With the rise of technological advancements, many people are now interested in digital assets and their massive potential as investments. Aside from cryptocurrencies, people also grew fond of non-fungible tokens (NFTs) that can be bought as a keepsake.
By being etched on blockchain technology, NFTs are highly similar to cryptocurrencies. What sets this apart from regular cryptocurrencies is that each one of them is unique. NFTs are called such because they can’t be interchanged with one another since each of them is encrypted with a special code that makes them unique. The rarer an NFT is, the higher its value is.
Regardless of what NFT type players may invest in, there is no doubt that people are also interested in earning money out of it. How can you earn money with NFTs? Here are some ways how!
If you are a content creator, you can digitize your work and sell them as NFTs. It may either be in the form of digital art, music, meme, video, or anything else you can think of. There are no limitations when it comes to NFTs. So, your only limit is your imagination.
Once you have already decided on what NFT you wish to sell, the next step for you is to find a marketplace where you can sell them. To make them sellable, you need to mint your file on your chosen marketplace. To mint is to turn a digital file into a crypto collectable or digital asset that is based on the Ethereum blockchain.
If you are already an NFT holder, you may opt to resell some of the NFTs to people who may be looking for them as well. Given that NFT values rise over time, it is important that you always consider the appreciated price of their NFTs when they sell them. These NFT games will allow you to purchase in-game NFT items that you may later trade.
By learning how much an NFT has appreciated in price, you can get the value that is appropriate for their chosen NFT. If you want to do the computation, you may want to consider the gas fees, listing fees, and royalties.
Play NFT games
If you want to earn from NFTs in a fun way, you may want to play blockchain-based games. These games will allow you to purchase in-game NFT items that you may later trade.
One of the most popular NFT games that players can play is CryptoKitties which helped revolutionize the NFT industry. This Ethereum-based digital asset allows players to collect, breed, and trade unique virtual cats. These cats are fun to collect as each has a special value attached to them. Investors can also breed their cats based on age, breed, and colour.
Another way you can earn from your NFTs is by staking them. This refers to the process of locking your digital assets into a Decentralized Finance (DeFi) protocol and turning them into smart contracts to yield payout. You can be compensated for the quantity of NFTs you’ve staked and the annual percentage yield you’ve made using a Proof-of-Stake (PoS).
You can also receive a portion of returns in the form of governance tokens. If you’re a holder of this protocol, you can enjoy having voting rights over the future development in the ecosystem. Moreover, you can also receive more coins by staking as they can be re-invested in other yield algorithms.
So, how can you earn money with NFTs? By keeping these in mind and understanding NFTs on a deeper scale, you will not just be able to enjoy collecting them but you’ll also learn how much potential they have!