Can you make money with NFTs?
two answers in order to question:
1. NO
2. YES
Reversing the order:
1. YES
2. NO
to 1. Yes, as a secondary, underlying “tool”, associated to a Primary Product, will be of HIGH value.
to 2. No, not as a single NFT, appeals only for collectors, and preferred when available in multiple version as series or collection.
The NFT is the underlying secondary product, and being backed by a Physical Product of implied value of Art, now the NFT inherits this value and becomes a combined asset.
Ownership of a product is secured and recorded with an NFT, registered in the Blockchain.
You buy a house/property and receive a Title, issued by a Title Insurance, recorded and verified in official databases by Cities, States, Countries as applicable.. That recording could as well be issued in form of a NFT. When such property is sold, the Title will be transferred to the new Owner.
You buy a car and receive a Title, when it’s paid in full. Until full payment is made, a Bank/Lender holds the Title. It could as well be recorded as a NFT. When a car is sold, the title also will be transferred and new recorded to the new Owner.
A Canvas Print or Oil Painting is the physical product. An identical image will be entered as a NFT, and transferred to buyer as proof of ownership, verifying that you are the original owner. Selling the Canvas or Oil Painting, the NFT owner should also transfer the NFT to the buyer of such Canvas/painting.
However, initially many NFT have been sold without any real world physical product, as a collectible with inflated prices, and where promoted as investment for itself. As with all collectibles in recent years, the markets were immediately flooded by few large enterprises, who threw out 10,000 items collections, and made a “killing”. Such will receive different scrutiny by regulatory agencies, as well as mislead public confidence.
NFTs usage are more than just an image, already applied to many different causes and will grow. Several big name companies, like Nike, Apple, connected a product with an NFT, and they are based on the Physical Product. The NFT market is here to stay and transition and adjust to deliver a valid product.
It becomes self explanatory, that selling a Canvas Print/Painting for any price, with a NFT, creates the value for the NFT automatically.