How to Make Money with NFT?

Well, you have heard of the term NFT. And you will be amazed to know that you can make massive wealth from NFT. NFT is the trending sensation of cryptocurrency and it is now booming. So, if you are an entrepreneur or small business that is interested in making some form of digital content, you can make money with NFT. It gives you multiple ways to make money easily. 

In the recent news, we hope that you have heard of the story of a 24-year-old artist who made over $300,000 selling her art as NFTs. When this news hits social media, there is no surprise people are so excited and NFT rose to fame. 

How to Make Money with NFT?

The first and foremost step to making money with NFTs is to understand them better. Well, in this article, we are going to provide a brief explanation about how to make money from NFT easily. So, let’s start by explaining what exactly NFTs are.

What are NFTs and How do Make Money With NFTs?

There are multiple marketplaces available in the market that give the opportunity to sell NFTs and make money. Essentially,  the portal UI is so customized and you don’t need to manage the digital product. You can upload the content on the marketplace and this will convert the product to NFTs. Before making money from the NFTs platform, you will need a digital portfolio that displays all your digital products. Here’s the complete list of all the digital strategies and methods you should follow to make money from NFTs. 

Select your marketplace, mint the NFT, and link the associated wallet 

There are dozens of NFTs marketplaces available in the market. You should choose the best marketplace among these. Some of the popular marketplaces include the following OpenSea, Axie marketplace, Rarible, SuperRare, and Mintable. Choose the marketplace and make a decision to join the marketplace that suits you well. 

The next process is to mint the NFT. In other words, it can be defined as the process of turning the digital file into a digital asset on the Ethereum blockchain. Although, it seems so confusing in the beginning. However, if you join these marketplaces, it will provide you with a complete step-by-step guide on minting the NFT right on the platform efficiently. 

The final step of this process is to link your funded cryptocurrency wallet. This process includes uploading the digital file to your chosen marketplace. One thing you must consider before making any decision is that every platform has different processes. So, you should choose the marketplace that allows you to either sell the item or earn royalties. 

Must Read:-7 NFT Games to get your Own NFTs for Free

List NFT for Sale

Selling digital products is the best way to make money from the NFT marketplaces. Once you have uploaded the digital product file and minted it, it’s time to list the product for sale. The one thing you should notice is that after listing it for sale, the marketplace will calculate the “gas fees”. 

Furthermore, the Ethereum blockchain network fees are used for recording every transaction. It depends on which platform you have listed your product on. You can also reduce these fees by listing the product during peak hours depending on the marketplace. 

Rent out NFTs

NFTs give users the opportunity to make passive income by simply renting out the NFTs, particularly those in high demand. 

There are some NFT card trading games that allow players to borrow NFT cards to increase their chances of winning. The terms that govern the deal between two parties involved small contracts. Therefore, renting out the NFT cards gives the users the freedom to set their preferred duration of the rental agreement and the lease amount for the NFT. 

The most leading platform through which you can rent out the NFT cards is reNFT. It features that allow lenders to set the maximum borrowing periods and set daily rates. Currently, rates are between 0.002 and 2 wrapped ethereum (WETH) on average which is great. 

NFT royalties

The royalty income is one of the best ways to make passive money from the NFT marketplace. It is the underlying technology that empowers the NFTs to allow the creators to set terms that impose royalty fees whenever their NFTs change hands on the secondary marketplace. In other words, it allows the creators the right to receive passive income even after selling their creations to collectors. 

For Example, Let’s take an example if the royalty of the digital artwork is set at 10%. Meanwhile, The original creator will receive 10% of the total sale price each time their artwork is resold to the new owner. 

It is noted that While minting the NFTs the creators often set these predetermined percentages. Moreover, smart contracts mean the self-executing programs that are programmed to enforce these contractual agreements. Hence, the creators should focus on creating digital products to make money without caring about enforcing the royalty terms and conditions. 

Must Read:-How To Create NFT Art Without Coding

Stake NFTs

The process of staking NFTs combines the benefits of both the NFTs and decentralized finance (DeFi) protocols. Staking is the process of depositing or locking away digital assets into the DeFi protocol by which a smart contract is yielded. 

There are some platforms available in the marketplace that offer a wide range of NFTs for purchasing native NFTs to earn staking token rewards. 

The most popular example of NFT staking includes the following lists:

Kira Network

NFLX

Splinterlands

Only1

However, there are some cases where part of the rewards is distributed to stakers which is denominated in governance tokens. These protocols empower individuals the voting rights over the future development of their ecosystem. 

NFT Video Games 

NFT-based video games are the future of NFT technology. There is tremendous potential for applying the Non Fungible tokens to video games. Currently, gamers spend fortunes on virtual items. There are some billion game markets such as World of Warcraft gold, Call of Duty loot boxes, or Counter Strike Skins. If in the future, any gaming company decides to sell in-game items on the NFT platforms, it would be a revolutionary time for gaming. 

The most noteworthy thing is that the NFT video game developers are among the most ambitious Non-Fungible Token Creators. Moreover, the NFT in-game items might push this evolution of Non-Fungible Technology forward. 

The Non Fungible tokens implemented in video games are very complex and fully interactive. For Example, when a player’s character is leveled up or upgraded after clearing the level. 

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