Many people jump into the NFT space without having the prerequisite knowledge to excel at it. Some may be lucky not to get burnt while at it but the end result mostly involves learning the hard way.
Talking about learning, there are numerous folks out there who would promise you heaven and earth in order to lure you in and force you to part with your money all in the name of teaching you. It then behooves on you to research who you are dealing with to know if they are really what they preach.
Another way is to follow the teachings of successful professionals in the NFT space and there’s no doubt that Clancey Braxton Yohman is a force there.
How did he become successful in NFT? What are his secrets and how can you follow these lessons to become successful in NFT yourself?
Clancey Braxton Yohman shares some secrets here.
What is NFT?
NFTs (non fungible tokens) are digital assets initially based on the ethereum blockchain network. Once created and authenticated by the primary owner, it becomes a token with a unique identity, then it can be sold multiple times. However, it can still be traced back to the initial creator.
As a beginner, what should be the main focus in NFT?
In NFT just anything else, you need to do your research to decide if it’s something you would still be interested in in a year from now. NFT is not a get-reach-quick scheme, although some are extremely lucky but such cases are rare. Minting and selling your first NFT can be so daunting that you may lose interest if you are not passionate enough about it.
Be prepared to go the long haul if you really want to make money off NFTs.
There are several networks that support the minting of NFT but the Ethereum and the Binance Smart Chain network offer the best options to sell your NFT across different NFT platforms.
Who can create NFTs and sell them?
If you already have the mindset that only a specific set of people can create NFTs, I can tell you for a fact that such idea is wrong. Absolutely anyone that is creative enough can create their own NFT.
Explain to a first time NFT enthusiast how to create their first NFT
The first thing that should occupy your mind is the idea of your first NFT, how it’s going to look like, etc. Then you need to have some Ethereum or BSC in your wallet balance to pay for the gas fee/network fee to mint your NFT.
To mint NFT on the Ethereum blockchain, you need a wallet that supports NFT, you can chose either of Coinbase, Metamask or Trustwallet. Then you can proceed to any of the platforms that supports minting NFTs, the steps are pretty straight forward from there.
How to recognize value in NFT?
Being an enthusiast does not equate to having the technical know-how on making money off NFTs. The most important thing you have to put in mind is why you are in the NFT space and what you intend to gain from it, then you can follow the plan to achieve your objective.
If you are either creating or buying, look out for art based on rare pieces, this way, you can be sure it would appreciate in value in the long run. You should also target art made by or based on popular individuals dead or alive too.
Read descriptions to know what you are buying and be sure you are buying an original artwork, not a knock-off.