Greetings to all the community, I hope you are well and in good health. A few days ago thinking a lot about the usefulness of the NFT I realized that many people are using the NFT to promote pyramids, in this sense I want to try to tell you what are the real uses of this type of technology. I hope you like it and you can leave a comment.
Nowadays many people are trying to take advantage of the lack of information that we have regarding the blockchain, now that the games on the blockchain became popular many people have heard the term NFT, what many people do not understand is that a NFT for being on the blockchain does not become valuable.
For a digital asset to be valid, it must have a utility, in that sense, for an NFT to be valuable it has to be desired by many people, what many people do not say is that most NFTs are worth absolutely nothing.
So if uploading a file and converting it into an NFT has no value, how is it possible to make money with this technology?
The answer is a bit easy, NFTs allow people to transfer a digital property, i.e. if you have or if you create a work of art and a person wants to collect it, you can buy the ownership rights to that work of art, the problem with this is that not all people are able to create works of art.
If you like the NFT world and you want to monetise or make money with it, you must understand the purpose for which they were created, you must create a product or a service and then sell the rights to that digital property.
then the copyright can be exchanged for cryptocurrencies, a good example is, if an artist has a music that a lot of people like, they can place the rights to use that music and then sell it to someone else, all without the intervention of the record company
Another important use that can be given to the NFT, is through the resale of tickets, if the tickets of any event are sold as NFT, the artist will have more income from the sale of tickets to their concerts.
So if you want to make money from NFTs, it is recommended that you focus on creating anything that can give you royalties, if your art is well received you can sell the NFTs and make money from them.
Now, if you are not an artist but you know an artist, you can partner with them to generate the artwork and then you can sell the copyright of that artwork, whether it is a successful song or a successful painting, the rights to a property in the form of NFTs are a great way to transfer ownership without intermediaries.
In conclusion, NFTs are not valuable just because they are on the blockchain, what makes them valuable is the ability to sell the copyright of that intellectual property. hopefully the next time a pyramid company wants to sell you a NFT they will recognise the scam, remember if it has no utility and you can't sell the copyright then it is a scam.
created by : @trabajosdelsiglo
This is truly a superb article. I have always wanted to understand why people make money on NFT market. Now, I can fully comprehend how it works and how the property you want to sell in NFT market must possess some kind of utility. Also, this will help investors to know what NFT to buy.
Well written article @trabajosdelsiglo
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This promoting pyramids, is something that I have always tried to beware of the crypto market, because as you well mention for n digital asset is valid must have a utility, and I believe that when an asset is part of a pyramid behavior is only the result of speculation in exponential levels, so, we must be cautious when operating or investing in any NFT project. Excellent article.
Best regards, be well.