NFTs: How To Get Started With Non-Fungible Tokens, and Make Money From Them
The NFT space has been steadily growing alongside the crypto industry. NFTs (Non-Fungible Tokens) are unique digital assets that are verified on a blockchain, providing a level of authenticity and ownership. While some believe that NFTs are merely JPEGs of various images, there is actually a wide variety of NFTs and uses for them.
Of course, the value of an NFT is determined by the market demand for that specific item, and can fluctuate greatly over time. In fact, some NFTs sell for the same price as a house! However, there are also plenty of projects that are hidden gems at affordable prices that you can uncover and use to get your foot into the space.
Besides finding these hidden gems, here are some other strategies for you to get into NFTs and earn money with them.
Participate in NFT communities
What better way to begin your journey than by being a part of a like-minded collective? Joining NFT communities on social media platforms like Twitter, Discord, and Clubhouse can provide valuable insights and help you stay up to date with the latest NFT trends and opportunities.
Start your own collection
Think of the NFT space as a blank canvas where you are the artist. A number of creators are turning NFT creation into another income stream. If you’re an artist or creator, you can mint your own NFTs and sell them on a marketplace or directly to collectors. Depending on your network and marketing skills, you could end up building some successful collections of NFTs.
Buy and flip NFTs
If creating is not really your thing, you can explore the option of buying NFTs for a start. There are many NFT marketplaces, such as LooksRare, OpenSea, x2y2, Rarible, Solsea, Blur, KnownOrigin and SuperRare, where you can buy NFTs created by artists or collectors.
From here, the goal is to buy a lower-priced NFT and eventually flip it for a profit and in doing so, you could potentially grow your capital. A word of caution though, be prepared to spend hours paying attention to the NFT market for volatility.
Trade NFTs with others
On a more conservative note, should you already own an NFT, you can consider trading as an alternative to buying. Again, if you play your cards right, conducting the right trades at the right time could potentially increase the value of your NFT collection.
While speculative to a large extent, being involved in NFT communities would help you gain knowledge on projects that have higher upside and such information could result in significant returns.
Stake NFTs
Stories about exponential gains made from buying or selling NFTs are more common, whereas staking is less frequently mentioned. Staking is the process of using a project’s NFT to secure passive revenue in the form of the crypto token of the project.
You can utilise the staking function that comes with an NFT to make more money while maintaining your ownership of an NFT bought with this feature.
An NFT can be secured on a project’s platform by being staked, and you can earn passive income by doing so. Thereafter, you can use the tokens you earn and cash them out for money, just like P2E games.
Of course, if you choose to stake your tokens, be sure they are still valuable to you by paying close attention to the token price. There is no need to continue passively earning a coin whose value has decreased.
Renting NFTs for P2E games
If you enjoy playing video games, this may be the ideal option for you to earn money with NFTs without breaking the bank.
Users now have a new option to make money playing blockchain video games thanks to play-to-earn (P2E) games. These games enable NFT owners to earn their cryptocurrency tokens more quickly, which can then be cashed out putting money in your pocket.
Even though many people may not be able to afford some of the most expensive NFTs, renting can be useful in these situations. You can play games and earn money without owning the asset by renting an NFT. By signing up as a “scholar,” you can rent NFTs from private owners or gaming guilds.
The guild or individual who rented the NFT to you will receive a piece of the money while you get to play with it and keep some of the profits for yourself. It’s a win-win situation for all involved and a great method for frugal players to make money while playing.
Get a job with an NFT project
Working with an already existing NFT project allows you to profit from NFTs without investing a single cent. Instead, you will be compensated for applying your expertise to advance a project.
In NFTs, there are many positions that call for expertise in a variety of fields such as programming, marketing, sales, content development, community management and design. If you wish to actively engage in the Web3 domain and get involved in NFTs in their early stages, you can apply for any of those roles.
How do you get started? These positions can be found in a variety of locations, including job boards, Twitter, and Discord. A job in NFTs is undoubtedly a more stable approach to get financial stability in the scene and utilize your expertise.
NFTs are here to stay
There are numerous options for entering the NFT market without having to spend all of your savings. Opportunities are everywhere for everyone in the rapidly expanding NFT market. Depending on your experience level, you can find a way to profit from NFTs. While cryptocurrencies of all kinds are seeing a decline in value, NFTs provide a collectibility that may keep them relevant in the long run. Look for more opportunities to get involved with NFTs and see how you can profit from the blockchain outside of traditional crypto.
Originally published at https://plannerbee.co on March 29, 2023.
