We are talking about NFTs and focusing on the impact of NFTs on various fields. For example, in an old article, we explained the benefits and effects of NFTs on education. Also, we considered the place of NFTs in the fashion industry and other effects of the NFT world. As you can understand from our old articles, the NFT world is changing our lives and different fields. In addition to this circumstance, NFTs can help individuals to make money in a good way. Now, we would like to focus on the ways of making money with NFTs.
When the NFT world started to become popular, people focus on various aspects of the digital world. For instance, the art side of NFTs is considered, and people started to utilize NFTs in Metaverse. In addition to the property of digital art and the use cases of NFTs, we should consider the NFT world for making money. Let’s learn the ways of making money with NFTs together!
Six Ways for Making Money Through NFTs
Creating and selling NFTs
As you can predict, the first way of gaining money with the help of NFTs is creating digital artwork, and then, selling the art. If you rely on your design and marketing skills and creativity, you can think about the creation of your NFTs. For example, you can focus on your favorite memes or photos, and then, create your NFTs with the help of your focusing. Firstly, you should decide the subject of your NFT and its version; it can be in the format of video, GIF, picture, and so on. Then, you should conduct research into the platforms in which you can do visual edits. After visual editing, you can choose a proper marketplace that is used for selling and buying NFTs. Some NFT marketplaces can require a fee for presenting your NFTs, but you can get this fee again with the money you will earn from your NFT sale. For a successful creation and selling process of NFTs, you should use the necessary skills and creativity.
Undoubtfully, the attention toward the NFT world increased with NFT gaming. NFT-based games are generally video games in which players can make money with the help of NFTs. In some NFT-based games, players can buy in-game items as NFTs, and the items can be traded in terms of the rules of the games. With the help of the trading of NFTs in NFT-based games, you can gain money. For the way of making money, you should research NFT-based games and learn the details of the games. Then, you can determine your favorite NFT-based game, and then, start to earn money through NFTs.
Renting out NFTs
NFTs are unique, and they cannot be copied, but people can make money by renting out NFTs. If you want passive income, you can consider renting out your NFTs. Without losing ownership, people can rent out their NFTs via NFT-based games or they can focus on some platforms in which renting out NFTs is available. At that point, you can think about leasing out a real estate property and reaching rent from the property; the process of renting out NFTs is similar to the circumstance in real estate. Two ways can be considered when renting out NFTs is the subject: Collateralized renting and collateral-less renting. In collateralized renting, you can list your original NFTs on a marketplace that has the properties of lending and borrowing. On the other hand, in collateral-less renting, renters cannot reach original NFTs. In other words, renters can get a wrapped NFT which has the same features as the original NFT via collateral-less renting, and the process decreases the financial risks for the renter and owner.
NFT staking is attaching NFTs to a platform or protocol. Generally, the process refers to depositing or locking away NFTs into a DeFi protocol smart contract. You can store your NFTs in the version of stake, and you can make money with the help of the process. In other words, you can reach staking rewards when you are still the owner of your NFTs. If you want to get passive income through your NFTs, you can consider NFT staking. For the process, you should find a suitable platform in which NFT staking is considered; Splinterlands is one of the platforms, and you can research the game which is the next generation of collectible card games.
As we mentioned above, you can sell your NFTs for making money. In addition to selling NFTs, you can trade your NFTs to get money in the digital world. Firstly, you should own an NFT collection, and then, make a profit from the collection by paying regard to higher rates. Before buying an NFT collection, you should research and analyze the collection; you can consider its significant features because some NFTs can be worth of high prices while some digital artwork may not be valued.
NFT creators can get extra payments for their NFTs, and the process is called NFT royalty. You can specify a value (in percentage) for your NFTs, and you can get the value with the total sale price of the NFTs when you sell them. Also, you can get the royalty with every reselling process. You do not have to track payments manually because the royalty process is automatic. If you want to earn passive income with NFTs, you can consider the royalty process in the NFT world.