ℕ𝔽𝕋 𝕗𝕠𝕣 π”Ήπ•–π•˜π•šπ•Ÿπ•Ÿπ•–π•£π•€ π•’π•Ÿπ•• ℙ𝕣𝕠’𝕀

Non-fungible tokens (NFTs) are digital representation of assets…artworks, things that are unique (rare), non-transferable and contains value.

Confusing right.? maybe understanding the word fungible will make it a bit clearπŸ‘‡
Fungible assets have same value anywhere you go.. eg 1g of Gold in Tz is same as 1g of Gold in Kenya, & 1BTC in US = 1BTC in UK.

Non-fungible assets are not equal to one another, they’re all unique and irreplaceable, and the value is always given by the community (holders).
NFTs are way beyond what you think, they can represent an art, a picture, music, movie, poems, memes, tweets, documents and even real estate just to mention few.

Government can use NFT tech to solve/improve the issues of land ownership and identity management (passport etc..)
Lemme stop complicating things. So how to start, who can create and where/how to sell/buy.?

How to create NFTs

Anyone can create an NFT, no experience is required. You just need to have your artwork in digital format and a proof of creation or legal ownership of the content.
How to make money from NFT

It depends, whether you’re a creator or collector

For artist (creators): you can sell your artworks and get paid, musicians can sell albums as nft, comedian can sell skits as nft, poet can sell poem as nft…..etc etc
For collectors: you can buy any NFT you like and sell at higher price. You can also use it as collateral to borrow in some Defi protocols or you can lend/rent it in Gamefi/Metaverse world and get paid everyday (make your nft works for you).
Buying and Selling

NFTs can be traded at a fixed price or through an auction.

Trading of NFTs always happens in 2 markets; the primary market (minting website) and the secondary market (NFTs marketplace).
You can buy NFT at primary market and resale at secondary market or just buy/sell at secondary markets.

Most tradings of NFTs happens in secondary marketplaces.

The trick to make money: buy at primary market and sell at secondary market. Avoid buying at secondary market.
Primary marketplace (Minting website)

Find the right projects to invest in. DYOR, a lot of rug pull out there. Find the minting date and minting site.

Secondary marketplace (NFT marketplace)

There are alot of marketplaces nowday. Depend on your favorable blockchain:πŸ‘‡
Ethereum:
- OpenSea.io
- Rarible.com
- NiftyGateway.com

Binance:
- TofuNFT.com

Fantom:
- PaintSwap.finance

Solana:
- Solanart.io
How to get started
-You need compatible wallet (see the previous thread about wallets)
-Fund your wallet, you can buy either ETH, FTM or SOL from your CEX (Binance) and transfer to your compatible wallet.
-Connect your wallet to marketplace, buy/sell your NFT.. it’s very simple
NFT-Defi combo

After you buy an NFT instead of hold until price skyrocket to sell, you may want to stake/farm and get paid for just own it, or use it as collateral to get a loan/borrow or just lend/rent in Gamefi/Metaverse world and get paid.
A lot of Defi protocols offer those opportunities, here are some of them on each blockchain:
Ethereum: NFTX.io, reNFT.io
Binance: JustLiquidity.org
Fantom: PaintSwap.finance
Solana: Honey.finance, Only1.io
Lemme demonstrate using Honey.Finance (use it as go by to other platforms);

Staking/farming 2 NFTs and earns around 4 $Honey daily.

You can also use your NFTs as collateral and borrow against it. Borrow limit depends on value of your NFTs (see attached for details)
NFT & Gamefi and Metaverse world

In Gaming/Metaverse platform users can rent their NFTs for others to use and earn passive income.

Some of those Games: splinterlands.com, crabada.com, axieinfinity.com etc

Metaverse & NFTs: decentraland.org
Thanks for reading, share the knowledge by like and retweet.
@galus_titanium @Sirjeff_D @crian_nicas @itsapollooo @NNgailo @Theo_mwangi @godbless_lema

β€’ β€’ β€’

Missing some Tweet in this thread? You can try to force a refresh
γ€€

Keep Current with Henry Imani

Henry Imani Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(