We’ve found 6 things you can do with NFTs to make a living!
What To Do With an NFT [Image Credit: Envato (Licensed)]
Many people have a soft spot for the stock market. So, as you can imagine, I am very excited about the idea of being able to buy and sell digital art via blockchain technology. Very few have an idea about exactly what to do with an NFT.
However, there is one thing most people struggle with: how do I know what to do with my non-fungible tokens (NFTs)?
We’ve found 6 things you can do with NFTs.
This article seeks to provide you with answers to this commonly asked question by many people. So let’s begin, with what to do with an NFT.
1. Sell it/trade it
There are a number of ways to sell your NFT.
You can simply sell it to someone else, either by trading it for another crypto or fiat currency. Or you can trade it for another NFT, or something else entirely. You could also sell your NFT for a service (e.g., renting out your digital property), product (e.g., selling art prints), debt repayment (e.g., repaying loans), etc
2. Place it in a digital wallet
If you have an NFT, it is best to keep it in a digital wallet. A digital wallet is a secure online storage system for your crypto assets (the money represented by the NFT).
The benefits of having this type of asset are that it can be easily transferred from one person to another and transferred across borders without worrying about how much money you have in your bank account or whether or not you’re going over your monthly limit on credit cards.
There are many different types of wallets available today, but some common ones include:
Desktop Wallets – These wallets are downloaded onto your computer or mobile device and require no additional software installation on your device; however, they do require direct access from the internet so don’t work well if there’s no Wi-Fi connection available at all times
3. HODL (hold on for dear life).
If you’re reading this, you’re almost certainly not doing this. HODL is a meme that people use to describe holding on to crypto for a long time.
It’s also the opposite of selling your NFTs—or anything else related to crypto—and buying more when it dips in value or goes up again. The creator of the HODL meme has never sold any Bitcoin; he just holds onto his NFTs and waits for their price to go up again (which it does).
If you’re an avid reader of this blog, then chances are good that your next question is: “What do I do with my NFT? Do I sell?” The answer is no; there’s no reason why anyone should ever sell an ERC-721 token unless they own 100%+ interest in it.
We know you aren’t thoroughly convinced about What To Do With an NFT.
4. Put it in a retirement account
NFTs can be put in a retirement account. Not a joke. NFTs are treated like art, which means they can go into an IRA or a 401(k), or another traditional retirement account.
This is because NFTs are not tokens; they’re assets that represent tokens (i.e., digital collectibles).
And the value of the token is tied directly to the real thing—the physical object itself—so it’s less susceptible to market forces than cryptocurrency and other digital currencies are. That said, it’s worth noting that there are some games in Russia made specifically for NFTs:
- A few popular examples include CryptoKitties and Etherbots; if you want more options on where to find Russian games or how they differ from American ones, check out this article by GamesRadar!
5. Exchange it for some other crypto flavor (bitcoin, Ethereum, etc.) or fiat currency (USD/GBP)
You can exchange your NFT for some other crypto flavor (bitcoin, Ethereum, etc.) or fiat currency (USD/GBP). You can also exchange it for another NFT or asset. For example:
If you have a popular game that has been released on Steam but is not yet available in your country, such as The Sims 4 or Kerbal Space Program Concert Edition:
You could buy the game and then sell your NFT for USD to pay for it on Steam. This will allow you to play the game without having to wait for its release elsewhere—or even at all!
Or perhaps there is another game on Steam that interests you more than yours does right now:
6. Trading NFTs like assets
There are other ways to collect NFTs, but they’re not very practical. For example, you could buy art and then sell it once you’ve collected enough tokens to make a profit.
This also won’t work with cryptocurrencies like bitcoin because the coins themselves aren’t fungible (you can’t spend them).
Instead, NFTs represent tokens that can be traded just like any other asset—except for those that have already been created on OpenSea or Rarable and are available for sale there now.
The best way for collectors to acquire these assets is by buying them directly from the issuer in their native blockchain format: no need for any third-party intermediaries!
Conclusion On What To Do With an NFT
NFTs are an exciting new form of digital collectible. They’re not your average cryptocurrency, but they can still be used in many ways like any other crypto asset.
The best thing to do with NFTs is probably play with them, but if you don’t want to spend money on them, then just hold onto them until they appreciate and sell them later when they are worth more money.
Besides knowing What To Do With an NFT, get to know:
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- What is a Non-curated Collectible NFT According To Us? With 5 Essentials To Know
- A Quick Answer To ‘What is the NFT Smart Contract Address’?
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