NFT’s were all the rage back in the day (I mean about two years ago). Everybody was making them and investing in them. They really were, the next big thing. I think we even have some, definitely in the WALKEN APP (see our review). But what are they and a bit like war (Huh!), what are the good for? Why does nobody ever talk about them anymore? Let's dive into the fascinating world of NFTs and see if we can first work out what they are, and secondly, try and fathom how we could actually make some money out of them.

What Is an NFT?

An NFT is a unique digital identifier recorded on a blockchain, certifying ownership and authenticity. Unlike cryptocurrencies, NFTs are “non-fungible”, meaning each one is distinct and cannot be copied or subdivided. They can represent various assets, such as art, music, videos, or even virtual real estate.

How to Buy NFTs

1. Choose a Blockchain: NFTs exist on various blockchains like Ethereum, Solana, and others. For Ethereum-based NFTs, you'll need an Ethereum-compatible wallet and some ETH.

2. Get an Ethereum Wallet: Set up a wallet (e.g., MetaMask) to store your NFTs and connect it to a marketplace.

3. Explore NFT Marketplaces: Platforms like OpenSea, Rarible, and Foundation offer a wide range of NFTs. Browse and find something you like. (Google those places)

4. Buy NFTs: Purchase NFTs using ETH. Some are auctioned, while others have a fixed price. Be prepared for gas fees (transaction costs) on the Ethereum network.

Making Money with NFTs

1. Rent Out NFTs: If you own high-demand NFTs, consider renting them out. Players in card trading games often borrow NFTs to enhance their gameplay.

2. Earn Royalties: Set royalty fees when selling NFTs. Even after selling, creators receive a share of subsequent sales.

3. Trade NFTs: Buy low, sell high. Monitor trends and popularity to make informed trading decisions.

4. Create and Sell NFTs: Mint your own NFTs and list them on marketplaces.

5. Stake NFTs for Yield: Some platforms allow you to stake NFTs and earn rewards.

6. Provide Liquidity: Add liquidity to NFT pools and earn yield. (Note to self: Need to find out what liquidity and yield mean)

7. License NFT IP: License the intellectual property associated with your NFTs.

NFT Market Status

The NFT market experienced a crash in 2022, but it's showing signs of recovery. Weekly trading volumes declined, but interest persists. As of 2024, NFTs are projected to grow, with a compound annual growth rate (CAGR) of 30.28% between 2024 and 2028. Keep an eye on this dynamic space!

So there we have it, lots of gibberish information, complicated words and facts. NFTs are little pieces or digital art that you can buy and own, just like a famous painting or the publishing rights to a song. Are we any clearer how to make them? Are we any clearer if it worth investing our time and money in them? Not entirely. More research is required and we will try and do dome of that for you in the months ahead. Watch this space. Remember, NFTs are not just investments - they're also part of a vibrant cultural movement. So, explore, create, but be careful out there, especially, if, like us, you haven’t a clue what you are doing.…..

NFTs? What?