How To Make Money With NFTs
Before doing anything else you should be able to answer the question: what are nfts?
Non-fungible tokens (NFTs) are digital art assets that work on top of blockchain to make sure these items stay fungible.
Non-fungible means that an item is not able to be replaced. If you buy a virtual cat that same cat cannot be purchased by anyone else or at least has a unique signature attached to it.
The limited quantity is one of the reasons these assets keep appreciating in value while fungible items depreciate. Verifiable identity and scarcity are the main aspects that make NFTs so interesting.
Now that you have some knowledge about this weird digital artwork, we will dive into how you can make money with nfts.
The ecosystem is actually very big and there are multiple ways you can profit from it.
First, you will learn what is needed to create an NFT, some tips, and how you can create an entire collection using software (no tech skills required!)
The second strategy is all about finding undervalued nfts to mint and then sell on secondary marketplaces. Minting is usually less risky because you won’t be buying insanely expensive ones listed on Opensea and then get stuck with them.
Another very interesting fact is that it’s also possible to earn money while playing games. Instead of paying to play, you will get paid to play nft games in form of either new non-fungible token or in a specific cryptocurrency.
Generally, it’s called staking when you need to lock up your collectibles for a certain period and then get a reward in crypto.
Two very popular examples are axie infinity and kryptokitties, where in the latter you can breed virtual cats, get more of them, and then sell. The rarer the traits of a kittie are the higher they can be sold for.
Let's not forget! There are always affiliate marketing programs, even for NFTs. Opensea has one where you will earn around 1% but bounties may vary.