Can You Make Money From NFTs?

Why do people actually buy NFTs? Check out the video to learn what to look for!

Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.

We're seeing a bunch of NFTs go out. If you look at the trends of the most popular search items, you'll see NFTs right up there with stocks and real estate. But why do people actually do it and can you make money?

You may have heard of the term brand equity meaning, you know, a brand, you've seen enough time to where it has a certain trust factor, credibility that will make you buy something. But how does that factor into the NFTs?

It's a way where you can actually monetize brand equity. From the standpoint where if you have a community of people that are behind the brand, there's a digital collectible, a token that you now can have that signifies that you're part of this exclusive community. That's one such way where you can do that. Now, you've seen people do that with cryptocurrency. For instance, FC Barcelona, the largest sports club in the entire world. One of the ways that they're looking to raise money, create more face to get more money for their operations is to issue a cryptocurrency that they can form a community around.

Can you earn money?

Supply versus demand. Is there a demand for it? If there's more demand than supply, then you have a really good opportunity. The rapper Tory Lanez put out an album for a dollar a pop. A million of these tokens and immediately it's sold out. In order to get your hands on them, you have to buy them from some of the people that already have bought them. And this is how the price then goes up.

Will everybody have that experience? For example, If you have an old card and it gets wrinkled up, it loses value. This actually solves some of those issues that we deal with. You can avoid this by having a digital equivalent of that you own that you then can resell and it becomes far easier.

If we see some sort of community, exclusivity, scarcity, and demand. that's where you see the money start rolling. But where will it all end up? It's all speculation.

What do you think? Let us know in the comments.

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