Nowadays, many people are wondering how they can earn money with NFTs. In this article, we came up with a few ways to do just that.
In 2021, the world of finance was turned upside down by a new high-tech development — non-fungible token (NFT). This token is a derivative of smart contracts based on Ethereum, and its main value is its uniqueness. With the help of NFT, any digital file can become something exclusive, not copyable, whether it is an art object or a tweet. Of course, the new technology could not be left without the attention of investors. Nowadays, many people are wondering how they can earn money with NFTs. In this article, we came up with a few ways to do just that.
#1 Create your own NFT token.
Due to its availability and simple use, the new trend very quickly gained incredible popularity among network users. In order to start using NFT, you do not need to be an economist, blockchain engineer or programmer, you just need to correctly read the instructions and have access to the Internet. For example, it will not be difficult to register on the OpenSea marketplace and freely convert your unique works into their digital NFT counterparts, securing your copyrights. The main advantage of this trading platform is that you can create tokens absolutely for free. The commission will be charged only when the work is put up for sale in the amount of the fixed rate of the Ethereum network.
Some tips for creating your own NFT:
- you can use any computer file (GIF, jpeg, mp3, PDF);
- Ethereum is considered the main blockchain network for NFTs, but it is much cheaper to sell on Binance Smart Chain or Polygon;
- the greater the artistic talent of the NFT creator and the more unique the idea, the higher is the probability of selling the token on the marketplace faster and more expensive;
- the NFT item is a reflection of the needs of the modern world, so it is necessary to accurately identify what is relevant here and now.
You can find more details about how to create NFTs in this article.
#2 NFT trading on marketplaces
Despite the appeal of the idea of creating unique digital products and earning direct income from them, there is a small ‘but’: creating your own unique token is quite simple, but selling it is much more difficult. The world has been familiar with NFT for more than a year now, which means that competition in this field has already reached high volumes. The principle of earning on buying and selling NFTs is the same as with trading. The only difference is that the subject of a trade is not a currency or a security (and not a cryptocurrency, as is the case with crypto trading) but a product of digital art — a picture, a GIF, a song, etc.
You can trade NFT on the OpenSea platform, which was mentioned above, as well as on less popular platforms Rarible, Foundation, SuperRare, Binance NFT, and NBA Top Shot. Each has its advantages and disadvantages. That’s why you should choose a resource for NFT that suits you best before starting to trade. So don’t forget to do your own research.
#3 Play-to-earn NFTs
The popularization of cryptocurrencies and their invasion into the mass consciousness continues to change the worldview of people. If earlier users preferred to play online games just to escape from reality and take a break from everyday problems, today, a new concept of games has begun to emerge. What’s so unique about this concept? Users earn cryptocurrency or NFTs, which they can later sell on the market. This model is called ‘play-to-earn,’ and you can find out more about it in this article. There are a lot of different P2E games out there, the most popular is “Axie Infinity.”
Recently a new similar trend appeared, it’s called Move-to-earn games, which, unlike “Play-to-earn,” forces users to leave the house and be active in real life. This concept is a bit similar to the sensational “Pokemon Go,” where two realities were combined: physical and digital. In Move-to-earn, players are able to get cryptocurrencies and NFTs for real, running kilometers, for example.
#4 NFT communities
Now you know, good earnings on NFT are based on two key factors: the creation of unique content and its successful trading. Often, users cannot combine both. In order to make life easier for themselves, special communities are being formed. They unite creators with salespeople.
For example, if NFT trading is of little interest to the users and they are more attracted to creating the art, then they can find help in some NFT communities. There is a great demand on the market for NFT content makers: artists, writers, musicians, etc. And they can trust the sales of their art to a more skilled person.
Thus, making money on the NFT technology in 2022 has become not only possible, but also popular. Mining NFT platforms are gaining momentum, and the number of users is growing every day. Despite the fact that, at first glance, the NFT system is completely new for us, the principle of its work is the same as always — the world is ruled by ideas and they are the most expensive thing.
If you would like to read more about why NFTs are so popular, we have this article for you.
Don’t forget that the easiest way to buy or exchange crypto coins is to use SimpleSwap services.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
Originally published on our Publish0x blog.