Meme NFTs – The new way to make money?

Synopsis

Today, you can buy and sell memes and earn lucrative profits. According to recent market reports – the world-famous “Doge” meme NFT was sold for $4 million. Another example highlighting the amount of money one can make in such trades is the “Overly Attached Girlfriend”, which was bought for $411,000 in Ethereum.

Taaran Chanana

MD and Co-Founder, MemeChat

Until recently, memes were considered social media tools, with immense capacity to go viral and entertain a diverse spectrum of people. Then came the NFT culture. It transformed memes from a mere mode of presenting humorous content and added to their gambit – monetary value.

Still confused?

Today, you can indeed buy and sell memes and earn lucrative profits. According to recent market reports – the world-famous “Doge” meme NFT was sold for $4 million. Another example highlighting the amount of money one can make in such trades is the “Overly Attached Girlfriend”, which was bought for $411,000 in Ethereum.
Presented By

Did you Know?

Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

View Details »
These numbers do sound exciting. Before getting started on how you can start making money using these, let’s understand the meaning of NFTs.

Non-Fungible Token or NFT is a non-interchangeable unit of data stored on a blockchain, a digital ledger. It adds uniqueness, verifiability and credibility to any form of digital art, thereby safeguarding the creator’s work and stopping the rampant duplication that happened before. Once you convert a meme into an NFT, you can easily trade its ownership with other interested parties, and, in the process, increase your earnings.

The question that now arises is – how to create a meme NFT?

If you have developed a meme, then turning it into an NFT is a hassle-free process. There are a large number of websites, apps, and startups that are providing a platform to digital creators, using which they can convert their files in a few simple steps. In most cases, you begin with selecting a file, then create an Ethereum wallet and add a sum to it. The wallet enables you to join an NFT marketplace, wherein you can list, promote and sell your NFT.

Once you have your meme ready, the entire process follows smoothly.

Why start investing and trading in NFTs? The world is rapidly switching to digital mediums. In an era driven by tech-based solutions – NFTs are not just a bubble. Traditionally, it was a matter of minutes, and your digital work could be copied. The authenticity of a creator’s work was jeopardized. Backed by blockchain, NFTs have made the creation of digital assets a secure venture. Artists have an increased scope to get recognised and paid for their work. This has given a plethora of talented individuals the opportunity to freely showcase their work, without worrying about duplication.

Is it crucial to buy an NFT? While you can sell and purchase NFTs, there is also an option of renting them. A creator or potential investor can transfer or attain the ownership of digital assets for a fixed period in exchange for regular payment. Today, NFTs are gaining popularity across the globe. In the days to come, more and more people will be entering this sphere. The best part? You don’t have to be an artist or creator to start trading in meme NFTs. If you have a keen interest in memes? You can register on a marketplace and simply trade in these assets. Presented By

Crypto Returns Calculator

0x1inchAaveAirSwapAlgorandAlien WorldsAmbire AdExAnkrApeCoinAugurAvalancheAxie InfinityBancorBand ProtocolBasic Attention TokenBinance CoinBitcoinBitcoin CashCOTICardanoCeler NetworkChainlinkChilizChromiaCivicCompoundCosmosCurve DAO TokenDFI.moneyDIADaiDashDecentralandDigiByteDogecoinEOSElrondEnjin CoinEthereumEthereum ClassicEthereum Name ServiceFantomFetch.aiFilecoinGASGalaGolemHarmonyIOSTInternet ComputerIoTeXJasmyCoinKyber NetworkLitecoinLivepeerLoopringMakerMetalMy Neighbor AliceNEMNEONKNNanoNumeraireOmiseGOOrigin ProtocolPax DollarPolkadotPolygonPower LedgerQuantstampQuarkChainRepublic ProtocolRequestRippleShiba InuSolanaStatusStellarStorjSushiSwipeSynthetix Network TokenTerra 2.0TetherTezosThe GraphThe SandboxTheta FuelTheta NetworkThresholdTronTrue USDUMAUSD CoinUniswapVeChainWavesZilliqaaelfdistrict0xiExec RLCyearn.finance

Bought onCurrent Value Buy (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)Print Edition

Read the Print Edition now!

Indulge in digital reading experience of ET newspaper exactly as it is.

Read Now

Source

Updated: 06/11/2022 — 06:00