How to Make Money in NFTs
If we are to be completely honest, one of the biggest factors of us being drawn into the NFT space and to the metaverse is the possibility of hitting it big time and earning money from NFTs. Isn’t it?
And it’s truly a big possibility. Aside from NFTs slowly becoming mainstream, one of the reasons why I got into NFTs is the possibility of being able to finally monetize my art — and so do a lot of artists in the NFT space now.
So, in this article, let’s discuss the different ways we can make money from NFTs.
Selling your art as NFTs
This is how most artists are leveraging NFTs and the metaverse…by selling their arts on NFT marketplaces. And it’s a huge market!
To be able to sell your art, you will need to list them on these marketplaces, like Opensea, and mint them into a blockchain so that they can be placed in front of the market.
You can sell digital artworks, music, photography, animated images or videos.
To learn how to sell your item as an NFT, check out our article about How to sell your NFTs.
Flipping (Buying and selling) NFTs
If you are not an artist but are still interested in making money with NFTs, the other option for you is flipping NFTs even before they are sold into the marketplaces.
Much like cryptocurrencies, the prices of NFTs can go up or down. And since NFTs are created in limited quantities, trading them is a possibility. And so, if you buy NFTs at their lowest price, you will be able to, later on, sell them for a higher price.
It’s much like buying the Mona Lisa. Let’s say you bought the Mona Lisa for the amount of $100 from the original owner. Then, as time goes by, that artist becomes big and his price goes up, so as all collections and art created by him. That then adds value to your Mona Lisa painting.
After a few years, your $100 Mona Lisa can now be sold for $100,000. This is how art traders can earn money through art and this can be applied to NFTs as well.
To do this, you will have to look for projects that are still starting out but have the potential to get big in the NFT space.
You can Google search your way for new projects or you can go to https://rarity.tools/ and check out NFT collections that have not been minted yet and are still up and coming.
You can mint projects there before they hit Opensea marketplaces and you never know, you might just be the next owner of Mona Lisa.
Creating Utility NFTs
One of the rapidly growing forms of NFTs now are utility NFTs.
So, what are utility NFTs?
Utility NFTs are NFTs that are not just digital artworks but carry certain additional benefits or privileges with them.
They call this the link between the metaverse and the real world.
Let’s make a hypothetical example for discussion purposes.
For example, NBA made 30 NFTs to be sold in an auction. NBA will not be selling it for the art, as most of these artworks would probably be outsourced. So, the selling factor for these NFTs will be
- It will be a limited collection of collectible
- Each NFT owner will have a free pass to all NBA leagues for the entire season.
- And a limited edition NBA Jersey that goes with each NFT.
These are Utility NFTs. They are NFTs that are not sold for the artwork but are sold for the privileges or utilities that go with them.
This is a great option if you are not an artist but want to sell your services in the NFT space.
If you are a business coach, you can create utility NFTs with your coaching hours added as a utility for each NFT artwork. As for the art, you can outsource it.
Another form of making money in the NFT space is by playing games. Sounds easy and fun, right?
Well, it is! And it might be one of the biggest proponents of NFTs. When people hear that you can earn just by playing games, oh, who wouldn’t want that?
So, how does that work?
Much like trading, you can earn through gaming by buying skins, characters, collectibles, and items inside the NFT games you’re playing.
Then, you have to play your way into the game. As you level up and gain more experience, you have access to more “high-end” limited edition items or collectibles that other players don’t have yet.
The items that you are buying inside the NFT games are NFTs and so, you can also sell them to other players. Some characters are also limited edition so they can even be sold as NFTs to other players as well.
This is how you can monetize gamification in the NFT space.
Teaching people about NFTs
Another option to make money in the NFT space is to teach people about NFTs.
NFTs are slowly going into the mainstream but a lot of people are still confused about what NFTs are and what they can do about them.
If you are not an artist and you also don’t have the amount of money to invest in NFTs yet, but you are highly educated about NFTs, you can create Youtube videos or blogs teaching people about NFTs.
Another option is for you to offer your services to people that are launching their projects, especially if you have the knowledge on how to do them successfully.
For example, I have someone in my community who is such a techy and is very good at moderating Discord channels. So, I referred him to NFT creators who are just building their community as a paid moderator.
So, that’s another option.
More options in the Future
There is a HUGE potential in the NFT space, and as I always say, we are still in the beginning stages. Once this hits mainstream, there will be more options and opportunities to monetize and earn money from NFTs.
So, while it’s still early, I want to encourage you to take action now! The earlier you are in the space, the bigger your chances are of leveraging it big time.
If you want more in-depth discussions on NFTs, you can join our Discord community, check out our podcasts or enroll in our NFT 101 Course.
We are honored to support your NFT journey!
Lauren Turton and the Freedom with NFTs team
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