How to Make Money with NFTs?
People are talking about NFTs. Everyone is talking about them and getting ready to join the race, from big brands and small businesses to celebrities and regular people. The NFT market was worth more than $12 billion in 2021, up from $162.4 million at the beginning of the year.
Even though some people are making a lot of money with NFTs, there are still a lot of people who want to make the most of it. If you are one of those people, this guide from Rawlix will tell you everything you need to know to make money quickly and easily with NFTs.
How to Make Money with NFTs
Here are 7 ways to make money with NFTs:
Create and Sell NFTs
Creating and selling NFTs is the easiest and most effective way to make money with them. Yes, you can make and sell digital art, images, videos, memes, properties, and other things as NFTs. If you have a knack for making things, you can make money off of them by selling them as NFT. Here you can read a detailed article about how to make an NFT.
You can use NFTs platforms to make and sell your own NFT collection and make money with your digital assets. You can even list your NFTs on other marketplaces like OpenSea, Rarible, etc. for a small fee and make more money.
Trading NFTs is a smart and easy way to make money quickly and easily. You can buy an NFT collection and make money by selling them for more than you bought them for.
But it is not easy to trade in NFTs. The key is to sell them at the right time, which depends on things like what the NFT is, why you bought it, and if anyone else is interested in it. You can quickly find out about these things by doing research on the Internet and in different markets.
Before you start trading NFTs, you need to remember that they are not all the same. Some are worth millions, while others aren't worth much at all. So, as a trader, you need to keep a close eye on every chance to make good money by selling something again in the future.
Rent Out NFTs
Renting out NFTs is one of the best ways to make money with them. Renting out NFTs can be a good way for the people who made or collected them to make money without doing much work. The NFTs are interesting because you can use them for a long time without making new ones.
You can rent out your NFTs in games or on any other platform that lets users borrow NFT cards. You can even rent or lend NFTs to other people through sites like reNFT.
You don't have to worry, because all of the NFTs you rent is governed by smart contracts. However, the owner of the NFT can choose the length of the rental agreement and the rental rate.
NFT-based video games are another way that people know of to make money with NFTs. In some games, you can buy in-game items as NFTs and then trade them, which can help you make money. Still, their number is limited for now.
With the popularity of NFTs, there is no doubt that you will see more and more games that let you trade NFTs in the near future.
In-game NFTs will also grow in the future because they are much more advanced than digital trading cards or even interactive NFTs like virtual works of art.
Setting up a royalty on your NFTs is a great way to make sure you always have money coming in. With NFT royalties, you can make money every time your NFT changes hands on the secondary market. This means that you can keep making money even after you sell your creations to collectors.
For example, if you set a 10% royalty on your NFTs, every time your digital asset is sold to a new owner, you will get 10% of the total sale price.
Also, since the whole process is automated, you don't have to manually enforce your royalty terms or keep track of payments. So set the royalty, and every time someone buys your NFT, you'll make money.
You can start making money quickly by turning physical collectibles into NFTs and selling them. Yes, you can store your physical collectibles safely on the blockchain as digital assets and sell them for the same price or more.
So far, the most popular licensed NFT collectibles are sports cards. But brands are slowly adding their licensed collectibles to the NFT trend to make the most of it.
One of these brands is the NBA, which just recently put out a set of NFT cards. Based on the trend, now is a good time to turn your physical collectibles into NFTs and sell them.
Another proven way to make money with NFTs is to stake them. Staking NFTs means putting digital assets into a De-Fi protocol smart contract and "locking them away" in order to get a return.
Staking is the process of storing digital works in the form of a "stake" and giving them to people who are willing to take care of them. In exchange, you get a share of the reward for your NFT.
You can stake your NFTs and make passive income from them on platforms like Kira Network, Splinterleads, Only1, and NFTX.
NFT's future is still unknown, but one thing is for sure: it's not just another crypto trend that will go away soon. NFT is here to stay and could become a common way of doing things.
To be honest, NFT is still undervalued because it is only used in art and games. But as more and more people and businesses decide to join the Non-Fungible Token ecosystem, it is expected to grow by leaps and bounds.