Non-fungible tokens [NFTs] are much-talked about in the crypto industry today. When someone says, ‘that’s where the money at‘ then NFTs should come to mind.
Today, companies and brands such as Coca-Cola, Etihad airways, Adidas, YouTube, and many others are making money from their NFTs. Individuals and celebrities are also into these non-fungible tokens to earn passive income. Recently, British Oscar award-winning actor, Anthony Hopkins had his debut NFT collection sold out in seven minutes. That’s just the case with those who have the right piece to make money in the NFT world.
The NFT market is bigger today as many people look for opportunities to make money. In 2021 the NFT market surpassed the $12 billion mark, up from $162.4 million at the start of the year. It has been an impressive market in 2022 despite the market town.
In this post, we’ll see the easiest ways to make money with NFTs. For the sake of beginners, let’s know the meaning of NFTs before making money with them.
What are Non-Fungible Tokens (NFTs)?
Non-fungible tokens are blockchain-based tokens consisting of digital data. These digital data are stored on a blockchain where they cannot be edited. These NFTs can be sold and traded in marketplaces such as Opensea, Rarible, etc.
It is said to be non-fungible because it is unique and can’t be replaced with something else unlike cryptocurrencies.
NFTs can be anything digital (such as photos, videos, audio, drawings, code, tweets, and other types of digital files as unique items).
5 Methods to Make Money Online with NFTs
You must have heard that some NFT collections were sold for millions of dollars and you are also raring to earn passive income with NFTs. There are several opportunities to do so and 10x your money multi-billionaire financial coach, Grant Cardone will say. Discussed below are the easiest ways o make money via non-fungible tokens (NFTs).
1. Create & Sell NFTs
Your creativity can easily be turned into money via NFTs. Artists, musicians, painters, actors, photographers, and others can make money for themselves via their creative works. Photos, videos, audio, drawings, code, tweets, and other types of digital files as unique items are avenues to make money.
You can create and sell your NFT collection and then make money. These creations can be listed on marketplaces such as Opensea, Rarible, etc. to make money. Some NFT collectors are waiting to get their hands on your creations.
2. Rent out NFTs
It is not until you are a creator that you can make money easily with NFTs. You can rent NFTs as a collector while creators can also make money renting out their creations. NFTs can be used for the long term, without having to create new ones.
NFTs can be rented out in games and platforms that allow users to borrow NFT cards. This is a cool option to make money for collectors even though the creators have the privilege to set their preferred duration of the rental agreement and the lease rate for the NFT collection.
3. NFT Gaming
Some games allow users to purchase in-game items as NFTs and trade them for money. Platforms such as Axie Infinity, Sandbox, etc can allow you to do this.
NFT gaming is no doubt becoming mainstream today with the numbers behind its growth. In-game NFTs are expected to grow more in the future as many people get to know about the possibilities to earn with them.
4. NFT Royalties
As a creator, you can set up royalties for your collections and earn passive income. Whenever your creation changes hands from one collector to another, you are set to make money.
For example, if you set a 15% royalty on your NFTs, you will receive 15% of the total sale price whenever it changes hand-in sales. Do you see this is very easy? It’s quite easy to make money this way.
It is important to know that the setup is automated, so no need to go back and forth with it. You just earn passively with time.
5. Stake NFTs
Staking is one of the ways of earning with your crypto investments, especially with proof-of-stake coins like ETH. This also applies to non-fungible tokens.
When you stake NFTs, you deposit, or “lock away,” your digital assets into a De-Fi protocol smart contract to generate a yield. In this process, your digital asset are assigned to someone else to maintain the upkeep and you earn by getting a reward doing this. It is ‘easy-peasy‘ when making money this way via NFTs.
Non-fungible tokens (NFTs) is really growing in the crypto industry. Despite the current market downturn, NFTs present creators and users the opportunity to earn passive income easily. This can be through staking, creating and selling NFTs, renting NFTs, and so on.
If you’re not holding or selling bitcoin and other cryptocurrencies, the NFT world is one to try out.