Passive Income Through the Use of NFTs — The new way to retire…
I have officially decided that it is time to go balls to the wall and start learning about crypto and NFT’s.
I have been hearing about this sensation for far too long and decided to dive in head this head first over the next few months.
Imagine sitting beside the shore, perfectly pleased with the sensation of sand between your toes and a fresh sea breeze over your face.
Perhaps you’re sitting in one of those sagging seats, a large umbrella slung over your shoulders, looking through the Cyberpunk NFTs you bought a few days ago.
You know, those pixelated JPEGs of individuals with minimal corrections, and you’re simply signing up to see how much money they’re making. To be honest, they could be the reason you’re on the beach at all.
OK lets start at the beginning….
What exactly is an NFT?
So NFT stands for non-fungible token, which is a technical way of saying that a one-of-a-kind token. It is distinct in its own shape or form (depending on the type on NFT we are dealing with) but it cannot be copied.
An NFT can thus be compared to your house deeds. You don’t have a copy of just anywhere, and the deeds is specific to your property and thus makes it unique.
It’s a significant, symbolic thing that I own. As a result, there could be no other token like it.
The majority of the NFT’s which you have probably heard of are essentially automated labor. You’re incorrect if you assume the token is a work of art.
Despite the fact that there is no photo information on the official blockchain, TokenID is linked to an image URL on a third-party site, such as OpenSeat, where they claim that the token addresses is the picture.
The symbolic ID is effectively a pointer indicating that I want to address that picture someplace near there, and the actual picture record is then passed to a server, which may or may not edit the picture if necessary.
On the other hand, NFTs have the potential to go well beyond the realm of craftsmanship.
For example, I mentioned that it may be house deeds, it can also be used by automobile titles, or even geographical designations like CryptoInsight. Crypto EF is a non-profit organisation.
We’ll go into how having NFTs may help you create long-term automatic revenue later on.
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