Making money with NFTs is all the rage. Non-Fungible Tokens (NFTs) are the hottest crypto trend and really offer numerous opportunities to make good money. This is true for artists and creators selling NFTs as well as traders and investors looking to invest in NFTs.
How can you make money with NFTs? What are the best methods? What are the things to watch out for? What are the advantages & disadvantages? What about Play-to-Earn NFT Games? Read on to find out.
Finance World Disrupted
In 2021, the world of finance was disrupted by a new high-tech development — non-fungible token (NFT). This token is a derivative of smart contracts based on Ethereum, and its main value is its uniqueness. With the help of NFT, any digital file can become something exclusive, not copyable, whether it is an art object or a tweet. Of course, the new technology could not be left without the attention of investors. Nowadays, many people are wondering how they can earn money with NFTs.
Ways to Make Money with NFTs
1. Create your own NFT token.
Due to its availability and simple use, the new trend very quickly gained incredible popularity among network users. In order to start using NFT, you do not need to be an economist, blockchain engineer or programmer, you just need to correctly read the instructions and have access to the Internet. For example, it will not be difficult to register on the OpenSea marketplace and freely convert your unique works into their digital NFT counterparts, securing your copyrights. The main advantage of this trading platform is that you can create tokens absolutely for free. The commission will be charged only when the work is put up for sale in the amount of the fixed rate of the Ethereum network.
2. NFT trading on marketplaces
Despite the appeal of the idea of creating unique digital products and earning direct income from them, there is a small ‘but’: creating your own unique token is quite simple, but selling it is much more difficult. The world has been familiar with NFT for more than a year now, which means that competition in this field has already reached high volumes. The principle of earning on buying and selling NFTs is the same as with trading. The only difference is that the subject of a trade is not a currency or a security (and not a cryptocurrency, as is the case with crypto trading) but a product of digital art — a picture, a GIF, a song, etc.
3. Play-to-earn NFTs
The popularization of cryptocurrencies and their invasion into the mass consciousness continues to change the worldview of people. If earlier users preferred to play online games just to escape from reality and take a break from everyday problems, today, a new concept of games has begun to emerge. What’s so unique about this concept? Users earn cryptocurrency or NFTs, which they can later sell on the market. This model is called ‘play-to-earn,’ and you can find out more about it in this article. There are a lot of different P2E games out there, the most popular is “Axie Infinity”.
4. NFT communities
Now you know, good earnings on NFT are based on two key factors: the creation of unique content and its successful trading. Often, users cannot combine both. In order to make life easier for themselves, special communities are being formed. They unite creators with salespeople.
For example, if NFT trading is of little interest to the users and they are more attracted to creating the art, then they can find help in some NFT communities. There is a great demand on the market for NFT content makers: artists, writers, musicians, etc. And they can trust the sales of their art to a more skilled person.
Making money with NFTs is possible in numerous ways. Whether investing for the long term, trading for the short term, staking and lending, or betting on airdrops, there is at least one or more good options for everyone.