Ever Wanted To Own An NFT Collection?
Well, now you can
So, I was casually strolling through Fiverr when I saw them. NFTs. More specifically, sellers offering the creation of NFT collections.
These offers go for as little as $150 for 1,000 NFTs. Are you surprised? Because I am.
I mean, I knew that I would possibly find a few sellers of NFTs but I never expected so many. I was even more surprised by the quality of these collections.
These designs look incredible and It's just hard to believe that so many popular NFT collections that have made thousands were created by a Fiverr seller.
Not to discredit them but has it always been that simple to get a slice of that NFT money?
Okay, let's backtrack a bit because a lot of you might not even know what an NFT is.
What Is An NFT?
NFT stands for non-fungible token, meaning one of a kind and unable to replace.
For example, you have two items: one purple apple and one red. The purple apple is the only one of its kind to exist. Therefore it would be considered an NFT.
This is similar to an NFT collection. But in this case, they are images. You buy one and you are the only one who owns the variant of the image.
Why Would I Want To Own An NFT Collection?
NFTs can be worth a lot. Like a lot-a lot. Some have sold for over $100,000 and sometimes for millions.
Doodles is a popular NFT that has recently taken off to the skies and brought lots of wealth to its holders. You can't help but feel envious of those numbers. But guess what? You can have them too or even more.
What you see up above is just what sellers of the NFT have made but as an owner of a collection, you make royalties off each sale. These royalties are usually 10% which is a lot if you have more than 9,000 sales going back and forth.
Imagine you already sold 1,000 NFTs for $300–$500, and now you are collecting royalties! Insane, right?!
Don't Get Lost
Now, I have to say it. This is not financial advice. Please do not go spending thousands without doing your research first. Yes, NFTs can sound super promising but you should learn as much as you can before you nose dive into the lion's den.
Here are a couple of things to think about when starting:
- What are you offering to holders of your NFT?
- Do you have what it takes to run a project consisting of thousands of potential buyers?
- Why should buyers trust you?
And remember, NFT projects are more than get-rich-quick schemes. You build a community of people that trust the vision of the owner. They are trusting lots of time and money in you.
Rugged
When a project is "rugged" it means the owner took all the money from the NFT purchases and abandoned the project. Simply put, you got scammed. Do not abandon your project. Before you even start be 100% sure you are ready.
I was almost a victim of a rug pull. Luckily, I didn't have the finances to purchase one. My wallet was spared. I feel bad for everyone else though.
Join The NFT Hype
Hopefully, this article gained your interest in NFTs. They are truly exciting and there is tons of money to be made. Just don't get lost in the green and proceed every NFT project with caution.
I only touched the tip of the iceberg with this article and there is so much more to learn so join the hype. Go start learning more about NFTs!
About the Creator
Davlin Knight
Just an awkward guy with lots to share!
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