Non-Fungible Token is the most buzzing word in the web3 world, where people find multiple ways to earn profit from it. Are you eager to know how to make money with NFTs? Keep patience, and let’s take a look at 15 ways to make money from NFTs
Table Of Contents 👉
- How To Make Money From NFTs In 2023?
- 1. Buying And Selling NFTs
- 2. Selling Your Work As NFTs
- 3. Royalties
- 4. Renting Your NFTs
- 5. NFT As Collateral
- 6. Selling Licensed Collectibles
- 7. Sale Of Fashion Pieces
- 8. Staking NFTs
- 9. NFT Influencing
- 10. NFT Play-to-Earn Games
- 11. NFT Trading
- 12. Flipping NFTs
- 13. Offering Liquidity In Exchange For NFTs
- 14. Minting And Selling NFTs
- 15. NFT Holdings
How To Make Money From NFTs In 2023?
1. Buying And Selling NFTs
The NFTs market is very volatile, so to earn a great profit from NFTs, you simply need to buy NFTs at a low price and sell at high market values. Buying and selling NFTs need a lot of research to see whether the NFTs you are buying are valuable or worth ahead or not and whether selling those NFTs at high prices in the future can give you huge profits as an output or not.
2. Selling Your Work As NFTs
The artwork you created is not like you made it for fun. You can make it worthwhile by converting it into digital assets. You can be the artist of the NFT digital art and can make your art a masterpiece in the form of NFTs. After creating a digital asset, you get ownership of your assets, and the works seem fruitful with the uniqueness it holds. Now list your digital art piece in the marketplace and earn money by selling it. Selling your NFTs in the top-rated marketplace will benefit you more.
It is a sustainable source of income for the real owner of digital art creators. Royalties mean the fixed percentage of earnings, which is pre-defined for NFT by the creator each time when its digital art is sold. The royalty percentage is fixed when the NFT is minted. The percentage varies from 2.5% to 10%. This is the best way to have passive income from NFT.
4. Renting Your NFTs
Renting of NFT means borrowing NFT for a certain period. This can be done using smart contracts; you need some deposit to rent the NFT. It is a good way to get exposure to NFT without buying it. There is a period of renting an NFT; after that, you need to return NFT to the original owner of it. It is also one of the best ways to generate income from NFT.
5. NFT As Collateral
You must be well-known about mortgaging your belongings and getting loans. In the same way, NFT can be used as collateral for getting money fast without selling your assets. This money can be used ahead to make more money for flipping NFTs. The profit which you earn pays and get back your NFT.
There are numerous platforms that you can use to collateralize NFTs: Arcade, BenDAO, etc.
You must be aware that you have to return the money to get your NFT back; otherwise, you will lose it. So, it’s risky, but it’s a good way to earn money.
6. Selling Licensed Collectibles
Artists and collectors can convert their physical collectibles into tokenized collectibles. NFTs provide a great opportunity for cryptos enthusiasts to profit from collectibles. You can convert your physical art, trading cards, etc, into digital assets. Digital assets hold uniqueness and have great value in the marketplace. Nowadays, sports collectibles are a very popular form of collectibles. Converting physical collectibles into digital collectibles can make you earn more by trading them.
7. Sale Of Fashion Pieces
It is one of the best ways to make money from creating NFTs of trending fashion pieces. The fashion world is now releasing its limited digital outfits tokens, which are highly valuable in the form of NFTs. By trading digital fashion pieces, you can earn huge profits thanks to blockchain technology to have the uniqueness of each Token.
8. Staking NFTs
Staking is one of the options to earn money from non-fungible tokens. It is also known as farming, where you need to lock or deposit your tokens to earn yield with huge profit. This is done by creating a link between tokens and decentralized finance which is known as DeFi. By depositing your digital assets, you will be kept away from the owned tokens, and it will generate profits; this is done all by using smart contracts.
Some platforms give you an option for staking multiple NFTs, but generally, only one NFT can be staked in the platform. If you want to earn staking rewards, you need to buy their native NFTs. Another thing is that the people can choose to reinvest the NFTs from which staking reward is earned at the different protocol and can earn yield in great amount.
9. NFT Influencing
Are you aware that it is possible to make money by being an NFT influencer? NFT influencer means making more and more people aware of how NFTs influence our lives and how we can earn profit from them. This will not work if you think of becoming rich one night; patience is one of the keys to success as an NFT influencer. You can guarantee money-making by creating one brand and giving a chance to monetize different products.
10. NFT Play-to-Earn Games
If you’re interested in making money simply by playing games, this is for you. Yes, it is possible to make money from playing NFT games. You can earn some rewards after winning the different stages of the games. The rewards earned can be in the form of NFTs or cryptos. You can convert it into real money.
Nowadays, free play-to-earn games are available, which you can play without any investment and earn cryptos from it. Some of the games from which you can earn money by playing games and without spending any money are:
- Axie Infinity
- Chain Monsters
All you have to do is start playing games to earn money from the NFT games. Game items earned while playing games can be sold, and you can get money from them. These days it is one of the effective ways to get a great source of income from NFTs.
11. NFT Trading
It is one of the popular ways to make money from NFTs. There are various types of trading, two of which are popular: short-term trading and long-term trading. Before investing in NFTs, you should be aware of the risks it holds and where, when, and how to invest in them. These two forms of trading require much more investment of time, and the beginner should be quite careful while investing in it.
In NFT trading, you have to be always alert just to find the correct time for buying the NFTs at a cheap rate and wait for the correct time to sell when prices scale up. This is a very straightforward technique to make money. You will find plenty of opportunities to make a profit by trading NFTs.
12. Flipping NFTs
One of the smart ways to make money is by flipping NFTs. Flipping here means buying undervalued NFTs at a low price and selling at the right time when the market price of NFTs goes high. The Initial task of the one who wants to flip NFTs should research a lot about the undervalued NFTs and then should have hope that their value will increase in the future. The best NFTs in the Flipping market are crypto kitties, Axie Infinity Creatures, etc.
13. Offering Liquidity In Exchange For NFTs
You can earn money from NFTs by providing Liquidity. This is possible because of continuous integration between the tokens and infrastructures. You are responsible for making a better position in a specific liquidity pool. It has a similar mechanism to the staking of NFTs, but it is more complex than it.
There is one platform called NFTX, a marketplace and liquidity protocol that allows people to buy and sell NFTs. It allows you to deposit all NFTs and mint fungible tokens, which represent the value of NFTs.
14. Minting And Selling NFTs
You can create your NFTs of any digital asset, like digital art, music, fashion, video clips, etc. You need a crypto wallet to create it, and after creating NFTs, list it in the best marketplace. By selling NFTs, you can earn huge income from it. It is one of the best ways to earn money for NFT artists and enthusiasts.
15. NFT Holdings
Investing in NFTs with a significant market value launched in the early stages of web3 can be a lucrative strategy. Popular brand NFTs have a strong presence in the marketplace and are highly valuable. Holding such NFTs for an extended period is one way to invest in NFTs and earn good returns. This investment strategy is expected to yield significant returns in the future. Once you have the ability to identify NFTs that have the potential for substantial future returns, focus on investing in high-value NFTs for the long term.
There are numerous ways by which you can make money from NFTs. Minting and selling NFTs is one of the easiest ways to earn money. There are two ways to earn regular income from NFTs that is active and passive usage of NFTs. We have mentioned multiple ways to make money with NFTs. Now it’s your turn to choose the best ways to invest and make high profits from NFTs.