NFTs are the most recent blockchain-powered projects to go mainstream. You must have heard how NFT creators and investors have amassed huge sums of money from them. If you are a digital content creator, it makes sense to learn how to turn your work into NFTs and earn NFT profit.
You might have heard of an artist who made more than $300,000 from selling her art or the Beeple NFT that was sold for USD 69.3 million. Such events have changed the way people view NFTs and caused more people to jump on NFTs. In this article, we will be discussing how to make money with NFTs.
9 Ways to Make Money with NFTs
Below are the best ways to make an NFT profit:
1. Buy and sell NFT for profit
You can make an NFT profit by buying and selling NFTs. You should follow the law of buy low and sell high. This means that you buy the NFT at a low price and sell it at a high price. You can choose to hold the NFT as you wait for its price to increase. If possible, you can buy many NFTs to create an NFT collection and sell them at higher rates to make an NFT profit.
However, to buy and sell NFT for profit, you should sell the NFTs at the right time. Also, before starting to buy and sell NFTs for profit, it’s worth noting that all NFTs are not created equal. Some NFTs can fetch millions in price, while others can fetch little prices from the market. Thus, as an investor, you must consider this to make a good NFT profit.
2. Create and sell NFTs for profit
Other than buying, you can mint your own NFTs and sell them to make an NFT profit. You can create NFTs from your digital artwork such as videos, audio, photography, memes, and more. If you are a creative individual, you can monetize all your digital creations by selling them as NFTs.
3. Rent out NFTs
NFT collectors and creators can make an NFT profit by renting out their NFTs. It can create passive income for NFT owners, and the NFTs can be used for the long term without the need to create new ones.
The NFTs can be rented out to platforms where users can borrow NFT cards, for example, reNFT.
After renting out your NFT, there will be no need for you to worry as they will be governed by smart contracts. The NFT owner can also set the rental period as well as the lease rate for the NFT.
4. NFT Gaming
We are living in a world where one can play to make money. With blockchain-based games, you can buy in-game items such as NFTs and trade them, helping you to make an NFT profit. However, these games are limited in number.
As the popularity of NFTs continues to rise, it is expected that more games that allow people to trade NFTs will be invented.
In-game NFTs are also more advanced than most digital trading cards and interactive NFTs such as virtual works of art. This means that they may also become the most profitable NFT crypto.
5. NFT Royalties
You can set up a royalty on your NFTs and make a consistent NFT profit. The royalty will enable you to make an NFT profit whenever your NFT changes ownership in the secondary market, hence, you will be making money even after selling your NFT to collectors.
For example, suppose you set a royalty of 5% on your NFT. It means that you will earn 5% of the total NFT price whenever it is resold.
The good thing is that NFT marketplaces have automated this process and you don’t have to track the resales of your NFT. So, you simply set up the royalty and earn NFT profit constantly.
6. Staking NFTs
Staking NFTs is another way of making an NFT profit. It involves “locking up” or depositing artworks into a smart contract that runs on a DeFi platform to generate yields. This is normally done on proof-of-stake blockchains and the rewards are made with the native token of the network.
In simple terms, staking involves storing digital assets as “stakes” and assigning them to persons to maintain them. The persons then pay you rewards for your NFTs.
Examples of platforms that support NFT staking and allow you to make passive NFT profit include Only1, NFTX, Kira Network, and Splinterleads.
7. Investing in Companies exposed to NFTs
You can make an NFT profit by investing in companies that have been exposed to NFTs. You can purchase stocks in such companies, and you will be exposed to the NFT market indirectly, and you will benefit as it grows.
However, very few companies have ventured into NFTs as they only became popular in 2021. Coinbase is probably the biggest company involved in NFTs.https://nftcrypto.io/