How To Make Money From NFTs20th February, 2022 (8:36 PM UTC)
NFTs. They’re all over the internet these days and everyone is raving about them. Creators and investors have made staggering figures that have changed their lives forever. Earlier this year, the 69.3 million sale of Beeple’s NFT broke the internet and changed how the world viewed these digital collectibles.
Everyone is now racing to get their feet in the water to ride this wave. If you’ve been watching from the sidelines not knowing where to start, don’t worry — the boat hasn’t sailed so far yet. Here are 5 ways you can make money with NFTs.
Create and sell your NFT
Are you a creator? Do you have some creations that you wish to monetize? Increase your income by selling your works as NFTs. You can create and sell anything digital as NFTs. From original digital art, music, memes, videos to audio clips and so much more. In fact, there’s a New Yorker who sold his farts as NFT! So go ahead. You’re only limited by your imagination.
You can invest in NFTs by buying them and selling them at a profit. Pablo Rodriguez-Fraile, a Miami-based art collector, flipped a Beeple digital art piece almost 1,000 times its initial price in less than 6 months! However, not all NFTs are created equal. Some are worth millions, while some are basically worthless. As a collector, you need to look at a piece with a critical eye for the prospects of making money in a future resale.
We’re living in fun times where you can play to earn. Blockchain-based games allow you to purchase in-game items as NFTs and trade them. Already, they’re some highly valued collectibles in the market today such as in the game CryptoKitties. A single crypto kitty has fetched more than $300,000. More games are recently launching with more affordable NFTs. Some are even giving out their collectibles for free for its first couple of players.
What’s staking? In crypto, staking refers to storing digital assets in the form of a ‘stake’ and assigning them to those willing to maintain their upkeep. In return, they give you a share of the reward. You can stake your NFTs to earn rewards and incentives on various sites — one of them being Rplanet.
Invest in NFT startups
A final way to indirectly make money with non-fungible tokens is through investing in startups. If there’s one thing that NFTs have proven is that they’re not a quick-passing crypto trend. They’ve numerous applications in various industries that can change the world. There’re so many promising NFTs startups that are showcasing great innovations in the crypto world. It’d be impressive if you can invest in them as they make their first steps into a revolutionary future.
As the big fish continue pouring more money into NFTs, they’re becoming more mainstream. At the moment, gaming, trading collectibles, and creating NFTs might be setting the pace but there’ll be more ways in which you can make money through them. Just like in any other investments, there are some risks. Remember to research widely and invest wisely.
There are many ways to make money from NFTs. The NFT industry is new and it is constantly evolving. The metaverse is also emerging which means there will be even more multi-million dollar ways to make money from NFTs.
We regularly update the top NFTs section on CoinMoon, to let you know the latest and upcoming NFT tokens you may want to invest in to maximize your profits.