If you are looking for ways to make money with NFTs then it’s safe to assume that you already know that it’s possible to make money from NFTs. Do you want to make money from NFT but you don’t know how to go about it? Then you are in the right place because, in today’s blog post, I’ll be teaching you how to make money with NFTs.
With everyone talking about NFTs and how big they have become today, it no longer comes as a surprise that it’s now possible to make money from them. NFTs are part of the crypto space and as such, it’s possible to make money from them just like cryptocurrencies.
What are NFTs and how are they valued?
NFT stands for non-fungible token. NFTs are not interchangeable which means they cannot be used as a form of exchange or tender and because of their unique nature, they cannot be changed or reproduced.
Most NFTs are usually tied to a digital (or physical) asset of the owner. For example, NFTs can be created from posts, famous tweets, Instagram photos, etc. NFTs can be sold or exchanged for money and since NFTs cannot be changed, what happens instead is that there will be a token asset transfer that’ll be recorded in the blockchain.
So what gives NFTs value? The answer is consumer interest. What do I mean by this? Ever since NFTs started making waves online, several NFTs have been created and sent into the online market. Among all the NFTs that have been created so far, some are worth thousands of dollars while others are worth little or nothing. The reason for this disparity is interest (the consumer’s interest). If you can create an NFT art, that’s capable of capturing the attention of thousands or millions then that NFT should be worth thousands of dollars if you want to sell it and if you can’t, well, your NFT art may be worth nothing.
How to make money from NFTs
Do you know that there are several ways to make money from NFTs and it doesn’t only revolve around creating and selling NFTs? If you don’t, then in this article, I’ll be showing you several ways through which you can make money from NFTs.
Among all the various forms of NFTs, digital artworks rank amongst the most valuable non-fungible tokens that have been created in terms of profitability. What do I mean by that? It simply means that you’ll be able to make more money if you create and sell an NFT artwork rather than a piece of NFT music or video. Still don’t believe me? Then it may shock you to know that NFT artworks could cost as much as $69 million (this record-breaking sale was made in an auction house, on March 11, 2021).
NFT artworks are more valuable to artists than the original item because it gives them the right of ownership which means that they’ll be able to show proof of authenticity and they’ll also be able to profit from it.
Not many people know that video games can be incorporated into the NFT blockchain and that they can also make money from it. Video game NFTs allow players to earn while they play. These games allow players to buy, sell, exchange collectables or trade within the game. If you developer and you can create games, then this is the surest way for you to make money through NFTs.
Asides from obtaining NFTs from playing games online, people also receive NFTs via NFT drops. NFT drops can be seen as a version of airdrop for NFT lovers all over the world.
Just like in digital artworks, fashion NFTs are unique and cannot be copied. This means that fashion NFTs have been able to solve the problems of counterfeits that are usually associated with famous fashion brands.
Today, many clothing and fashion brands are now benefitting from NFTs and they can make money from it by releasing digitalized limited editions of their outfits. Additionally, fashion and clothing brands can also make money from NFTs by creating a marketplace for all their accessories and clothing where interested individuals can visit to purchase fashion NFTs.