How to Make Money with NFTs

What are NFTs?  

NFTs or non-fungible tokens are pieces of cryptographic tokens that exist on a blockchain. They’re used for real-world items like artwork, music art, and even real estate but in a virtual capacity. Unlike cryptocurrencies, NFTs cannot be traded or exchanged because they are not identical to one another. 

Think of baseball cards or a rare coin collection. NFTs create scarcity among assets that are otherwise infinitely available. They are typically used to buy and sell digital items like tweets, artwork, gaming skins, and virtual real estate. 

1. Create and Sell NFTs

The direct and effective method of making money with NFTs is to create and sell them. Yes, you can create and sell anything digital such as arts, images, videos, memes, properties, etc., as NFTs. If you have a notch to creativity, you can monetize all your creations by selling them as NFT.

You can create and sell your own NFT collection using platforms like Appy Pie, and make money with your digital assets. You can even list your NFTs on other marketplaces such as OpenSea, Rarible, etc., for a small fee and increase your income.

So let those creative juices flow, create amazing NFTs or turn your existing digital creations into NFTs using the NFT generator from Appy Pie, and sell them for the price you want.

Trading NFTs is a smart and easy way of making money easily and efficiently. You can purchase an NFT collection and make a profit by selling them at higher rates.

However, trading NFTs is not an easy task. The trick lies in selling them at the right time, which directly depends on various factors like what the NFT is, why you bought it, and if there’s any other interest in the item. You can quickly research the internet and different marketplaces to determine these factors.

Before you go ahead trading the NFTs, you need to keep in mind that not all NFTs are created equal. Some are worth millions, while some are basically worthless. So as a trader, you need to keep a close eye on each and every prospect for making good money in future resale.

One of the best ways to earn money through NFTs is to rent them out. Renting out NFTs can be a good source of passive income for the NFT creators and collectors. The interesting thing is that you can use the NFTs for the long term, without having to create new ones.

You can rent out your NFTs in games, or any other platform, that allow users to borrow NFT cards. You can even use platforms like reNFT to rent or lend NFTs to others.

No need to worry, all the NFTs that you rent are governed by smart contracts, however the NFT owner has the privilege to set their preferred duration of the rental agreement and the lease rate for the NFT.

The NFT based video games are also one of the known methods of making money through NFTs. There are games that allow you to purchase in-game items as NFTs and trade them, helping you earn money out of it. Still, their number is limited for now.

With the hype of NFTs, there is certainly no doubt that you will be seeing more and more games in the near future that will be allowing NFT trading.

Another reason why in-game NFTs will grow in the future is that they are far more advanced, compared to simple digital trading cards, or even more interactive NFTs like virtual works of art.

Setting up a royalty on your NFTs is a great way to ensure consistent flow of income. By NFT royalties, you can earn money whenever your NFT changes hands on the secondary market, meaning you will continuously get income even after selling your creations to collectors.

For an instance, if you set a 10% royalty on your NFTs, you will receive 10% of the total sale price each time your digital asset is resold to a new owner.

What else, since the whole process is automated, you do not need to enforce your royalty terms or track payment manually. So set the royalty and earn every time someone purchases your NFT.

Turn physical collectibles into NFTs, sell them and start making money in no time. Yes, you can securely store your physical collectibles in the form of digital assets on the blockchain and get the same or higher price for them.

So far, sports cards are the most popular type of licensed NFT collectibles. However, brands are slowly joining the NFT bandwagon with their licensed collectibles to make the most out of it.

One of such brands is NBA, who recently introduced its NFT card collection on the market. Looking at the craze, it’s the right time to convert your physical collectibles into NFTs and put them up for sale.

Staking NFTs is yet another proven way of earning money through NFTs. Staking NFTs means depositing, or “locking away,” digital assets into a De-Fi protocol smart contract to generate a yield.

In simple terms, staking is the process of storing digital works in the form of a “stake”, and assigning them to those willing to maintain their upkeep, while providing you a share of reward for your NFT.

You can use a variety of platforms like Kira Network, Splinterleads, Only1, and NFTX, to stake your NFTs and make passive income out of them.

The future of NFT is still unknown, but one thing is sure it is not just another quickly passing crypto trend. NFT is here to stay and has the potential to become mainstream.

Frankly, NFT is still undervalued due to its limitations to the art and gaming realm. However, it is expected to grow by leaps and bounds as more and more individuals and businesses are deciding to enter the Non-Fungible Token ecosystem.

Now that you know how to make money with NFTs and its future, it’s time to get started. Use Appy Pie’s no-code NFT generator to create your digital art and convert into an NFT without any coding.