From celebrities to sportperson everyone is launching their own NFTs. NFTs are constantly on headlines as more and more famous people are geting involved. You need to keep this in mind that not all NFTs are equal in value. Some NFTs are being sold for millions of dollar and some are just worthless.
May be an NFT is at a lower price at it initial stage but its price can go to the moon anytime we don’t know.Don’t worry there are ways to earn money with NFTs.
Before going to the steps first you have to understand what is an NFT? A brief introduction about NFTs is given below.
What is an NFT?
NFT(Non Fungible Token) is an unique digital asset that is stored on Blockchain technology.It can be a photo,video,GIF,Music or even a Tweet .Twitter CEO Jack Dorsey sold his first ever tweet as an NFT for $2.9M.
You can’t interchange,split or duplicate an NFT. To know in deep about what are NFTs you can check Non Fungible Token explanation
Top 5 easy steps to earn money with NFTs as a beginner are given below;
1. NFT Royalty income
First easy and simple method to earn with NFTs is by setting a royalty rate. NFT Royalty gives you the some percentage of the sale price. Anyone who mint NFT can earn passive income by setting a royalty rate.
The Royalty system is not same everywhere it varies from marketplace to marketplace .In open sea you can set royalty rate upto 10% while some marketplaces are just giving upto 4-5 %.
Traditionally Whenever an Artist had sold their work that is all their earning would be from that piece of work. Regardless of how much fame they have gained over the past years, they cannot gain anything from the work previously sold. That was how the system worked.
NFT has come up with a lot of opportunities to change this system.Now you can earn even after you have sold your artwork.
2. Staking NFTs
NFT staking opens up another way for collectors to benefit from their NFT collections.
In this you don’need to sell your NFT. You can lock your NFT in a digital wallet on a given Blockchain for a period of time in the exchange of some rewards from staking platforms.Rewards can be given in the form of some tokens that can be sold on any exchange platform.
Some best NFT staking platforms are given below;
1. Spinterlands
2. NFTX
3. BAND NFTs
4. Doge Capital
5. Polychain Monsters
6. Justliquidity
However All NFTs can’t be staked. So you need to do your own research before buying an NFT.
3. Renting out NFTs
Renting NFTs is very simple as its name suggest. Any person who doesn’t own a particular NFT or he is just want to experience it for some period of time can rent an NFT from lender.
An example of renting NFT is that someone who is trying to qualify for an upcoming NFT airdrop but to qualify that he need an NFT which is very expensive to buy it permanently. Now that person can rent that particular NFT in much less money as compared to its total price for a period of time. After the airdrop he can return that NFT.
When we play a game and we get assets in it, it has a value in the game but never really had any worth outside of the gameplay.Here came NFTs and it gave gamers the opportunity to take their game assets to a marketplace where they can sell them to other players and earn from it.
For e.g- In a game you wants the skin of a weapon but it is very expensive to buy and you are not interested in buying it but you wants to use it for some limited period of time.Here NFTs renting came.You can borrow the skin of that particular weapon for some limited period of time.
4. Flipping NFTs
Flipping NFTs means buying NFTS at lower prices and then selling it quickly at higher prices for profit.The term flipping has been there for a long time. We have done flipping since our childhood from flipping toys, trading cards,anything that we have from which profit can be made.
Now we are in digital era where we can see that people are earning money with NFTs which is not a surprise anymore.You can invest the profit you made in bigger NFT projects.Flipping NFT is a fast and an effective method to earn with NFTs.
It is very important to know when is the right time to sell an NFT as a flipper.
5. Creating your own NFT
It is an easy and effective method to earn with NFTs.You can create your own NFT then it can be sold on NFT marketplace. If you are an artist, musician or a content creator you can simply monetize your artwork by making an NFT and get your work valued directly by your true fans.
Open sea is the largest and leader NFT marketplace. You will need a custodial digital wallet while minting your NFT like Metamask.NFTs have huge of potential and a lot of possibilities. The market has growing very fast, and 2022 is gonna be a big year for NFts.
For an artist NFts are great way to monetize their artwork.Most of the artists are making $1000/month in realty. You can too earn that amount of money.
If you are an artist and your art is really good just go for it because no one can actually tell that for how much your NFT will be sold not even me. I can just gave you some practical steps and tips which will help you along your journey in the NFT world
If you are not familiar with some artwork or you can’t design on your own .You can simple hire a freelancer who will create art for you. Yoy can easily find people like that on websites like Fiverr.
The future of NFTs is unknown at that time but one thing is I’m sure about is that NFTs are not a trend that will soon disappear. NFTs are here to stay.
About the Creator
Sukh smagh
Hy, my name is sukh smagh. I love to share my knowledge and information to the people. Here i share content related NFTs focusing on genuine and updated information.
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