The bear market still provides an opportunity for people to make money in the crypto economy despite the fall in the prices of crypto assets.
Non-fungible tokens have provided opportunities for creators, traders, and so on to make money and have grown in the past 12 months. The recent downturn has however led many investors to sell off their crypto assets while others gave up on crypto as projects crumble.
Although a bear market can be discouraging for investors, it can also be an avenue to make money, especially in the NFT world.
In this post, we’ll see how to make money in an NFT bear market. For the sake of beginners, let’s learn about a bear market and non-fungible tokens.
What is a Bear Market?
A bear market is a term used in the financial market to describe a fall in prices mostly less than 20%. During this period, market confidence plummet.
The crypto industry has experienced bear markets while the last one took over two years to get back to a bull market i.e. when the price goes up again. This means that there is no specific time a bear market could last. It could be months or years experienced by old investors.
A bear market is also seen by averse risk takers as a time to buy low in the hope to sell high when the downturn is over. The process of buying in a bear market is termed ‘‘buying the dip”.
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.
Being non-fungible means that 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).
How to Make Money in a Bear Market with NFTs
There are many ways one could benefit from the bear market to make money in NFTs today. Although many investors are counting their losses because of the downturn, there are opportunities to cash out big. They are discussed below.
1. Create your Non-Fungible Tokens [NFTs]
Many projects have been launched and have caught the eye such as Apecoin, and others. They all started at some point and were not just launched in a day.
You could use the bear run to start publishing and learn the art of creating NFT tokens. The good news is you might not have to wait years as it were for old creators. The next bull run is an opportunity to earn big when you start today. Your first NFT collector might be close to you.
2. Surf & Earn from Other People’s Creation
Lovers of NFT collections can also make money by surfing webs such as Zora finders fee. Once you sign in with your wallet.
You can earn by copying and pasting an NFT collection for sale. For example, you can get a small percentage in Ethereum when a sale is made.
3. Claim Free NFTs for Royalties
There are projects today that are allows NFT enthusiasts to claim get NFTs for free. Owners can then use them for secondary sale royalties.
The bear market is the best time to look out for these free NFT projects. Owners can get incredible results in the long run. Secondary sales royalties are a way to make money in case the project blows up in the bull run.
4. Create & Produce NFT Content
Creators can use the bear market to cash out through their contents. Just as we are learning how to make money in a bear market through NFTs in this post, you can also write, sing, or record valuable content on NFTs.
Consistency is key here and can help to build a community for yourself. If your audience has gained from your posts and kept visiting your blog/channel, there’s a high probability that you’ll make money from your output.
5. Take the Opportunity to Join an NFT Startup
Many crypto investors and enthusiasts are discouraged and opting out of the industry. This is accompanied by some crypto firms laying some of their staff. However, projects are being created daily despite the downturn.
Those who which to make money in NFTs can take the opportunity presented by upcoming projects and join them. A lot of NFT projects are seeking for people who has the skill sets to help launch their projects. Taking the opportunity to join them now could be of huge benefit to the project blow-up.
The crypto market has been bearish for most of 2022 after reaching an all-time high in November 2021. The total market cap of the crypto industry has left its $1 trillion mark. Despite this, investors can still make money including in NFTs.
There are several ways of making money in the bear market. To do this, people must get active in the market for the next bull run. Although the next bullish market is unknown, the NFT ecosystem is, however, one of the promising ecosystems in the world of blockchain technology.