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You may have heard of an NFT, but you probably don’t understand what it is. It’s essentially a new type of digital collectible, and they’ve taken the world by storm lately.
However, most people are trying to profit from NFTs by rolling the dice and going all-in on a few speculative plays.
But I’ve discovered a better way. There’s a “backdoor” blockchain play to take advantage of this growing space without the usual risk…
In this article, we are going to be discussing the best way to make money online by flipping NFTs. Not any money, but a full-time income that can potentially replace your 9-5 job.
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Take a look at the picture below. It’s an artwork called “Everydays – The First 5000 Days” by an artist known as Beeple.
It recently was up for sale at an auction. How much do you think it sold for?
Not even close.
It sold for over $69 million. Put that in perspective.
It’s not a piece of art from ancient history. Its creator isn’t a household name, yet this piece fetched a higher price than artwork from famous artists like Andy Warhol or Pablo Picasso. And it made its creator a fortune. You’re probably wondering what’s so special about it. This artwork is what’s known as an “NFT.”
I’ll explain more about them in a bit. But it’s really just a fancy name for a “digital collectible.”
That’s right. Beeple’s piece doesn’t exist in the “real world.” It’s simply a digital image. I know this sounds confusing. But there’s an enormous opportunity in this space, and I’ll show you the No. 1 way to take advantage.
First, let me explain what an NFT is.
What Are NFTs | A Primer on NFTs
NFT stands for non-fungible token. Put simply, it’s a unique digital asset that lives on a blockchain.
At its core, blockchain is just a very secure way to store information, the safest way to store information that has ever been devised. It’s simply a decentralized, distributed online network.
The internet is a great example of this type of network. No one owns the internet. And each computer logged into the internet is a “host.” Even if you shut down one host, it won’t shut down the entire system. The blockchain works the same way.
NFTs can be art, music, a video, a meme, a domain name, a virtual item in a video game, a code set, an article, a tweet, a plot of land, etc. Now, people constantly ask: “What’s so special about an NFTs? I can just download – or copy/paste – the same picture, song, video, etc. on my computer.”
Yes, you can do that. But what you’re downloading is not the same thing. You see, NFTs are not like dollar bills. Dollar bills are fungible, which means they can be swapped interchangeably. A dollar bill has the same value as every other dollar bill.
And NFT is unique. It’s non-fungible. Meaning you can’t exchange one for another because non are identical. Think about the Mona Lisa. Only one original painting exists. It is valuable due to its scarcity. Sure, you can find replicas. You could even search for an image of the Mona Lisa on Google and print one out for free.
But the reproduction of the Mona Lisa, even if it looks identical, does not have the same value as the original. The original painting is valuable for its provenance. In other words, it’s worth a lot more because you can trace it to its origin of the source.
A recreation of the original doesn’t have the same history or social context. It’s the same story with an NFT. Just because you have an identical copy of an image created on the blockchain, doesn’t mean you have something of value. The original NFT proves the image’s authenticity. And that’s what gives it value in the community.
And since blockchain technology is immutable, you can’t forge an NFT.
Here’s why that’s a game-changer.
With traditional digital collectibles, you can’t transfer them from one platform to another. So, they only retain value where you obtained them. You’re at the mercy of the creators of the platform. But NFTs shift ownership of digital intellectual property from the platform to the creator. It represents true ownership of a digital asset. A creator can retain ownership of his NFT and move it to another part of the blockchain.
That’s why NFTs are poised to disrupt global commerce, and why there’re rapidly growing in popularity.
Are NFTs Still Popular?
NFTs are taking the internet and investment world by storm. Beeple’s piece isn’t the only one that sold for a fortune. Here are some other examples:
- “Hashmasks,” a digital artwork from 70-plus artists, sold for $16 million.
- A dystopian piece of art mocking Donald Trump, named “CROSSROADS,” went for $6.6 million.
- Twitter CEO Jack Dorsey’s first tweet grabbed $2.9 million.
And there’s a long list of other NFTs that have sold for millions. NFTs are now involved in real-world use cases, like decentralized Finance (Defi), gaming, venture capital, virtual worlds, and so on.
The ecosystem includes various platforms, such various platforms, such as Axie Infinity, Decentraland, NBA Top Shot, Nifty Gateway, OpenSean, Rarible, etc.
Naturally, the huge returns made by NFT sales have ignited plenty of interest in the space. Google search volume for “NFT” hit an all-time high in early March.
Per DappRadar, which tracks decentralized applications, NFTs reached $18 million in weekly trade volume in February, a 3,200% increase from the start of the year. In May, there were 1.9 million weekly transactions, up 1,723% since the start of the year. And in the first week of May, there were 655,000 weekly users of NFTplatforms, up 6,284% from the start of 2021.
In total, there has been $1.5 billion of NFT trade volume among the top eight NFT platforms, in 2021.
NFTs first came about in 2017. They first took off in popularity back then. But when the price of bitcoin collapsed in 2018, the NFT market went down with it. So, why the recent meteoric rise? There are several factors…
The coronavirus pandemic and the resulting lockdowns led to a record amount of time spent online. As a result, artists started losing out on opportunities to sell their work in person. So, they turned o NFTs as an alternative way to make money from their art.
Combine that with the adoption of crypto and a boom in the collectibles market, and the value of NFTs has skyrocketed.
If You’re Not Drinking the NFT Kool-Aid
I realize $69 million for a digital artwork might seem outlandish. And other price tags for NFTs in the millions may appear ridiculous. IF you think this all sounds silly, I get it. But if you believe it’s not investable, I’d urge you to reconsider.
Millions of people do not feel that way. And it’s not just crypto enthusiasts. Celebrities and sports stars are in on the NFT actions. Names like Mark Cuban, Michael Jordan, Patrick Mahomes, Serena Williams, and Will Smith are all joining the frenzy.
And it goes beyond individuals. Well-known companies have entered the NFT market, like eBay, the New York Stock Exchange, Nike, Sotheby’s, and World Wrestling Entertainment. Large institutions have also invested in the NFT space, including Andreessen Horowitz, Blockchain Capital, Coinbase Ventures, Galaxy Digital, and Union Square Ventures.
Although this marketplace is in the early innings, there’s potential for it to soar like bitcoin in the early 2010s. And even if the market crashes, the underlying technology trends will persist. NFTs have opened a new channel of monetization for creators. And demand for these digital objects has taken off.
However, I don’t think buying actual NFTs is the best way to profit from this trend.
That’s a risky game… It takes a ton of time. It requires the know-how on trading in this market. And occasionally, they can be too expensive to justify the risk. On top of all that, the NFT market is nascent and volatile right now. Many people trading NFTs are just rolling the dice and gambling.
There’re making speculative bets. And they stand to lose a lot of money. The best way to capitalize on the NFT boom is by making smart speculation. And I have a much easier and safer way to do it.
A “Backdoor” Blockchain Play
Technically, the No. 1 way to play the NFT trend is ether (ETH), which is the token that underlies the Ethereum blockchain. Ethereum is different from bitcoin. It’s a decentralized public blockchain network that developers can deploy programs on in the same way developer can deploy apps on the Apple ecosystem.
Ethereum is the world’s most widely used blockchain development platform. Just like Microsoft was the world’s most popular PC development platform in the 1990s…
And Google’s Android and Apple’s iOS are the most popular mobile app development platforms today… Ethereum is – and will continue to be – the go-to platform for blockchain projects. That’s why tech and finance giants like Amazon, Microsoft, IBM, and JPMorgan have secretly been taking positions in Ethereum.
And billionaires like Mark Cuban are investing in it themselves. At the time of this writing, Ethereum hosts over 2,500 applications – the most of any blockchain. And roughly 2,300 active developers are working on the Ethereum network. The closest competitor has just 400. The abundance of developers and apps on Ethereum has created a network effect that attracts even more projects to Ethereum.
Any blockchain app built on the Ethereum network can plug into Ethereum’s liquidity… lending and borrowing… insurance… and much more. Ethereum acts as a vacuum cleaner sucking up more and more projects into its ecosystem. And that’s one reason Ethereum is the premier blockchain for NFTs, even though you can create NFTs on any blockchain.
Plus, Ethereum has another key aspect making it the ideal platform for NFT creators: its smart contract capability. Smart contracts are computer codes that automatically execute the terms of an agreement, eliminating the need for a third party. When running on the blockchain, smart contracts become like self-operating computer programs. They automatically execute when specific conditions are met.
That’s why Ethereum is sometimes called the World’s Supercomputer. Since an NFT is essentially software code, a creator can use smart contracts to restrict the use of their NFT and prove ownership. And they can also set it up to provide automatic royalty payments from resales
Because of these factors, NFT creators will continue to flock to Ethereum, and as they do, they’ll be a key growth engine for the network itself.
And as the NFT trend takes off, it will create incredible demand for Etherium’s native token, ether, which is used for transactions on the network. That’s why experts urge you t buy some today. You don’t have to gamble on an NFT to profit off this trend. You only need a small amount of ether to take advantage as the popularity of NFTs continuous to soar.
A Smarter Way To Play The NFT Game
When you see all big brands and companies like Disney, Coca-Cola, Cartoon Network, DC, and Marvel are participating in this craze, that means that things are going mainstream…
Would all of these companies be wrong?
And what if I told you that all of those brands have something in common?
The thing is, they’ve all chosen the same marketplace to sell their unique NFTs on, and that premium marketplace is called Veve.
What Is Veve and How Does It Work?
In case you haven’t heard about it before, Veve is a premium licensed digital collectibles in-app marketplace that offers NFTs from brands such as Marvel, DC, Disney, Star Wars, Pixar, Citroen, and Coca-Cola that have picked Veve to step into the blockchain and ride this crazy frenzy.
With over 1.3 million active users and 3+ million NFTs sold, VeVe is the largest mobile-first digital collectibles platform and one of the top grossing Entertainment Apps in the Google Play and Apple stores.
Best NFTs To Flip
Although all Veve NFTs represent solid brands like Marvel, Coca-Cola, Disney, or more, the ones that are best to HODL or even to flip are the ones from season 1 or 2. It’s also great to take into consideration the mint number of the NFTs. The lower the mint number is, the higher you can sell it for.
How To Buy And Sell NFTs On Veve
In order to buy NFTs on Veve, you would obviously need to sign up for an account on the app, verify it and fund it with their in-app token called gems (more about it in a few). A day or two before the drop, Veve announces the drop details, date and time on Telegram and Twitter. Participating in the drop can happen on the Veve store section.
Veve gems are the in-app currency for buying and selling NFTs. Every 1 gem equals 1 US dollars.
In order to sell NFTs on Veve, you would need to go to the secondary market section in the app and select to either list it for an auction or for a fixed price.
Once your NFT is sold, you will receive your gems and Veve will deduct the success fee which is 8.5% for Marvel Licensed Assets and 2.5% for All other Licensed Assets.
Can You Make Money With Veve?
Yes, you absolutely can! In fact, in a recent blog post I wrote, I’ve discussed 6 epic methods of making money with Veve. To sum things up for you, here are some of the methods that you can make money with Veve:
- Buy NFTs – NFTs are digital assets that go up in value by time and their price is controlled by the demand & supply. If, for example, you’ve purchased a Todd Batman (the first NFT dropped on Veve) for 79.99 gems on 14 Octrober 2020, you could have made $3,500-$4,000 to the moment of writing this post!
- Sell NFTs in the secondary market – Veve drops come into a limited number of editions for each rarity, which creates scarcity that is actually a key factor in shaping the price of NFTs. Inside of the Veve app, there’s a market where people can buy and sell from others. So, you can flip your accumulated NFTs by simply listing them on the market.
- Invest in ECOMI (OMI) – Veve is basically a blockchain business and it’s backed up with a crypto token called ECOMI. According to EcomiWiki, if you had chosen to invest just $10,000 into the OMI token a year ago, today your investment would be worth a staggering $2,162,981.7345 to the time of writing this blog post.
- Take advantage of the hype to grow on social media or YouTube – Since the start of Veve, a lot of individuals and content creators have dedicated their times to build an online space and grow on social media or YouTube. A great real-life example on this is Raphael, the as known as PatientHodler. Here’s his Patreon account, just in case you liked to show him some love and support his journey!
Below is a recent video by the PatientHodler featuring and reviewing the Veveholic.com – The first merch website that has been featured by the official ECOMI page and accepts Veve gems and OMI for real-life products.
Who Created Veve?
VeVe is an Android & iOS app released by ECOMI. The person behind ECOMI is called David Yu, and he founded his first business in 1996 and has since started various businesses across the license and retail industry. Daniel Crothers and Joseph Janik are the other two co-founders of ECOMI.
NFTs aren’t the only collectibles delivering incredible returns. A LeBron James rookie basketball card recently sold for $5.2 million. A $5 (yes, $5) 1822 half-eagle gold coin was snatched by a collector for $8.4 million.
Whether it’s a fine art, sports memorabilia, or vintage cars, the collectibles market is booming right now. And it’s no longer the exclusive playground of the wealthy. This is a great way for even non-investors and collectors to tap into this market without spending a fortune.
All in all, if you want to take advantage of all of this, download the Veve app and join the digital collectibles revolution today.