How To Make Money With NFTs As A Beginner In 2022 (Easy 15 Minute Guide)

recently this nft sold for 10 ethereum this one for 3.8 ethereum this one for 2.8 ethereum this one for 16 ethereum and if you know anything about ethereum you know the price is really high right now so these guys are making quite a lot of money and it keeps going on and on and on and in this video i want to show you exactly how you can make money with nfts as a complete beginner now if you're not sure what a nft collectible is there are different types of versions of them a lot of artists sell their digital art for cryptocurrency specifically ethereum and cadano but there's also types of nft collectibles that get released and you can do what we call minting and you can mint these specific nfts and there's different variations making some rarer than others so for example this one here is a picture of a koala bear but it has different types of variations which i'll show you later on in this video for example they have specific rarities and traits so this one here has a green background and only ten percent of them have that it has a police vest only three percent have that and then there's like a rarity score as well which takes in all of those types of traits and it gives it a specific rarity score now the rarer the nft the more money you can make by selling this on the marketplace but how do you find these nfts what is minting because that's what you want to do to get the cheapest price possible and how can you find active communities and how can generally how can you get into this to make some money i'm going to show you all of that in this video now this is going to be a super quick tutorial it's perfect for beginners you don't need to jump in and go against all the bigger whales or anything like that this has got no confusing methods in it we're going to try and keep this as simple as possible and in this video i'll show you everything you need to do within 15 minutes now before we get into the tutorial guys for my og subscribers we're still doing the free giveaway you can get access to every single one of my courses all you gotta do is smash that like button when you find the emoji in this video let me know what the emoji is below and then you potentially want access to every single one of my courses let's jump into this tutorial and i'll show you exactly how to make money with nfts alright guys so if you are a complete beginner the first step is to actually research what nfts are a lot of you guys might not have any idea what they are and how they work now my tutorial is how to make money with them if you want to know kind of the basics of nfts what they are how they work what they essentially do and what's the point of them you can go and find some articles online to explain exactly what they are the first step you want to do is you want to go to a website called metamask on metamask you can do this on chrome iso or android but i recommend you do it on a chrome browser on a computer you want to go to install metamask for chrome now what this is is this is an extension for chrome and this is going to be your wallet that you're going to use to purchase nfts now i've already got it on my browser and i'm in a private browser right now but what it'll say to add it to your chrome extension and what you want to do is you want to go add to your chrome and it will come up as an extension here's an example here okay so this is my one right here i have some ethereum in there and all sorts of things and i'm ready and i can use this right now and this is what yours will look like and will be a little extension up here on the right well i've got mine in my browser right now now when you add it to your chrome browser you will have to go through some instructions on signing up to the meta mask system and essentially it will give you some private keys and we'll take you through all the steps on how to set up your metamask wallet it's very simple to do just follow the instructions now to put ethereum onto your um metamask wallet go to buy and then go down to directly deposit ether and go to view account and it's going to give you an ethereum address here okay so this is your address to send ethereum two now if you're a complete beginner you will need to research how to send ethereum but essentially you should have ethereum somewhere online whether it's in your own wallet whether it's in an exchange and this is what you would copy and this is what you would send your ethereum to i'm going to assume that you know the basics of cryptocurrencies and how to send and receive cryptocurrencies okay or you can buy directly on your wallet by connecting wire here or transact if you'd like now the next step once you've got minima set up is you want to go to openc.io so openc.io and what we want to do is we want to create an account so your account will look like this you won't have any nfts in there this is just an account that i've found it'll get generated with an um unnamed and it'll just essentially look like this what you want to do is you want to go to the website and there's two ways you can do it you can go to here and you can go to metamask if you like or you can use another wallet i like minibasque or you can go to create now your one will be a little bit different because i actually already have an accounts and that sort of stuff but essentially just follow the instructions here and then what it's going to do is it's going to create an account for you right so this is my account here um i'm gonna blank it out because i don't want people coming doing silly offers on some of my stuff but if i go up here i have my profile my collections my favorites my account settings and it's all done it's all connected via this right here all right guys so the first thing we need to um kind of understand is why would people want to buy this type of stuff well think of it like basketball cards or pokemon cards right you have your like your rare ones that you want to trade you have ones that are not so rare and i used to do a lot of collecting basketball cards when i was back in the day when i was a lot younger and that's why i get into doing this stuff now on openc you can go to marketplace and there's like all types of different categories there's like artwork and domain names virtual worlds trading cards collectibles virtual worlds there's all these things you can click on all nfts and all of the nfts are here now this is probably all foreign to a lot of you guys so let's just keep this completely simple for beginners and what i want to do is i want to focus on one specific nft and then i'll go through and show you how you can make money with nfts and explain to you the rarity and how all of that type of stuff works so this is a nft called dropbears nft and essentially what happens is there's only 10 000 of these and they're randomly generated pieces of art essentially of these koala bears right they're all randomly generated each one is different and they're all worth different types of money or ethereum now how can they be worth something well if we look at this one here this is one of the rarest ones it goes off what we call properties or traits so essentially this different type of like this guy's trying to sell it for three million i don't think you'll get that but anyway um it depends on on the rarity of the art so this one has an orange background only ten percent have that out of the ten thousand um it has gum leaves uh earrings so the gum leave earrings only 0.5 percent have that um it the fur has got blood on it so only five percent of that and it's a steampunk so it's got steampunk glasses and that's only one percent now this is a really rare one and this one here is not as ray sees 70 percent have this trait uh 70 have the uh nothing in the ears but the eyes one percent arnie eyes uh so terminator eyes and then yeah it just depends on the rarity now you might be asking how can you actually get these types of things we can do what we call minting and you can actually mint them and you don't actually know what type of rarity you're going to get when you mint them so let me explain to you how that works and this is when you start diving into finding projects to actually get involved in all right guys before we move on i just want to quickly show you something to help you understand so there's a thing called a floor price now the floor price is quite important because the floor price is the lowest possible price that these are selling for right now so keep this in mind now you could easily just go and buy nfts and hopefully they go up in the future or you could buy real ones and stuff like that but you really want to get the nfts before they come onto the marketplace because the floor price can go up like you can get them for actually cheaper than the floor price for example this floor price is 6.6 ethereum so these are selling for like thousands upon thousands of dollars but when these were created called minting these were not 6.6 so they went up a lot in value so you want to be actually minting these if you can this one is would have been a very hard one to mint because it would have been a lot of demand and high fees but you want to be minting them okay and the kind of money you can make with this is crazy so like these ones here they're selling for 6.6 ethereum floor price these ones here to ethereum if you like like let me show you right like they they're not selling for cheap um let me show you buy now low to high so this one here ethereum right this one's selling for 21 000 and that's the lowest one and people are purchasing this type of stuff okay now what he did is he minted this so let me explain what minting is and how you can make money he essentially got this before it was even on the marketplace now i do want to warn you guys this stuff is risky right the this stuff is only going to sell for what someone else is willing to pay for it right you can't just liquidate it whenever you like you can only liquidate it when someone else is willing to purchase this from you okay so it's really important that you try and get rare nft so now let me show you how to make money with nft alright guys so the next step is you want to come over to a website called rarity.tools and i'm going to show you two things here first i'm going to show you what minting is and how it works and i'm going to show you how to research the next project that you might want to actually get into so step number one is click on upcoming up here and this will show you all of the nft artworks that are coming out not not every single one a lot of them you like this is for beginners if you really want to get deep into this stuff and you go follow specific people on twitter and stuff like that but this will show you something that come into the market like for example um this one here got done today so i'll show you how to mint it and how that and explain to you uh how it works let's do it on so if i click on this pauses right on this website and i go to palsies what i can do is i can go to mint pause okay and my wallet pops up and then i go to connect then i go to connect again and it's connected okay then what i can do is i can go how many do you want to mint and i can mint one two three four whatever i want okay now let's just say i wanna mint one i go to can buy and it shows up and it tells me that um i can buy one for so the total is going to be 173 uh dollars but i'm also going to be paying high gas fees so you need to learn about guest fees if you don't know what they are because you can get called out but i can confirm and i can buy this right now before i'm going to click reject but i can do that before it gets on to the openc market now when it when i purchase that it'll take about maybe up to a minute i will then have it in my profile here it will automatically go in here and then i own this nft okay and then i can do whatever i like with this nft people will start giving me offers i could sell it if i like but that's essentially what you do it's called minting and there's only eight thousand eight eight eight thousand eight hundred and eighty eight of these and every single one is different they have their own different traits their own different everything and some are rare and some are not but you don't know what you're going to get but this is the best way to get it because you're getting them for the cheapest before they hit the market so how do you know which one that you should go for next research is your best friend at the start don't just come here so this lists them all but don't just come here and pick anyone that's getting coming out soon what i do is i scroll down to ones that are getting released in at least a week or more okay ones that i like and i'll tell you why in a second so this one here is getting released tomorrow okay let's say hey bossy bear club i like this one it's getting released in like five days or whatever okay cool there's a few things you want to do number one the first so number one you need i actually like the art hey i like this art it looks pretty cool and then go to their inst their twitter see how many followers they have so this is pretty good they have 3 500 followers that's pretty good you usually want to go with people that have over 2 000 followers remember the projects is only as good as its community you want to make sure they have a community so they have a good um following here you want to make sure that um followers aren't fake if they have like 10 000 20 000 followers and it's like a new project they're probably fake accounts because these guys only joined in august 2000 so this month um so if it's like over 5 000 10 000 in such a short time it's probably fake followers but this is a pretty good amount and you can also get to go down and see how active things are so things are quite active this is the number one thing you want to go and check first the next thing is you want to go into the discord okay so i'm going to click on this i'm going to join the discord now they have 3 000 members which is really good now thing about the discord okay is you want to try and stay away from projects that have over 10 000 members the reason is is because when you're going to mint these projects okay so when you go to these projects and they get released the ones that are have lots of members and there's heaps of hype you're probably going to miss out on the minting because all of the big whales will come and buy everything up and you're going to miss out anyway so it's not really worth trying to mint those big ones you want to go for the projects that are small but they have a lot of potential later on so i'm going to go accept invite so just it says what i want to do just click on that so now i'm in the discord okay now this is really important you want to stay in here for about a week three or four days and you want to see what the development team do what does the team do do they help their community one thing that i was in i was in one recently and it was so bad that they had problems the community the developers the admins the moderators were banning people they were not answering questions about the the project or anything okay you want to get involved for a few days you want to get involved you want to talk to people and you also want to look at their roadmap this is important if they have a good roadmap and if they plan on like you know future things for the specific project so like a lot of these projects like pets and stuff and they'll give them like specific things and it can really be quite awesome so you want to read the roadmap and make sure that you resonate with this and this is something that you want to get involved in but you also want to see let me show an example actually so there's all these things here let me show you an example of one that i'm involved in okay so this is one that i'm involved in the drop bears one that we talked about um you'll see that the founders are in here okay um they've got good moderators now these guys are always in here talking to their community you just want to get a feel of the community and more importantly you want to make sure the admins are on the founders are on all the time you'll find projects where the discords are just neglected that the founders and admins are never online and you know that those are probably going to be really bad launches so you want to stay away from those launches okay so these are really the two things that you want to look out for when you're going for these specific things so you also want to make sure they have a good website so this is a real nice website they've got like a bit of a backstory which is always good to have a backstory i'm actually quite interested in this one to be honest uh good backstory members perks quite nice see you know see everything every single one is different like this guy here because he's got these money glasses and a chain he's probably going to be rare because that'll be a rare trait um this military one might be rare this one will probably be quite standard this one will probably be quite standard but there's this is actually looks like a really good project to be honest i'm actually never seen this one before but yeah you want to make sure that um you are you know aware of the community and want to make sure it's a good solid community now to show you kind of one that dropped recently the the kind of potential here is this one here called the baby llama club the floor price right now is 0.12 ethereum that means that the lowest price you can buy on for right now on a buy now is that price okay and people are actually buying it i've checked the sales records if i go to ic tools this is a program called ic tools uh training collections last three days we go to baby llama this is the price that it was minted for so people were minting it for 0.05 now people were selling it for 0.12 so if we go low to high buy now people are now selling these at a minimum they haven't been revealed yet 0.1 so a minimum of 420 um 429 dollars now when these got minted they were you could mince it for 0.05 so what's that price right so you could have minted it for 171 and now you can sell them for four hundred and twenty nine dollars now there will be some fees involved but you could essentially double your money by doing if you can get them into one now these ones actually revealed soon that's why they're all the same now one more awesome feature that this website has is we can um we can see so let's say this one here drop bears right which i'm involved in i can go to here it's been released i can go to drop bears in ft i can find a drop bear that i want to find so i'm going to actually go highest because i want to find a rare one for this high to low what i can do is i can take this number right here and i can copy this number and i can go to here and i can when you click on the um drop bears at the top so whatever one you whatever one when you mint it it'll come up here a few hours later it shows you all the top rare ones but let's say that you've minted one and let's say for example this is the one you minted i can go into here and i can put it in the top left here and i can go to look up and it tells me how rare it is so it tells me how rare this specific thing is so a rarity score of 204 the higher the better so i have a few that are around about 100 to 150 and the highest one i've seen is 300 so it gives you a rarity score the rarer it is the more money you could potentially sell it for it's only worth what someone is willing to pay but this is kind of how it works you want to try and mint the rarest ones it's kind of like a lottery i guess to if you kind of think about it so that's how you can make money with nfts it's fine projects that are getting released in the next week or so study those projects ones that you actually like don't just do any ones go to the discord be active go to the twitter see if they've got followers and then when it's the mint day go and mint some and then you can potentially sell them for money on open c if you want some more tutorials on how to make money online i will leave some videos up on the right that will take you through step by step don't forget to subscribe smash that like button tap that notification bell and i'll see one of the videos on the right

Channel: Franklin Hatchett

Views: 2,125,142

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Id: rOo3-WoaPE4

Length: 18min 42sec (1122 seconds)

Published: Tue Aug 31 2021