How to Make Money With NFTs as a Beginner?

What Is the Real Value of Non-fungible Tokens?

In short, an NFT is a non-fungible and indivisible unique digital asset that cannot be replaced or counterfeited on the blockchain. To create and issue Non-Fungible Tokens, a special standard is used: ERC-721 and ERC-1155 on Ethereum, BEP-721, and BEP-1155 on BNB Chain (ex-BSC). Like ERC-20 or BEP-20, NFTs are also stored in a crypto wallet. One of the main differences between NFTs and other assets is that each token contains an author label indicating who created that asset. NFTs are allocated using limited supply, and the price of the token can be set by both buyers and its owners, but only the owner decides at what price to sell the NFT.

Digital Art Is Becoming More and More Popular

While a few years ago, this sphere was viewed with concern and a certain tone of irony, the picture has now changed radically: more and more famous personalities and companies are entering this virtual world and making money on it.

5 Ways to Make Money With NFTs

According to the monitoring service DeFi Llama, the trading volume of the NFT market reached $20.45 billion in 2022. The high volume of trading is due to a surge of interest on the part of users in a new digital form of art.

The First Way: Buy and Sell NFTs

One of the easiest ways to make money with Non-Fungible Tokens is to trade them. You can buy a rare or unique NFT as soon as it goes on sale and then sell it at a higher price on the NFT marketplace. Start with inexpensive NFTs that cost a few dollars or a few dozen. In a few weeks, months, or years, their price can rise to $10,000, $100,000, $1,000,000, or even more.

The Second Way: Create and Sell NFTs

You can create your own Non-Fungible Token and offer it for sale on NFT Marketplaces. Any user can post their artwork on marketplaces for the sale of NFTs, paying only the fee for placing the token via smart contracts. The advantage of this method is that you only need a minimal investment, which is only required to pay the network fees — you do not need to buy NFTs as you create them yourself.

Get Royalties From Your NFT Sales

The original owner earns not only from the sale of his NFT but also from all subsequent sales on the secondary market. In other words, authors receive a royalty when users sell their NFTs, which they can set themselves. For example, if you post an author’s NFT, you can set a royalty of 10%. You will receive such a share from each resale of your original digital assets.

The Third Way: Play NFT Games

The Fourth Way: Create Your Own NFT Project

DeFi and metaverses offer a lot of opportunities to make money with NFTs. In addition to NFT collections and digital assets, you can create and promote your own projects in the NFT space. However, this requires more extensive investment than spending and selling NFTs on marketplaces.

  • Blockchain development
  • Smart Contracts creating
  • NFT promotion
  • Listing on CoinMarketCap and many others.

The Fifth Way: Lease NFTs

Staking, Mining, Farming, Airdrops, and Other Opportunities for NFTs Holders

Tokens of some NFT projects provide their owners, including tenants, with exclusive rights and privileges. For example, you can stake NFTs using platforms like Biswap in your crypto wallets and get profit. In addition, NFTs holders can participate in free token airdrops or mine various digital assets with their help. It is noteworthy that it is not even necessary to buy them: rented NFTs also give you the right to participate in distributions, staking, farming, and mining.

Conclusion

Although the outlook for the NFT market is still vague, and it is not clear what will happen to this space in a year or two, we are now seeing actively growing interest in the Non-Fungible Token industry. In 2021, there has been real hype around NFTs, and large investors and companies continue to invest hundreds of millions of dollars in this space. In addition, NFTs have many applications in the real economy and help develop copyrights and intellectual property.

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