NFT KNOW HOW

The Smart Investor’s Guide To Non-Fungible Tokens

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Table Of Contents:
A Big Opportunity is Yours for the Taking – You In? .................................................... 7

An Introduction to the Wonderfully Wild and Profitable World of NFTs............ 13

How Even Non-Techies Can Handle the Technical Side of NFTs Like a Boss .. 22

Set Up Your Wallet................................................................................................................. 23

How to Secure Your Wallet ................................................................................................ 27

Go Offline ............................................................................................................................... 27

Write it Down ....................................................................................................................... 28

Guard Your Keys ................................................................................................................. 28

Watch for Phishing Scams ............................................................................................. 30

Set Up Spending Limits..................................................................................................... 31

How to Buy, Sell and Trade NFTs .................................................................................... 32

How to Mint NFTs ...................................................................................................................34

How to Create, Sell, Buy and Flip NFTs for Fun and Profit ....................................... 38

What Types of NFTs Should You Sell? ..........................................................................45

How to Launch and Promote Your NFTs......................................................................47

How to Stand Out in a Crowded Marketplace .......................................................47

How to Market Your NFTs ............................................................................................. 49

Launch Your NFTs ................................................................................................................... 61

How to Evaluate and Invest in NFTs.............................................................................. 64

Investing in Companies That Work in the NFT Space ............................................... 80

Do Your Own Research .................................................................................................... 82

Review the Website and White Paper ....................................................................... 82

 Check Out the Partners and Backers ......................................................................... 83

Browse Social Media ......................................................................................................... 87

Check the Market Listing .................................................................................................88

Determine Your Goals.......................................................................................................89

What Companies Should You Consider? ......................................................................89

How NFTs are Changing the Way the World Does Business ..................................93

Healthcare Industry ............................................................................................................... 94

Manufacturing Industry ........................................................................................................95

Gaming Industry ...................................................................................................................... 97

Hospitality Industry ................................................................................................................ 97

Music Industry ......................................................................................................................... 99

The Unique Ways Everyday Businesses Are Using NFTs ..................................... 101

Conclusion: The Time to Act is Now ................................................................................. 109

A Big Opportunity is Yours for the
Taking – Are You In?
You’ve probably heard a bit about NFTs, which are non-fungible
tokens. Depending on what sort of circles you run in, you may have
heard a LOT about them – to the point where you’re really excited
about getting involved and profiting from this exciting new space.

But you may also be scratching your head a bit and wondering just
how exactly you can do that.

The good news is that you’re reading the right guide, because you’re
about to find out how to tap into this opportunity. And what you’re
going to discover inside these pages is likely to surprise you.

You see, plenty of people have heard about different ways to profit
from NFTs, but there are a lot more ways than you’ve probably
imagined. What’s more, NFTs are set to become a part of your
everyday life, whether you want them to or not. Those who prepare
themselves now by understanding how NFTs work and how they’re
being used are going to be the ones who’ll profit the most from this
exciting space. That’s what this guide will help you do.

Why is this all so important? Let me explain…

Imagine for a moment if you could jump into a time machine and zip
back to the mid-1990s. (Some of you reading this may not have even
been born then, but just open your mind for a moment for this
example.)

At that point in time the internet was really starting to take shape.
Amazon was just getting started (1994). The popular auction site
eBay was up and running too (1995). Google was still an idea that
was coming to fruition (1998). And everywhere, existing businesses
were also starting to see the advantages of getting their companies
online.

The companies (like Amazon) who saw the potential and started up
relatively early are very profitable today. Their founders and early
investors are rich – like “buy a $500 million yacht” rich.

Likewise, the existing businesses who saw the internet’s potential

and got online fast also profited. They got ahead of their
competitors, they established sites and developed mailing lists, they
made it easy for customers to browse and order online, and they
saw a boom in their sales as a result.

And what about those companies that hemmed and hawed, perhaps
because the decision makers thought the internet was a fad? They
got left in the dust of their competitors who absolutely trampled
them. Some of them are still limping along, trying to recover. Others
have gone out of business completely.

Take Sears as an example, which didn’t adapt as quickly to the

internet. Sears had been the biggest retailers in the US since the late
1890s. This big retailer put smaller stores out of business when it
first started. But in the 1990s, the tables turned – it couldn’t adapt
and keep up with Amazon, so Amazon trampled it and Sears went
into bankruptcy protection.

Imagine for a moment that it’s the mid-1990s and you have a chance
to invest in ONE company. Would you invest in Sears, or would you
invest in Amazon?

The smart money would have been investing in Amazon.

Imagine for a moment that it’s the mid-1990s, and you have a
chance to build a business. Do you get your business online right
away, or do you just focus on the brick and mortar aspect? Right,
the smart money is on getting your new business online as quickly
as possible to gain a competitive edge.

Sure, it’s easy to sit back now and be an armchair quarterback with
20-20 hindsight vision. Of course you would invest in the tech
startups like Amazon, Google and later Facebook if you knew then
what you know now. And had you done that, you’d be filthy rich too.
But alas, those days are gone…

Or are they?

It’s not often you get second chances. But right now, today, you
have a second chance to get in on something big – no time machine
required.

Yep, I’m talking about NFTs.

We’ve been studying this space for a while now and watching it
evolve. And right now, it’s absolutely exploding. It reminds us of the
mid 1990s with new technologies and new ways of doing things
dominating the scene, creating plenty of opportunity, and making
people very rich.

But the other thing it reminds us of are the people who seemed to
sleepwalk their way through those exciting times. And let’s be
honest – that was most of us!

If you didn’t get into the internet and make your fortune early,
there’s no shame in that. Very few other people did either, because
very few people predicted how it was all going to turn out.

The good news is that this time you’re ahead of the curve, which is
why you’re reading this guide. Here you’re going to find where all
the best opportunities lay so that you can direct your resources in a
way to make the most of them.

This is your second chance to get in early on a HUGE opportunity

and profit from it. It’s incredible that we’re all being offered second
chances, but it’s highly doubtful that we’ll be offered a third chance.
If you don’t make the most of this opportunity, nothing else is
coming down the pike. And the longer you wait, the more likely it is
you’ll be trampled in the dust of your competitors.

You ready?

Let’s jump in…

An Introduction to the Wonderfully
Wild and Profitable World of NFTs
Before we look into the many ways that you can profit from NFTs,
let’s get on the same page by talking about what they are.

As mentioned, NFT stands for non-fungible token. A non-fungible

token is unique, meaning it can’t be directly swapped for any other
token.

To understand this, take the example of money, which is fungible.

Any legal tender can be swapped for any other legal tender.

Let’s take the US dollar as an example. If I owed you $100 USD, I

could pay you with:

• One $100 bill.

• Five $20 bills.
• Ten $10 bills
• One hundred $1 bills.
• Four hundred quarters.

And I could go on and on. In fact, I could give you any combination
of bills and coins to come up with $100, and that would satisfy the
debt. Every $1 bill is worth exactly $1. Every quarter is worth exactly
25 cents. There is nothing unique about any of these coins or bills
that change their value, so they’re fungible.

Now compare that to something like a car. You and I can’t just trade
cars, because they’re not worth the same value. Even if we drive the
exact same make, model and year of a particular car, they’re STILL
not worth the same amount. There are unique factors such as
mileage, paint color, engine mechanics and more that make our cars
worth more or less.

Or to put it another way: if you drove a one year old Honda Civic
with 5000 miles, you wouldn’t be happy if someone traded you for
a one-year-old Honda Civic with 50,000 miles and scratched pain.
These are non-fungible items.

So, that brings us to non-fungible tokens (NFTs). These are unique

tokens that are recorded on the blockchain, which is a type of
secure, decentralized ledger system. The blockchain is very difficult
to hack. That’s because all the information is stored across a
network of computers. In order for someone to change the
information on the blockchain, they’d need to control the majority
of computing power – and with potentially thousands of computers
on the network, that’s just not going to happen.
The fact that NFTs stored on the blockchain and are so secure is
what makes NFTs useful to a wide variety of industries ranging from
manufacturing to healthcare to real estate and more.

Businesses and industries everywhere are starting to use NFTs in

some very innovative and profitable ways.

For example, food suppliers can use NFTs to track a shipment of

milk from the farm to the end destination (such as a restaurant). The
restaurant owners can be assured that the milk was always at the
correct temperature during its entire journey, as this information
can be automatically transmitted and recorded on the blockchain.
And if there is any issue with the milk, using NFTs to track the
origins, shipping and destination make it much easier for food
inspectors to trace problems and recall if needed.

That’s just one example of how NFTs are being used – we’ll get into
plenty of more examples inside this guide. And when we do, you’ll
want to think about what sorts of tools and platforms you can build
to facilitate all of this, or how you can help business owners use this
new technology.

The fact that anyone can go on the blockchain and verify the
authenticity of an NFT is another fact that makes them so useful.
Being able to attach a unique token to digital items or even physical
items opens up a world of opportunity. What’s more, people can
record digital property rights online for the first time ever.

Let’s take the digital artworld as an example. An artist can now sell
an original work of art, and buyers can verify that it’s an original. The
artist may sell just the original copy, or they can sell a limited-edition
run of copies. Either way, the buyers know they are getting the
verifiable original directly from the artist.

Now, because it’s digital artwork, there are plenty of people who
scoff at this idea, perhaps because they haven’t really thought it
through.

“Look, I just right-clicked and now I have a copy of the artwork too!”
They laugh as they download the art to their computer.

Sure, now they have a copy – but they don’t have the original. And
the original is always going to be worth more than a
reproduction/copy.

If you’re not sure of this, let me ask you this…

If given the choice, would you rather have the original Mona Lisa
painting, or would you be equally happy with obtaining a copy
(reproduction)?
Crazy, right? The Mona Lisa is valued at nearly $1 billion, whereas
those reproductions that you can buy most anywhere are worth
about as much as the canvas they’re recreated on.

The two items LOOK the same. In fact, it may even be hard to tell
them apart from across the room. But they most definitely are not
the same – and their value reflects that. Anyone would much rather
have the original versus a reproduction Mona Lisa, because:

• The original is worth so much more.

• There is an element of status associated with owning an
original, popular and expensive piece of artwork.

Just about anyone would scoff at an art collector who tried to say
that the Mona Lisa reproduction they purchased from a knock-off
site is just as good as the original piece that hangs in the Louvre
Museum.

Now you can apply this concept to a wide variety of items. For
example, let’s imagine that you have two handbags that look exactly
identical. One of them is an authentic Gucci handbag, while the
other is a knockoff made somewhere in China. Which one do you
think celebrities like Rihanna, Beyonce, Reese Witherspoon, Jennifer
Lopez, Mariah Carey and more are carrying?
That’s right, the celebrities flex their wealth and prestige by carrying
authentic Gucci bags. And anyone who tries to tell you that an
$8000 Gucci bag is “just the same” as an $8 Chinese knockoff is
sorely misguided if not a bit delusional.

Now take that same concept and apply it to digital artwork.

For the first time ever, non-fungible tokens make it possible for us
to verify the authenticity of an original piece of digital art. Collectors
are snapping up this artwork for big bucks, sometimes for tens of
millions of dollars. And they’re displaying these pieces online in
various ways, such as on their social media profiles, or in exhibits
that they create in virtual worlds.

Just as with the ability to buy an original Gucci bag or an original

Picasso painting, those who buy original digital artwork are flexing
their wealth. There is a lot of status and prestige associated with
purchasing expensive, original artwork. The ability to purchase
these works opens doors for people into elite social circles. It signals
to other wealthy people, “I am one of you.”

And the opportunity for you? You could create your own high-
priced artwork. You could buy and then flip artwork and other
digital collectibles for cash.
Or maybe you want to get into the business side of things. You
might think about what kind of platforms, apps and tools you could
build to help businesses take advantage of NFTs. You might even
offer consulting services.

For example, you could help a manufacturing company reduce

counterfeit goods by attaching NFTs to their products so that they
can track them through the supply chain.

Another example: you could help an event company use NFTs to

sell tickets. These tickets are counterfeit proof, and they can’t be
scalped (unless the company allows this). Depending on the event,
the tickets themselves become collectibles that people can buy and
sell on marketplaces.

Which brings us to another idea: people are beginning to buy and

sell all sorts of NFTs, ranging from artwork to sports collectibles to
gaming tokens and more. You might consider setting up your own
niche platform to slice off a chunk of this market for yourself.

Or perhaps you want to use NFTs in some way for your existing
business. Hey, you can do that too. For example, if you need funding
for your business, you can skip the hoops that banks put you
through and sell NFTs instead.
Or perhaps you’re looking to start up a loyalty program. Here we’re
thinking of “points” for purchases, or “buy nine and get the tenth
one free” type deals. Instead of trying to keep track of these with
paper cards or dicey apps, you can set them up as NFTs. It’s easy to
track and secure, so you don’t have to worry about people trying to
hack into the system to get their freebies.

And you know what?

All of this is just the tip of the iceberg when it comes to NFTs.

There are so many amazing ways to use them, and so many

opportunities that can make the right person extremely wealthy.

Maybe that person is you?

To find out, you’ll want to keep reading, as we’re going to dive into
the some of the really interesting and profitable ways people are
using NFTs. You can jump into these same areas, or this discussion
may even spark entirely new ideas for you.

But before we get into all of that, let’s get you all set up to work
with NFTs. Read on…
How Even Non-Techies Can Handle
the Tech Side of NFTs Like a Boss
When we start talking about NFTs, one thing that tends to hold
people back from pursuing this space is because they think it’s too
technical for them.

Sure, it’s a bit different than what you’ve seen before in your travels
around the web. But the fact that you’re even online, downloading
ebooks, paying for goods and more tells me you’d have no problem
working with NFTs. This goes double if you’re already familiar with
things like setting up websites.

Fact is, working with NFTs isn’t any more difficult than anything else
you’ve done. It’s just the unfamiliarity of it all that can make some
people hesitate. That’s why we’re going to get the technical side of
NFTs out of the way right up front, so you can see that it’s probably
a lot easier than you think!

So, what do you need to know? You need to understand:

• How to set up and secure your wallet.

• How to mint NFTs.
• How to buy, sell and trade NFTs.
Depending on what you want to do with NFTs, you may not need to
do all of these things. However, you’ll definitely need a wallet, which
is where we’re going to start this discussion…

Set Up Your Wallet

Your wallet is a secure place that you can store your cryptocurrency
and NFTs.

Side Note: In order to do anything with NFTs, you’re going to

need to use cryptocurrency (most often Ether, which based on
the Ethereum platform). As such, cryptocurrency and NFTs go
hand in hand, and both are minted and recorded on the
blockchain ledger.

When you set up a wallet, you’re going to get two keys: the public
key and the private key. Both of these are long alphanumeric strings.

The public key is what you use to accept cryptocurrency from other
people. You can give people a public address, which is a shortened
form of your public key. This public address makes sure that the
cryptocurrency ends up in your wallet and not somewhere else.

The second key is the private key, which is what allows you to unlock
the funds in your wallet. This is the key you absolutely need to
guard with your life. If anyone else gets access to your private key,
they can steal everything in your wallet – and there’s not much you
can do about it. That’s why in a few moments we’ll talk about how
to safeguard your wallet.

If you start looking around for wallets, you’ll see that there are a lot
of options. However, your first step for safeguarding your wallet is
to ONLY purchase a reputable wallet, and to make your purchase
directly through the company offering these wallets. For example,
don’t hop on eBay and purchase a wallet, nor should you purchase
a wallet from some unknown site.

The reason is pretty obvious: if you purchase from an unknown site,

the wallet may be pre-loaded with some sort of malware that’s
designed to reveal your private key. Then some guy in a small
country you’ve never heard of takes your money and runs, never to
be seen again.

Instead, you’ll want to stick with a reputable wallet, such as the

MetaMask wallet, the Coinbase Wallet, and similar wallets from other
reputable companies. And again, be sure that you ONLY purchase
your wallet directly from these sites, otherwise your wallet is at risk.

The second thing you need to know is that there are custodial
wallets and non-custodial wallets. A custodial wallet means that the
company selling you the wallet stores your keys. A non-custodial
wallet means that you’re the sole holder of your public and private
keys.

One of the benefits of getting a custodial wallet is that you generally

can recover your keys if you ever lose them. This isn’t the case with
non-custodial wallets. If you lose your keys, that’s it – you’ve lost
access to your wallet and all its contents, and there’s nothing you
can do if you don’t find the keys.

The downside of a custodial wallet is that it’s less secure, simply

because a third party is holding your key information. However, a
reputable third party is going to have plenty of security measures in
place, so these wallets are as secure as other places that hold your
financial information (such as banks, credit card companies and
similar).

For those who are very security conscious, a third option is the
hardware wallet. As the name implies, the hardware wallet an actual
physical device that plugs into your computer and stores your keys.
This provides an extra layer of protection to keep your information
safe from hackers, malware and the like. However, these wallets
tend to be a little more complex to use, and they do cost more than
the custodial or non-custodial wallets mentioned above.

Once you’ve selected your wallet and set it up (using the

instructions the company provides to you), then you’ll need to get
some cryptocurrency into it in order to be able to do things like buy,
sell, trade and mint NFTs. And in order to get cryptocurrency, you’re
going to need to exchange your fiat currency for crypto.
Fortunately, you can do this fairly easily by using a cryptocurrency
trading/exchange platform.

Think of this step as being similar to when you travel to another

country that uses a different currency than yours. You might stop
by your bank and exchange your currency (such as the Euro) for
another currency (such as the dollar), so that you can buy things
with cash while you’re traveling. Same here – when you travel into
the world of NFTs, you’re going to need to swap out your currency
for cryptocurrency.

If you look around, you’ll find there are plenty of options for using
your credit card or similar to turn your fiat currency cryptocurrency.
Here again, you’ll want to stick with the well-known and reputable
exchange platforms, such as CoinBase. CoinBase is the biggest and
perhaps one of the better known platforms, but there are others
such as Gemini, Kraken, Crypto.com, Binance, and more.

Once you select a platform, you’ll generally need to connect a

payment method (such as your credit card), hook up your wallet,
and then use your payment method to purchase the appropriate
cryptocurrency (which is generally Ether). Just follow the onsite
instructions for performing this exchange, as it may be slightly
different between the trading platforms. But rest assured, the
process is relatively simple. If you’ve set up online payment
platforms such as PayPal, then I’m quite confident you can set up a
wallet and get some cryptocurrency into it.

Now that you’ve some money in your wallet, it’s time to talk about
security…

How to Secure Your Wallet

As mentioned, you need to keep your keys safe in order to keep

your wallet safe.

Check out these additional tips and ideas…

Go Offline
Previously we mentioned that the hardware wallet is among the
safest options, as your keys are stored on a plugin device rather than
on your computer itself. If you’d like one more layer of security, then
another option is to store your keys on an “air gapped” computer.
This is a computer that has NEVER been online, and never will be.

Simply put, as soon as a computer is online, it becomes vulnerable

to being hacked. You can help prevent this with firewalls and anti-
virus protection, but the viruses and malware can move faster than
the technology used to prevent it. As such, putting important
information on a computer that’s not online will keep it completely
safe from getting hacked.

Even if your computer isn’t online, you do need to worry about

things like fire and theft. As such, you’ll want to consider how to
back up your information and keep it safe in case of these events.
For example, you might store a backup information in a fireproof
safe, or even a bank-deposit box.

Write it Down
Another way to store your information offline is to go old school
and write it down on a piece of paper. Naturally, you’ll need to keep
this paper in a secure location, such as a fireproof lock box or safe.

Guard Your Keys

You’ve got people in your life that you absolutely trust 100% with
your keys, such as a spouse, good friend or similar. However, it’s not
a good idea to give your keys to anyone else, even if you do trust
them.

Here’s why: not everyone is as security conscious as you are. Even

someone you completely trust may have security issues, such as
saving your information on their computer, but then not keeping
their computer firewall, anti-virus and other security measures
updated. Or perhaps the person tends to be vulnerable to phishing
scams.

The reason really doesn’t matter. The point is, you can trust that
someone won’t do anything nefarious with your information, but
they still might be careless with it. To keep your information
completely safe, keep it for your eyes only.

Now, having said that, let me share one caveat here.

Just as you put beneficiaries on your bank account and draw up

plans in the event of you becoming incapacitated or even passing
away, you do want to set up “worst case” plans for your wallet. If
you pass away, you’d definitely want your loved ones to be able to
access any assets in your crypto wallet. As such, be sure to create
instructions for accessing the wallet, as well as instructions for what
to do with the assets, such as how to convert it back into fiat
currency. This document will naturally include your private and
public key information. You can then store this information in a
secure location, such as a safe, that your loved ones know to access
if something happens to you.

Okay, let’s move on from that grim thought…

Watch for Phishing Scams
Another common way for people to lose their assets is through
phishing scams or hacks. This is where you get a seemingly legit
request that you respond to, click on, or otherwise interact with.

For example:

• You get a link on social media that’s from a friend, and

they tell you to click on a link. Unbeknownst to you, the
friend has been hacked, and the link is going to
compromise your security.

• You get an email from a seemingly official source, such as

your wallet, asking you to login or verify some
information. You click the link, everything looks legit, and
you log in – and now someone else has your credentials.

Those are just two examples, as this can happen in all sorts of ways.

Just brush up on your security protocols, such as:

• Keeping your computer security software updated.

• Never clicking on a link that you didn’t expect.
• Never opening an attachment that you didn’t expect or
ask for.
 • Always typing web URLs into your address bar or using
your own bookmarks, rather than clicking on links (even
if they look like they’re coming from legit sources).
Next…

Set Up Spending Limits

If you’re using a wallet like MetaMask, then you can set up spending
limits. If for some reason your wallet is ever compromised, this tips
limits your losses. In addition, it’s also useful for people who tend to
get emotional and overspend, such as when you get swept up into
the excitement of bidding on an NFT auction.

Final Thoughts on Security

You may think we’re going a little overboard with some of these
security measures. However, keep in mind that if you’re using a non-
custodial wallet or a hardware wallet, no one else can help you
recover your information if you lose it. As such, you’ll want to do
everything you can to keep it safe – including using all the tips you
just learned.

Now let’s quickly cover the other issues related to getting set up to
deal with NFTs…
How to Buy, Sell and Trade NFTs

As you’ll find out later in this guide, there are all kinds of cool and
profitable things you can do with NFTs, and many of these activities
require you to buy and/or sell NFTs.

For example, if you want to start collecting NFTs for fun or to flip
for a profit, then you need to know where to buy and sell them.

• If you’ve got your sights set on becoming a famous digital

artist, then you’ll need to know where to sell your work.

• If you want to make some money by collecting gaming tokens,

you need to know where to sell these items.

• If you like the idea of purchasing collectible NFTs as an

investment, such as a sports collectible, you need to find out
where to buy them.

Fortunately, the answer to all of these scenarios is pretty much the

same. Namely, you need to find a reputable marketplace, especially
one that caters to the particular type of NFT that you’re buying or
selling.
Popular options include:

• OpenSea
• Foundation
• Nifty Gateway
• Mintable
• Rarible
• Binance NFT
• Crypto.com NFT
• Axie Marketplace
• NBA TopShots Marketplace
• Zora
• SuperRare

And similar marketplaces.

The key here is to ONLY deal with reputable marketplaces. You can
use any of those listed above, or you can do your own due diligence
for up and coming platforms, or others not on the list.

Be sure to select a platform that’s a good fit for what you’re buying
or selling. You’ll want to spend some time researching each platform
to get a feel for what sort of audiences frequent the platform, what
they’re buying, and the pricing. You’ll also want to check on the fees,
as well as the terms of service for the site.
How to Mint NFTs

Depending on what you plan to do with NFTs, you may need to mint
them. This basically means that you create a non-fungible token
that’s recorded on the blockchain. This NFT includes all the
information about whatever it is you’re buying and selling, and it
verifies that the piece is original.

For example, let’s suppose you decide you want to start selling
digital art. Before you can sell it on one of the platforms mentioned
above, you need to mint an NFT that identifies the artwork.

There are various ways to mint NFTs, and some of them can get very
technical and even very expensive. If you’re just getting started with
NFTs and/or if you’re not the technical sort, the good news is that
you can mint NFTs in a totally non-technical way.

How? By using a platform that facilitates the process. For example,

if you use the OpenSea platform, then minting NFTs is a quick and
easy process.
In a nutshell:

• You upload your digital file, being sure to pay attention

to the platform requirements. For example, you might
upload a JPG, GIF, or any number of other supported
formats.

• You name your file.

• You link to additional information about your NFT. This is

optional. For example, if you’re selling artwork, then you
might link to a webpage that shares the story behind the
artwork.

• You follow the prompts to provide additional information

about your NFT, such as the description, whether it’s part
of a collection and similar.

Once you’ve filled in all the required information, you can click the
button to mint your NFT. Best part is, OpenSea lets you do this for
free, so you won’t have an out-of-pocket cost.

Once you sell the NFT on their platform, they’ll take a percentage of
your profits (2.5% in fees at the time of writing).
That’s it in a nutshell. And although I just gave you an overview, it
really is quite easy to do. If you run into any problems, just check
OpenSea’s step-by-step documentation, which provides far more
information than I’ve listed here.

Summary

Yay, you now got the technical details out the way. If you were
hesitant about NFTs at all before, hopefully this chapter eased your
mind. Sure, some of the technology is a little different than you’re
used to, and some of the terminology is as well, but it’s relatively
simple once you get into it.

And with that, now we’re going to get into the fun stuff, the mind-
blowing stuff, and the uber-profitable stuff.

Read on…
How to Create, Sell, Buy and Flip
NFTs for Fun and Profit
While there are a variety of ways to profit from the burgeoning
popularity of NFTs, one of the most exciting and popular ways to
do it is by selling them.

You can do this in two ways:

1. You can create your own NFTs and sell them. Here we’re
primarily talking about creating art of some kind, such as
digital drawings, photos, short videos, music and similar. If
you’re already into this type of art, then selling your artwork as
NFTs is a very profitable venue you for you to explore.

2. You can invest in others’ NFTs and flip them for a profit (or
hold them mid to long term, depending on what you’re
buying). This includes not only artwork, but other collectibles
such as sports collectibles, gaming tokens and more.

Is this space profitable?

You bet it is. Just look at some of these examples:

• A digital piece of art sells for a cool $69 million – from a

virtually unknown artist named Beeple.

• A popular meme (Nyan Cat) offered as an NFT pulls down

nearly $600,000 for its creator.

• A band’s album generates $2 million in a matter of days.

• A digital character (part of the CryptoPunks series) that

looks like it belongs in the 1990s sells for $11.75 million in
a Sotheby’s auction.

• Sellers with no experience – like a college student just

trying to pay her bills – starts making $10,000 per month
selling digital artwork.

Which brings us to our next point…

Why Do People Buy NFTs?

If you’d like to get a piece of this action for yourself, then the very
first thing you need to do is understand some of the reasons why
people buy NFTs. That way, you can tap into some of these
emotions in order to sell your own high-ticket artwork and
collectibles.

We touched on some of the reasons right in the very beginning of

this guide.

Let’s take a closer look at why people buy them…

People Love the Feelings of Prestige, Power, Status

One reason why people buy certain NFTs, such as high-priced

artwork, is for the same reason they buy other luxury items: prestige,
power and status.

For example, why would a woman buy a multi-thousand dollar Louis

Vuitton or Gucci handbag, when a handbag costing a fraction of the
price helps them carry their personal belongings just as well?

Prestige, power and status.

Why would someone purchase an original painting by Monet,
Picasso and similar, when a reproduction would cost a pittance and
look just as nice on the wall?

Prestige, power and status.

Why would someone spend an absolute fortune for a t-shirt just

because it has a name brand marking on it (like Gucci), versus
picking up a t-shirt for $10 or $20?

Prestige, power and status.

Do all NFTs involve prestige, power and status? Of course not. But
if you’re looking to sell high-priced NFTs in the form of artwork or
other collectibles, then you need to understand how to harness and
use these feelings of prestige, power and status to your advantage.

Here’s another reason people buy NFTs…

People Love to Collect Things

You’ve seen people collect all sorts of things, both big and small,
including:

• Artwork.
• Music.
• Beanie babies.
• Knick knacks (e.g., people collect things such as pens,
matchbooks, mugs as well as themed figurines and décor
such as chickens, cows, turtles and more).
• Rocks (agates, fossils, etc.).
• Stamps.
• Coins.
• Sports cards.

And I could go on and on, adding thousands and thousands of items

to this list.

People collect NFTs for the same reason. For example, if someone
is collecting artwork, they may collect all the digital artwork from a
particular artist. Or they may collect all the artwork with a particular
theme (such as ocean-related artwork). Or they may just collect
artwork they like.
Same applies for other types of NFTs, such as sports collectibles
(NBA TopShots), music, books and more.

People Love Unique/Novel Items

Another piece of psychology you’ll want to tap into is people’s love

for things that are really unique. When people encounter something
unique, certain areas of their brains light up with a pleasurable flood
of dopamine. If you can create that sort of physiological response in
people, you can bet they’re going to be buying your NFTs.

Right now, NFTs are still fairly new to a lot of people, that some
people will buy them just because they’re being exposed to them
for the first time. In other cases, you’ll need to break out your
creativity and differentiate yourself from other artists out there.

People Love Supporting Artists

When people are already invested in an artist or author they really

like, then they’ll go out of their way to support that person. If that
artist or author releases their work as an NFT, their most loyal fans
will buy it just to support them. In addition, artists who’re already
selling NFTs will often support the artist community by buying
digital artwork from their fellow NFT sellers.
People Love a Good Story

This is more about the marketing, and we’ll get into this later. But
just take note that people get invested in a good story, and they’ll
buy NFTs if there is a story attached to it or there’s something else
that makes it emotionally appealing.

People Buy NFTs to Make Money

Yep, you already know this, because you may be looking to do the
same thing. There are plenty of collectors out there, some of whom
are whales, who buy NFTs solely for investment purposes. These
may be short-term investments (buy and flip almost immediately),
or they may hold certain pieces over the mid-term or long-term.
However long they hold them, the point is to make money. You can
sell your own unique NFTs to these folks, or you can invest in other
people’s NFTs.

So, with all of this in mind, here’s the next question…

What Types of NFTs Should You Sell?

In order to answer this question, you need to ask yourself a few

other questions.

First off, what is your goal with respect to selling NFTs?

Since you’re reading this guide, I’m betting you want to make some
money. In that case, you need to start tracking sales on the big
marketplaces such as OpenSea, Mintable and similar. Can you spot
on any trends? What sort of artwork is selling? What types of
collectibles are catching the buyers’ interest?

You’ll also need to keep tabs on the NFT space as a whole to see
how things trend both in the short term and the long term. You can
find NFT groups on Reddit, Discord, Facebook and Twitter. These
groups will often give you a head start when it comes to certain
collectibles that are trending.

The next question to ask is what interests you?

There are a lot of different types of NFTs you can collect and sell. If
you’re not interested in what you’re selling – if the whole thing bores
you – then you’re going to have a tough time doing the required
research to see what’s selling.
Likewise, on a related note, if you’re creating NFTs, then you need
to think about your skills. Are you innovative, creative and skilled in
certain areas, such as photography, digital art, music or similar? If
you’re both really interested in something and you’re skilled at
creating it, that’s a good place for you to start researching to see
what’s selling.

The next question is this: who is your audience?

Are you selling to:

• Regular collectors who just enjoy artwork, music and

similar?
• People who purchase high-price items for the prestige?
• People who are looking for investments (these could be
low-ticket or high-ticket items)?

You’ll also need to consider the other characteristics of your

audience, including their demographics and what types of things
they like to buy. The more you know about your audience, the easier
it will be to 1) Sell them something they really desire and 2) Create
listing descriptions (sales copy) that will really appeal to this specific
audience. As such, be sure to invest a considerable chunk of time in
learning as much as you can about who’s buying the specific types
of NFTs that you’re interested in selling.
Which brings us to the next point…

How to Launch and Promote Your NFTs

If you’re creating NFTs for sale (rather than buying and flipping
them), then you need to market them properly.

You see, a lot of beginners make the mistake of creating NFTs,

putting them for sale on a platform like OpenSea, and then they sit
back and wait for their big pay day to roll in.

But look around – there are a LOT of people doing that exact same
thing. If you drop an NFT on OpenSea and expect to be rolling in
bank, it’s like dropping a grain of sand on the beach and expecting
someone else to find it. It could happen, but it’s unlikely.

So, what you need to do is differentiate what you’re offering from

all the other NFT creators who are selling something similar. What
makes your NFTs different?

How to Stand Out in a Crowded Marketplace

You’ll remember a few pages back where we talked about how

people get invested in stories that are linked to art, music and so on.
Now is your chance to come up with a story that’s going to engage
your audience on an emotional level. This story can serve as your
“hook” or “angle” – that one special thing that’s going to help you
capture the attention of your audience and get them interested in
your NFT.

Consider these sorts of questions:

• Was this artwork created in a special or unique way?

• What inspired you?

• How is this NFT different from similar items in the market?

• Is there something special about you? What’s your story?

• Is the piece the first of its kind in some way, or the first in
some sort of specific category?

• Can you create a fictional story around the NFT (see

https://gevols.com/ as an example)?

You’ll want to ask yourself these questions as well as similar

questions. It’s worth taking the time to figure out how to
differentiate yourself, as this is what’s going to help you sell your
NFTs for top dollar.
Be sure to research all your potential competitors. Look at their NFT
listing in marketplaces, as well as their social media pages, websites,
and other platforms and ad campaigns. You want to be sure that
you’re not accidentally using a hook that someone else is using.

If you want to truly stand out, it needs to be different.

Once you’ve figured out your hook, then you need to start working
on your promotional plan…

How to Market Your NFTs

As mentioned, simply listing NFTs on a marketplace is not a great

way to sell them. Instead, you need to market them just like you’d
market anything else.

Let’s talk about how to do that…

Craft Your Copy

Whether you’re writing about your NFTs on your marketplace

listing, on your website, on social media, within ad campaigns or
anywhere else, you need to be sure you have good sales copy.

In a nutshell, your sales copy is what persuades people to buy your

NFT. Writing your description and sales page as if you’re writing a
high-school English assignment isn’t going to work. Good grammar
doesn’t produce sales. Instead, stirring emotion and getting people
interested in your NFT is what’s going to generate those bids and
sales for you.

Take note: if you’re unfamiliar with the art and science of

writing sales copy, this is one task you may consider
outsourcing. Hiring a professional copywriter who’s a master
of persuasion can really make a difference in the number of
bids you get, how many NFTs you sell and so on. If you want
to outsource this task, then do a Google search (e.g., “hire
copywriter”), ask your network for recommendations for a
good copywriting, and/or post a project on a freelancing site
such as upwork.com.

If you intend to craft the copy yourself, then it’s a good idea to brush
up on your copywriting skills.

Then follow these tips…

1) Browse your competitors’ listings and sites.

One good way to figure out how to sell your NFT is by looking at
successful listings from your competitors (as well as other NFT
sellers). You’ll also want to take a look at their websites, as well as
their social media platforms.
Take note of how they appeal to their prospective buyers. What sort
of stories do they tell? How do they engage them? Depending on
what you’re selling, you may see a pattern develop in that one type
of appeal tends to work really well for your specific audience.

2) Focus on benefits, especially unique benefits.

What is it that makes your NFT different from the competing NFTs?
Who is your audience, and why would they want to buy this
particular NFT? Are there any special perks associated with your
NFT?

You’ll need to convey the answers to these questions in your

description. But remember, people don’t “buy NFTs” – they’re
buying into something that makes them feel a certain way.

Which brings us to the next point…

3) Engage people on an emotional level.

People rarely move towards an order button if they don’t feel

something. If you’re selling something like artwork, then just looking
at the art may move someone enough that they’ll take out their
crypto wallet to buy it. In most cases, however, you need to engage
people on an emotional level.
And that’s where the story comes in that we’ve been talking about.

What is it about your NFT that will draw people in? Does it make
them feel like a part of something that’s bigger than them? Do they
feel a sense of pride because they’re supporting an artist? Or are
you tapping into the feelings of power, prestige and status by
offering something very rare and perhaps expensive? Does your
audience consist of investors, in which case you need to tap into
their “greed gland?”

You need to get people swept up into the emotions surrounding

your NFT. Maybe it’s a photo of someone who looks sad – there must
be a story behind it. Maybe it’s a song – there’s definitely a story
behind it. You need to tell this story in order to engage your
prospects and get people buying.

Let’s take a real-life example. Every day for years, a young man
named Ghozali took a selfie. The selfies were generally taken in the
same place with the same basic pose. Even his expression didn’t
change all that much (expressionless would be an accurate
description). It was just him in front of his computer, taking a selfie.

That’s the story. In a world where everyone takes fabulous selfies

showing the highlights of their life, Ghozali took selfies showing the
mundane side of life. There was no fabulous backdrop, no party
scene, no selfies with friends where everyone is smiling and having
a great time… none of the usual stuff you see on sites such as
Instagram. It was just Ghozali with his expressionless face.

That’s what set Ghozali apart from other NFT sellers. His selfies were
different, and that made them intriguing.

However, Ghozali didn’t even realize what he had tapped into. He

uploaded these selfies and put them for sale as a joke, pricing them
at about $3 each. However, it wasn’t long before his collection had
pulled in one million dollars. He even made an additional $100k+ on
the secondary market as people resold his selfies. Indeed, people
got invested in them, as they started making memes about them,
writing songs about them and more.

We should note here that Ghozali didn’t do much more in the way
of promotion, other than mentioning his listings on his social media
accounts. However, his story was compelling enough to capture the
attention of a famous Indonesian chef, who purchased a selfie and
then shared this news on social media. Boom, that’s when Ghozali’s
listings took off.

A big psychological sales factor here is that anyone who purchases

one of these photos owns a piece of that story. They get to be part
of a very exclusive group who owns one of less than 1000 NFTs
which people are still buzzing about across social media.
You can see this collection here:
https://opensea.io/collection/ghozali-everyday

So, you get the idea here – you need to engage people emotionally
and set yourself apart from what other NFT sellers are doing.

Now let’s look at the next component of your promotional strategy…

Build Your Own Platforms

One very important step in marketing your NFTs is to build your

own platforms. This means creating a website, starting a blog, and
building a mailing list.

Yes, it’s important to build social media platforms, which is why we’ll
get to that in a moment. However, you really want to focus on
building platforms that you own.

For example, once you build a mailing list, it’s yours. No matter what
third-party service you’re using to manage that list, the list itself is
still yours. So, even if the third-party decides they don’t want you as
a customer any longer, they go out of business, they get hacked and
so on, the list is still yours. You can just export it to another email
management platform.
The same isn’t true on platforms you don’t own, such as your Twitter
account. You could build up a huge list of followers – and then
Twitter could ban you from their platform. There’s no way to
download your followers’ contact information, so you can’t just
export it someplace else. That’s why you need to primarily focus on
building your own platforms.

So, let’s do a quick rundown of what you need:

1. You need a domain name.

Don’t run off to a domain registrar and purchase the first domain
name that comes to mind. You want to give this some thought,
because in some cases your domain name is going to help form a
prospect’s impression of you and your work. How will you reflect
what you sell in your domain name?

Many people simply use their own names or a seller nickname as a

domain name. This is a good idea, because you don’t want to use a
domain name that’s too restrictive. For example, if you decide
you’re going to sell photography NFTs and create a domain name
around the word “photography” – but later you want to expand to
other digital art – you’re likely going to have to change your domain
name. As such, pick something that allows for expansion.
2. You need a webhost.

In order for your website to come up when someone types in or

clicks on your domain name, you need to get a webhost. Be sure to
pick one with a good reputation, such as BlueHost.com. Once you
sign up, they’ll give you instructions for pointing your domain name
to your webhost (which involves changing your domain name
servers).

3. You need to set up your website.

Here you have multiple options.

If you’re a do it yourselfer – even if you don’t have much experience

– a relatively simple way to get your website up is by using a content
management system such as WordPress.org (and this one is free
and well-supported). You’ll have plenty of themes (designs) to
choose from, which are fully customizable. Plus you can also install
plugins to quickly add functionality to your website without coding,
such as if you want to add a contact form.

The second option is to outsource the task. If you choose to hire

someone else to install and customize a WordPress site, you’ll find
the fees surprisingly low (since it’s a fairly simple task for a
freelancer, depending on what type of customizations you need).
The last option is to hire a web developer to design your website
from scratch. This is the most costly and time-consuming option,
and it certainly isn’t necessary by any means. If you install
WordPress, any good WP developer will be able to customize your
site to make it unique at a much smaller cost than developing the
site entirely from the ground up.

4. You need an autoresponder.

The next piece you need to put into place is your

autoresponder/email service provider so that you can build a
mailing list, follow up with your prospects via email, announce
upcoming launches and more.

Take note that people need to have a good reason to sign up to

your list. If you’re already a wildly famous NFT seller, you likely could
have people signing up just to stay in the loop with what you’re
doing, hear all about your upcoming sales and auctions, and similar.

But you’re not wildly famous… yet. And that means you need to set
up a lead page (which is basically a mini sales page) and persuade
your audience to join your list. You can do this by offering
something they really want, such as a free NFT that’s part of a
collection.
So, how do you drive people to your lead page so that they’ll join
your list? You promote your lead page like you would anything else,
and that includes promoting it on social media.

Which brings us to the next point…

Engage on Other Platforms

The NFT community is fairly active on social media, so you want to

be sure to get involved, establish a presence, and building your
following. As mentioned earlier, some of the top sites include
Twitter, Reddit, Discord and Instagram.

You’ll want to spend some time examining each of the NFT

communities on each of these platforms to determine the best place
for you to focus your time. Sure, you certainly can engage on all
platforms – but you want to put MOST of your time into building a
platform on the site where your prospects spend most of their time.

The key to social media is right there in the label: it’s social.

You can’t jump on Twitter, Reddit, or any other social platform and
engage in a monologue. You can’t just blast your followers with
promos for your latest NFT drops. No one is going to follow you for
too long if you do that.
Instead, you need to become part of the community by interacting
with your prospects, posting and commenting thoughtfully,
answering questions and so on. Indeed, one really popular social
media event that NFT sellers do is an “AMA” – ask me anything. You
just set aside an hour or so, let people ask questions, and you answer
them. It’s a great way to have fun, engage the community, and let
people get to know you.

That last part is important: letting people get to know you.

Remember, people need to be at least somewhat emotionally

moved in order to purchase something and getting them
emotionally invested in you and your story is one way to do it.

Promote Your Lead Page

In addition to driving social media traffic to your lead page, you can
promote your lead page in other ways as well.

For example:

• Run a paid ad campaign. You can purchase ads on the

very social media sites you’re using, such as Facebook,
Reddit and so on. You can also purchase ads on NFT-
related sites. Be sure to start small to test your ads and
the venue. Once you have ads that work well and an ad
 venue that also performs well, then you can scale up your
paid ad campaigns.

• Do search engine optimization. If you’ve got a blog, then

optimize your content for the search engines to pull in
traffic from Google.

• Create viral campaigns. On social media you can post

viral content such as memes, videos, infographics, photos
and more to create referral traffic that goes to your lead
page.

• Use video marketing. You can create a variety of videos

and upload them to YouTube as well as other social
media platforms. Be sure to optimize the videos for
search.

• Find marketing partners. Here you collaborate with other

NFT sellers in a variety of ways, including co-endorsing
each other across your platforms, guest blogging for one
another, creating viral content together, collaborating on
NFTs and more.
Those are just a few ideas to get you going. Point is, promote your
lead page using all the tools at your disposal, and then you’ll have a
waiting audience every time you have new NFTs coming out.

Which brings us to the next point…

Launch Your NFTs

As mentioned, just tossing an NFT up for sale on a platform isn’t

going to be very effective. In order to get bidders and buyers, you
need to launch and promote your NFTs.

Let’s quickly go over some of the ways you can do this…

Build Anticipation With Your List

When you put an NFT up for sale, don’t just drop a note to your list
and be done with it. Instead, you want to spend at least a week or
so building anticipation for the upcoming drop. You can arouse
curiosity about it, get people excited, show sneak peeks, and tell the
“story” around it. In other words, get people emotionally invested
so that they’re ready to buy the day you put it up for sale.
Build Buzz on Social Media

The second place to build anticipation and buzz is on social media.

Here you can drop viral campaigns to get people sharing your
content. And just as with your list, you want to build anticipation
and get them excited about your upcoming drop.

For example, let’s imagine you’re selling a piece of artwork. You

might do a slow reveal, where each day for five days you show one
portion of the art (e.g., the upper right hand corner). Then on the
last day you reveal the entire piece, along with a link of where to
purchase it.

Blog About It

Same here as with your list and social media – build anticipation,
build curiosity, and get people hungry for your NFT. The more buzz
you can build around it, the higher your final price (if it’s an auction)
and/or the sooner you’ll sell out (if there are multiples in a collection
available).
Purchase Advertising

You can purchase ads in a variety of places, including:

• NFT communities, such as on Reddit.

• Facebook ads (including retargeting ads).
• Targeted ads on cryptocurrency, NFT sites and even sites
related to what you’re selling (e.g., art sites).

Next…

Get Marketing Partners Involved

Another really good way to promote your NFTs is by enlisting

marketing partners. For example, your marketing partners can
promote your newest NFTs to their list, on their blog, on their social
media pages and more. Then when your partners need a
promotional boost – such as when they launch their own NFTs – you
can promote their drops.

That’s just one example. There are plenty of ways to collaborate and
partner with others to both create and promote NFTs in ways that
will benefit both you and your partners.
Quick Summary

So, as you’ve no doubt figured out by now, creating and selling your
own NFTs can be extremely profitable. There are plenty of examples
of everyday people coming online, creating NFTs (even if they
didn’t know much about them before), and pulling down surprising
amounts of money.

Take note – those who do the best with selling NFTs tend to
have a promotional plan in place. You just learned about some
of the steps you need to take to promote your NFTs – but it’s
just the tip of the iceberg when it comes to strategy. Take a
look at your top NFT competitors to see what they’re doing to
promote themselves and their work, and that will give you
additional ideas of how to promote your work.

Of course you don’t need to create your own NFTs in order to make
money with them. Instead, you can invest in other people’s NFTs,
which brings us to this next topic…

How to Evaluate and Invest in NFTs

So, we’ve been talking about how to create and sell your own NFTs,
which tends to be very profitable. However, maybe that doesn’t
interest you. And if so, no problem – there are still plenty of ways to
profit in the NFT space. One of those ways is to purchase other
peoples’ NFTs for investment purposes.

As mentioned earlier in this guide, you need to start with something

that you’re interested in.

For example, do you like:

• Gaming?
• Sports?
• Artwork? (And if so, what kind?)
• Photography?
• Music?
• Collectibles?

It’s important to be interested in what you’re investing in, as you do

need to spend some time researching and evaluating pieces before
you buy them. It’s even better if you know a bit about the items
you’re interested in – e.g., you’re interested in and know about
sports collectibles – but having some level of expertise is not a
requirement.

What is absolutely non-negotiable, however, is that you must

research and evaluate any NFT that you’re purchasing for
investment purposes.
Sure, if you like the NFT and you just want to add it to your own
collection because it’s cool, go for it. You don’t need to research it
if it’s 100% just a fun purchase for you.

However, if you’re looking to make money with your NFTs, then

learning to evaluate them is key. So, with that in mind, let’s have a
look at the different factors that affect value. Keep in mind that not
every factor mentioned below is relevant to every type of NFT.

We have a focus on artwork and collectibles here in this discussion,

but some of these factors to pertain to other types of NFTs as well.

Let’s take a look…

Rarity

The first thing you need to do is figure out how rare a particular NFT
is. This applies to artwork, gaming tokens, sports collectibles, and a
wide range of other NFTs.

For example, there are some NFT sellers that create a series or
collection of NFTs. While the collection as a whole is limited,
sometimes specific items within the collection are somewhat rare.

A good example of this are the collections that include thousands

of characters, such as the Bored Ape Yacht Club, CryptoPunks,
CryptoKitties and similar. These characters are randomly generated,
but certain attribute combinations make some of the characters
rarer – and thus more valuable – than others.

Your job is to study these collections to determine how they were

made and what attribute combinations make certain NFTs within
the collection rare than others.

Another example of how rarity affects value is if you have an

extremely popular artist who doesn’t put very many NFTs for sale.
If you start looking at marketplaces, you’ll notice that some artists
seem to upload new work almost daily. Now imagine if you have a
really popular artist – perhaps someone whose work is known offline
– and they sell one or two pieces per year in the form of NFTs. Those
pieces are going to be extremely valuable, simply because the artist
offers NFTs very rarely.

A third example of rarity is when an artist, especially a popular artist,

puts an extremely limited-run of NFTs for sale. Of course the very
rarest situation here is when the artist simply sells the one and only
original artwork, and that’s it. People tend to pay top dollar for this
piece of artwork, because they are assured that no one else in the
entire world has purchased the original. This is where the wealth,
power, status and prestige factors come into play.
Of course the art or other collectible can still be valuable, even if
multiple copies are on offer. Naturally, the lower number that are on
offer, the higher the value for each piece. For example, if someone
sell a limited run of just 10 pieces, those 10 are going to be worth a
lot more than if the artist sells 10,000.

A fourth example of rarity is if you have an extremely popular artist

who’s passed away. This is just like art, music and other collectibles
in the brick and mortar world. When an artist passes away, their
work immediately becomes more valuable because it’s now scarcer.

And speaking of the artist…

The Artist Behind the Work

The next thing you’ll want to evaluate is the artist behind the work.
Is this person a popular artist? Do they have a large following online,
such as on social media? Are they well-known offline? Do they have
any big backers? Are they associated with any reputable auction
houses such as Christie’s or Sotheby’s?

Point is, do your research to find out as much as you can about the
artist, and see if you can gauge their popularity both line and offline.
Be sure to also look at what their other NFTs sell for. If you’ve got
someone who’s consistently selling NFTs for top dollar, that’s a
good sign that any of their other NFTs will be considered valuable
as well.

TIP: Check the “floor” of the seller’s NFTs. Or in other words,

for how much money did they sell their lowest priced NFT?
This floor will give you a good idea of how much their NFTs are
valued.

Which brings us to the next point…

Is There a Secondary Market?

If you’re purchasing NFTs for investment purposes, then you’ll want

to see if there is indeed a secondary market for the NFT. Or to put
it another way – are these NFTs being resold on other marketplaces?

Let’s stick with the artwork example. If an artist is doing really well
selling NFTs directly, that’s a good sign that the artist’s work is
valued, and that any NFT you purchase from them will be valuable
as well. But to confirm this, check marketplaces to see if people are
reselling the artist’s work. Does the value of the work go up over
time, so that resellers are making money when they flip the NFT? If
so, that’s a good sign for you.

Which brings us to a related point…

What Resell Commissions Are Attached to the Work?

In most of the rest of the artworld, an artist gets to sell their piece
once, which means they profit from it once. Then whomever
purchases the physical artwork is free to do as they please, including
reselling it in the future and keeping all the profits.

One thing that differentiates NFT artwork from non-NFT artwork is

that the artist can receive a commission whenever someone resells
their artwork. This information is coded into the blockchain and
can’t be changed. What’s more, this set up is run on “trustless” smart
contracts, which means it all happens automatically. The artist will
get their commission no matter what the reseller does.

As such, because most artists and many other NFT sellers elect to
get commissions, you need to check what those commissions are
before you invest in an NFT. There’s no sense in purchasing an NFT
to flip, if there’s a good chance that any potential profits you get
would be wiped out by artist commissions.

Some platforms limit the commissions. Those that limit them

typically cap commissions at a maximum of 10%. This means the
artist can charge anywhere from 0% commissions to 10% tops.
Obviously, you’ll want to look for NFTs with low commissions, which
will maximize your profits.
However, one caveat here: you need to balance the overall worth
of the NFT and how much its value is likely to rise against how
much the artist charges for commissions.

For example, you don’t want to artificially limit yourself and say
you’ll only buy NFTs with 1% or 2% commissions. You need to look
at the big picture. If an NFT is likely to double, triple or quadruple in
price (or more), then the commission you’re paying isn’t quite as
important – as long as you’re happy with your profit, all is good.

Even though I’m using artwork as an example since it’s so often

purchased for investment purposes and resold, these commissions
can certainly apply to other types of NFTs as well.

For example, people who sell tickets to events may cap how much
you can sell the NFT ticket for, and/or they may take a cut of the
profits if you resell it. All of this is done to reduce ticket scalping, or
to let the original ticket seller get a cut if the ticket is scalped. So
again, if you’re purchasing something like a collectible NFT ticket,
you’ll want to check what sort of commissions the original
creator/seller is getting, and how much that will affect your profits.

Now here’s the next factor to consider…

Does the NFT Have Utility?

Some NFTs exist to be appreciated for what they are, such as

artwork – no more and no less. In other cases, the NFT may have
some sort of utility attached to it.

For example, one type of popular NFTs are gaming tokens. As you
might expect, these tokens have utility inside a specific game, such
as Axie Infinity, CryptoKitties, and similar. Gamers will buy these
tokens to gain some sort of an advantage within the game, while
others will play the games to collect the tokens and sell them, thus
turning a game into a source of income.

Another example of NFTs with some sort of utility are NFT

wearables. As the name suggests, these are pieces of clothing that
people can wear in virtual worlds. In some cases, people will pay top
dollar for brand-name NFT wearables.

Why? For the same reason that people pay top dollar for designer
clothing in the real world: prestige, power, status and wealth. Just
look at the red carpet at widely broadcast events such as the
Academy Awards. The women in particular dressed in all the top
designer gowns (many of which are lent or donated to them for the
purposes of publicity for the designer). Many of the people on the
red carpet wouldn’t be caught dead buying a no-name dress off the
rack, because there is no prestige in that.
Same goes for designer clothing in virtual words. It’s just another
way for people to display their status to others. This sort of show of
wealth can open doors for certain people, depending on what
they’re after (e.g., connections with other wealthy people).

Here’s the next factor to consider…

Are There Any Perks Attached to the NFT?

Some NFTs go beyond the NFT itself, meaning they offer various
perks to anyone who buys the NFT. For example, the person who
holds the NFT may get exclusive bonus “drops” (such as additional
NFTs) from time to time. Or they may get special perks, such as
exclusive access to interviews, sneak peeks of movies or music, and
similar perks.

In some cases, the NFT may even be attached to a physical product.

For example, some clothing designers sell NFT wearables, but the
buyer also get a physical piece of clothing to wear too.

Point is, you’ll want to check what sorts of perks might be available
for an NFT, and if these perks are transferable to a new owner.

Here’s the next factor…

The Story and “Hype” Behind the Piece

Earlier we talked about selling your own NFTs, and how your story
or the story you build around the NFT can raise the value. Likewise,
if you’re seeking out NFTs for investment purposes, you’ll want to
check out the story. And in particular, is there any hype regarding
the story, the NFT or the artist?

In order to answer this question, you’ll need to do some research by

visiting NFT communities around the web. You can find these NFT
communities on social media platforms such as Twitter, Instagram,
Reddit, and Discord.

The key here is that you need to be careful when gauging the
amount of hype. That’s because sometimes shady NFT sellers shill
all over the internet under multiple names, trying to stir up false
hype. What you want to look for is whether there is genuine
excitement among long-term, respected members of these
communities.

For example, if you see people who’ve been on Reddit for years and
involved in the NFT communities genuinely excited about a
particular NFT, that’s a good thing.

If you see people who just signed up a few months ago (or worse, a
few days ago) really talking up an NFT, that’s probably a shill. Once
you’ve spent a bit of time in these communities, you’ll be able to
better recognize the real members from the shills. (Oftentimes other
people recognize them too, and downvote the shills.)

Who’s Backing the Project?

Sometimes the NFT creator/seller is famous in their own right. In

other cases, the creator may be relatively unknown, but they’ve
partnered with someone famous. Whenever a famous person is
associated with an NFT, the value of that NFT goes up.

Is the Seller Legit?

You’ll also want to be sure you’re buying from a legit seller, and not
a scam artist. Many NFT platforms make this easier by verifying their
top sellers and famous sellers. You can look for the famous “blue
check” (or similar notation that’s specific to a particular platform)
to ensure you’re buying from the person you think you’re buying
from. Always check this, as many scammers pose as someone
they’re not, and you could get suckered into buying an NFT that you
think is going to be worth a bundle, but in the end it’s worthless
because you’ve been scammed.
What’s Your Final Assessment?

If you take the time to really do your due diligence using the steps
and factors mentioned above, then you’ll be able to confidently
separate the wheat from the chaff.

But nonetheless, follow these additional tips:

• Go slow. Don’t go crazy and start snapping up NFTs left

and right. Start slow with a few purchases to see how it
goes. Let those NFTs sit in your portfolio for a bit so you
can determine if you’ll be able to make a profit. Once
you’ve determined that you have a good due diligence
system that’s going to help you create good returns on
your investments, then you can scale up your investment
strategy.

• Be careful with auctions. Before you even think of bidding

on an auction, set an upper limit for yourself – and do NOT
cross that upper limit. It’s easy to get swept up
emotionally in the excitement of an auction, which can
lead to you overspending on an NFT (meaning you won’t
be able to recoup your investment or enjoy a profit later
when you resell it).
 • Diversify. Don’t put all your eggs in one basket, and don’t
buy all of the same types of NFTs (e.g., NFTs from one
seller). You’ll want to diversify your collection/portfolio
so that if one type of NFT seems to lose favor, it won’t
affect your portfolio too much. In addition, you’ll want to
diversify by creating a portfolio with a mix of short-term
investment, mid-term investments and the long-term
investments that you intend to hold for a while.

• Consider investing in fractionalized NFTs. As you start

researching NFTs, you may encounter some that you’re
really interested in, but they’re way out of your budget.
One way to still invest in them is by pooling your money
with other investors and owning a fraction of that NFT.

Now a few parting thoughts about this chapter…

Quick Summary

You just learned about two ways to make money with NFTs. One
way is to create your own NFTs and start selling them, being sure
to properly launch and market them. A second way is to buy NFTs
for investment purposes. You can do one of these, you can do both
– or you can try out some of the other profitable ways to make
money with NFTs that we’re discussing in this guide.

Which brings us to the next chapter…

Investing in Companies That Work
in the NFT Space
You don’t need to directly create or purchase NFTs in order to profit
from them. Still another way to make money in this space is by
investing in the companies that work with them in some way.

For example, you can invest in NFT marketplaces.

NOTE: Since cryptocurrency and NFTs are intertwined, you’ll

see references to cryptocurrency in the following discussion.
As the value of various cryptocurrencies rises and falls, you
may see the value of NFT companies rise and fall as well. Point
is, be sure to examine what cryptocurrencies are associated
with a particular NFT company (many times its Ether), and
keep an eye on how Ether is doing in the market.

Before we begin, let me share with you a few quick words of warning
about investing in NFTs:

1. Anything you read here should not be viewed as investment

advice. Here in this chapter we’re simply offering you general
information about how others are investing in certain
companies. We are not financial or investment advisors, and
 we are NOT giving you any financial or investment advice of
any kind.

2. Understand that investing comes with risk. This is true of any

investment, but it’s especially true of investing in NFTs. NFTs
and cryptocurrencies are very volatile, as it’s not unusual to see
them rise and fall by 10%, 20%, 30% or more in a single day.
Don’t invest more money than you can afford to lose. (That
goes for investing directly in NFTs as we discussed earlier in
this guide.)

So, with that out of the way, let’s get into the good stuff…

Evaluating NFT Companies

Before you think of investing in anything, you need to do your

research first. All cryptocurrency and NFT companies tend to be
very volatile in the short term. However, you’ll want to determine
which companies and projects have staying power and the potential
to grow. And the only way you can do that is via vigorous due
diligence.

So, how do you research these companies?

Let me share with tips and steps…

Do Your Own Research

If you search Google for company names alongside search terms

like “investment advice,” you’ll see plenty of opinions – and some of
them might even seem pretty credible. It seems like an easy way to
get the information you need to help make investment decisions.

Don’t do it.

One of the key tenets of investing is to ALWAYS do your own

research and due diligence. Don’t depend on anyone else, no matter
how credibly they are. Other folks have their own biases, they may
be basing their advice on their own preferences or risk levels, and
they may even have an agenda, meaning they point to particular
investments for reasons that may not be entirely straightforward.

So, do your own legwork when it comes to research.

Which brings us to the next point…

Review the Website and White Paper

Your first stop is to visit the company’s website and read everything
you can find, especially the white paper. What you’re looking for is
whether the company has a clear plan of where they’re going and
why, as well as how they plan to do it. Avoid any companies where
it looks like you have “crypto bros” who seem in love with the idea
of a crypto company, but aren’t prepared to do the hard work of
running one.

You’ll want to look at their past history to see if they’ve been

following their plan.

For example, some NFT and cryptocurrency companies lay out a

plan to attract investors, but they pretty quickly deviate from the
plan. If you see something like this happen, you need to ask yourself
why. You should be able to find an answer somewhere on the
website, as a serious company isn’t going to deviate greatly from
the plan without explaining it to investors.

Check Out the Partners and Backers

Your next step is to research the team behind the company, which
includes the partners and advisors.
Here’s what you’re looking for:

• An experienced team. Look at the bios of the team. Do

you recognize any names? Do the folks on the team have
a good track record of successful ventures?

• A diversity of skills. Typically a good team includes both

people who’re experienced and skilled with the technical
side of things, as well as partners who have the vision and
marketing skills to guide the company.

If you’ve got a strong team with members who have several other
successful ventures, especially in technology and cryptocurrency,
that’s going to bode really well for the company.

Secondly, you’ll to see who’s financially backing the company. What

you’re looking for our prominent investors. Sometimes you might
see a celebrity backing the company. This sort of endorsement
helps bring in other investors and generates publicity, all of which
are good things for the company. However, unless the celebrity is
an expert in what this company does, don’t put too much stock into
celebrity backers.

Instead, you want to put your primary focus on expert investors. For
example, if a prominent person in a technology sector invests in a
particular company, that’s a good sign. Or if a company is able to
attract institutional investors, that’s also a good sign.

Identify What Makes the Company Different

As you’re doing your research on the team and how the company
operates, you need to take a moment to identify what makes this
company different from those who’re doing similar things. What
specific problem do they solve, and how do they do it differently?

For example, let’s suppose you’re reviewing a company that runs an

NFT marketplace. There are quite a few NFT marketplaces springing
up, so you need to determine what makes this particular NFT
marketplace different. How is this particular company going to
compete against similar companies?

For example, many NFT marketplace differentiate themselves by

focusing on one specific type of NFT, such as sports collectibles
(NBA TopShots), gaming tokens (Axie Infinity), curated art
(SuperRare), and similar.

Other marketplaces may differentiate themselves by aiming to have

the lowest fees, the highest-quality NFTs, a user-friendly experience,
and so on.
If through your research you can’t quickly identify what makes a
marketplace or other NFT company different than competing
companies, then just know that a prospective customer won’t be
able to determine this distinction either. And if customers aren’t
given a good reason why they should do business with a particular
company, they’re likely to go with a competitor (especially if the
competitor is already well-known).

So, figure out what makes the company different, and then analyze
whether those differences are enough to keep the company thriving
and growing.

Here’s the next bit of research to do…

List the Company’s Strengths and Weaknesses

You’ll need to do some analysis and thorough research of multiple

companies in order to begin to understand their strengths and
weaknesses. Nonetheless, even though you’re using limited
information (based on public information), this is a good exercise to
do if you’re able. You want to think critically about a particular
company’s strengths and weaknesses in order to determine if they’ll
be a thriving company over the long term.
Browse Social Media

The next thing you want to do is determine what sort of support the
company has in the NFT and crypto communities.

Check the following:

• Does the company have a lot of engaged followers on

social media? Note the keyword “engaged.” Don’t just
look at follower numbers, as that doesn’t tell you much
(and some of them may even be bots). What you’re
looking for are real people who’re following the company,
talking about the company and generally interacting in a
positive way.

• What are people saying about the company? As

mentioned earlier, you always need to do your own
research. However, it’s still worth checking out what the
general consensus is about a specific company within the
NFT and crypto communities. Are people excited about
the company? What do they view as the strengths and
weaknesses of a particular company?
You can check out the NFT communities on these social media sites:

• Telegram.
• Clubhouse.
• Reddit.
• Facebook.
• Twitter.
• Discord.

Next step…

Check the Market Listing

Here’s another site you’ll want to review:

https://coinmarketcap.com/.

This site provides you with market cap, pricing information and
other details you need to know before you invest in a company.
(Note: They also give you a short synopsis of the company,
including what makes them different, their overall goals, and who’s
backing the company, all of which can give you a good starting
point for doing your own research.)
Determine Your Goals

Finally, you need to be clear about your goals when it comes to

investing in an NFT company. Generally speaking, however, you’ll
want to create a diverse portfolio with different companies, and
different types of investments (short term, mid-term and long term).

How you balance your portfolio is going to depend on your own

personal level of risk. Just like other investments, higher-risk can
also potentially lead to higher rewards (or it can wipe out your
cash). As always, remember not to invest more than you can afford
to lose in any of these companies.

Which brings us to the next point…

What Companies Should You Consider?

There are three types of companies for you to keep your eye on:

1. Public companies currently involved in NFTs. You can invest

in any of these companies today, as they’re public and already
involved in some way with NFTs.

2. Private companies involved in NFTs. You cannot invest in these

companies yet, but should they go public there may be a big
 opportunity available. As such, you’ll want to watch for any
announcements.

3. Public companies that may get involved in NFTs. These are

companies that are already public that you can invest in at any
time, but currently these companies aren’t doing anything with
NFTs. However, they have the capacity to do so – and if they
start using NFTs in their business, then you may consider
investing in them.

So, what are examples of these types of companies from these three
categories?

For public companies that are already involved in NFTs, a good

example is Axie Infinity (AXS). Axie Infinity is an NFT-based video
game where players can earn in-game tokens. They can buy, sell and
trade these tokens on the Axie Infinity marketplace.

For example, players can buy virtual land, weapons and other items
to use inside the game.

An example of a private company that may go public is OpenSea,

which is the largest NFT marketplace. Currently the company relies
on private funding, and it has several notable investors. The
company is profitable and doing well, but the CEO is open to going
public since it would make it easier for OpenSea to partner with
other companies, buy other companies and so on. As such, OpenSea
could be a good investment opportunity if they go public, along
with other similar companies that are involved in trading NFTs,
supporting NFT-based businesses and the like.

The third category mentioned above involves companies that are

already public, but not yet involved in NFTs. Typically, these are
companies with big intellectual property lines, as they could quickly
turn these items into NFTs. An example of this type of company is
Disney, as they have movies, characters, wearables and more to turn
into NFTs.

You may also want to keep an eye on companies and industries that
are starting to use NFTs in interesting ways. What sort of industries
and companies are we talking about?

That’s what you’ll find out in the next chapter…

How NFTs are Changing the Way
the World Does Business
Right now, there are plenty of people who have absolutely no
interest in NFTs. But what these folks don’t know yet is that NFTs
are going to start creeping into their daily lives, whether they want
them to or not.

Think back to when the internet started becoming popular. There

were a lot of people who couldn’t see the value in it, nor could they
imagine how it was going to change their lives. Many ignored the
internet. Some defiantly said they’d never get a computer or get
online.

And yet… even those who had no interest in it would eventually be

affected by it. Even those who steadfastly refused to get online
were still affected by the internet, as the internet is now woven into
our daily lives. For example, someone who didn’t want to get online
at home likely still needed to use the internet at work. And common
tasks such as checking your medical records (e.g., MyChart) to
setting up appointments to paying bills are all run off the internet
today.

We are in a similar place with NFTs. As NFTs start to get into the
mainstream news more often, you’re going to hear people saying
they don’t care, and they don’t have any interest in NFTs. But none
of that matters, because NFTs are coming to an industry near you.
And those who accept this and start looking for ways to benefit
NOW stand to profit the most.

So, with that in mind, let me share with a few of the different ways
businesses are using NFTs…

Healthcare Industry

One common problem in the healthcare industry is the handling and

sharing of medical records. When patients need to change doctors
or see new types of doctors (such as specialists), it can be difficult
to get their medical records to the new healthcare provider. That’s
where some people have proposed to use NFTs.

NFTs allow people to store their medical information on the

blockchain and retain complete control over it. They can release all
of their information to any specific provider, or they can decide that
a specific provider will only get some records. And NFTs can track
exactly where their medical records end up, and if their records are
ever mishandled in some way.

When you combine NFTs with smart contracts, some of this

information-sharing can be done automatically. For example,
someone who visits a specialist can have their medical records with
the specialist automatically sent to their primary care doctor (if they
so choose).

The healthcare industry can also use NFTs to ensure their medical
devices are genuine, as well as tracking that their supplies are selling
genuine parts to them (rather than cheap knockoffs). See the
section below on manufacturing for more information about how
this works.

Manufacturing Industry

Manufacturers are using NFTs in multiple ways, but one increasingly

common method is in the area of supply chain logistics.

The upshot here is that NFTs – along with tracking technology such
as RFID or even QR codes – makes it possible for manufacturers and
retailers to track raw good and/or completed products at every
step of the manufacturing process through shipping until they arrive
at the retailer. The retailer may even continue tracking the goods
for inventory management purposes.

One reason manufacturers are using NFTs to track goods is to

introduce transparency, cut down on counterfeit goods, and assure
consumers that they’re getting quality goods.
Let’s take the example of luxury goods. There are many
counterfeiters out there making replicas of luxury items such as
Louis Vuitton handbags. Consumers worry that they may be
purchasing a counterfeit item. By using NFTs to track luxury goods
from the factory to the retail floor (and beyond), consumers can rest
assured they’re buying a genuine article.

That’s just one example – you can see this play out across many
other goods as well. For example, a live-event ticket seller can sell
concert tickets using NFTs. Consumers can rest assured they’re
buying a legit ticket, even if they purchased it on a secondary
market. And concert organizers can limit scalping, by putting price
limits on the reselling of tickets, making it impossible to resell
tickets, or simply making it so the concert organizer gets a cut of
the ticket sales.

A second reason for using NFTs is to make it easier to monitor

goods and ensure they’re safe. This may also aid if a recall ever
comes into play.

Let’s take the example of vaccine production. Certain vaccines need

to be stored at cold temperatures in order to maintain their safety
and effectiveness. An NFT alongside RFID technology can track and
record the shipment to ensure that the vaccines stayed at the
correct temperature. Then anyone is free to check the blockchain to
verify that the vaccines are authentic and have been stored
properly.

Let’s look at another example…

Gaming Industry

NFT-based games are becoming increasingly popular, with games

such Axie Infinity and Decentraland leading the way.

In some cases, people need to buy certain NFT-based items in order

to even join the game, such as purchasing an NFT-based character.
In other cases, gamers earn tokens as they reach different levels and
complete different tasks in the game. People can then buy, sell and
trade these tokens. Some people buy or trade tokens to improve
their position in a game (such as buying an NFT weapon). Some
gamers, however, play the game to earn tokens that they then sell
for the purpose of generating an income. In other words, you can
play games to earn real-world cash.

Here's another example…

Hospitality Industry

Hotels and restaurants of all kinds are beginning to use NFTs.

For example, some hotels are using NFTs as part of the reservation
process. Different NFTs allow buyers to access different levels of
comfort at a hotel or a resort. For example, one NFT might unlock a
standard room and access to standard services, such as restaurant
room service. However, an upgraded NFT may include a luxury
suite, access to VIP services such as the spa, and perks such as
discounts for local tourism activities.

Likewise, restaurants are beginning to think about how they can use
NFTs. For example, one restaurant raised funding by selling NFTs –
and then they made it so that only people who owned one of the
NFTs could eat at the restaurant. This makes a restaurant very
exclusive, which in turn potentially drives up the value of the NFT.

Some restaurants are also beginning to think about how to use NFTs
in their reservation process. Currently, one problem for restaurants
is that people make reservations, and then they don’t show up. In
some cases, the restaurant may not have time to fill the table, which
results in loss revenue for them.

The proposed solution here is to sell NFTs to make reservations. The

payment for the NFT is a non-refundable deposit on the restaurant
bill. If the party shows up for their reservation, the restaurant will
subtract the cost of the NFT from the bill.
If the party doesn’t show up, the restaurant gets to keep the money
they made on the sale of the NFT. In addition, the person making
the reservation can resell the NFT if they choose, so that someone
else can have the table if the original party is unable to make it.

Right now, restaurants are still in the planning phases about the best
way to do this, but all signs point to the fact that some restaurants
may begin implementing this system, especially high-end
restaurants for their busiest times.

And here’s one more example…

Music Industry

The music industry is using NFTs in multiple ways.

One way is for the sale of their concert tickets. As mentioned above,
NFT tickets can limit what scalpers do with tickets (or even
eliminate scalping entirely if the concert organizer chooses).
However, NFT go beyond just their applications to ticket sales. NFT
tickets can also be coded to include exclusive perks, such as
backstage passes or recordings of the concert to view later. Those
who hold tickets may also sell the tickets as collectible items (in
much the same way you can buy and sell physical tickets from past
concerts on eBay and other platforms).
Another way the music industry is using NFTs is by releasing albums
as NFTs. While anyone can do this, releasing NFT songs or albums
is especially useful for indie artists that don’t have the backing of a
big record label. These artists can release collectible NFTs to raise
money to complete an album or fund a future project. And many
fans will buy these NFTs to support the recording artist, as there are
examples of artists making thousands and even millions of dollars
with NFTs.

Quick Summary

You just learned about how companies are starting to use NFTs.
These are just a few examples of the many ways NFTs are disrupting
industries – there are many more examples across dozens of
industries, with more companies using them every day.

If you’re an entrepreneur, you may seek out new and innovative

ways to use NFTs across one or more industries. Another way to
take advantage of this trend is to build apps, platforms and other
tools to help companies use NFTs. For example, you might create a
platform for the hospitality industry to make it quick and easy for
them to mint NFTs. Or you might become a consultant who advises
companies on how to use NFTs.
If you’re a business owner, you’ll want to think about how you can
use NFTs in your business.

Which brings us to the next point…

The Unique Ways Everyday Businesses Are Using NFTs

What do the following brands have in common?

• Visa
• PayPal
• American Express
• Adidas
• Nike
• The Chicago Bulls
• Pepsi
• Coca Cola
• Taco Bell
• Sotheby’s
• Christie’s

Answer: they’re all beginning to jump into NFTs in one way or

another.
And if you have an existing business, you’ll want to think about the
different ways that NFTs can boost your business too.

With that in mind, let me share with a few of the ways businesses
are using NFTs, and you can think about if any of these ideas would
be a good fit for your business:

Create and Sell NFTs

Non-fungible tokens are still fairly new as far as the masses are
concerned. As such, any business that does anything with NFTs gets
a couple distinct benefits:

1. They get free press. That’s why companies like many of those
mentioned above have created NFTs, because the free press is
worth more than they could buy in paid ads.

2. They get to reach out to a particular audience. Consumers

who’re already into NFTs and part of the NFT community are
always on the lookout for NFT news. So, when they see a major
brand (like Taco Bell) selling NFTs, they’re going to give that
company a little more business.
You can do the same thing, and right now is a great time to do it.
You can create collectible NFTs and sell them to your audience,
along with distributing press releases.

Here’s a related idea…

Create NFT Merchandise

If you already sell branded merchandise such as t-shirts, hats and

similar, then you can take that branded merchandise into the virtual
world with NFTs. If people enjoying wearing your brand out in the
physical world, then they’ll enjoy wearing your brand in virtual
words too (such as the game Decentraland).

Purchase NFTs

A few moments ago I mentioned how creating and selling your own
NFTs can generate publicity for your company and endear you to
the NFT community. Now here’s another way to do it: purchase
other peoples’ NFTs.

The key here is to purchase high-profile NFTs. For example, Visa

purchased a CryptoPunk NFT character for $150,000, which likely
generated much more in publicity for them then the price they paid.
Your business can do the same thing. Keep track of what’s popular
and trending in the NFT community, and then purchase accordingly.
(As always, distribute press releases and otherwise advertise the
fact that you made this purchase in order to generate free publicity
for your business).

Fundraise With NFTs

If you’ve ever tried to raise funds for your business through

traditional means, such as getting a loan from a bank, then you know
there are a whole lot of hoops to jump through. That’s why
crowdfunding sites like IndieGoGo, KickStarter and similar have
become so popular.

Now here’s where NFTs come in. You can sell NFTs directly to
consumers in order to raise funds for your business. Or, you can
work with one of the crowdfunding sites and offer a collectible NFT
as a “reward” for those contributing at your highest level. Either
way, NFTs can help you raise the money you need, fast, without
having to jump through hoops.

Take note that this works for both virtual businesses as well as brick
and mortar businesses. For example, think back to the example I
gave you earlier in this guide about the new restaurant that sold
NFTs to raise money. The restaurant then allowed only NFT holders
to enter the restaurant.

Here’s another related idea…

Lend or Borrow Money With NFTs

If you need to borrow money for yourself or your business, one way
to do it is by securing a loan. As mentioned above, if you go through
conventional banks, then you have all the hoops to jump through,
including a credit check.

Here’s a faster and easier way to borrow money: put an NFT up as

collateral and borrow money against it.

You obviously can’t do this at a traditional bank, as they don’t deal

in NFTs. However, there are decentralized finance (DeFi) platforms
online where this type of business is done every day.

Here’s what to know about borrowing money against an NFT:

1. You can generally borrow about 50% of your NFT’s worth, and
sometimes it will be less. It depends on what someone offers
you.
 2. The entire system is run on smart contracts. That means this is
a trustless system, as all the transactions are handled
automatically. Should you default on your loan and the should
the lender decide to foreclose, the smart contract will execute
automatically – meaning it will take the NFT from your
possession and give it to the lender.

If you’d like to be on the other side of the counter during this

transaction, you can certainly do that. These same decentralized
finance platforms let anyone lend cryptocurrency to others who put
NFTs up for collateral.

The key here is that you need to evaluate and appraise NFTs to be
sure they’re valuable, as you might end up with one if the borrower
defaults. This tends to be a win-win situation for you (the lender) –
either you make money lending cryptocurrency and collecting
interest fees, or you get possession of an NFT if someone defaults.

Quick Summary

You just learned a few ways that businesses are using NFTs to
generate publicity, reach into the NFT community, raise funds, and
generally use NFTs to grow their bottom line.
However, this is really just the tip of the iceberg, as there are plenty
of other ways businesses are using NFTs in really positive and
profitable ways. Question is, how will you use them for your
business?

Now a few parting thoughts…

Conclusion: The Time to Act is Now

Now that you’ve gone through this exciting guide, I’m guessing
you’ve got quite a few interesting ideas swimming through your
head. That’s because there are so many way to profit from NFTs,
many of which we’ve covered inside this guide.

More specifically:

• You can create and sell your own NFTs.

• You can invest in other peoples’ collectible/valuable

NFTs.

• You can use NFTs in a variety of ways to grow and brand

your business.

• You can invest in companies that are involved in NFTs in

some way.

• You can build apps, tools or even consult for companies

that want to start using NFTs.

And more.
Whether you’re ready or not, NFTs are growing in popularity. So
many people are ignoring the exploding popularity of NFTs, and
these folks going to be caught flat-footed if they keep on ignoring
what’s happening right now in the tech world.

The good news for you is that you’re aware of how NFTs are
going to be changing the world.

You now have some sense of how even mundane industries (like
healthcare) are using NFTs to share and track information. You’re
beginning to understand how creating your own NFTs could very
well make you famous – and rich – if you do it right. You’ve even
learned about interesting ways to use NFTs, such as to borrow or
raise money.

The point in all of this is that the more you know about what’s
going on in the NFT space, the better equipped you are to profit
from it.