To monetize an NFT, the owner can sell or auction the NFT on a blockchain-based marketplace, usually powered by a smart contract. The smart contract automatically facilitates the transaction and transfers ownership of the NFT to the buyer once payment is received. The price of the NFT can be set by the seller or determined by the marketplace through bidding. NFT ownership is recorded and stored on a blockchain, ensuring that the digital asset is unique and verifiable. Additionally, the owner of an NFT can earn royalties every time it is resold, thanks to smart contracts that automatically distribute a percentage of each subsequent sale to the original creator.
