5 Ways to Make Money With NFTs
The NFT market has grown so big in such a little time. From hitting a total sales value of $250 million in 2020 to doing over $10 billion so far in 2021. It’s incredible how this new crypto phenomenon has taken the creative and corporate world by storm.
In recent times, there has been a floor of corporate bodies, celebrities, and artists of all kinds trooping in to create and monetize their own NFTs, and that trend doesn’t seem to be fading any time soon. But is the NFT space only valuable for these top shots? Can anyone at all make decent money by venturing into the Non-fungible Token landscape?
The answer is YES. NFTs are profitable, and everyone can get a slice of the pie. If you’re wondering how you can make some side money or passive income with NFTs, keep reading. We will share in this post the top five ways anyone can make money with NFTs.
Let’s get started!
How to Create an NFT
Since you’re interested in making money with NFTs, let’s be sure you know how to create one. Here’s a simple step-by-step process to create an NFT:
1. The very first thing you must do is choose an art you want to make an NFT. Non-fungible tokens can represent any digital file.
2. It’s time to get some Ether once you’ve decided on your digital asset. It’s possible that minting an NFT will be pricey. As a result, you’ll need an Ethereum wallet with some Ether (the Ethereum-based cryptocurrency) in it.
3. You’ll need to choose a marketplace where you’ll create and then list your NFT. Mintable, Rarible, and OpenSea are the most popular.
4. You can now build your first NFT after connecting your ETH wallet to, say, OpenSea. Create a collection by selecting Create from the top menu.
How to Make Money With NFTs
There are several ways to be profitable with NFTs; here are our five best options.
Investment involves buying up tokens when they’re cheap so you can sell them at a higher price later on or holding onto them to wait for their value to increase. This practice is similar to buying and holding crypto until the value surges, and you can make a decent profit.
There are many people in the NFT marketplace with this exact motive. They buy up popular NFTs, hold them for a while (or hodl as they say in the crypto parlance), and sell when the price increases. You, too, can get your feet in the water and ride the wave.
And yes, like every business landscape, you want to do your due diligence on every NFT before splashing some cash. Remember, this is an investment, and every investment comes with risk. You guessed right; not every NFT will balloon in value and give you the higher returns expected. So, be careful and only take calculated risks.
Another tip is to aim for unique and rare tokens. These are more than likely to fetch a higher price in the short and long term. However, these tokens are not easy to own in the first place.
Create and Sell Your NFTs
You can also make money with NFTs by creating your own. If you can create an exclusive and unique token, you’ll be able to sell it for a higher price if there is a demand for it.
Of course, this means you need skills that can make a difference. If you’re an artist, this is easy for you as all it takes is some creativity, and the rest will fall into place. If you don’t have artistic skills, then it’s time to learn.
You could also be a developer who is good at building programs with Solidity or other programming languages used in the Ethereum blockchain ecosystem. It isn’t easy to create NFTs, but if done right, the returns are huge!
If neither of these options suits you, then you can also get into designing. You could design logos and other images made into NFTs, which means you’ll have to learn how to illustrate or draw.
This is just like any other asset trading, and you can make money by buying low and selling high. But the catch here is that NFTs are like buying and selling stocks on the stock market. They don’t follow any pattern or cycle; they’re mostly undervalued at times which means you can buy them cheap (low) then sell when their value increases (high).
The best part about trading NFTs is that there’s no need for deep pockets to get started. Anyone can make the first move and start trading NFTs.
Another good thing about this is that you can earn while doing something else like watching TV or playing around on your phone. Just don’t forget to check what’s going on in the market now and then.
Just like with regular crypto investments, you’ll need to do your due diligence before trading NFTs. There are several marketplaces where you can trade them, but make sure you choose one that is credible and has a good reputation.
Just like the other two ways of making money with NFTs, this one too comes with risks. Trading NFTs might not be the norm right now, but it is fast gaining popularity. So don’t miss out on this opportunity to get rich.
This is the most fun way to make money with NFTs. If you’re into games played on your phone or computer, you might want to check out some NFT games.
There are already several games that you can play with or against others using tokens, and there’s no doubt more will be coming soon. These may not all give monetary rewards, but it is a fun way of playing with your friends while also earning in the process.
One good example of a game that allows you to earn NFTs is CryptoKitties. It may not be the most challenging of games, but it has a simple objective to breed and sell cats.
So, if you want a fun way of making money with NFTs, then why not try out these games? There are tons of them on the internet, and you can try different ones until you find one that gives a good return in terms of money or fun.
A little research is necessary before playing games with NFTs since getting paid for playing games isn’t the norm. You’ll need to check out reviews and get feedback from other players before you can play with confidence that the game is worth it!
What exactly is staking? Staking is the process of keeping digital assets in the form of a’ stake’ and assigning them to people who are inclined to use them for business purposes.
In other words, staking NFTs means buying them in large numbers, then locking the tokens up for a certain amount of time. This is an investment option you should consider to make money.
In exchange for this, they give you a payout based on the agreed terms of engagement. On dozens of sites, including Rplanet, you can stake your NFTs to gain rewards and incentives.
The idea is to buy NFTs and lock them away at the height of their value so that when you release them, they’ll be worth more than what you paid for them, which means there’s money made!
There are no guarantees with investments, including staking NFTs, but if done correctly (and on the most reliable platforms), one can hope to make some big bucks out of all this!
It would help if you also did your research before buying large numbers of any token because every single investment has its risks involved. Once you’ve done your research, then why not try out staking NFTs?
Bonus – NFT Advertisement/Promotion
This is where you can get creative and think of ways to promote NFTs. This means you could create a video, write an article, or even make memes about NFTs and get paid doing it.
Most NFT owners are looking for ways to make money with their tokens, where you come in. You could create promotional materials that will help them gain more exposure and, in turn, get paid.
NFT promotion is a new concept that not many people know about yet, but there’s no doubt it will become popular soon enough! If you want to make money with NFTs this way, then promote some brands or individuals and put your creative skills to good use.
You don’t have to do this for a living, but it’s a good side-hustle that you can try out. You’ll need some creativity and a good knowledge of the NFT market if you want to make it big here.
NFTs are new, but they’re creating a lot of hype in the world. There are so many opportunities with NFTs that you can try out to make some money. These include staking, advertisement, and promotion, as well as creating your own NFTs.
All of these ways have been tested by a few people who’ve managed to do pretty well for themselves, so why not give it a go?