that is developing different features like an NFT incubator and launchpad. Although it is still in its presale phase, they aim to be Kings of the GameFi world and compete with their competitors, as they will strive for their members to own whatever is created within their virtual world and the members will have a lot of say in what goes on in the virtual space.