Can you become rich by selling NFTs?

The newfound hype in the market has NFTs covered. It is presently the most hyped possession any collector could have. And probably the most expensive thing an artist could sell. So the question really comes to your mind can you become rich by selling NFTs? Well, the answer is yes! You can. But for the same, you would need two things; the first and most important thing is skills and secondly a little bit of luck. Don’t you believe me? Let me show you some proof.

Rags to Riches

Ben Mauro was a normal artist trying to live his life by managing finances, choosing between things he wanted and needed, and making the difficult calls. But then he came to know about NFTs and become a millionaire. His artworks fetched him a lot of money and were actually appreciated by the ones paying for them. The opportunity that Mauro was able to grab is a clear example of how effective NFTs are. Over the past year, from an estimated market of $250,000 yearly, it has touched $60 million.

Selling NFTsThe rates at which the art pieces are selling can make anyone a millionaire overnight. But it does have to be good, though. Some artists are selling 3D models of celebrities for tens of thousands, while others are selling 3d models of items in games. Tweets, paintings and even cat gifs are going on sale, fetching millions from interested people.

For those who don’t know what NFTs are, you can read a detailed article I have written on the same. Link here. And if you are in a hurry, here is a brief summary of what makes it such a game-changer.

What are NFTs?

NFTs stand for non-fungible tokens, or in simpler terms, you could say unique tokens. These are meant to be rare and cannot be exchanged to get a similar thing. For example, Bitcoin is a fungible token. You can exchange a BTC for a BTC but let’s say you have an NFT of a cat’s gift; the same can be exchanged for other things. Another important thing about NFTs are their value is not fixed. As an artist if you are selling a digital painting, it could fetch you $100, $1000, $10,000, $100,000 , $1000,000 or even more. Whoever plans to buy the art will decide how much he is willing to pay for its ownership.

NFTs also have their own share of problems like copyright problems. This is because to create and sell and NFT, there is no requirement of proving your ownership of that particular thing. So, this has led to much illegal stuff happening in the space. There is also the power usage controversy going on because of the link of NFTs with Ethereum that is said to consume more power than Iceland.

What are your thoughts on selling NFTs and aiming to become a millionaire overnight? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.

Also Read: Biden’s $1.9T stimulus package! Good or Bad for Bitcoin?