How to Make Money with NFTs for Beginners 2021 [FREE COURSE]

hey everyone welcome back to the channel so this is going to be a complete step-by-step guide on how to buy and sell nfts so make sure you watch all the way through as you will learn everything you need to know about nfts and how you can start making money today so without further ado let's just jump straight into it so the slide shows what we are going to cover in this course so first thing we're going to do is we're going to talk about what does it mean to be fungible as well as what does it mean to be non-fungible then we'll go into what nfts are how they actually work and also why they can cost so much money then we're gonna dive into the wealth potential of nfts and how you can actually make profit by investing in them we'll then cover a brief history of nfts how you can start making money with them and then we'll dive into how you can sell art as nfts i'll actually be taking you guys through some of these marketplaces and showing you how to use them so i will show you guys how to upload your own artwork as well as how you can turn that into an nft then we'll talk about the vast world of nft collectibles so basically nfts and sports as well as in virtual worlds and then we'll be talking about the actionable steps you can take right now so you can start making money in the world of nfts okay so first things first what does it mean to be non-fungible the word fungible only applies to a group of items so one single thing cannot be fungible and basically a group of items is fungible if every member of this group is identical in some way if every member of this group is identical then members can be traded easily and without any issue so i know it sounds a little bit confusing but some things that are examples of fungible things are fiat money so like the us dollar bitcoin ethereum and more for example if you guys take a look at the picture on the right you can see that grade 2 corn is fungible with grade 2 corn right so these two things can be traded without any issue because they are exactly the same thing money is also fungible so if you have a ten dollar bill and you have two five dollar bills those things are also fungible so now what does it actually mean to be non-fungible so a group of items is considered non-fungible if every member of this group is unique i know it's a little bit confusing but let's go through some examples of things that are non-fungible so on that first picture you see on one side we have a picture of one particular cat and on the other side we have another picture of another cat these two are non-fungible because they are not the same so on the second row we have a front row ticket to a movie theater let's say and a back row ticket to a movie theater these are non-fungible because they cannot be traded because a front row ticket is obviously you know probably more valuable than a back row ticket and the third row shows two homes both being not the same so those are non-fungible so yeah basically if two things are not exactly the same then they are not going to be fungible now let's talk about what nfts are so nft stands for non-fungible token and basically with that we can expect nfts to refer to items that are completely unique and nfd is nothing more than a unit of data that is recorded on a blockchain basically this blockchain is going to verify the uniqueness and authenticity of the unit of data and this unit data can be anything from let's say a photo to a video clip to an audio clip and there's so much more things that i can be now mainstream i know that's most of you guys are going to just think of nfts as really expensive art and you wouldn't be wrong right because that is a type of nft but i will say that there is so much more to nfts than just that digital virtual art world now that we know what fungible and non-functional mean as well as what nfts are let's get into how nfts work there are two main qualities of nfts to think about provable uniqueness as well as provable ownership so what do these qualities actually mean provable uniqueness likely answers a question that you've already been having regarding mts and that is can't digital art be duplicated or copied and pasted really easily so the short answer to this is yes you can just duplicate and copy these pictures right but the difference is when you mint and exchange digital art that's registered on the blockchain then that blockchain actually knows that the art is original and authentic so that's basically how you prove it the blockchain makes digital art fraud proof because every creation or transaction is monitored and confirmed by a network of computers so in other words provable uniqueness is the beneficial result of blockchain technology that allows people to mint and exchange nfts now let's talk about provable ownership right so this is another beneficial result of this blockchain technology anytime an nft is transferred or exchanged to another user that transaction is recorded on the blockchain so it is completely public for anyone to see this means that the owner of an nft can be formally verified because it has been recorded and it is available for everyone this means that the blockchain not only knows the current owner of an nft it also knows all the previous owners of the nft as well so yeah essentially we are able to track the owners through the blockchain and that's what really makes nit so special so if you guys have been following the media lately you know that nfts can get extremely expensive so of course we're all wondering how can nfcs cost this much of course we know that demand is what always drives the price of something but what actually drives that demand we're going to go over some things that make some nfts worth a lot more than other nfts first is what is the story behind this nft right the crazier the story the crazier the price this is a pretty simple concept that is actually applicable to things like youtube as well usually the crazier the thumbnail or title of a youtube video the more views that you can get and for example like who wouldn't want to own nft that was let's say originally a photoshop artwork design specifically by the queen of england another thing we need to consider is the context behind this nft right the crazier the context the crazier of the price as well we also need to think about who made this mft this is really simple because people want to own nfts that are designed by famous people so for example you guys snoop dogg he actually minted an nft collection called a journey with the dog and that made over a hundred thousand dollars on one of the items in that collection if i personally went out and made the exact same nft collection it would sell not nearly for that much money and that's because snoop dogg is much much more famous than i am you also need to consider when that nft was made for example wouldn't it be really cool to own an archived audio clip from the first world war or something that happened a long time ago that became part of history generally speaking the older the nft be better but you know there are certain times where new nfts can be worth way more than old mts as well and that's just going to be a combination of all these different factors so yeah basically there are a lot of factors that can affect the price of an nft because all these different things are going to affect the demand of the nft and that's what really is going to drive up the price okay so we've been talking about reasons why nfts can reach really crazy prices but just how crazy can these prices be the most expensive nft ever sold as of today was sold at christie's an auction house that held its first ever digital art auction that mt was called the first 5000 days and it was painted by artist michael winkelmann who is known professionally as people and that's sold for a whopping 69 million dollars you guys can take a look at the nft on the right and yeah just for some context or story basically this work is a collage of arts that people have been producing for every single day since may of 2007. so yeah from may of 2007 this guy beeple he created a single piece of artwork every day until february of 2021 and that's 14 years worth of artwork which includes 5 000 digital images that you guys is a really crazy story really crazy context obviously a lot of effort put into it so that's really what was able to drive up the price now i don't want you guys to expect to make 69 million dollars from one of your first art pieces anytime soon but this example just shows how crazy nfts can get in terms of price so if you're looking into nfts you obviously are looking to invest your money but nfts are quite volatile and risky to trade with so it's important to diversify your investments with some safer bets that brings me to wealthfront an amazing robo-advisor platform that allows you to invest in etfs and get exposure to crypto passively and i personally use it myself welfare is the only solution that 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description and after that it's just a super low 0.25 annual management fee use the link below to check it out all right so now that we have an idea of what nfts are how they work and how crazy they can get in terms of price let's take a brief trip through the lifespan of nfts which is still ongoing by the way basically there are three generations or capabilities of nfts that we should discuss first is nft 1.0 second is nft 2.0 and third is nft 3.0 nfd 1.0 just basically describes the generation of nfts that includes digital art on the blockchain that could be admired and traded so this includes things like crypto punks you can see them on the right cryptokitties and many others so basically this generation just describes what we know and that is to be right now digital art that can be collected and traded but with time though things naturally evolve and then that takes us to nfd 2.0 fda 2.0 includes digital art that's acquired traits functions and utilities so there are entities for example that can help you acquire loans while others can get you discounts on blockchain related products or services an example of nft 2.0 would be something like nfty jigs these are basically objects that can be programmed to do anything for example they can be used as building blocks to create games i know a little bit difficult to understand but this is a brand new thing and i myself am still having trouble wrapping my head around it then we have nft 3.0 right this basically includes digital art that have authoritative functions like ownership but i know that sounds really complicated what does that actually mean it means that nfps can interact with each other they can emit actions send nfts own other nfts and more for example a video game character that is an nft can now own a sword within the video game that is also an nft and what's cooler is that because that nft video game character now owns that nft sword that nft sword can enhance that nft video game character so an example of an nft 3.0 project is rmrk which runs its own unique icos or initial collectible offerings and these icos they carry dynamic nfts or entities that are programmed to change over time so yeah looking at this i know it's really complicated like i said but it's just really crazy how far nfts have come okay so now let's get into the section of how you can actually make money with nfts so there are two main ways that you can actually make money with nfts the first is actually selling your own artwork and the second is just collecting nfts so buying and selling things for profit let's first talk about selling your own art as an nft so another way to look at an nft is that it's a smart contract that states that this digital art is the original in other words an nft refers to both the digital artwork and the blockchain contract saying that you create the piece and that it's original so basically whenever you sell the digital original piece it will be registered on the blockchain and you as the creator can access the entire transaction history of the nft and see how your artwork moves through the secondary market so a really powerful thing about the crypto world is that with your digital artwork you can actually establish a fee and that's typically going to be between let's say five to ten percent that you get each time someone resells your artwork in other words someone can resell your work for let's say one million dollars and then you will make up to let's say 10 000 on that sale if you set uh your fee as 10 percent this is possible even if you originally let's say sold your artwork for uh 50 cents as more and more people buy and resell and buy and resell your artwork you can actually make sort of passive income from that now this ownership fee is much much harder to execute with like actual artwork that is physical but you can see why it'd be very easy to enforce with digital artwork because of the blockchain technology i really do like this because it allows creators and artists to not really worry so much about the money and how much they originally sell artwork for and just focus more on being creative and creating the best type of artwork they can and plus i love passive income and you know having the ability to establish this type of fee when people buy and resell your artwork is pretty amazing now we've been talking about selling digital art as nfts but the reality is that you can sell anything as an nft as long as the thing you're talking about can be digitized which includes the vast majority of things in our life then it can be sold as an nft for example jack dorsey the founder of twitter sold a tweet he wrote so it's shown right here above me which was the first tweet ever and it sold for 2.9 million dollars and then elon musk he almost auctioned the song he made about nfts as an nft so you can really imagine based on you know it being elon musk having created the nft it'd probably sell for a lot of money so now let's talk about how to mint an nft which basically means to produce and sell these are just the steps but later on i'm going to actually walk you through creating my own nft and putting it on the marketplace so the first step is to download metamask which is a chrome extension that acts as an all-in-one virtual wallet and e-signature the second step is you're going to want to create a wallet on metamask and after that you're going to send ethereum to that wallet now if you don't have ethereum yet you can actually use the link below to buy ethereum with your credit card on coinbase but there are many other exchanges that you can do the same thing with so you guys are free to pick and after that you are now ready to mint and buy nfts on any of the nft marketplaces on the following slide so the biggest nft marketplaces are going to be open c wearable and foundation let's first talk about openc which is probably the one that most people know of this is the biggest of those three marketplaces and it's entirely open and democratic there's no verification necessary meaning that anyone can create an account and get started and if you guys take a look at the platform you can see that there is a massive selection of art and collectibles right now there's no coding needed which makes it even easier for anyone to get started and there is a one-time gas payment between 50 to 100 to auction your nfts the second marketplace is wearable and like openc it's entirely open and democratic and you do have to pay for each artwork that you meant it's a very powerful platform however because there is much less traffic and not as many collectibles on there wearable is mostly used to mint individual pieces and because it's not as congested as open c exposing your work to other viewers is probably much easier and the third platform we're talking about is foundation and it's probably the most difficult to access because you actually need a certain number of community upvotes to mint an artwork or you can acquire a direct invitation from another artist on the platform to become a mentor or seller with foundation there's also a higher gas cost for minting an nft and because of its exclusivity foundation houses better quality art for higher prices so now i'm going to take you guys through a screen share of me actually setting up my metamask accounts creating a wallet transferring money from coinbase over to that wallet and then using that ethereum on openc so i'm here in the chrome web store and the first thing i'm gonna do is i'm gonna search up metamask so here this is it so i'm going to click on this and i'm going to add it to chrome it's going to ask you if you actually want to confirm adding metamask and i'm going to click add extension cool so now that it has installed i'm going to go click here get started and i don't have a wallet yet so i'm going to click here on create a wallet here it's going to ask you if you want to you know help improve my mask i'm just going to click no thanks and it's going to have me create a password so i'm gonna create that right now after that i'll select this and i'll click create now it's gonna ask you to secure your wallet and have you watch this video so i'll let you guys do that but i will skip that for now and it's going to give you a secret backup phrase so this is the phrase that is going to make it possible for you to back up or restore your account and it's very important that you don't lose this so you guys can you know click here to reveal those words and then write it down and put it somewhere safe or you can just do this later so i'm gonna click remind me later all right cool so now i'm in my metamask account in my wallet and you can see that right now i have zero eth in it because i have not yet sent money to it so in metamask you can actually buy ethereum directly through here i'm not very familiar with that so i'm actually going to click here copy to keyboard and yeah this is going to be your ethereum address so this is what you want uh to use as your um recipient address and we're gonna go into coinbase and actually send that money over right now cool so now i'm in my coinbase account and for those of you that don't have ethereum yet you guys can come up here to buy sell and oh by the way if you want to get 10 of free bitcoin you can actually use the link to sign up for coinbase uh in the description below so now i'm here since we're actually trying to buy ethereum i'm going to go here i'm going to choose ethereum you can choose how much you want to buy so let's say you want to do 50 and after that you can come here and click buy now now i already have enough eth in my account so i'm just not going to do that and once you do that you can actually go here and click on send slash receive so since we are sending ethereum we're going to be on the send button uh right now it's set for btc bitcoin so i'm actually going to change that to ethereum let's say we want to uh send over 50 of ethereum we're going to paste that address that we copied earlier we can add a note if we want and we can click continue and it's going to have us actually confirm that and we can click send now so it will take a few minutes for the transaction to actually go through but once it's done you will see that balance show up in your metamask wallet after that you guys can go to the openc website this is just the one that i'm going to show you you guys can check out some of the other platforms if you want like wearable but for this video i'm just going to show you open c because it is the largest marketplace so if you want to start buying empties or you want to start minting your own fts you can actually come here to create it's going to have you sign into your wallet so i'm going to click sign in next and i'll click connect then i'll click sign right here and it's going to take me into my account so now i can actually create my own nft and i'll show you guys how to do that right now you can see that you can upload an image a video file audio file or a 3d model and these are all the types of files that are supported as of right now so i'm going to find my file and i've actually created that here this is a little just artwork that i made in like two seconds for this video and i'm going to drag and drop that file right here i can name it so i'll let's just say test nft charlie i can add an external link so if i include a link to this users can actually click on that to learn more about it so i don't have a webpage or anything set up for this so i'm going to leave that blank and then here i can create this description so i can you know write something about this image this image was created by charlie j cool i can actually select a collection for this item to appear in i'm actually going to skip this for now i can add properties so these are textual traits that show up as rectangles if i want to do this so i can type uh let's see i can add more if i want but in this case i'm just going to add one i can add levels so these are numerical traits that show up as a progress bar i can add stats unlockable content right obviously you're not gonna do that if you make your own you're gonna have something that actually has some value and then if it's explicit or sensitive content you guys can click on that right now we can only have a supply of one we're gonna choose ethereum as the blockchain and yeah i'm gonna click create right down there just checking all that stuff click create so cool that was very simple i just uploaded my first image and created my own nft so now that i've created this nft if i want to actually sell it i will have to come up here i'll click sell i can choose set price high spin or bundle so just to make it simple i'm going to choose set price so let's do 0.01 eth so 33 i can include an ending price i can schedule for a future time and i can also set the privacy so i'm just gonna leave those all blank for now and if i do want to actually um list that i'll click post your listing now one thing you get to know about making the teas is that to mint one there is going to be a gas fee so this is basically like a tax this is actually pretty good because it means that you know people can't just like create all these images or nfts and sell them and just really bombard the marketplace with a bunch of really bad art and right now you can see that the openc uh suggested gas fee is going to be about 77 so i actually don't have that much money in my account right now i actually don't think um okay actually 50 went to my account great but that is not enough and this is constantly changing so now you can see it's up to a hundred dollars i'm gonna click here edit and you can see that the speed you choose is actually going to change how much it is so if i go low it's going to be a little cheaper if i go high speed it's going to be a little bit more expensive so you can see that it's always changing um pretty crazy because it's just based on the current network okay so i'm cheap i'm not going to actually pay this 95 to create this nft because it's not a piece of artwork that i am proud of i might actually create some artwork later on and post it as an nft and try and sell it but for now you guys get the point this is basically how you can actually complete your listing and start selling your nft after you've created it now if you guys want to actually purchase nfts just to have or buy and sell you guys can come here to the main page um you can actually search for items so this is actually pretty cool if there's anything that you are interested in uh for example like cars or something so let's say car it's going to load our results for that search term and yeah you can see these are some of the nfts that are for sale that match that search term so um i guess this is a card which is not really a car but the current price of this is a 0.59 aetherium so like almost 2 000 and yeah this is just basically how you can browse them uh let's click on one of them just to check out let's click on this one you can see that there are 12 car owners 12 total supply 393 reviews and 12 favorites and this is what's going to show the current price so 1.3 ethereum so just over 4 000 as of this current pricing here you can see the price history so over time basically you can see all this info if you want this is the artwork slash video file this is the description you can see the properties you can learn more about lux cards which is the creator of this nft and you can check out any more details about it coming down here you can see the trading history so you can see one sales remain so last sale 0.955 ethereum uh who it's going from to who and also when that the transaction happened down here you can see more from this particular collection so you can see that lux cards has a bunch of these that all sell for you know pretty significant amount of money going back to the home page you can also come here to explore and yeah you can see that there is actually a lot of really cool artwork it sort of reminds me of behance.net don't know if you guys have tried that out but it's really cool art platform but the difference is here everything is for sale and you can actually own that nft let's say that there is something that you are interested in so let's say i'm interested in this one i can click buy now or i can actually click make an offer and the owner of that's nft actually has the ability to respond to your offer so if i were to click buy it's going to have me complete checkouts by checking this box i'll click that uh and since i don't have enough money i'll need to add funds for me to buy this but yeah that's basically how you can use openc um pretty similar for other platforms like wearable yeah it's actually quite simple you guys can get started right now and just create your account create your mask wallet and start buying and selling nfts okay so another way to make money with nfts is to collect valuable assets with the hopes that they will rise in value over time and then sell for profit so that sounds very familiar right it's just like investing in stocks now collectibles can come in the form of video game assets trading cards many other things really nfts can be found throughout the world of sports for example the nba has nba top shot which you guys have probably heard of soccer has so rare formula one has f1 delta time american football has rob gronkowski's championship series nfts and baseball has mlb champions and a tease so i'm not gonna go into all these but basically the concept behind these platforms is one buy collectibles or packs to get collectibles hold on to those collectibles to see if the value rises and then three sell those collectibles for a profit like i said again this is just like investing in socks and it is a little bit more risky because you know you could buy something it could go up in valley or it could go down it's really hard to tell now i did want to sort of dive into nba top shot because this one deserves a slide on its own it's just one of the biggest nft collectibles platforms so yeah you should know this one the platform surpassed 200 million dollars in sales back in march 2021 and then they reached 32 million dollar peak daily trading volume within just one year of its launch so in nba top shot the objective is to buy packs that contain two to four moments or highlights such as dunks three-pointers steals blocks or any other interesting gameplays and these can cost as little as nine dollars or as much as one thousand dollars depending on the highlights rarity and quality so i personally think it was absolutely genius that the nba came up with this and yeah it just makes you wonder what other collectibles can be made from tv or media or anything like that entities can also be found in virtual worlds so with virtual worlds games are digital simulations where in-game possessions or belongings such as clothing houses yachts whatever are nfts so some examples of these nft virtual world simulations include somnium space axi infinity and decentraland okay so i know that was a lot of information and i sort of want to summarize everything and give you some actionable steps that you can take right now and if these are very versatile as we saw when we saw the generations of nfts and when we went over the different ways that entities can generate money so if you want to start selling art as in a tease you guys can do that right now since i already showed you guys how you can create your own nft and start selling it and if you want to start collecting entities as well you guys can go out and start buying them right now yeah really we are at the infancy of nfts i guarantee you that they are going to continue you know building and seeing more usage so even if you don't want to start buying them and selling them or turning your art into nfts i think that just knowing the fact that nfts exist is extremely great anyways i hope you guys found a lot of value in this video if you did make sure to hit that like button and also subscribe to my channel and see more videos just like this i make a ton of content about personal finance investing in entrepreneurship thank you so much for your time again and i'll see you in the next video peace [Music] you

Channel: Charlie Chang

Views: 1,080,956

Keywords: non fungible token, how to make money with nfts, make money with nfts, nft crypto, crypto art, what are nfts, how to sell nfts, how to buy nfts, nft tutorial, nft explained, nft art, how to flip nfts, how to buy nft, buy nfts, how to make nft, nft guide, what is an nft, nfts explained, nft meaning, nft crypto tokens, nft crypto explained

Id: YBTdDfRmcrI

Length: 29min 5sec (1745 seconds)

Published: Thu Sep 16 2021