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<p>It&#8217;s an exciting time to invest in NFTs. Although non-fungible tokens were virtually unknown until two years back, now they have become the talk of the town. If you&#8217;re interested in investing in NFTs and want to know how to do it, this guide is for you.</p>



<h2>Should you be investing in NFTs?</h2>



<p>NFT is part of the larger crypto market, and it&#8217;s still an evolving domain. Over the years, the apprehension surrounding cryptocurrency and decentralized financial systems has faded. However, NFTs are still new, so the general awareness is relatively low. Indeed, it has gained much traction in just two years, but its future is still uncertain.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="735" height="417" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/NFT-Market-Value-Logo.jpg" alt="Invest in NFT" class="wp-image-359" srcset="https://3.111.63.208/wp-content/uploads/2022/08/NFT-Market-Value-Logo.jpg 735w, https://3.111.63.208/wp-content/uploads/2022/08/NFT-Market-Value-Logo-300x170.jpg 300w" sizes="(max-width: 735px) 100vw, 735px" /></figure>



<p>Since the value of NFTs is subjective, much like art, it&#8217;s difficult to predict how the future will take shape. Moreover, there isn&#8217;t enough history to provide sufficient data to extrapolate its growth. There is no denying that NFTs are a risky investment as these tokens are subject to market volatility.</p>



<p>Hence, investing in an NFT is ultimately a personal choice. For opportunistic investors or enthusiastic collectors who want to own a rare piece of digital art, it makes sense to invest in NFTs. The nature of NFTs guarantees that there can never be any duplicates or reiterations of the digital asset. However, NFTs are not without scams or fraudulent practices. It takes due diligence on the buyers&#8217; part to ensure that they are buying an authentic digital asset and not a dupe.</p>



<p>New practices <a href="https://upyo.com/en/post/nft-staking">like NFT staking</a>, farming, and renting are bringing more opportunities for creators and buyers. These practices enable investors to earn incentives without selling their NFTs. The capital gains on NFTs are prone to fluctuations because the market is mainly speculative in nature.</p>



<p>It&#8217;s crucial to understand that not every NFT will be a million-dollar investment. Some may appreciate in value, while others depreciate over time. Trading a popular NFT for a higher price is not that difficult. However, to maximize your ROI, you have to choose carefully and know how to tap into the true potential of these non-fungible tokens.</p>



<p>With everything said, NFTs in their current state are a hot commodity that is worth investing in. However, you should always do your research, be aware of the risks, and keep track of all developments in order to make higher capital gains from NFT sales.</p>



<h2>How to invest in NFTs?</h2>



<p>An NFT can be a digital representation of any physical item. It can be a piece of art, real estate, music video, or even a GIF. These digital assets can be bought and sold at any verified NFT marketplace.</p>



<p>NFT marketplace operates like a stock exchange platform wherein investors can sell their assets or buy new collectibles through cryptocurrency payment. Therefore, these platforms operate much like a stock exchange, but instead of stocks, they trade in NFTs.</p>



<p>like UPYO which is considered to be the <a href="https://upyo.com/en/nft">first and largest Arabic Platform</a> for trading in NFTs.</p>



<p><strong>To invest in NFTs, you need three essential elements:</strong> A crypto wallet service.Cryptocurrencies.NFT marketplace.</p>



<p>Most of the NFT platforms today support Ethereum blockchain. Hence, you will need a digital wallet that supports Ethereum and some ether (the native token of Ethereum) to buy new NFTs. However, other options are out there that support other blockchains like Binance Smart Chain, <a href="https://polygon.technology/" rel="nofollow">Polygon</a>, Tron, Polkadot, Tezos, EOS, Cosmos, etc.</p>



<p>Depending on which marketplace you choose, you will need to find a wallet compatible with the platform and buy tokens from a blockchain supported by the platform.</p>



<h2>Follow the steps below to invest in an NFT:</h2>



<h3>Create a digital wallet:</h3>



<p>You need a digital wallet to carry out different types of crypto transactions. Whenever you’re buying or selling an NFT, a functioning crypto wallet is mandatory. Some wallets have the feature to store NFTs in addition to your cryptocurrencies. Know how to create a Metamask wallet from here.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1000" height="420" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/Metamask-With-Logo.jpg" alt="metamask wallet" class="wp-image-360" srcset="https://3.111.63.208/wp-content/uploads/2022/08/Metamask-With-Logo.jpg 1000w, https://3.111.63.208/wp-content/uploads/2022/08/Metamask-With-Logo-300x126.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/Metamask-With-Logo-768x323.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<p>Moreover, specific digital wallets support only one blockchain while others support multiple blockchains. The best digital wallet services in the market today include: MetaMaskCoinbase WalletAlphaWalletMath WalletTrust WalletEnjin Wallet</p>



<p>Each of these wallet services has its advantages and disadvantages. While shopping for a crypto wallet, you must choose wisely. Some features to look for when finding wallet services are:</p>



<p>Security- A digital wallet must have robust security measures to protect your crypto tokens and assets. Therefore, top security features are one of the most important aspects when selecting a wallet. Digital wallets with a two-step verification process offer superior protection in comparison to the basic verification process.</p>



<p>User-friendliness- A user-friendly interface is always a bonus as it enhances the customer&#8217;s overall experience. An optimized user interface can be the difference between enjoying the wallet service or abandoning it altogether. A good wallet service is one that is feature-rich in addition to being easy-to-use.</p>



<p>Multi-currency support- It&#8217;s always better to opt for wallet services that support multiple cryptocurrencies. These wallets enable you to buy different blockchain tokens, thus allowing you to invest in diverse NFTs across multiple NFT marketplaces.</p>



<p>Cross-device functionality- One characteristic to look for when shopping for a digital wallet is cross-device functionality. A wallet that is supported on multiple devices enhances accessibility and customer experience. A multiple platform wallet service can be easily accessed through a mobile device or tablet, allowing users to purchase NFTs from any device, anywhere, at any time.</p>



<p>To set up your wallet, you need to go to the wallet application and select the &#8220;Create a Wallet&#8221; option. Upon clicking the &#8220;Create&#8221; button, you will have to update personal details like username, email address, password, phone number, etc. Once all details are provided, you will receive a &#8220;Seed Phrase,&#8221; which is a random 12 alphanumeric phrase.</p>



<p>The seed phrase enables you to recover your account if you lose your password. Hence, you must store the seed phrase securely, as losing it will prevent you from accessing your account in the future. Follow all the prompts on the screen and accept the terms of service to set up and activate your wallet account. After these steps are completed, your wallet will be ready for buying, selling, transferring, and storing digital coins and currency.</p>



<h3>Buy cryptocurrency:</h3>



<p>Once your wallet is set up, you need to transfer funds to operate it. You have the option of buying cryptocurrency directly from the wallet or buying it from a crypto exchange platform. Purchasing digital coins from wallet services has higher transaction fees. It&#8217;s best to buy cryptocurrency from an exchange platform and transfer the tokens to your wallet. You will need sufficient cryptocurrency to pay the various platform and gas fees.</p>



<h3>Select an NFT marketplace:</h3>



<p>The next step is to review and choose an NFT marketplace. Many new NFT platforms have entered the market in the last two years. Each platform has unique collections of NFTs; some offer a variety of categories while others specialize in a single type of NFT.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="652" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/upyo-1100x700-1-1024x652.jpeg" alt="UPYO For Invest NFT" class="wp-image-361" srcset="https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1-1024x652.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1-300x191.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1-768x489.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1.jpeg 1100w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Moreover, these marketplaces have different features and incentives. So, research and analyze them before selecting one platform.</p>



<p>The critical thing to look for when choosing an NFT marketplace is the blockchain networks and wallet services it supports. Your digital wallet must be supported by the marketplace so that you can carry out transactions. So, always check whether your wallet service is compatible with the platform of your choice.</p>



<p>The majority of marketplaces available online support Ethereum based NFTs; however, there are few that support other blockchains as well. Moreover, other components such as security features, platform fees, user interface, etc., should be considered when choosing an NFT marketplace.</p>



<h3>Pick an NFT to buy:</h3>



<p>After you have selected a marketplace, it&#8217;s time to review the collection and pick an NFT to invest in. Selecting an NFT will take research and scrutiny on your part as an investor. You need to have a comprehensive knowledge of the market trends, knowledge of NFT drops, famous artists, trending NFT categories, sought-after digital items, etc., to make a sound investment.</p>



<p>On most platforms, you will find top-rated collections from popular companies and solo artists as a dedicated section. You can choose one digital asset that matches your taste. The safer bet is to always invest in unique pieces from well-known creators, as these will likely appreciate over time and have a higher resale value.</p>



<h3>Pay the asking price:</h3>



<p>Creators might choose to sell their NFT collection directly or through an auction. You can click on the &#8220;Buy&#8221; option for a direct sale and pay the price through your wallet. If the NFT is being sold in an auction, you must place a bid to purchase the NFT.</p>



<p>The auction can be limited or unlimited. The difference between both is that limited auctions are time-bound, whereas unlimited bids are open-ended. In limited auctions, the auction ends when the timer runs out. On the other hand, in an unlimited auction, bids are allowed till the owner chooses to accept one. Such auctions have no time limits.</p>



<p>To submit a bid, you have to enter the amount of cryptocurrency you wish to spend on the NFT. Keep in mind that your offer must be equal to or higher than the reserve price. If your bid is approved, you must transfer the agreed amount to the original owner.</p>



<p>When the transaction is completed, it will automatically reflect on your wallet. After the transaction, you will become the sole owner of the NFT. You may either retain the NFT or sell it for a profit.</p>



<p>Here is how you can invest in an NFT from UPYO: Connect your crypto wallet to UPYO. Select an NFT from the platform. If it&#8217;s a direct sale NFT, click the &#8220;Buy&#8221; button. If it&#8217;s an auction, place a bid. Enable the transaction from your wallet. If you win the auction, NFT will be transferred to you. Check your UPYO collection and wallet to verify that the new NFT has been added.</p>



<h2>How to incentivize NFTs?</h2>



<p>One of the obvious ways to earn money through NFTs is to sell or trade them. However, there are other ways to incentivize NFTs without selling them. Here are four ways to earn passive income from your NFTs:</p>



<h3>NFT Staking:</h3>



<p>NFT staking allows users to safeguard the blockchain network in return for earning incentives for participating. While some staking platforms let you use a variety of NFTs, others require you to buy native NFTs in order to gain token payouts.</p>



<p>NFT holders can deposit or lock up their NFTs on specialized platforms and get rewards based on the annual percentage yield (APY) and the number of NFTs staked. It&#8217;s vital to remember that not all NFTs can be staked for rewards. However, for those NFTs that can be staked, owners can earn different incentives, including tokens, new NFTs, fiat money, airdrops, etc.</p>



<p>Part of the benefits of NFT staking is that it provides stakeholders governance tokens in some instances. These protocols provide token holders voting rights over how their ecosystems grow in the future. Coins or tokens obtained through staking NFTs may often be reinvested into other yield-generating protocols.</p>



<h3>NFT Renting:</h3>



<p>Renting out NFTs, especially ones in great demand is another method to generate passive revenue. Some card trading games enable players to borrow NFT cards to increase their chances of winning. Emerging platforms like ReNFT, Vera, and Trava allow users to rent or lend NFTs to earn passive income.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="772" height="429" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/ReNFT-Logo.jpg" alt="NFT Renting" class="wp-image-362" srcset="https://3.111.63.208/wp-content/uploads/2022/08/ReNFT-Logo.jpg 772w, https://3.111.63.208/wp-content/uploads/2022/08/ReNFT-Logo-300x167.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/ReNFT-Logo-768x427.jpg 768w" sizes="(max-width: 772px) 100vw, 772px" /></figure>



<p>Usually, NFT customers have the choice to select their chosen rental agreement period and NFT leasing rate. In NFT renting, smart contracts manage the parameters of the arrangement between the two parties involved. These contracts include pertinent information such as the rental period, expiration details, requisite collateral, and other terms and conditions.</p>



<p>The smart contract runs its cycle and returns the NFT to its original owner when the contract expires. The collateral is subsequently returned to the borrower at the end of the NFT loan period.</p>



<p>Owners and creators may put their assets to work by activating NFT lending and borrowing capabilities. Furthermore, with the advent of new collateral-free NFT rentals, owners can rest assured that their original asset is protected in a smart contract rather than in the hands of the borrower.</p>



<h3>NFT Royalties:</h3>



<p>The advantage of NFTs is that it allows creators to determine royalty percentage if their original asset is resold on secondary marketplaces. A certain percentage of the overall cost is transferred to the original owner whenever the asset is sold. In other words, recursive selling will help owners earn money in the form of royalty.</p>



<p>Most marketplaces enable creators to set the royalty percentage (usually up to 10%). For example, if a user mints an NFT art and lists it on the marketplace at a 10% royalty fee, they will always get 10% of every transaction that involves the specified art. This is the creation and maintenance of an environment that allows individuals to benefit from the crypto ecosystem.</p>



<h3>NFT-based Yield Farming:</h3>



<p>Yield farming, also known as liquidity mining, generates a return on digital assets by securing them as a stake or deposit in a DeFi trading or lending pool to serve as a liquidity provider. Yield farming essentially integrates several DeFi protocols to create the maximum potential yield from different types of digital assets.</p>



<p>In the DeFi markets, &#8220;NFT farming&#8221; is a new means of making money. NFTs may be used to earn tokens, providing usefulness and increasing liquidity for non-fungible digital assets. NFT farming is now most common in blockchain games, where players stake in-game items and collectibles in exchange for tokens or vice versa.</p>



<p>Axie Infinity is a blockchain-based game that includes NFT farming. Players gain SLP tokens in this Ethereum-based game, which they can then use to create new Axies and mint NFTs. Other examples include Aavegotchi, Mobox, and SuperFarm, which offer NFT farming to their users.</p>



<h2>Conclusion</h2>



<p>NFTs are popular because they provide a unique opportunity for creators to earn money and also give investors the sense of owning a valuable piece of digital work. These distinct characteristics of NFT make it a desirable collectible for many.</p>



<p>Everyone is creating or investing in NFT assets, from celebrities to big companies. While it is unlikely that NFTs will replace traditional assets like equity, real estate, gold, debt, etc., they are an excellent investment for short-term capital gains.</p>


How to Invest in NFTs? A Complete Step-by-Step Guide


<p>The conversation around NFTs is dominating the digital world. The buzz around these non-fungible tokens has prompted many to consider turning their artwork into digital assets and selling them to investors. Many NFTs have fetched incredible money from their auctions or direct sales just last year. From trading cards to digital paintings, the possibility of turning a file into a desirable digital asset is genuinely endless.</p>



<p>More and more artists, creators, and designers are considering selling NFTs to gain recognition in the digital space and earn money. The unique digital signature of NFT guarantees that the specific artwork cannot be replicated or replaced. This rarity, in turn, makes NFTs incredibly desirable to collectors and investors.</p>



<p>If you want to jump on the NFT craze and build a new revenue stream for yourself, you need to know the steps involved in selling an NFT. This UPYO blog post will give you a comprehensive outlook on how to sell your NFT in a step-by-step process.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="900" height="600" src="https://adminblog.upyo.io/wp-content/uploads/2023/06/NFT-1.jpg" alt="where to sell nft" class="wp-image-7156" srcset="https://3.111.63.208/wp-content/uploads/2023/06/NFT-1.jpg 900w, https://3.111.63.208/wp-content/uploads/2023/06/NFT-1-300x200.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/06/NFT-1-768x512.jpg 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>



<h2>How to sell an NFT?</h2>



<p>Even before you consider selling an NFT of your creative work, you must understand what NFTs is and how they work. Without a basic understanding of the technology behind this trend, you will have difficulty turning a profit on your digital art. Take the initiative to learn about different blockchains, marketplaces, market volatility, minting fees, and other aspects of NFT.</p>



<p>Sit and think about what type of digital asset would highlight your creativity the best while fetching you the highest market price. The more well-informed you are about the current trends in the NFT space, the more likely you will be able to sell one profitably.</p>



<p>Remember, not all NFTs are Beeple&#8217;s masterpieces. The reality is that most creators face difficulty in attracting investors. Unless you have something of value, you will not fetch sufficient eyeballs for your NFTs or receive a reasonable price for your creative efforts.</p>



<h3><strong>Create a digital artwork:</strong></h3>



<p>If you want to sell an NFT, the most important thing you need is a digital asset. It can be anything- a painting, song, sports memorabilia, meme, or even a GIF. Moreover, the digital asset can be created in any format (JPEG, PNG, GIF, MP3, or other digital formats).</p>



<p>The more rare and unique your digital asset is, the more valuable it will be. You have to ensure that you have intellectual property rights to the artwork you want to convert into an NFT. Failing to validate your ownership can land you in legal trouble.</p>



<h3><strong>Select your marketplace:</strong></h3>



<p>To sell your NFT, you need an NFT marketplace. These marketplaces operate similarly to Amazon, where sellers display, price, and sell their products on the platform. You have tons of marketplaces to choose from but remember that not all marketplaces are the same.</p>



<p>Different platforms have different minting fees. While some charge one-time minting fees for NFTs, others charge for every minting that takes place on their platform. So review as many NFT marketplaces as possible before deciding on the most appropriate platform for your needs. While you have a plethora of options, it&#8217;s important to consider the following:</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="652" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/upyo-1100x700-1-1024x652.jpeg" alt="UPYO" class="wp-image-1979" srcset="https://3.111.63.208/wp-content/uploads/2022/10/upyo-1100x700-1-1024x652.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/10/upyo-1100x700-1-300x191.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/10/upyo-1100x700-1-768x489.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/10/upyo-1100x700-1.jpeg 1100w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h4><strong>Token Standard</strong></h4>



<p>The token standard for different platforms varies. Each token has specific characteristics with its own set of advantages and disadvantages. The most prevalent crypto tokens are ERC-721, ERC 998, ERC 1155, and FA2 Token. Review all the tokens and choose one that complements your requirements.</p>



<h4><strong>Network security</strong></h4>



<p>Hackers and cybercriminals are always looking to con innocent creators and investors. Choose a marketplace that has a solid verification process that ensures only original proprietors can access their accounts at a time. Moreover, a marketplace&#8217;s security system should be strong enough to prevent scrupulous users from scamming buyers and sellers.</p>



<h4><strong>Price discovery</strong></h4>



<p>It&#8217;s essential to check whether a marketplace has a price discovery feature. This feature enables users to estimate the right selling price of an NFT that would attract the most buyers. Such a feature also facilitates better decision-making when spending money on any crypto collectibles.</p>



<h4><strong>Wallet compatibility</strong></h4>



<p>You have to check whether the marketplace of your choice supports your digital wallet. It&#8217;s better to select a platform that supports multiple wallets. Wallet integration is an essential step in minting an NFT. Hence, an NFT marketplace should have a user-friendly interface and seamless integration that warrants a good customer experience and the safety of your crypto wallet.</p>



<h4><strong>Token fractionalization</strong></h4>



<p>Token fractionalization enables the democratization of ownership. The process allows investors to purchase a stake in highly prized NFT collectibles. Therefore, they can become part-time owners without shelling out too much money. Token fractionalization can be helpful for both sellers and buyers, making NFTs more accessible to the masses. Check whether the marketplace of your choice allows token fractionalization or not.</p>



<p><strong>Incentives-</strong> Many marketplaces offer other incentives to their users, including referral bonuses, discounts, or profit-sharing. Evaluate the lucrative incentives that each marketplace has to offer before finalizing a platform. These incentives can greatly reduce your capital investment and improve your profit margin.</p>



<h3><strong>Buy some cryptocurrency:</strong></h3>



<p>Before you can sell an NFT on a marketplace, you need cryptocurrency to pay an upfront fee to the marketplace to mint your NFT. Therefore, you need some cryptocurrency in your balance to pay the charges. What the minting process does is convert your digital file into a unique token that&#8217;s irreplaceable on the blockchain. For minting an NFT, marketplaces will charge you a certain fee. The minting fees vary depending on which platform you choose.</p>



<p>Ethereum is the most popular blockchain for creating NFT platforms. Hence, it’s a safe bet to buy ether since almost all marketplaces accept it for transactions. To buy ether or any other cryptocurrency for that matter, you must set up a crypto exchange account. Many platforms are now accepting other blockchains for NFT payments besides Ethereum. These include the following:</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://adminblog.upyo.io/wp-content/uploads/2023/06/Ethereum-1024x683.jpg" alt="selling nft" class="wp-image-7157" srcset="https://3.111.63.208/wp-content/uploads/2023/06/Ethereum-1024x683.jpg 1024w, https://3.111.63.208/wp-content/uploads/2023/06/Ethereum-300x200.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/06/Ethereum-768x513.jpg 768w, https://3.111.63.208/wp-content/uploads/2023/06/Ethereum.jpg 1254w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<ul>
<li>Binance Smart Chain</li>



<li>Tron</li>



<li>Polkadot</li>



<li>Tezos</li>



<li>EOS</li>



<li>Cosmos</li>



<li>Flow by Dapper Labs</li>



<li>WAX</li>
</ul>



<p>Before you go ahead and buy some cryptocurrency, check which blockchain is supported in the NFT marketplace of your choice. If the marketplace does not support the specific blockchain, your cryptocurrency won&#8217;t work on that platform.</p>



<h3><strong>Create a digital wallet:</strong></h3>



<p>Now that you have cryptocurrency in your hands, you need a digital wallet to use this digital capital for transactions. Your digital wallet acts as the bank account where you store all your crypto tokens. You can choose from the following wallets:</p>



<ul>
<li>MetaMask</li>



<li>Math Wallet</li>



<li>AlphaWallet</li>



<li>Trust Wallet</li>



<li>Coinbase</li>
</ul>



<p>The most widely used crypto wallet is MetaMask. The MetaMask wallet has both a browser extension and an app. Setting it up is a straightforward process. You can go to the MetaMask website and click on the &#8220;Download&#8221; button.</p>



<p>Once it&#8217;s downloaded, you&#8217;ll be asked to confirm if you want to &#8220;Create a Wallet and Seed Phrase.&#8221; When you click &#8220;Yes,&#8221; you will be prompted to accept the terms and conditions and create a password. After that, you will be provided a &#8220;Seed Phrase,&#8221; a unique 12-word backup phrase that you need to write down.</p>



<p>The seed phrase enables you to recover your account if you lose your password. Alternatively, anyone who has access to this seed phrase can take control of your funds. So, remember to store the seed phrase safely. Once all security steps are ticked off, your MetaMask wallet will be up and running.</p>



<h3><strong>Add cryptocurrency to the wallet:</strong></h3>



<p>When your wallet is set up, transfer cryptocurrency to your wallet. Ether is the most widely accepted cryptocurrency. However, you can choose any cryptocurrency compatible with your chosen NFT marketplace.</p>



<p>Some wallets like Metamask give you the opportunity to buy cryptocurrency directly from their platform. However, buying directly from MetaMask has higher fees than general crypto exchanges.</p>



<h3><strong>Connect the digital wallet to the NFT marketplace:</strong></h3>



<p>Once you have set up your crypto wallet and decided on an NFT marketplace, it&#8217;s time to integrate the wallet into the NFT platform. The process for connecting the wallet will essentially remain the same for all platforms.</p>



<p>Ideally, you will find a &#8220;Connect Wallet&#8221; option on the website. Click on the button and follow the prompts accordingly. Once you confirm your age and agree to the terms of service, your account will be set, and you&#8217;re good to go.</p>



<h3><strong>Upload the digital file to the marketplace:</strong></h3>



<p>Now that you have cryptocurrency in your wallet, you are prepared to buy or sell any NFT collections on the marketplace. Whichever marketplace you choose, you will find a &#8220;Create&#8221; button at the top of the website. Click the button, and you will be provided with the option to create a single digital file or sell the same file on the marketplace.</p>



<p>Select the &#8220;Upload&#8221; option on the platform to convert your asset into an NFT. Once you upload the file (PNG, WEBP, GIF, MP3, MP4, or any other file), you will be able to preview your digital asset before publishing it online. Before uploading the file to the marketplace, you will also have to add information regarding the digital asset, including name, description, and royalty percentage. After the entire uploading process is complete, your digital artwork will be available for public view on the marketplace.</p>



<h3><strong>Select a pricing strategy for the NFT:</strong></h3>



<p>To sell your NFT, you have to select a pricing strategy for it. You can either set up your NFT collectible for auction or put it for sale at a fixed price. You can choose one of three options for selling your NFT:</p>



<h4><strong>Fixed Price</strong></h4>



<p> The fixed price option allows you to sell your NFT for a specific rate. The price tag of your NFT is entirely at your discretion. However, many platforms have a &#8220;Price Discovery&#8221; feature that sellers can use to set the price for their digital artwork.</p>



<h4><strong>Unlimited Auction</strong></h4>



<p><strong>&#8211;</strong> An unlimited auction allows interested buyers to place bids on your NFT. You can carry on auction for an unlimited time period in this option. You can keep the auction open till you receive an appropriate bid for your NFT.</p>



<h4><strong>Limited Auction</strong></h4>



<p>Similar to unlimited auctions, the limited auction also allows you to receive bids from investors and buyers, but for a limited period only. After the clock expires, the auction closes for bids.</p>



<p>Deciding on a minimum price for your auction can be daunting. Given the high gas fees, you have to carefully evaluate your price tag to make a profit on the sale. At the same time, setting an exceptionally high price can make it difficult to attract prospective buyers. A higher asking price also deters investors from selling the NFTs on secondary marketplaces as it cuts down on their profit. This, in turn, lowers your chance of earning royalty in the future.</p>



<p>It&#8217;s really a balancing act to find the right price for your NFT. Once you set the price, you can now sell the NFT. Click on the&#8221; Sell&#8221; button to move forward with your sale. At this point, the marketplace will calculate the gas money that you owe. The gas money is different for each marketplace. Moreover, it is not a constant rate; instead, it fluctuates depending on the current state of the blockchain. For Ethereum, the gas price is typically higher on weekdays than on weekends. Therefore, you have to be aware of the changing value of your cryptocurrency.</p>



<h3><strong>Manage your NFT listing:</strong></h3>



<p>Uploading the digital asset, adding a description, setting the price, and paying the gas money completes the listing process. Now your NFT collections will be available for sale on the marketplace. You can promote your artwork on your social handles and website. This will help you attract more buyers.</p>



<p>When it comes to managing your listings, remember that anytime you make changes to your NFT (whether you cancel the listing from sale or remove it from the platform), you incur an additional fee. Also, when your NFT is sold, you will have to pay a commission fee to the marketplace for the associated sale. You can create new listings and keep adding them to your collection.</p>



<h2>Where to sell an NFT?</h2>



<p>If you are interested in selling digital artwork, UPYO is the perfect marketplace. We have a user-friendly process that allows our customers to create, buy, and sell unique NFTs. Our lazy minting feature makes it easy for users to convert their digital files into non-fungible tokens.</p>



<p>Here is how you can sell an NFT on UPYO:</p>



<ul>
<li>Connect your wallet to UPYO.</li>



<li>Create a token (single or multiple).</li>



<li>Mint the token.</li>



<li>Create NFT.</li>



<li>Upload the digital file and fill in the details (name, description, and royalty).</li>



<li>Set the price for the NFT.</li>



<li>Set the type of NFT sale (fixed price or auction).</li>



<li>If you select the auction option, set bidding configuration (time, day, etc.).</li>



<li>Pay the fee and accept the terms &amp; conditions.</li>
</ul>



<p>For those wondering if it&#8217;s possible to sell an NFT for free, the simple answer is no. Many marketplaces allow free minting or only charge one-time minting fees. However, sellers still have to pay a commission fee to the platform. This commission rate varies depending on the marketplace.</p>



<p>In some platforms, the commission fee is levied to both buyers and sellers, while others charge the fee only to the buyer or seller. At UPYO, the commission fee for a sale is 2.5% of the overall price. This commission fee is paid by the seller only.</p>



<h2>Wrapping Up</h2>



<p>Selling an NFT can have significant costs associated with it. You have to pay for the minting and sale of your digital artwork. These transaction fees can add up quickly, and if you price your NFT too cheaply, you will not be able to make a profit. Moreover, cryptocurrency is a volatile market. It&#8217;s constantly shifting, and there are fluctuations each day. That&#8217;s why it&#8217;s essential to keep track of the latest trends in the NFT space if you want to make an informed decision.</p>



<p>Although NFTs are selling like hotcakes right now, dealing with non-fungible tokens has certain risks. When dealing with NFTs, it&#8217;s essential to ensure that the listings are closed on the blockchain. Additionally, owners who forget to cancel their smart contracts properly end up losing money because they have to sell their collectibles for a lower price. The market is saturated with scammers and hackers, even on the most secure servers and platforms. Therefore, one should always trade carefully and analyze all the pros and cons before jumping on the NFT art craze.</p>


A Guide on How to Sell an NFT


<p>NFTs can be the digital version of any tangible asset. It can be a painting, meme, music, or virtual fashion- the possibility is endless. People are fascinated by the idea of creating or owning a virtual asset that could be worth millions of dollars. NFT sales in the year 2021 reached $25 billion.</p>



<p>Collections like CryptoPunks, Bored Ape Yacht Club, Doodles, Cool Cats, Art Blocks, and more have fetched considerable money in their sale. Buying an NFT is a great investment opportunity for interested individuals. The hype around non-fungible tokens is unlikely to die down soon. Follow our guide to learn how to invest in NFTs.</p>



<h2>Pre-Requisites of Buying an NFT</h2>



<p>To invest in an NFT, you need cryptocurrency to pay for the asset. You can buy cryptocurrencies from the numerous crypto exchanges available online. See the steps below to set up your crypto exchange account to buy ether or altcoins:</p>



<h3><strong>Select a crypto exchange platform:</strong></h3>



<p>A crypto exchange is an application that allows you to buy, sell, and exchange cryptocurrencies. You can use this cryptocurrency account to buy and sell crypto tokens or convert them from one blockchain to another (e.g., Ether to Dai or vice-versa).</p>



<p>You may also exchange crypto tokens for fiat money. Selecting a crypto exchange requires diligence and careful consideration. Different crypto exchanges have different security measures and fee structures.</p>



<p>So you have to ensure that the platform you choose guarantees affordability as well as the safety of your digital currency. It&#8217;s essential to evaluate the features and offers of all crypto exchanges before settling for one.</p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://adminblog.upyo.io/wp-content/uploads/2023/06/Crypto-2.jpg" alt="buy nft online" class="wp-image-7193" width="653" height="416" srcset="https://3.111.63.208/wp-content/uploads/2023/06/Crypto-2.jpg 559w, https://3.111.63.208/wp-content/uploads/2023/06/Crypto-2-300x191.jpg 300w" sizes="(max-width: 653px) 100vw, 653px" /></figure>



<p>Most popular crypto exchange platforms include:</p>



<ol>
<li>Coinbase</li>



<li>Binance</li>



<li>Kraken</li>



<li>eToro</li>



<li>Gemini</li>



<li>CoinEgg</li>



<li>Crypto.com</li>
</ol>



<h3><strong>Set up your crypto exchange account:</strong></h3>



<p>You have to go to the crypto exchange website and fill up details on their &#8220;Create an Account&#8221; page to set up your account. You have to submit details like your email address, username, and password. Next, you must complete the KYC process to verify your details and establish your exchange account. For the KYC, you may need to upload documents for proof of identification (e.g., driving license or passport) and address (e.g., utility bills or bank statements).</p>



<h3><strong>Make a deposit:</strong></h3>



<p>Once your crypto exchange account has been set up, you need to make a deposit first. The minimum deposit amount varies from platform to platform. By paying a deposit fee, you&#8217;re essentially funding your account.</p>



<p>After funding, you still have to convert your money to buy cryptocurrency. Most crypto exchange platforms allow you to connect your bank account or debit/credit cards with it. Therefore, you can pay all the fees to the platform through a bank transfer or card payment.</p>



<p>There are different types of platform fees that a user has to pay in order to use a crypto exchange account. As a user, you should be aware of the different types of fees that can be levied on your account.</p>



<h4><strong>Trading fees</strong></h4>



<p>Trading fees refer to the amount of money a user owes to the crypto exchange to transfer funds to and fro from their exchange accounts. The trading fees depend on the trading volume. Generally, these platforms charge 0.20% on average. While some exchanges charge a fee for every transaction, others charge based on a combination fee schedule.</p>



<h4><strong>Deposit or withdrawal fees</strong></h4>



<p>Crypto exchanges charge their users a deposit or withdrawal fee. The deposit fee represents the amount a user has to pay to add money into their crypto account. This deposit fee is directed towards the payment gateway. A deposit fee is less common than withdrawal fees.</p>



<p>As for withdrawal fees, some crypto exchanges charge a flat fee regardless of the amount withdrawn, while others charge a dynamic fee depending on the country, amount, and type of withdrawal (crypto or fiat).</p>



<h4><strong>Liquidation fees</strong></h4>



<p>Liquidation fees are the additional amount levied to users who borrow funds from the platform. Crypto exchanges enable their users to acquire additional altcoins at an interest rate determined by the availability of supply funds. Moreover, if you&#8217;re on a low-volume exchange, you may pay a different amount than you expected if your acquisition doesn&#8217;t go through until the price has gone back up.</p>



<h3><strong>Place an order to buy cryptocurrency:</strong></h3>



<p>Once you pay the deposit fee (if there is any) and add funds to your account, you can now place an order for either or altcoins. On some exchange platforms, you can directly enter the amount of money you wish to trade for cryptocurrency and pay the current rate to purchase the tokens. &nbsp;</p>



<p>You can either place a market order or limit your order depending on which platform you choose. A market order indicates that the user wants to buy cryptocurrencies at the current market price. Alternatively, a user can place a limit order if they wish to pay a specific price for the altcoin. The cryptocurrency will be automatically purchased once it reaches that price level.</p>



<h2><strong>How to Buy an NFT Online?</strong></h2>



<h3><strong>Set up your crypto wallet:</strong></h3>



<p>You need a digital wallet service to conduct crypto transactions. The digital wallet is where you store your cryptocurrency. In certain wallet services, you can also securely store your NFTs. There are many digital wallet services in the market, including:</p>



<ol>
<li>MetaMask</li>



<li>Coinbase</li>



<li>Math Wallet</li>



<li>AlphaWallet</li>



<li>Trust Wallet</li>



<li>Enjin Wallet</li>
</ol>



<p>Setting up a digital wallet is a straightforward process. Most cryptocurrency wallet services either have a web extension, mobile app, or both. You can go to the application and click on the &#8220;Create a Wallet&#8221; option. When you click on the button, the application will ask you to provide and verify basic details such as username, email address, phone number, password, etc.</p>



<p>After accepting the terms of service, the wallet application will provide you with a &#8220;Seed Phrase.&#8221; The seed phrase is a backup phrase that helps you recover your account if you forget your password. It is imperative to keep your seed phrase safe, as losing it will prevent you from accessing your account and funds. Once you follow all the instructions, your digital wallet will be ready for operation.</p>



<h3><strong>Transfer funds to your wallet:</strong></h3>



<p>Your digital wallet is ready to receive crypto tokens. You can buy cryptocurrency from the crypto exchange and transfer the funds to your digital wallet. You also have the option to buy tokens directly from the wallet. However, the transaction fees will be higher in this case.</p>



<p>The crypto exchange will ask you to add your wallet address when transferring funds to your digital wallet. The wallet address is a unique alphanumeric phrase similar to a bank account number. You can click on &#8220;Send,&#8221; and the exchange platform will send the token to your wallet address. Once the tokens reflect in your wallet, you are ready to make transactions.</p>



<h3><strong>Choose an NFT marketplace:</strong></h3>



<p>There are tens of NFT marketplace available online. Each marketplace has its own incentives, minting fees, commission charges, and featured NFT collections. Some marketplaces specialize in one category of NFTs, while others offer a wider variety of options.</p>



<h4><strong>When selecting an NFT marketplace, consider the following:</strong></h4>



<ol>
<li>Blockchain network (Ethereum, Binance, Polygon, etc.).</li>



<li>NFT collections.</li>



<li>User-friendly interface and advanced search options.</li>



<li>Transaction fees, tax, and other charges.</li>



<li>Wallet compatibility.</li>



<li>Cross-device functionality.</li>



<li>Network security.</li>
</ol>



<p>You should compare the benefits and disadvantages of each marketplace. Consider every element on the list above and select one marketplace that checks all the boxes and fits your precise needs.</p>



<h3><strong>Connect the wallet to the marketplace:</strong></h3>



<p>After choosing an NFT marketplace, you have to connect your crypto wallet to the marketplace. Every marketplace will have a &#8220;Connect Wallet&#8221; option on its platform. Click on the tab and accept the following prompts. Once the wallet is connected to the marketplace, you can start buying or selling NFTs on the platform.</p>



<h3><strong>Decide on an NFT to invest in:</strong></h3>



<p>Most NFT marketplaces will have top NFT collections or trending NFTs to buy sections on their dashboard. You can scroll through and review their offerings to find something you like. It&#8217;s best to invest in pieces that are rare, popular, or currently going viral. These digital assets will likely grow in value and have a higher resale price on secondary marketplaces. Moreover, choose works from well-known and reputable NFT artists to ensure that your investment appreciates in the future.</p>



<h3><strong>Pay the selling price or place a bid:</strong></h3>



<p>Creators have the option to put their NFT collection for a direct sale or an auction. You should check whether the NFT you chose is up for sale or an auction. If it&#8217;s a direct sale, you can pay the asking price, which will be deducted from your wallet.</p>



<p>If it&#8217;s an auction, you have to bid to buy the NFT. The auction may be limited or unlimited. In limited auctions, bids are accepted for a specific time period. Once the time is over, the auction closes. In unlimited auctions, bids are allowed until the owner accepts an offer. There are no time limitations in this auction.</p>



<p>To place a bid, click on the &#8220;Make an Offer&#8221; button and mention the cryptocurrency amount you want to buy the NFT for. Remember that your bid has to meet or exceed the reserve price. If your bid gets accepted, you will have to transfer the agreed amount to the owner of the NFT.</p>



<h3><strong>Complete the transaction:</strong></h3>



<p>If your bid for the NFT is the highest at the end of the auction and is higher than or equal to the reserve price, the transaction will be completed automatically by the NFT marketplace. In certain circumstances, regardless of when the auction is set to expire, the seller can accept your bid at any moment. You acquire exclusive ownership of the digital asset after completing the transaction. You may either hold on to the NFT until it sells for a profit or keep it as part of your one-of-a-kind personal NFT collection.</p>



<h2><strong>Where to Buy an NFT Online?</strong></h2>



<p>You can buy NFTs from any verified NFT marketplace. UPYO is a verified top NFT marketplace that enables people to buy, sell, and trade in all types of NFT. Whether you want to buy sports collectibles, art, music videos, or game items, UPYO gives you access to the best NFTs from top creators of the industry.</p>



<h3>Here is how you can buy an NFT from UPYO:</h3>



<ol>
<li>Connect your crypto wallet to UPYO.</li>



<li>Select an NFT from the platform.</li>



<li>If it&#8217;s a direct sale NFT, click the &#8220;Buy&#8221; button.</li>



<li>If it&#8217;s an auction, place a bid.</li>



<li>Enable the transaction from your wallet.</li>



<li>If you win the auction, NFT will be transferred to you.</li>



<li>Check your UPYO collection and wallet to verify that the new NFT has been added.</li>
</ol>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="652" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/upyo-1100x700-1-1024x652.jpeg" alt="How To Buy NFT on UPYO " class="wp-image-361" srcset="https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1-1024x652.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1-300x191.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1-768x489.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/08/upyo-1100x700-1.jpeg 1100w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2><strong>Pros and Cons of NFT</strong></h2>



<p>As with any investment, there are merits and demerits associated with NFTs. When it comes to purchasing and trading NFTs, there are several pros such as:</p>



<ul>
<li>Physical valuables (such as paintings and property) have a long history of appreciation, and proponents believe that digital art might follow suit.</li>



<li>Investing in NFTs gives you access to a larger pool of buyers and sellers, helping build and connect a community of creative minds and collectors.</li>



<li>NFT artists can be compensated in the future depending on the usage and resale of their digital artwork using &#8220;smart contracts,&#8221; a series of programmed commands incorporated into the blockchain.</li>
</ul>



<p><strong>On the other hand, the downside of NFTs can be the following:</strong></p>



<ul>
<li>Because most NFTs are immobile assets that don&#8217;t generate any money on their own, subjective indicators such as buyer demand are used to determine their worth. Consequently, sky-high evaluations may not sustain indefinitely. As such, NFTs may lose significant value in the future.</li>



<li>Creating and selling NFTs is relatively expensive. The different fees, including gas money, minting fees, commission fees, etc., may quickly build up and exceed the NFT&#8217;s market worth.</li>



<li>NFTs and the blockchain technology on which they&#8217;re based have a substantial environmental cost because they consume an enormous amount of energy to make and validate transactions.</li>
</ul>



<h2>Should You Invest in NFTs?</h2>



<p>NFTs are a worthwhile investment as evident by their growing popularity. But it&#8217;s important to acknowledge that they can be as risky and speculative as cryptocurrencies since they are prone to dramatic ups and downs. Now, more individuals are buying ether for NFTs, which may be an excellent thing for investors banking on long-term growth in the value of Ethereum.</p>



<p>The expenses for purchasing NFTs, however, are a significant disadvantage. For example, on Ethereum, you may have to pay a few hundred dollars merely to complete a transaction. Furthermore, gas fees (costs paid to miners for verifying a transaction on the Ethereum network) have risen significantly as the number of transactions on the Ethereum blockchain has increased due to the NFT explosion.</p>



<p>If you wish to acquire an NFT, do it in a risk-free manner by investing just what you&#8217;re prepared to lose. Just like one observes the stock markets, you should also keep an eye on the emerging trends on the NFT scene. Being an informed investor will help turn a profit while reducing your outcome for losses.</p>



<h2>Future of NFT</h2>



<p>The future of NFT extends beyond digital ownership. Today, NFTs are being used to buy digital real estate in virtual worlds and even own, license, and produce next-generation music. Some analysts believe that NFTs will provide access to special deals or limited-edition items in the future. Due to smart contracts, NFTs can continuously be tracked to their original owners. This creates the possibility for owners to earn royalties from secondary or tertiary sales.</p>



<p>One of the most exciting areas for NFT growth is the $85 billion video gaming industry. Gamers are already used to buying digital game assets as part of their collection. Therefore, NFTs have the potential to become invaluable digital collectibles for the approximately 3 billion members gaming community.</p>



<p>Besides that, other tech and non-tech companies have also begun selling or trading NFTs. These non-fungible tokens might serve as building blocks for a next-generation digital world such as the metaverse.</p>



<p>Moreover, governments and lawmakers are taking an interest in the NFT market. There will likely be more regulations and taxation surrounding NFT and cryptocurrencies in the future. We can expect crypto-focused frameworks to come up soon. These laws will protect consumers and investors while fostering technological innovation.</p>


How to Buy NFTs? A Step-By-Step Guide


<p>Non-fungible tokens, often known as NFTs, have been in the news since 2021 due to their ground-breaking sales and acquisitions. Although it was introduced in 2014, this digital asset rose to the popularity of NFT types in 2021 when Beeple auctioned his digital artwork for a whopping $69 million. Following this, Jack Dorsey listed the world&#8217;s first tweet for sale on the NFT market that turned heads towards the NFT marketplace.</p>



<p>Since then, people have been curious about NFTs and expressed their willingness to explore them. This is majorly due to the enormous sales values and the type of NFTs that are put up for sale. One can find digital artwork, music, collectibles, gaming items, and more in the NFT space.</p>



<p>If you are wondering what else this market can offer besides artwork, pictures, and tweets, dive in further as we uncover the common types of NFTs that are out there.</p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://adminblog.upyo.io/wp-content/uploads/2023/05/what-types-of-nfts-are-selling-most.jpg" alt="What type of NFT sells the most?" class="wp-image-6648" width="648" height="432" srcset="https://3.111.63.208/wp-content/uploads/2023/05/what-types-of-nfts-are-selling-most.jpg 594w, https://3.111.63.208/wp-content/uploads/2023/05/what-types-of-nfts-are-selling-most-300x200.jpg 300w" sizes="(max-width: 648px) 100vw, 648px" /></figure>



<h2>Common types of NFTs</h2>



<p>To begin with, NFTs are unique digital assets that are part of a blockchain. These are one-of-a-kind tokens that symbolize anything that is indivisible. They are usually purchased and sold online with cryptocurrency.</p>



<p>Unlike fungible tokens, which can be swapped, non-fungible tokens cannot be swapped with another NFT. This feature makes them unique and hard to exchange.</p>



<p>With infrastructure development and the rising scope for innovation, NFTs are bound to find applications in various fields. Thus, there is a fantastic chance that the future will include new types of NFTs. Nevertheless, here are some of the notable NFT types &nbsp;in use today, which can give you a glimpse into this wonderful space:</p>



<ol>
<li>Artwork</li>



<li>Event tickets</li>



<li>Video game items</li>



<li>Music</li>



<li>collectibles/trading cards</li>



<li>Sports</li>



<li>Domain names</li>



<li>Memes</li>



<li>Virtual real estate</li>



<li>Virtual Fashion</li>
</ol>



<p>Let us explore one by one in the following section with examples for each nft type</p>



<h3>1)Artwork:</h3>



<p>The most famous and common type of NFT is art NFT or simply artwork. It is nothing but digital art recorded on a blockchain representing real-world art. Artists can make the most of this type by associating their best artworks with NFT digital tokens and eventually selling them. Though these tokens are not tangible, they hold ownership of the artwork.</p>



<p>Also, artists can use NFT art to establish a global fan following without the help of art curators, galleries, or distributors.</p>



<p>Example: &#8220;The Merge&#8221; digital artwork by Pak is the most expensive one-of-a-kind digital piece of NFT art ever sold to date. Other examples include &#8211; Everyday—The First 5000 Days, Genesis, Chromie Squiggle collection, Mona Lisa, etc.</p>



<p><strong>Note</strong>:<strong> </strong>The artwork NFTs feature paintings, short video art, video clips, and GIFs as well. </p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="976" height="549" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/5000-Days-2.jpg" alt="what types of nfts are selling most" class="wp-image-1649" srcset="https://3.111.63.208/wp-content/uploads/2022/09/5000-Days-2.jpg 976w, https://3.111.63.208/wp-content/uploads/2022/09/5000-Days-2-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/5000-Days-2-768x432.jpg 768w" sizes="(max-width: 976px) 100vw, 976px" /></figure>



<p>Everyday—The First 5000 Days</p>



<h3>2) Event tickets:</h3>



<p>Event tickets are a valuable addition to the types of NFTs that can be used for validation purposes. For instance, these tokens can be used to create unique tickets that can be verified when attending music concerts or events. Event organizers, for example, can select a blockchain platform and mint tickets on it, with buyers purchasing them via mobile devices. These tickets can be purchased via auction and saved in digital wallets.</p>



<p>Example: Leeway Hertz is one of the companies that is offering NFT tickets</p>



<h3>3) Video game items:</h3>



<p>NFTs entered the gaming market by the end of 2021 and have been making waves ever since. Although companies do not sell complete games as NFT, they auction off things like characters, skins, and other items.</p>



<p>One example of this type is &#8220;Axie Infinity.&#8221; This game lets users earn money or SLPs by breeding, racing, battling, or trading their &#8220;Axies,&#8221; which are nothing but pets.</p>



<p>Other examples: Splinterlands, The Sandbox 3D, Gods Unchained, Star Atlas, Battle Racers, Alien Worlds, Sorare — Fantasy Football, etc.</p>



<h3>4) Music:</h3>



<p>Many experts believe that NFTs will be especially influential in defining the future of music. This NFT type is very popular among musicians and rappers who wish to sell their work as an NFT straight to buyers.</p>



<p>Usually, musicians need to pay for streaming sites and record labels to publish their songs on a music site. As a result, artists only receive a portion of the proceeds when they sell on this platform.</p>



<p>However, the whole proceedings will be theirs when the artist sells their music as an NFT. Hence, most musicians are more than willing to enter the NFT market. Furthermore, music NFTs offer great opportunities in tackling music piracy and other intermediary problems.</p>



<p>Example: The Kings of Leon’s album, When You See Yourself, Shady Con, tec</p>



<h3>5) Collectibles/trading cards:</h3>



<p>Digital trading cards are another raging NFT type among collectors. Although the buyer will not receive a physical card, the NFT serves as a deed to that card, granting them exclusive ownership. This Trading card NFTs have unique stored information that cannot be replicated or stolen, protecting the security of their assets.</p>



<p>Note: A company can sell any type of collectible, and it is not just limited to trading cards.</p>



<p>Examples: Curio cards, Crypto Strikers, Candy Digital, Rare Peeps, etc.,</p>



<h3>6) Sports:</h3>



<p>NFT sports is a popular NFT type disrupting millions of fans, clubs, leagues, players, federations, and intangible property owners. Currently, content like 3D artwork of players, certificates, autographs, and awards/trophies of players are being tokenized. Apart from these, sports memories are also traded on the market.</p>



<p>With these sports-themed digital collectibles, fans can more closely engage with their favorite teams or athletes. And at the same time, sports brands can connect directly with their customers. Furthermore, sports NFTs are suitable for sponsorship deals since they allow brands to cash in on global fans who want equity in clubs.</p>



<h3>7) Domain names:</h3>



<p>The domain name NFTs are an outstanding addition to the types of NFT that make the process of domain name registration easier. NFT domains are new web extensions like &#8220;.crypto&#8221; or &#8220;.eth&#8221; (similar to.com or.info) that are linked to the blockchain via smart contracts.</p>



<p>Usually, domain name maintenance is typically handled by a third-party company in the real world. However, this is not the situation in the NFT market, as one can claim exclusive ownership of a domain name without third-party interference.</p>



<p>Creating these domain name NFTs is relatively simple because all you need to do is generate a domain name and register it in the NFT Marketplace.</p>



<p>Example: win. crypto by Unstoppable domains</p>



<h3>8) Memes:</h3>



<p>Similar to other types, memes NFT have been among the most critical developments in the NFT market. This provides an excellent opportunity for meme creators to make famous meme character NFTs and sell them to buyers.</p>



<p>Examples: Bad Luck Brian, Doge, Success Kid, Nyan Cat, etc.,</p>



<h3>9) Virtual real estate/real-world assets:</h3>



<p>Although there are not many NFT types that serve as tokens for real-world items, there has been some progress concerning real estate assets. Various NFT projects are focusing on tokenizing real estate. Given that NFTs are, in essence, deeds, they provide flexibility when purchasing a car or house.</p>



<p>Example: Kyiv Apartment</p>



<h3>10) Virtual fashion:</h3>



<p>Another new category making waves in the market is fashion NFTs. Although people cannot buy a &#8220;real&#8221; dress, they can dress up their online avatars by purchasing these tokens. Many well-known brands are using non-fungible tokens (NFTs) and blockchain technology to attract, verify and connect with consumers worldwide.</p>



<p>Examples: CryptoKicks by Nike, Cybersneakers, etc.,</p>



<p><strong>Miscellaneous items:</strong></p>



<p>NFTs are an entirely new category of digital or tokenized assets, changing the notions of asset ownership and usage.</p>



<p>The NFT market is massive, with numerous options. People can sell everything that is feasible using this technology. For example, Jack Dorsey sold a tweet on the NFT market, which essentially opened up a well of opportunities. Tweets, Facebook status updates, articles, Snapchat Stories, TikToks, etc., are other potential categories that can be associated with NFT.</p>



<p>The current entries in the list of non-fungible tokens demonstrate the potential of the NFT ecosystem. Nonetheless, there is still a lot to uncover in the NFT industry.</p>



<p>Although people have bought everything from digital baseball cards to virtual Versace purses as NFTs, we&#8217;re only scratching the surface. The list is likely to expand and is expected to create more disruptions among various industries.</p>



<h2>FAQ about Different Types of NFT</h2>



<h3>What type of NFT sells the most?</h3>



<p>The 5 types of NFTs that are sold most to date are &#8211; Digital collectibles, artwork, gaming items, doodles, and trading cards. Apart from these types, sports moments, memes, domain names, real estate, and virtual fashion are trending on the charts. Since the realm of the NFT market is brimming with possibilities, there is a strong belief that this technology will expand.</p>



<h3>What types of NFTs are popular?</h3>



<p>The most popular NFTs include &#8211; CryptoPunks, Bored Ape Yacht Club, Axie Infinity, Cool Cats, Decentraland, Meebits, and much more. These are some of the most in-demand NFT collections that have got investments from some well-known names like Logan Paul, DJ Khaled, Mike Tyson, etc.,</p>


The 10 Common Types of NFTs That You Must Know

20 NFT Examples that are Weird and Wonderful


<p>In 2020, the world witnessed an explosion in NFT sales, with digital artworks selling for millions of dollars. NFTs have provided a unique investment opportunity for collectors while proving to be a worthwhile selling opportunity for artists and creators. Today, there are multiple marketplaces that allow people to sell and buy these crypto collectibles.</p>



<p>Christie&#8217;s sale of Beeple artwork for a staggering $69 million sparked the NFT craze. The virtual mosaic artwork was named &#8220;Everyday: The First 5000 Days&#8221;. Beeple&#8217;s success story catapulted NFT creation and transaction into the mainstream discussion. According to reports, NFT sales are expected to reach $17 billion by the end of 2022.</p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/The-First-5000-Days.jpg" alt="NFT Minting " class="wp-image-2180" width="652" height="366" srcset="https://3.111.63.208/wp-content/uploads/2022/10/The-First-5000-Days.jpg 976w, https://3.111.63.208/wp-content/uploads/2022/10/The-First-5000-Days-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/10/The-First-5000-Days-768x432.jpg 768w" sizes="(max-width: 652px) 100vw, 652px" /></figure>



<p>Unlike Bitcoin, NFTs are irreplaceable, i.e., there is only one copy of the digital artwork in the world. This makes NFTs rare and one-of-a-kind collectibles. Each of these digital assets comes with its own metadata, which ensures that the artwork remains unique.</p>



<p>It&#8217;s not just investors and artists who are interested in NFTs. Many companies are embracing the growing trend of NFT. Twitter Blue recently announced that it would allow its subscribers to use NFTs as a profile picture.</p>



<p>Jack Dorsey, the former CEO of Twitter, sold his very first tweet as an NFT for $3 million. From celebrities to small-time artists, everyone is developing and selling NFTs to monetize their work in the hopes of making millions, just as Beeple did.</p>



<p>Anyone can mint an NFT using any online NFT marketplace. This blog post will dissect the steps involved in minting an NFT so that you can make a profit with your crypto artwork.</p>



<h2>What is NFT minting?</h2>



<p>Any tangible and intangible item can become an NFT through a process called &#8220;minting.&#8221; Minting an NFT means publishing a unique token for the NFT on a blockchain that converts a simple file into a digital asset. The token essentially acts as a certificate of authenticity.</p>



<p>Once an NFT is minted, it becomes a part of the public ledger, which cannot be undone. Therefore, anyone can verify the ownership of the NFT through its unique token. Moreover, a minted NFT allows the creator to receive royalties when the asset is sold to another owner or traded on secondary marketplaces.</p>



<p>NFT minting requires access to a crypto blockchain and an NFT marketplace (an online platform where NFT exchange occurs). When selecting a blockchain, it&#8217;s essential to consider whether your choice of blockchain has NFT capabilities. That means interested parties must verify whether a particular blockchain has the ability to support the sale and transfer of NFTs.</p>



<p><strong>Blockchains that support NFT token standards include:</strong></p>



<ul>
<li>Ethereum</li>



<li>Binance Smart Chain</li>



<li>Tron</li>



<li>Polkadot</li>



<li>Tezos</li>



<li>EOS</li>



<li>Cosmos</li>



<li>Flow by Dapper Labs</li>



<li>WAX</li>
</ul>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="940" height="529" src="https://adminblog.upyo.io/wp-content/uploads/2023/06/NFT-blockchain.jpg" alt="how to mint nft" class="wp-image-7198" srcset="https://3.111.63.208/wp-content/uploads/2023/06/NFT-blockchain.jpg 940w, https://3.111.63.208/wp-content/uploads/2023/06/NFT-blockchain-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/06/NFT-blockchain-768x432.jpg 768w" sizes="(max-width: 940px) 100vw, 940px" /></figure>



<p>Ethereum and Binance Smart Chain are considered to be the most cost-effective blockchains for minting. These blockchains host the biggest NFT marketplaces and offer more exposure to potential buyers.</p>



<p>Minting NFTs means colossal energy expenditure. For miners, minting equates to costly electricity bills, which they rack up as a result of solving complex problems to add blocks to the blockchain ledger. NFT creators, they must pay network fees known as gas fees. Depending on the blockchain one is using, the gas fees will vary.</p>



<p>When it comes to NFT marketplaces, there are quite a few well-known platforms that have comprehensive collections of crypto collectibles. Notable marketplaces include OpenSeas, UPYO, Raible, Foundation, and Mintable, among others.</p>



<h3>The benefits of minting an NFT are:</h3>



<ul>
<li><strong>Preservation of value- </strong>The minting process safeguards the NFT collectibles&#8217; digital value.</li>



<li><strong>Democratization of ownership-</strong> &nbsp;Minting allows multiple parties to own stakes in an NFT.</li>



<li><strong>Unique digital assets-</strong> NFT minting enables creators to earn royalties from their digital assets in the future.</li>
</ul>



<h2>How to mint an NFT?</h2>



<p>Minting largely remains the same for all blockchains, with slight variations here and there. Although it&#8217;s hard to estimate how long the minting of a non-fungible token can take, most platforms, tools, and apps have streamlined the process to make it user-friendly. Follow the steps below to mint your very own NFT:</p>



<h3><strong>Get a crypto exchange account:</strong></h3>



<p>You need a crypto exchange account to be able to buy or sell an NFT. Crypto exchanges like Coinbase, Gemini, and Kraken will provide you with the essential ethers to conduct your transactions. You will need a crypto exchange account to pay the minting and transaction fees. In other words, these exchanges will enable you to liquidate your cryptocurrency into traditional fiat money.</p>



<h3><strong>Create a digital asset:</strong></h3>



<p>To mint an NFT, you need to create a digital asset. You have to let your creativity shine to build a unique and appealing digital art, unlike anything that exists on the internet. The digital asset can be art, music, video game items, trading cards, domain names, memes, big sports moments, virtual fashion, and other miscellaneous items. &nbsp;</p>



<p>You can create digital file in any format such as JPEG, PNG, MP3, or GIF. Once you have decided on the category, concept, and format for your artwork, you can begin creating your digital asset. There are buyers for all kinds of collectibles, so it really comes down to what types of assets you want to develop and sell.</p>



<h3><strong>Decide on a platform:</strong></h3>



<p>You have many options to choose from. The vital thing to remember here is to find a marketplace that allows you to mint NFTs at the cheapest cost. Depending on the marketplace you choose, you may have to pay a one-time minting fee to set up your collection. While in others, every new NFT that is added to the collection incurs a new minting fee.</p>



<p>There are multiple marketplaces that provide superior customer experience, lucrative incentives, and impressive NFT collections to buyers and sellers. Do your own research and take a comprehensive look at the pros and cons of each marketplace before narrowing down your choice.</p>



<h3><strong>Set up the crypto wallet:</strong></h3>



<p>Now that you have selected your marketplace, it&#8217;s time to create a crypto wallet. You need to get a non-custodial wallet so that you have unwavering control over your funds without any third-party involvement. Therefore, you own the private key to your crypto wallet. MetaMask, Rainbow, and Coinbase Wallets are efficient non-custodial wallets that you can use for minting NFTs.</p>



<p>You may also establish a custodial wallet on MetaMask, which is more convenient. But, a custodial wallet assigned by a crypto exchange doesn&#8217;t give you access to a private key. Moreover, if you forget your seed phrase (a random 12-word combination) by any chance, you lose complete access to your funds.</p>



<p>You can go to the MetaMask website and follow their instructions to set up a custodial or non-custodial wallet. Your MetaMask wallet will allow you to store your NFT tokens as well as your crypto money.</p>



<h3><strong>Purchase some ether for your wallet:</strong></h3>



<p>Most of the available marketplaces are on the Ethereum blockchain. So, you need ether in your wallet to mint your NFTs and pay for transactions. While ether is the most widely used cryptocurrency for NFTs, your choice of blockchain, wallet service, and marketplace will ultimately determine what type of crypto you need for the NFTs.</p>



<p>If you choose the MetaMask wallet service, then you have the option to buy ethers from it. However, the commission fees here are much higher than in other crypto exchanges. It&#8217;s more cost-effective to buy ethers from popular crypto exchanges like Gemini, Coinbase, or eToro. All these platforms have different fees, so do your research before signing up for one.</p>



<p>On the other hand, certain marketplaces allow users to purchase crypto directly by setting up a payment method on the profile, such as a credit card.</p>



<h3><strong>Deposit ether to your non-custodial wallet:</strong></h3>



<p>The next step is to transfer your cryptocurrency to your non-custodial wallet. You need a specific wallet address to move your ether or other cryptocurrencies. The wallet address will display the original proprietor of the digital artwork, thus acting as a certificate of ownership. Moreover, the wallet address is the account you will use to send or receive cryptocurrency from others.</p>



<p>All crypto exchanges enable their users to send ethers to their adjoined wallet through a public address. When you establish the MetaMask account, it automatically generates a public address for you. This address is displayed at the top of the MetaMask pop-up, and it usually starts with the character &#8220;ox.&#8221;</p>



<h3><strong>Sign up on your chosen NFT marketplace:</strong></h3>



<p>With your wallet up and running, you can sign up on your chosen NFT marketplace. Go to the marketplace&#8217;s website and click on the profile option to create your account on the platform. You will receive the option to connect your wallet to the marketplace.</p>



<p>Once your wallet is linked, the platform will create an &#8220;Unnamed&#8221; profile. For verifying your profile, you will have to enter a username and your email address. You can fill in the other miscellaneous details or leave them. After completing the verification process, your account is set for NFT transactions.</p>



<h3><strong>List the assets to the NFT collection:</strong></h3>



<p>Depending on the marketplace you choose, the guidelines for creating and listing NFTs will change. The gist is more or less the same, so follow the steps below:</p>



<ol>
<li>Upload your NFT file to the platform. Check that the platform supports the format of your file.</li>



<li>Provide a name, description, logo, and any other details requested by the platform for the NFT file.</li>



<li>Click on the &#8220;Create&#8221; button to upload your NFT.</li>



<li>Your NFT is up for sale on the platform.</li>
</ol>



<p>The minting process automatically begins when you upload the file, add the identification, and pay the gas fees for your NFT. The Ethereum smart contract executes a code that will be incorporated in your artwork on the Ethereum blockchain, thereby minting your NFT.</p>



<p>Most marketplaces have made the minting process very easy. You simply have to follow the instructions available on the marketplace to get your NFT minted. Moreover, you can keep adding more NFTs to your collection. Specific marketplaces do not charge fees for subsequent collectibles, but other platforms do. So, verify the terms and conditions to know the minting fees. It&#8217;s possible to mint an NFT on one platform and sell it on another platform.</p>



<p>When it comes to the sale of NFTs, you will be redirected to a page where you can either auction your NFT or sell it for a fixed price. If you select a fixed-price sale, you have to add a price tag to your digital asset. As a creator, you will be entitled to a 5% to 10% royalty payout on secondary trades.</p>



<p><strong>Below are the fees charged by various marketplaces for NFT transactions:</strong></p>



<ol>
<li>UPYO charges a 2.5% commission rate (to the seller).</li>



<li>Rarible charges a 2.5% commission rate (to both buyer and seller).</li>



<li>SuperRare charges a 3% commission rate for every purchase.</li>



<li>Nifty Gateway charges a 5%+ $0.30 commission for every secondary sale.</li>



<li>Foundation charges a 15% commission rate for every sale (paid by the seller).</li>
</ol>



<h2>Wrapping Up</h2>



<p>NFT minting is an easy-to-follow process. Most platforms have introduced embedded minting features, making it easy for non-technical users to mint their digital creations without complication. NFTs collectibles have been around for a while now, but it wasn&#8217;t until last year that their value exploded.</p>



<p>There are critics from every section who question the legitimacy of digital ownership of virtual assets. The most recent instance is that of Wikipedia editors voting not to classify NFT as &#8220;art.&#8221; Moreover, there are concerns regarding the environmental costs of mining crypto tokens. </p>



<p>Nonetheless, the NFT space is booming right now. It&#8217;s a lucrative business opportunity for artists and creators to make their mark and sell their digital artwork for a good price.</p>


What Does Minting NFT Mean?


<p>Almost everyone in the blockchain world would have heard about NFTs, the foremost unique digital assets. However, when most people hear about NFTs, they generally think of the exorbitant prices that come with them. For instance, a $69 million NFT collage was produced by the world-renowned graphic designer Beeple. No doubt, there are low-level and accessible NFTs, but when talking about these latest digital assets, no one doubts their ability to be earned.</p>



<p>Similar is the case with NFT farming. It is the idea behind token staking and liquidity farming. Moreover, people can make money using authentic staking tokens via an NFT-based compensation.</p>



<p>Non-fungible token farming is one of the latest DeFi crazes that blends yield farming with NFT. This guide will walk you through NFT farming and how it operates. Moreover, it will also help you understand how you can participate in these latest exciting opportunities to earn crypto.</p>



<p>But before we move ahead to NFT farming, let&#8217;s first understand other essential terms related to NFT farming. This won’t let you get confused seeing them ahead in the article.</p>



<h2>What is DeFi?</h2>



<p>Decentralized finance, commonly known as DeFi, refers to peer-to-peer financial products on public blockchains, most notably on Ethereum. It allows you to do maximum things banks do like gain interest, purchase insurance, sell assets, etc. But, the best part is it&#8217;s simpler and doesn&#8217;t involve documentation or a third party.</p>



<h2>What are NFTs?</h2>



<p>Non-Fungible tokens are blockchain-based tokens that highlight cryptocurrency assets with testable proprietorship. It enables creators and brands to tokenize their artwork and trade it in digitized form to followers and collectors.</p>



<p>For instance, prominent digital creator Beeple sold NFTs at Christie&#8217;s for more than $69 million. This established the bar for anybody looking to make a living as a crypto artist.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="536" src="https://adminblog.upyo.io/wp-content/uploads/2023/06/Beeple-1024x536.jpg" alt="farming NFT" class="wp-image-7174" srcset="https://3.111.63.208/wp-content/uploads/2023/06/Beeple-1024x536.jpg 1024w, https://3.111.63.208/wp-content/uploads/2023/06/Beeple-300x157.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/06/Beeple-768x402.jpg 768w, https://3.111.63.208/wp-content/uploads/2023/06/Beeple.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>What is Yield Farming?</h2>



<p>Popularly known as liquidity mining, yield farming is the practice of generating a yield on a digital file. This is done by securing them as a stake in a DeFi trading to operate as a liquidity provider.</p>



<p>Yield farming had gained popularity since 2020, when the notion first appeared on the largest DeFi platform, Compound. Numerous yield farming DApps are introduced on blockchains such as Ethereum and Binance Smart Chain. This is done with the aim to help investors gain good yields on their crypto assets.</p>



<h2>How Does Yield Farming Work?</h2>



<p>With the popularity of online gaming, we have seen numerous users trading in-game currencies for substantive money on these marketplaces. The growth of blockchain and decentralized money makes virtual farming gold a viable economic possibility, which developers have previously disapproved of.</p>



<p>Just like that, non-fungible token farming is analogous to yield farming. Nothing surpasses current players in virtual world things or in-game currency that can be exchanged for currency and revenue.</p>



<p>Now that we have covered the fundamental principles that would give you a basic understanding of NFT farming, let&#8217;s begin with NFT farming and how it operates.</p>



<h3>What Do You Understand by NFT Farming?</h3>



<p>NFT farming is the trending concept that entails utilizing Non-fungible tokens as a token to stake NFTs. The NFT combining DeFi allows you to generate revenue by selling your NFT on the web. Overall, NFT farming provides hassle-free stakes and is consistent with yield farming.</p>



<p>As a result, NFTs now have more liquidity and, in certain situations, more utility than before. Moreover, such farming generates revenue by wagering tokens on the application&#8217;s performance. Buying exceptional and one-of-a-kind NFTs is the foremost step in utilizing the NFT. However, it&#8217;s not necessary that such NFTs may come pricey. You can buy reasonable NFT for farming purposes, but the production will be less than that of unique or uncommon NFT.</p>



<p>After purchasing the NFT, you do get the option to alter the prizes for your owned NFTs. These digital assets become earnable based on multiple factors, including the tokens staked. Moreover, the cause and actual return of the project also plays a crucial role in it.</p>



<h2>What Is the Process of NFT Farming?</h2>



<p>Non-fungible tokens exist on various blockchains like Ethereum, Flow, Tezos, Binance Smart Chain, and many others. These products follow specified standards and can therefore be utilized in multiple applications.</p>



<p>You require to set up a cryptocurrency wallet in order, to begin with, NFT farming. We recommend using MetaMask when connecting with any blockchain such as Ethereum, Tezos, Flow, etc. After the successful setup of the wallet, you will require tokens based on the platform. Stake tokens and gain rewards according to the share of the pool.</p>



<p>Staking a portal is the fundamental approach in this situation. It is a perfect location where appropriate NFTs may be converted into vaults and rewarded. For instance, the $MEME genesis Farm enables the users to stake MEME tokens for free to farm tokens. This can later be sold on NFT marketplaces like UPYO.</p>



<h2>Can You Make Profit Via NFT farming?</h2>



<p>Unlike traditional staking, which rewards the user with the automatically staked token, NFT farming enables the user to acquire significant yield-generating assets. These profitable NFTs can vary widely based on the token being staked and what the development team deems as the perfect reward to be made profitable.</p>



<p>With NFT farming, projects gain an advantage by getting add-on tokens locked up and off the marketplace, strengthening their space. On the other side, users benefit from the availability of particular NFT assets by receiving real incentives. </p>



<h3><strong>Gamification of NFT Farming</strong></h3>



<p>The current buzz in NFT farming is all about the gamification of the procedure. This type of farming basically involves a video game layer to yield farming methodologies. Items like Alien Worlds come with a gaming feature and a sense of competition to the basic concept of yield farming.</p>



<p>Yet another eye-catching game is Axie Infinity, which enables the players to make SLP tokens in-game. They can either trade such tokens or use them in creating other NFTs that will be popularly called Axis.</p>



<p>There are numerous non-fungible token-based yield farming platforms available on the UPYO. You are simply required to get an NFT with specific functionality before you begin to farm and develop tokens. After that, NFT can showcase a yield growth, which can then be merged to DEF.</p>



<h2>Why Do Marketplaces Open Up Opportunities for NFT Farming?</h2>



<p>NFT farming enables companies to provide concise added value and hence offers value to the consumers. When talking about NFT farming, there are different outputs. But the accolades are often utility-based digital assets and collectibles. Nonetheless, NFT farming may offer consumers similar benefits as projects that don&#8217;t offer yield or staking production.</p>



<p>NFT farming helps people make revenue from NFT assets that are only present in the marketplace. As a result, this strengthens the developers&#8217; ecosystems. This in turn help users gain actual value by holding the add-on tokens which are not available on the market.</p>



<h2>Risks Involved in NFT Farming</h2>



<p>NFT farming is an ideal way to grow your cryptocurrency portfolio, but it comes with risks. It is among the riskiest ventures in crypto. Several NFT farming options are still in the testing phase. The jury is yet out on if this new crypto-earning option will pass the test of time or get stuck.</p>



<p>Moreover, just like conventional yield farming, NFT farmers may be exposed to the flaws in the DApp&#8217;s smart contract&#8217;s code. This might result in a total loss of money and frequent risk in the platform&#8217;s token. This in turn will result in significant losses when changing earned tokens back into stable coins or fiat cash.</p>



<p>Composability is considered one of the biggest benefits, but on the other hand, it can also turn out to be a boon. As non-fungible token platforms are built-up blocks, there is a possibility that if one collapses, all of the other blocks will crumble as well. The majority of this innovation is still in its early phases of development. A system flaw might have severe effects on bitcoin dealers.</p>



<h2><strong>Conclusion</strong></h2>



<p>Overall, NFT farming offers a creative solution to an issue that consumers and project developers may not have recognized. This allows all parties involved to gain in various ways. By including add-on utility to token in NFT farming abilities format, various marketplaces are bringing innovative ways for the blockchain community to raise its features. Hence, it won&#8217;t be wrong to say that earning from NFT farming has started and will not slow down anytime soon.</p>


A Detailed Guide to NFT Farming


<p>Is the thought of making money with NFTs intriguing you? Well, we can help you with it. This article will list 4 exciting ways of earning money through NFTs.</p>



<h2>How do you make money off NFTs?</h2>



<p>First of all, selling crypto-assets is a fundamental means to make money with NFTs. This is the most standard way that NFT creators employ. Usually, people think that selling or reselling is the ONLY way to make money with NFTs. However, that is not the case; <a href="https://upyo.com/en/post/how-to-sell-nft">selling NFTs</a> is just one of the methods to make money off NFTs.</p>



<p>For starters, NFTs are decentralized in nature and digitally represent an asset, such as videos, art, music, etc. The tokens are treated as assets/properties as they possess a string value.</p>



<p>So these assets can be monetized depending on the value it generates. Before listing out the various ways of making money with NFTs, go through some common ways to monetize NFTs below.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="900" height="634" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/nft-companies-900x634-1.png" alt="Earn Money From NFT" class="wp-image-321" srcset="https://3.111.63.208/wp-content/uploads/2022/08/nft-companies-900x634-1.png 900w, https://3.111.63.208/wp-content/uploads/2022/08/nft-companies-900x634-1-300x211.png 300w, https://3.111.63.208/wp-content/uploads/2022/08/nft-companies-900x634-1-768x541.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>



<p>NFTs are typically sold in marketplaces, with different processes depending on the platform. However, the process is similar to the one employed on Amazon. In case you already own a digital content portfolio; here&#8217;s what you can do next:</p>



<ul>
<li>Sell the NFTs in a marketplace</li>



<li>Trade the NFTs</li>
</ul>



<h3><strong>Sell your NFTs:</strong></h3>



<p> In orderto sell NFTs, you must:</p>



<ol>
<li>Choose a marketplace,</li>



<li>Connect your wallet to it, and</li>



<li>Mint the NFT.</li>
</ol>



<p>There are numerous <a href="https://upyo.com/en/nft">NFT marketplaces</a> that you can find online. You can go through each of them and select the one that suits your interest the best.</p>



<p>Once an NFT platform is selected, you must link it with your crypto wallet. &#8220;Mint&#8221; the NFT in the next step, after establishing contact between your wallet and the marketplace.</p>



<p>Minting is nothing but the process of changing or creating a digital file into a digital (crypto) asset or crypto collectible on the blockchain. You don&#8217;t need to worry about minting since most marketplaces guide you through the minting process on their platform.</p>



<p>Once you create NFTs, upload your digital file as per the instructions laid out on the platform. Since each platform/marketplace has its own set of procedures, you need to follow them to complete the processes successfully. So, after uploading the file, you can put it up for sale.</p>



<p>The marketplace will calculate &#8220;gas fees&#8221; after your file is put up for sale. Gas fees are nothing but the cost charged by the blockchain network to record transactions. The cost is usually determined by how busy the network is. Depending on the marketplace, the best method to reduce these fees is to list your asset during non-peak hours.</p>



<h3><strong>Trade the NFTs:</strong></h3>



<p>One of the misconceptions about selling NFTs is that people think the option is available to NFT creators alone. However, the truth is that selling NFTs is not just limited to creators, and even buyers can gain profits. NFTs, similar to stocks, can be used by investors to gain profit through purchasing and selling them.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="990" height="556" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/NFT-Trading.jpg" alt="make money off nfts" class="wp-image-322" srcset="https://3.111.63.208/wp-content/uploads/2022/08/NFT-Trading.jpg 990w, https://3.111.63.208/wp-content/uploads/2022/08/NFT-Trading-300x168.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/NFT-Trading-768x431.jpg 768w" sizes="(max-width: 990px) 100vw, 990px" /></figure>



<p>Suppose you are a buyer who bought an NFT that you no longer require. You can sell them off without hassles, just like the original creator does. Since the NFT is getting sold for a second time, there is no need to mint the coins. This is how NFT investors do trading.</p>



<p>Knowing when to sell NFTs is critical to successful NFT trading. Typically, the optimal moment to sell an NFT is determined by:</p>



<ul>
<li>The type of NFT</li>



<li>The reason for its purchase</li>



<li>The value and interest that it creates</li>
</ul>



<p>You can easily discern these factors with the help of quick internet and NFT marketplace research.</p>



<p>These are the primary ways to earn money through NFTs. However, as we said earlier, these are not the only ways to monetize your crypto assets. In the next section, let&#8217;s dive into the other ways of earning passive income from NFTs.</p>



<h2>List of ways to earn income through NFTs</h2>



<p>After listing digital assets on a marketplace, there are numerous ways to make passive income. The following are a few ways that you can try:</p>



<h3><strong>Rent out</strong></h3>



<p>One of the methods of earning passive income is by renting out NFTs. Renting or lending NFTs usually works great for those NFTs that are in high demand. Card trading game is one example of renting out NFTs where players (users) rent or borrow NFT cards to enhance their chances of winning.</p>



<p>The option is supported by smart contracts, which manage the arrangement between the parties involved. Typically, NFT users have the option of determining the length of the rental agreement and the lease rate for their NFT. Additionally, some platforms enable lenders to set daily rates.</p>



<p>ReNFT is one of the projects (platforms) that facilitate users to rent NFTs instead of buying them. This helps users to test the NFT before actually purchasing them.</p>



<p>For example, if someone wants to play an NFT game but isn&#8217;t sure if the investment is worthwhile, they can first rent an NFT to test the waters.</p>



<p>However, to rent an NFT, the borrower must offer collateral, usually in the form of commonly accepted crypto-like stablecoins or ETH. In many cases, overcollaterization is required, forcing the borrower to lock in more upfront capital than the value of the NFT itself.</p>



<p>Although collateralization is a solid insurance strategy, it still limits who can borrow due to the significant money necessary to borrow NFTs, particularly those on the more expensive side. When you require the NFT for a short period, renting a pricey NFT makes sense.</p>



<h3><strong>NFT royalties</strong></h3>



<p>This is another popular way to earn income for NFT creators. Royalties are rewards or payments that a creator gets whenever their NFT is sold on a secondary market. A certain percentage of the secondary sale price will be paid, and usually, a basic royalty rate of 5-10% is preferred.</p>



<p>NFT royalty payments are permanent and are executed automatically using smart contracts. Usually, creators set up fixed percentages when the NFTs are being minted. Smart contracts are used to execute the contractual agreements and regulate the entire royalty distribution process.</p>



<p>Thus, you won&#8217;t have to manually enforce your royalty terms or track payment as a creator as the process is automated.</p>



<h3><strong>Stake NFTs</strong></h3>



<p>NFT staking is the process of depositing or locking away non-fungible tokens on a staking platform or protocol to earn rewards. In fact, staking is a vital function that processes transactions and helps a blockchain stay secure. This NFT mechanism allows users to safeguard the blockchain network and receive incentives in exchange for their efforts.</p>



<p>Users can earn passive income by <a href="https://upyo.com/en/post/nft-staking">staking NFT</a> tokens as an asset. Furthermore, NFT staking gives NFT owners liquidity. Staking rewards are based on various factors, including the asset&#8217;s potential to generate passive revenue, such as royalties.</p>



<p>While NFT staking is a great option to earn money, certain staking partners may force you to lock up your bitcoin for a period to participate. Furthermore, hacking is another potential threat that can affect an NFT platform and endanger the interests of the creators.</p>



<h3><strong>NFT-powered yield farming</strong></h3>



<p>Yield farming, also known as liquidity mining or <a href="https://upyo.com/en/post/nft-farming">NFT Farming</a>, has become quite popular since mid-2020. It is the process of earning yield or returns on crypto assets (NFTs) by locking them away as stakes in a DeFi trading or lending pool to operate as a liquidity provider.</p>



<p>It is an investment strategy in DeFi and involves staking or lending tokens to receive rewards. The reward can be transaction fees or interest. This is akin to earning interest on a bank account, where, theoretically, you are lending money to the bank.</p>



<p>Firstly, the users who lend their cryptocurrencies to the DeFi platform&#8217;s operation are known as liquidity providers or simply LP. These LPs contribute their coins or tokens to a liquidity pool, which is nothing but a smart contract-based decentralized application (dApp) that contains all the funds.</p>



<p>When an LP lends their tokens to a liquidity pool, they are paid a fee or interest created by the underlying DeFi platform where the liquidity pool is running. It must be noted that there are no intermediaries involved as it is done through smart contracts.</p>



<p>The liquidity pool is the driving force behind a marketplace where anyone may lend or borrow tokens. Users are charged fees for using these marketplaces, which are used to compensate liquidity providers for staking their tokens in the pool.</p>



<p>The majority of yield farming occurs on the Ethereum platform. As a result, the incentives are in the form of an ERC-20 token.</p>



<p>Similar to the case of NFT staking, yield farming is concerned about cyber theft and fraud, which are two key concerns where farming is concerned. This is in addition to the regulatory dangers that most digital assets face due to a global absence of formal regulations governing cryptocurrencies. Furthermore, historically, cryptocurrency prices have been erratic, which needs to be monitored.</p>



<p>These are some ways to earn money with NFTs. However, you must remember that NFTs and smart contract technology is still new; they are still in their infancy. Thus, you can expect changes and innovations in the future. Moreover, you can also expect changes in policies governing NFTs.</p>



<p>As a result, it is advisable to undertake a thorough study and comprehend its risks to make an informed decision.</p>


4 Brilliant Ways To Make Money With NFT


<p>One of the confusing questions about NFT is why it costs millions of Dollars. What makes them so valuable? If you&#8217;re thinking the same thing, and you want to know how NFTs create value? keep reading to find out why and how.</p>



<h2>How NFTs Create value?</h2>



<p>According to blockchain experts, the growth in the value of bitcoins, together with the coronavirus pandemic, fueled the NFT mania. The craze for NFTs shot up in the mid-2020s among investors as big wigs worldwide started investing and endorsing them.</p>



<p>Although NFTs rose to popularity, the common public still wonders whether NFTs are really worth their time and investment. Some of the concerns people have regarding NFT valuation are &#8211; Does their value in the marketplace increase? How ‌non-fungible token valuation is done?</p>



<p>So let&#8217;s address these issues and check what parameters influence their value.</p>



<p>Although intangible, NFT is a digital asset that follows the age-old supply and demand law.</p>



<p class="has-medium-font-size">As the demand for specific NFT increases, their value also increases. Moreover, endorsements from well-known brands such as Coca-Cola, Nike, and Lamborghini also boost NFT’s value.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="850" height="550" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/nike-cryptokicks-Logo.jpg" alt="How NFTs create value" class="wp-image-313" srcset="https://3.111.63.208/wp-content/uploads/2022/08/nike-cryptokicks-Logo.jpg 850w, https://3.111.63.208/wp-content/uploads/2022/08/nike-cryptokicks-Logo-300x194.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/nike-cryptokicks-Logo-768x497.jpg 768w" sizes="(max-width: 850px) 100vw, 850px" /></figure>



<p>Other factors that make NFTs go up in value are:</p>



<ul>
<li>Scarcity</li>



<li>Speculation</li>



<li>Desirability</li>



<li>Rarity</li>
</ul>



<p>While this is not a comprehensive list, one can look at these aspects to assess if an NFT can increase in value or not.</p>



<p>Scarcity is the condition created while converting a digital file to an NFT. As NFT guarantees authenticity, there will never be another NFT that challenges it which adds up as a positive factor for its value.</p>



<p>In contrast to traditional assets, such as the stock market, which depreciate due to a company&#8217;s external and internal environment and inflationary pressures, NFT assets do not depreciate.</p>



<p>Apart from scarcity, an NFT&#8217;s valuation depends on speculation and rarity. Like stocks, NFTs are highly speculative, and any negative or positive comment on them can depreciate or appreciate their value.</p>



<p>NFTs have the ability to increase in value due to speculation and scarcity. Consequently, reselling the asset could result in a much higher resale value than the original purchase, depending on what buyers believe the asset is worth.</p>



<p>For example, in 2017, the popular CryptoPunks series was initially priced between $1 and $34. Since then, the series has become more scarce and popular. They are now being auctioned for tens of thousands to millions of dollars.</p>



<p>Rarity and desirability are the other two aspects that drive the NFT value. Both these factors are linked to each other. The rarer an NFT is, the higher the desire to possess it.</p>



<h2>NFTs valuation: What gives NFT value</h2>



<p>One of the fundamental questions concerning NFT is its valuation. After all, NFT is intangible at its best. Therefore, one wonders, what gives NFT value? Or how are nfts valuable?</p>



<p>Upon investigating the characteristics of NFT and its rise, it can be concluded that there is no single parameter that determines an NFT&#8217;s value. Instead, numerous things affect the value of an NFT.</p>



<p>Here are some key factors that help evaluate the longevity and value of an NFT:</p>



<h3><strong>History:</strong></h3>



<p>The origin or history of any particular thing or item is one of the valuable aspects that people love. Something is charming about owning the first edition of something, no matter what it is.</p>



<h4><strong>Pokemon cards</strong></h4>



<p>For instance, physical collectibles, such as <strong>Pokemon cards</strong>, are frequently valued based on their print date. Furthermore, the original edition also shows that the cards are from the set&#8217;s first print run, which raises their worth.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="960" height="641" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/Pokemon-card2-1.jpg" alt="NFT Value" class="wp-image-315" srcset="https://3.111.63.208/wp-content/uploads/2022/08/Pokemon-card2-1.jpg 960w, https://3.111.63.208/wp-content/uploads/2022/08/Pokemon-card2-1-300x200.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/Pokemon-card2-1-768x513.jpg 768w" sizes="(max-width: 960px) 100vw, 960px" /></figure>



<p>Another example, <strong><a href="https://opensea.io/collection/cryptopunks" rel="nofollow">CryptoPunks</a></strong> are highly valued because they were one of the first NFTs established on Ethereum. They were also the first NFTs to be used as profile pictures, which has now become its own subcategory of NFTs.</p>



<p>A recent example of history in action is Sam Bankman-Fried&#8217;s first-ever NFT, a crudely drawn &#8220;test&#8221; in MS Paint. This painting sold for $270,000 because people wanted to possess a piece of history.</p>



<h3><strong>Story:</strong></h3>



<p>Stories are essential to human existence because they give meaning to the routine existence of life. This holds true in the case of NFT too. In fact, stories surrounding any work or product can influence its value to a great extent.</p>



<h4><strong>Beeple&#8217;s Everyday:</strong></h4>



<p>The First 5,000 Days is one great example of being the first NFT with a fantastic backstory. These NFTs that can captivate the audience with their stories are likely to appreciate value.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="976" height="549" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/5000-Days.jpg" alt="" class="wp-image-316" srcset="https://3.111.63.208/wp-content/uploads/2022/08/5000-Days.jpg 976w, https://3.111.63.208/wp-content/uploads/2022/08/5000-Days-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/5000-Days-768x432.jpg 768w" sizes="(max-width: 976px) 100vw, 976px" /></figure>



<h3><strong>Utility:</strong></h3>



<p>The utility of NFTs is nothing but actual application in the real and virtual world. A digital asset with no utility has no use case and thus will have poor demand. In short, utility forms the core of any asset.</p>



<p>NFTs with high utility provide immediate value that may grow over time. In fact, it depends on how popular the underlying project is and how much traction it gains.</p>



<p>The utility can be found in Play-to-Earn NFTs such as Axie Infinity and others, where NFTs play an essential role as in-game assets with distinct attributes from which NFTs generate value. Because gaming NFTs are now the most useful, the value of NFTs will expand inside the gaming ecosystem as new communities of gamers form.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/Axie-Infinity-AXS-Metaverse-3-1024x538.jpg" alt="What gives NFT value" class="wp-image-317" srcset="https://3.111.63.208/wp-content/uploads/2022/08/Axie-Infinity-AXS-Metaverse-3-1024x538.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/08/Axie-Infinity-AXS-Metaverse-3-300x158.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/Axie-Infinity-AXS-Metaverse-3-768x403.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/08/Axie-Infinity-AXS-Metaverse-3.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Another thing to examine is the usability of NFTs in the real world. Some NFTs can be used to swap for real-world prizes, but others, for example, can be used to gain entry to events. For example, the Lewis Capaldi NFT Collection allows users to earn exclusive incentives such as tickets to a studio session, live show, and authentic products with each Mystery Box collection.</p>



<p>NFTs are also used as collateral for loans by some people. When NFTs are used as collateral, they are rendered inaccessible until the loan borrower repays the loan plus the agreed-upon interest. The NFT will be returned to the borrower once the debt is repaid.</p>



<p>Furthermore, <a href="https://upyo.com/en/post/nft-staking">NFT staking is also becoming more popular</a> as an added-value feature. Users that stake a project&#8217;s native NFT are rewarded with in-game tokens that can be used to unlock premium content.</p>



<h3><strong>Potential:</strong></h3>



<p>An NFT&#8217;s potential defines how much room it has for development based on rarity and community size. Furthermore, you can calculate an NFT&#8217;s growth potential by considering its relative supply and demand.</p>



<p>For instance, NFTs with long-term community support may become more valuable as the project is more likely to sustain or acquire traction over time. This may raise demand and make the NFTs more uncommon and precious.</p>



<p>Star Wars is an excellent example of long-term community attention, as the popular series has been engaging and developing its fan base for almost 40 years.</p>



<p>Thus, users should consider an NFT&#8217;s attractiveness in terms of its ability to garner long-term community attention.</p>



<h3><strong>Provenance:</strong></h3>



<p>The provenance of the NFT is linked to its origins. This can entail researching the NFT creator&#8217;s origin, their popularity, the NFT&#8217;s backstory, etc. The more well-known the creator, the more likely their works will be considered valuable on the market.</p>



<p>Thus, users can evaluate a creator&#8217;s potential for personal improvement by looking at their creative pages and community followings.</p>



<h3><strong>Rarity:</strong></h3>



<p>Rarity, or uniqueness, is a crucial characteristic of NFTs. In general, the value of in-demand NFTs is higher. Some NFTs are the work of well-known artists. Others are real-world assets that have been tokenized.</p>



<p>However, all these NFTs are one-of-a-kind, irrespective of their ownership. The supply and demand laws and the rule of scarcity state that rare NFTs &#8211;</p>



<ul>
<li>Create high demand</li>



<li>Attract more customers</li>



<li>Sell for more excellent prices</li>
</ul>



<p><strong>Note: There are third-party services such as <a rel="nofollow" href="https://rarity.tools/">rarity. tools</a> that can help assess the rare factor of an NFT.</strong></p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="577" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/raritytools_cover-1536x865-1-1024x577.jpg" alt="NFT Rarity" class="wp-image-318" srcset="https://3.111.63.208/wp-content/uploads/2022/08/raritytools_cover-1536x865-1-1024x577.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/08/raritytools_cover-1536x865-1-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/raritytools_cover-1536x865-1-768x433.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/08/raritytools_cover-1536x865-1.jpg 1536w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>These platforms calculate the rarity of the NFT by evaluating NFT&#8217;s trading volume, popularity, and numerous owners.</p>



<h3><strong>Liquidity:</strong></h3>



<p>NFTs, like any other asset type, have a liquidity premium. People are willing to spend extra if the asset provides efficient access.</p>



<p>This is evident in the case of NFTs, as collections made on Ethereum are often valued greater than those built on Bitcoin. Ethereum&#8217;s ERC standard smart contracts make buying and selling more easier. Similarly, NFTs on Solana are gaining popularity due to the network&#8217;s scalability and inexpensive fees.</p>



<p>NFT buyers also prefer to purchase NFTs on a higher volume exchange, another indicator of a collection&#8217;s liquidity. In short, the more volume traded, the more buyers are interested, and the more volume increases.</p>



<h3><strong>Community size:</strong></h3>



<p>Any asset with a great community plays an essential role in influencing many prospective users and buyers in the open market. The greater the community, the more positive word-of-mouth an NFT receives.</p>



<p>For example, Bored Ape, a popular NFT collection, has an extensive and active community that helps introduce the project to a larger audience. Users may readily determine the extent of a project&#8217;s community by visiting its official social network pages by looking at the subscriber count.</p>



<p>Note: The number of distinct wallets that participated in the NFT market daily, weekly, or monthly is another aspect to keep track of. This is a good predictor of total market demand.</p>



<h3><strong>Personal taste/ aesthetic:</strong></h3>



<ol>
<li>Apart from objective parameters, one must also consider their individual preferences before delving into purchasing. It is very much possible that a user will like an NFT for various mundane reasons such as:</li>



<li>Outward appearance and aesthetics</li>



<li>Personal connection</li>



<li>Relevance of the NFT&#8217;s application</li>



<li>Relationship with the NFT project</li>
</ol>



<p>These are a few factors that influence an NFT&#8217;s personal value for its collector. Also, a collector may ask for a higher price for an NFT simply because they place a high value on the asset.</p>



<h2>Conclusion</h2>



<p>These are some of the factors that help evaluate NFTs. However, it must be noted that there is no hard and fast rule to decide how nfts create value. It is difficult to anticipate their future quantitatively. Creators and traders must research, analyze, and be up to date with things concerning NFTs before making the purchase.</p>



<p>Although NFTs can and do attract profit-seeking speculators, users should carefully balance extrinsic considerations such as an NFT&#8217;s utility or rarity with internal factors such as whether they value the Non-fungible taken personally. The worth of such tokens varies according to the beholder. Even NFTs with minimal secondary market value can be invaluable to the proper owner.</p>


NFT valuation: How NFTs create value in the marketplace?

Metaverse


<p>The NFT market is booming. So if you want to buy, sell, or trade NFTs, you would require a digital wallet for the transactions. There are multiple digital wallets available in the market. So, the question is, which one is the best fit for you? We have narrowed down the top NFT wallets that you can use to purchase NFT collectibles.</p>



<h2>What is an NFT Wallet?</h2>



<p>A non-fungible token wallet, also known as an NFT wallet, is a digital wallet that gives you access to the blockchain technology that non-fungible tokens are built on. This digital wallet supports specific cryptocurrencies that you can use to purchase, sell, and trade your unique NFTs.</p>



<p>All NFT wallets operate similarly, wherein they help owners store crypto tokens securely on the blockchain. While some wallets support only one blockchain (like AlphaWallet), others support multiple blockchains (like Coinbase). The best NFT wallet for you will be determined by many criteria, including the sort of tokens you&#8217;re keeping, your level of blockchain experience, and your security requirements.</p>



<h2>The Best NFT wallets</h2>



<p>Here are the top 6 wallets for NFTs in the market.</p>



<h3><strong>MetaMask:</strong></h3>



<p>MetaMask is by far the most popular NFT wallet globally, used by approximately 21 million people worldwide. This open-source crypto wallet is a blockchain app gateway that allows users to access and interact with their Ethereum account. In addition to that, users can access other Ethereum-compatible networks like Arbitrum, Optimism, and Polygon through MetaMask. &nbsp;</p>



<p>Initially launched as a browser, the wallet provided seamless access to decentralized apps (dApps), including NFT marketplaces and other web3 sites. MetaMask wallet is compatible with the majority of the NFT marketplaces available online. This crypto wallet allows users to store ETH, ERC-20 tokens, ERC-721 tokens.</p>



<p>One of the big reasons MetaMask is widely used for NFT trading is that the wallet allows its users to create multiple addresses to hold every NFT a person owns or buys. Furthermore, users can keep their Ethereum based tokens separate from their NFTs by creating different addresses. &nbsp;</p>



<p>The company that built MetaMask, ConsenSys, launched its mobile application in 2020. The new mobile app came with a built-in integrated browser for accessing decentralized apps. Moreover, the MetaMask app is compatible with iOS and Android while enabling seamless synchronization with desktops.</p>



<p><strong>Key Features:</strong></p>



<ol>
<li>The code is entirely open source.</li>



<li>The interface is user-friendly.</li>



<li>MetaMask has a web plugin that interacts with the Ethereum blockchain.</li>



<li>The wallet has a built-in option to swap currencies.</li>



<li>Easy to use activity tab shows all recent transactions.</li>
</ol>



<p><strong>Pros:</strong></p>



<ol>
<li>User-friendly setup process.</li>



<li>Seamless synchronization between the mobile application and web extension.</li>



<li>Easy NFT transactions through MetaMask mobile app.</li>



<li>dApps are easily accessible through the browser extension and mobile app.</li>



<li>Easy to switch between different ETH addresses.</li>



<li>Simple process to add or transfer ERC-721 NFT tokens into the wallet.</li>



<li>Supports the swapping of ETH NFT tokens.</li>
</ol>



<p><strong>Cons:</strong></p>



<ol>
<li>There is a high risk of hacking due to multiple fake MetaMask wallets.</li>



<li>Page speed is not optimized; hence, the MetaMask mobile app takes time to load.</li>



<li>Visualization of NFTs is still in progress.</li>
</ol>



<h3><strong>Coinbase Wallet:</strong></h3>



<p>Coinbase is globally known for its cryptocurrency exchange, the first-ever crypto business to trade on NASDAQ. The Coinbase wallet is popular due to its user-friendly interface that&#8217;s perfect for beginners. This non-custodial wallet can hold users&#8217; private keys, cryptocurrencies, and NFTs. Unlike some of its competitors, Coinbase wallet gives its user complete control of their funds.</p>



<p>The Coinbase users can use the digital wallet to buy and sell NFTs without public addresses. Instead, people can use their usernames to transfer NFTs. The most significant advantage of Coinbase is that it supports a wide variety of cryptocurrencies, including Bitcoin, Solano, Ripple, Polkadot, Litecoin, Stellar Lumens, Dogecoin as well as ERC-20 tokens.</p>



<p>Coinbase released its browser plugin in 2021, making it easier to browse dApps and other crypto-friendly websites. It also operates 24/7, allowing users to access and trade through their wallets anytime and anywhere. Coinbase users can purchase crypto tokens from the platform directly by connecting their credit card or bank account.</p>



<p><strong>Key Features:</strong></p>



<ol>
<li>The Coinbase platform is secure and highly efficient.</li>



<li>The wallet can hold the user&#8217;s private keys, cryptocurrency, and NFTs.</li>



<li>This wallet is compatible with hardware wallets such as Ledger, KeepKey, and Trezor.</li>



<li>Coinbase allows users to exchange NFTs through usernames rather than public addresses.</li>
</ol>



<p><strong>Pros:</strong></p>



<ol>
<li>The ease of usability makes it perfect for beginners.</li>



<li>Supports a variety of cryptocurrencies (including Ethereum and Bitcoin).</li>



<li>Directly connects the wallet to the account on Coinbase.com.</li>



<li>Enable the transfer of tokens without a public wallet address.</li>



<li>Allow users to access lower fees and better features through Coinbase Pro.</li>



<li>Backup of all private keys can be stored to ensure the safety of NFTs.</li>



<li>Opportunity to earn cryptocurrencies through interests or Coinbase Earn.</li>
</ol>



<p><strong>Cons:</strong></p>



<ol>
<li>Higher transaction fees.</li>



<li>Poor customer service.</li>



<li>Suitable for only Ethereum-based tokens.</li>



<li>Lack of access to altcoin.</li>
</ol>



<h3><strong>AlphaWallet:</strong></h3>



<p>AlphaWallet is an open-source Ethereum-based wallet. The defining characteristic of AlphaWallet is that it natively supports blockchain games and NFTs. People can use this non-custodial crypto wallet to mint and collect NFTs. However, its disadvantage is that it only supports Ethereum-based networks and is available on mobile devices.</p>



<p>The user interface is beginner-friendly. It has an entire section dedicated to NFTs and gaming tokens, making it easy for users to navigate the application. AlphaWallet allows users to access dApps and Defi applications through SmartTokens or the web3 browser. This non-custodial wallet offers a variety of open-source tools to assist businesses, artists, and developers in leveraging various forms of blockchain-related tokenization.</p>



<p>AlphaWallet supports any token that abides by smart contract standards. Moreover, this wallet directly integrates with multiple NFT marketplaces and blockchain games, including Chainz Arena, OpenSea, CryptoKitties, and Dragonereum.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://adminblog.upyo.io/wp-content/uploads/2022/08/home_screen_on_iphone_5_in_hand_595014-1024x683.jpg" alt="" class="wp-image-279" srcset="https://3.111.63.208/wp-content/uploads/2022/08/home_screen_on_iphone_5_in_hand_595014-1024x683.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/08/home_screen_on_iphone_5_in_hand_595014-300x200.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/08/home_screen_on_iphone_5_in_hand_595014-768x512.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/08/home_screen_on_iphone_5_in_hand_595014-1536x1024.jpg 1536w, https://3.111.63.208/wp-content/uploads/2022/08/home_screen_on_iphone_5_in_hand_595014.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p><strong>Key Features:</strong></p>



<ol>
<li>The software is interoperable with all types of Ethereum based game assets.</li>



<li>AlphaWallet is the world&#8217;s first Ethereum wallet to use the &#8220;Secure Enclave&#8221; technology.</li>



<li>The in-built web3 browser allows users to explore and access dApps and DeFi applications.</li>



<li>Censorship resistance features to ensure that users can keep their money without approval from third-party service providers.</li>
</ol>



<p><strong>Pros:</strong></p>



<ol>
<li>The interface is user-friendly and best suited for beginners.</li>



<li>Native support for Ethereum based NFTs.</li>



<li>The built-in browser supports dApps and DeFi.</li>



<li>Software is TokenScript enabled.</li>



<li>No hidden fees or technical expertise is needed.</li>



<li>Allow users complete control of their cryptocurrency.</li>
</ol>



<p><strong>Cons:</strong></p>



<ol>
<li>No support for other blockchains; only supports ETH-based NFTs.</li>



<li>The application is only compatible with iOS and Android.</li>
</ol>



<h3><strong>Math Wallet:</strong></h3>



<p>Founded by Eric Yu in 2017, Math Wallet is a highly secure multi platform crypto wallet that supports over 80 different blockchains. These blockchains include Bitcoin, Ethereum, Binance, Polkadot, and others. It is considered to be a strong alternative to MetaMask.</p>



<p>Math Wallet allows people to buy, sell, and trade NFTs through its web plugin, mobile app, and desktop version. It has integration with multiple hardware wallets in addition to being synchronized across various devices.</p>



<p>Math has an integrated dApp browser that allows users to access NFT marketplaces and other decentralized applications. Moreover, it also offers features such as swapping, staking, and utility tokens to crypto holders.</p>



<p><strong>Key Features:</strong></p>



<ol>
<li>Math wallet natively supports multiple public blockchains.</li>



<li>MathChain&#8217;sMathChain&#8217;s SmartWallet Appchain is built on the Substrate.</li>



<li>The wallet has cross-chain compatibility and cross-device usage.</li>



<li>The best wallet to answer users&#8217; most urgent crypto-related requirements.</li>
</ol>



<p><strong>Pros:</strong></p>



<ol>
<li>Allow users to stake on MathWallet validators and get rewards.</li>



<li>Crypto assets are secured through private keys, 2-factor authentication, mnemonic phrases, and other measures.</li>



<li>Interaction with DeFi and NFT applications is a one-click process with the dApp store.</li>



<li>Swapping cryptocurrencies is reasonably easy on this wallet.</li>



<li>Guarantees security through integration with hardware devices.</li>
</ol>



<p><strong>Cons:</strong></p>



<ol>
<li>Application has bugs, and there are reports of multiple crashes.</li>



<li>The iOS version has dApp staking issues.</li>



<li>As an ongoing project, new features are being added to the wallet, making it more unstable.</li>
</ol>



<h3><strong>Trust Wallet:</strong></h3>



<p>Trust Wallet, owned by Binance, is a popular NFT wallet with 5 million users globally. This versatile wallet natively supports multiple blockchains, including Ethereum. The application has an in-built exchange feature that enables the exchange of cryptocurrencies without leaving the app. Moreover, this non-custodial wallet does not save or store its users&#8217; personal data on the servers.</p>



<p>Trust Wallet is available for both iOS and Android devices. It provides a superior customer experience, which is excellent for beginners in this field. What differentiates Trust Wallet from others is that it can store and manage tokens; however, it cannot be used for transferring NFTs. Trust Wallet provides people one-click access to dApps such as NFT marketplaces.</p>



<p>The users of Trust Wallet are not charged any fees when they install or set up their accounts on the wallet. There are no charges associated with utilizing the wallet&#8217;s services. Furthermore, the platform may be downloaded for free from the Google PlayStore or the Apple Store. The only costs levied are the gas fees.</p>



<p><strong>Key Features:</strong></p>



<ol>
<li>Users can use the wallet to buy Binance Smart Chain and Coin (BNB), Ethereum, Bitcoin, Litecoin, XRP, TRON, Bitcoin Cash, etc.</li>



<li>The wallet allows users to buy cryptocurrency through a credit card.</li>



<li>An excellent UI that supports a graphical representation of NFTs.</li>



<li>Trust Wallet enables users to retain control of the private keys and does not store &nbsp;personal data in the wallet&#8217;s servers.</li>
</ol>



<p><strong>Pros:</strong></p>



<ol>
<li>Supports 53 blockchains.</li>



<li>Equipped with a smooth interface that allows the application to be opened in one click.</li>



<li>Exchange features allow users to convert cryptocurrencies.</li>



<li>It can be used as both a crypto wallet and a DeFi wallet.</li>



<li>Easy access to NFT marketplaces.</li>



<li>Compatible with Android and iOS devices.</li>



<li>It has staking features and allows users to earn rewards on multiple digital assets.</li>
</ol>



<p><strong>Cons:</strong></p>



<ol>
<li>Lacks security in comparison to hardware wallets.</li>



<li>Software is available only as a mobile app.</li>
</ol>



<h3><strong>Enjin Wallet:</strong></h3>



<p>Enjin Wallet is a secure digital wallet that is perfect for storing NFTs and other crypto tokens. Enjin has its own marketplace where different digital assets can be traded with the native Enjin token (ENJ). The wallet supports other tokens such as Ethereum (ERC-20 and ERC-1155 Tokens), Bitcoin, Binance Chain, and Litecoin.</p>



<p>Created in 2018 by the Enjin Group, this wallet is well-known for its seamless UI design. It has enhanced security measures such as secure keyboard, two-layer encryption, screenshot blocking, RAM encryption, etc. Moreover, it is a feature-rich application that is compatible with both iOS and Android devices.</p>



<p>Enjin users can use a one-click browser to access various Ethereum-based decentralized apps, such as DeFi apps. It also provides a customer service desk as part of its offering, which sets it apart from other wallet providers.</p>



<p><strong>Key Features:</strong></p>



<ol>
<li>Enjin allows users to deal with dApp and DeFi swap without leaving the app.</li>



<li>The wallet has a fingerprint scanner as part of its enhanced security.</li>



<li>Crypto tokens can be automatically added based on the users&#8217; exchanges and history.</li>



<li>Its user-friendly multilingual interface is appropriate for beginners and expert users.</li>



<li>Additional features include a QR code scanner, marketplace for NFT trading, and wallet for game collectibles.</li>
</ol>



<p><strong>Pros:</strong></p>



<ol>
<li>Easy conversion of cryptocurrencies through its in-built exchange feature.</li>



<li>A top-notch customer service department.</li>



<li>Advanced security measurements such as auto-locking and biometrics.</li>



<li>In-built calculator for users to evaluate gas fees.</li>
</ol>



<p><strong>Cons:</strong></p>



<ol>
<li>Available for mobile users only.</li>



<li>Features only Ethereum based NFTs.</li>
</ol>



<h2>Factors to Consider While Choosing an NFT Wallet</h2>



<p>The most important features you should consider when choosing an NFT wallet include the following:</p>



<h3><strong>Interface:</strong></h3>



<p>A user-friendly interface is crucial to consider while choosing the best crypto wallet for NFT. It&#8217;sIt&#8217;s especially useful for newcomers who have just started trading in NFTs. A good interface would enable menu options to be easily accessible. Moreover, the content must be separated into various categories to manage your NFT collections most efficiently. When shopping for a crypto wallet, look for one that&#8217;s easy to set up, navigate, and utilize.</p>



<h3><strong>Security:</strong></h3>



<p>NFTs have the potential to be extremely valuable. Therefore, the essential factor to consider while selecting the best wallet for NFT is security. A trustworthy NFT wallet must provide its user with a private key. The private key is a one-of-a-kind binary code that grants you access to and identifies you as the legal owner of the NFT you purchased.</p>



<p>Furthermore, reliable NFT wallets provide seed phrases as an extra layer of security. This is a master password made up of a succession of words produced at random. If you choose a wallet that employs these safeguards, you can be assured that your valuables will be safe.</p>



<h3><strong>Cross-chain compatibility:</strong></h3>



<p>Another vital characteristic to look for in an NFT wallet is cross-chain compatibility. Cross-chain compatibility is the capacity of independent blockchains to &#8220;communicate.&#8221; It entails the exchange and transfer of NFTs between different blockchains. Ethereum is the most popular blockchain with cross-chain connectivity. Select a digital wallet with cross-chain compatibility for efficient NFT management since it will help you overcome the limits of a single blockchain.</p>



<h3><strong>Customer service:</strong></h3>



<p>Since NFT trading is a new digital phenomenon, it might be difficult for newcomers to comprehend how it works. That is why the top NFT wallets provide a high-quality customer care service that is available around the clock.</p>



<p>Any query should be responded to as quickly as possible by the multilingual staff of specialists via several communication channels such as live chat, email, and a hotline. Therefore, select a platform with a proactive customer service team available on multiple channels.</p>



<h3><strong>Cross-device usage:</strong></h3>



<p>Most NFT wallets are available as web extensions or web plugins. However, the best non-fungible token wallets are accessible as desktop software and mobile apps for iOS and Android. It is vital to select an NFT wallet that is compatible with numerous devices so that you may access your digital assets at any time and from any location. A multiplatform wallet will ensure that you can trade without any complications from any device.</p>



<h2>Wrapping Up</h2>



<p>In 2021, the NFT sector witnessed explosive growth, demonstrating to the rest of the world the enormous financial potential of NFTs. Today, investors and collectors are looking for the most efficient NFT wallets to participate in the transaction of crypto collectibles. They need to find secure and cost-effective networks that enable them to trade crypto assets profitably.</p>



<p>Since NFT trading is still in the nascent stages, it is critical to understand the fundamentals before diving deeper into the NFT ecosystem. We advise everyone to do their research and weigh the pros and cons of each wallet before settling for one.</p>


Best NFT Wallets in the Market


<p>The new buzz in the NFT market is NFT staking. Staking an NFT enables investors to earn passive income in the crypto world. Let&#8217;s understand the staking process and how it can help you earn an income.</p>



<h2><strong>What is NFT staking?</strong></h2>



<p>The term NFT staking refers &#8220;to the exercise of locking up non-fungible tokens on a blockchain protocol or staking platform to earn rewards.&#8221; The process of NFT staking enables the user to secure the blockchain network and gain rewards in exchange for their participation. Staking happens to be a critical operation that enables a blockchain to process crypto transactions and stay secure.</p>



<p>NFT staking resolves one of the biggest challenges with NFTs- asset liquidity. Since NFTs are irreplaceable, selling them is a tricky endeavor. An <a href="https://upyo.com/en/post/how-nfts-create-value">NFT&#8217;s value</a> is subjective, which means that its net worth depends on what a particular individual is willing to pay for it. Alternatively, fungible tokens are considerably easier to trade since they have a defined market value, both in fiat currency and other cryptocurrencies.</p>



<p>Staking NFT tokens provides owners with a passive revenue stream without losing hold of their NFTs. Moreover, NFT staking provides liquidity to NFT owners. Rewards from staking are based on various characteristics such as the asset&#8217;s ability to generate passive revenue such as royalties.</p>



<h2><strong>Here is how NFT staking can be beneficial for investors:</strong></h2>



<h3><strong>Staking rewards</strong></h3>



<p>NFT staking rewards users for depositing or lending their NFTs. The rewards vary depending on the uniqueness and/or rarity of their NFT collection. They can be additional tokens, airdrops, fiat money, or other incentives. An owner can collect rewards up to 100% APY for loaning their non-fungible tokens to other users and encouraging them to join the liquidity pool.</p>



<h3><strong>New NFTs</strong></h3>



<p>Many platforms remunerate their users with brand new NFTs as an incentive for staking. The new NFTs may have other ownership benefits that users can enjoy.</p>



<h3><strong>Enhanced liquidity</strong></h3>



<p>The liquidity of these non-fungible assets improves due to NFT staking, which attracts additional investors to the liquidity pool.</p>



<h3><strong>Enhanced security</strong></h3>



<p>More users staking their NFTs contributes to the overall security of the blockchain. Thereby, staking improves the safety of the NFTs as well as the entire blockchain network.</p>



<h2><strong>How does NFT staking work?</strong></h2>



<p>NFT staking process is similar to crypto staking, wherein blockchain users utilize Proof-of-Stake protocols (PoS) as collateral to confirm and validate crypto transactions. Blockchains fundamentally rely on a global network of miners/validators to validate all transactions before adding them to a new blockchain block.</p>



<p>The blockchain network chooses validators based on the number of altcoins they promise to the blockchain network&#8217;s functioning. For contributing resources, validators receive various incentives. Whenever a new block is added to the blockchain, new tokens are created and distributed to validators as staking rewards.</p>



<p>The amount of staking incentive a validator receives is decided by several factors. This includes the number of coins staked, the time the validator has been actively staking, the total number of tokens staked on the network, the token&#8217;s inflation rate, etc. By staking their altcoins and becoming validators, token holders may put their idle crypto coins to work in return for rewards.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="612" height="408" src="https://adminblog.upyo.io/wp-content/uploads/2023/05/crypto-coins.jpg" alt="staking nfts" class="wp-image-6594" srcset="https://3.111.63.208/wp-content/uploads/2023/05/crypto-coins.jpg 612w, https://3.111.63.208/wp-content/uploads/2023/05/crypto-coins-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Frankfurt, Hesse, Germany &#8211; April 17, 2018: Many coins of various cryptocurrencies</figcaption></figure>



<p>Anyone can stake their coins while keeping control of their assets. They can opt-out of the staking pool at any time, as long as they follow the blockchain protocol&#8217;s limits and regulations. The staking process keeps the protocols secure while also validating crypto transactions. Considering that NFTs are tokenized digital items, they can be staked through the same process.</p>



<p>NFT owners may safely deposit or lock up their NFTs on specialized platforms and get rewards depending on the annual percentage yield (APY) and the amount of NFTs staked. It&#8217;s important to understand that, like cryptocurrencies, not all NFTs may be staked for rewards. Different projects have different requirements; therefore, double-check the conditions of your selected project before purchasing any NFTs.</p>



<p>When you stake on an NFT staking platform, it automatically calculates the value and the annual percentage yield (APY) of the digital asset. APY represents the amount that you will earn in a year from staking. The asset&#8217;s value will be estimated by specific criteria. These include rarity, perceived uniqueness, the potential to create a steady revenue stream through royalties, and the ability to attract more investors.</p>



<p>In other words, most staking platforms include a built-in mechanism that will evaluate your NFT, estimate its worth, and provide a dividend value based on various time periods. These mechanisms are often decentralized and provide high levels of protection for your crypto assets until you&#8217;re ready to trade them.</p>



<p>Many popular NFT artworks and in-game assets are stackable, with specific assets giving up to 100% annual percentage yield. (APY). Some examples include CyberKongz, Mutant Cats, Doge Capital, etc. There is a generic formula that you can use to evaluate your incentive:</p>



<p><strong>“Breakeven Time = Cost of NFT / (token price * daily reward).”</strong></p>



<p><strong>“Annual Percentage Yield (APY) = (token price * daily reward * 360) / Cost of NFT.”</strong></p>



<h2><strong>The Pros and Cons of NFT staking</strong></h2>



<p>The merits of NFT staking are:</p>



<ul>
<li>Staking can help owners earn income from their ideal non-fungible tokens.</li>



<li>The process is relatively inexpensive.</li>



<li>Staking rare collectibles increases the owners&#8217; liquidity.</li>



<li>NFT staking can help maintain a healthy blockchain.</li>



<li>Unlike mining, it does not require any special equipment.</li>



<li>Staking is environmentally friendly.</li>
</ul>



<p>The demerits of NFT staking are:</p>



<ul>
<li>Staking increases the risk of centralization.</li>



<li>Users cannot sell or trade their NFTs at a moment&#8217;s notice as their tokens are tied up.</li>



<li>Price volatility is a risk.</li>



<li>Finding the right platform that discourages fraudulent practices be a challenge.</li>
</ul>



<h2><strong>Top NFT staking platforms</strong></h2>



<p>Today, there are numerous NFT staking platforms online that provide:</p>



<ul>
<li>A user-friendly interface.</li>



<li>Robust security.</li>



<li>Great incentives.</li>



<li>High-quality Smart Contracts.</li>
</ul>



<p>NFT holders find it simpler and more enticing to join, stake, and engage through a staking platform because of these qualities. They can effortlessly earn various rewards, including native tokens, cryptocurrency, and fiat money.</p>



<h3><strong>Onessus</strong></h3>



<p>Onessus is a decentralized Play-to-Earn gaming platform. The platform offers multiple packages such as HodlGod, WhenStaking, VOID Market, NiftyVillie, GEEC, and Stream to Earn. WhenStaking enables NFT holders to earn VOID, Onessus&#8217;s native token. Individuals can set up and connect their WAX Cloud Wallet to stake their in-game NFTs.</p>



<p>The platform is widely popular in the gaming community as its in-built lending mechanism allows users to lend NFTs to gamers. That way, gamers can access NFT features without limitations. Moreover, NFT staking on WhenStaking incentives the NFT during the lock-up period. NFT holders can earn EXP by staking.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="933" height="494" src="https://adminblog.upyo.io/wp-content/uploads/2023/05/Onessus.jpg" alt="what is staking nft" class="wp-image-6595" srcset="https://3.111.63.208/wp-content/uploads/2023/05/Onessus.jpg 933w, https://3.111.63.208/wp-content/uploads/2023/05/Onessus-300x159.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/05/Onessus-768x407.jpg 768w" sizes="(max-width: 933px) 100vw, 933px" /></figure>



<p>At Onessus, the average APY is 80% per NFT, although this percentage fluctuates depending on the lock-up period. The base staking capacity on the platform is around 40K VOID. This means that any NFT with a value less than 40K VOID cannot be staked on the platform.</p>



<h3><strong>Splinterlands</strong></h3>



<p>Splinterlands is a popular blockchain-based Play-to-Earn card game where each card represents an NFT. Essentially, players can lend their game cards to the liquidity pool and earn rewards in the form of the native token DEC (Dark Energy Crystals).</p>



<p>On Splinterlands, players have to finish daily requests for 15 days to earn rewards. Unlike other games, which are Ethereum based, Splinterlands is set up on the Hive Protocol. Even so, players can easily convert their DEC into ERC-721 tokens. Once the token is converted, it can be treated as NFT and sold on verified NFT marketplaces.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="821" height="462" src="https://adminblog.upyo.io/wp-content/uploads/2023/05/Splinterlands-nft-staking.jpg" alt="Splinterlands nft staking" class="wp-image-6596" srcset="https://3.111.63.208/wp-content/uploads/2023/05/Splinterlands-nft-staking.jpg 821w, https://3.111.63.208/wp-content/uploads/2023/05/Splinterlands-nft-staking-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/05/Splinterlands-nft-staking-768x432.jpg 768w" sizes="(max-width: 821px) 100vw, 821px" /></figure>



<h3><strong>NFTX</strong></h3>



<p>The NFTX is a DAO (Decentralized Autonomous Organization) platform that is built on ERC20 tokens. It&#8217;s built on the Aragon blockchain. Furthermore, NFTX is incorporated with DeFi; therefore, users can deposit their NFTs into a vault and mint ERC20 tokens (also known as vToken). It allows users to stake NFTs in exchange for rewards.</p>



<p>On NFTX, NFT owners can earn trading fees, protocol fees, and farming due to staking. NFTX supports all NFT collections prior to the ERC-721 token standard. Another advantage of using NFTX is that it does not restrict the use of any cryptocurrency. Moreover, it offers greater liquidity to NFT owners.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2023/05/NFTX-1024x538.jpg" alt="" class="wp-image-6597" srcset="https://3.111.63.208/wp-content/uploads/2023/05/NFTX-1024x538.jpg 1024w, https://3.111.63.208/wp-content/uploads/2023/05/NFTX-300x158.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/05/NFTX-768x403.jpg 768w, https://3.111.63.208/wp-content/uploads/2023/05/NFTX.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>KIRA</strong></h3>



<p>KIRA is a DeFi application that connects web3 DApps. The KIRA networks support liquidity through staking. It also allows NFT holders to re-funge their tokens. This means that users can fractionalize their NFTs so that others can use the fractions for lending or trading.</p>



<p>The network is compatible with Ethereum, Cosmos, Binance Smart Chain, and Polkadot. The multi-layer security measures ensure greater security of NFTs and other tokens. It provides users rewards for staking in the form of robust yields.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="578" src="https://adminblog.upyo.io/wp-content/uploads/2023/05/KIRA-staking-1024x578.jpg" alt="KIRA staking" class="wp-image-6598" srcset="https://3.111.63.208/wp-content/uploads/2023/05/KIRA-staking-1024x578.jpg 1024w, https://3.111.63.208/wp-content/uploads/2023/05/KIRA-staking-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/05/KIRA-staking-768x433.jpg 768w, https://3.111.63.208/wp-content/uploads/2023/05/KIRA-staking.jpg 1400w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2><strong>Conclusion</strong></h2>



<p>NFT staking has a promising future because it addresses and alleviates issues related to NFT trading. Staking allows NFT holders to earn tokens and other incentives without trading their NFTs, making it an appealing passive income resource. The emergence of NFT staking platforms also makes it easy for more people to try staking. More importantly, NFT staking opportunities are driving new case uses for non-fungible tokens that were previously unexplored.</p>



<p>While it&#8217;s still early days for NFT staking, given the popularity of NFTs, more individuals see the value in staking NFTs. Therefore, it&#8217;s clear that this practice will only grow in the future. It is creating opportunities not only for NFT owners but also for the gaming industry and other blockchain-backed areas.</p>
