If you are still undecided, this is the right time to make money from non-fungible tokens. These assets are becoming more popular every sunrise, with investors and collectors spending millions in securing digitized assets.
It is also quite clear that NFTs are here to stay. It is not an overhyped trend that will soon fade away. For firms such as Meta and Microsoft to invest millions of dollars in NFTs and the metaverse as a whole, it definitely has a future. We will cover some ideas that will help you join the list of collectors and investors already benefitting from these tokens. We hope that this article will open your eyes to the endless earning opportunities with non-fungible tokens. Look at the following:
1. Create and Sell Your Own NFTs
This is one of the simplest yet most common ideas for making money from NFTs. Several artists are generating income from their digitized creations, auctioning to the highest bidders, selling them for fixed amounts, or earning royalties from every purchase or change of ownership.
If you are a 3D designer, digital artist, or photographer, this would be the best time to join the NFT bandwagon and sell digitized versions of your work. Luckily, several platforms have room for users to develop their assets and sell them for a profit. Creating an NFT is not as hard as you think. All you need to do is pick the item you would like to trade, choose the right Blockchain, open a digital wallet for payments if you don’t have one, select the best marketplace, upload the file, and begin the sales process.
Note that these assets will increase in demand as people become more aware of NFTs, and therefore, the earlier you invest in NFT creation, the higher your chances of making a fortune.
2. Consolidate all the Information Potential Investors or NFTs Enthusiasts Need to Know in a Book or a Detailed Guide
Even though this may not sound as lucrative as the first idea, you will be shocked at the number of people looking for consolidated information about NFTs. Most investors don’t like spending their money on ventures they are not well informed in, and therefore, writing a book that brings together all the information they need may be a smart move.
Also, most people prefer books to the internet, especially when their hard-earned money is on the line. Books also have a sense of authenticity to them. Therefore, if you can tell people what NFTs are, how to mint them, the best NFT platforms, and how they can make money from these digital tokens, among other important information, you can rest assured that they will buy your book.
You don’t have to produce and sell physical copies, as these will limit your reach. A nice ebook written in simple terms will do the trick, allowing you to reach far and wide audiences. You can also consider marketing your book through different avenues. You will be in luck if you have a website or blog.
3. Write about NFTs
Several people are willing to pay you to write about these tokens and, if possible, the metaverse, meaning that you can make money through freelance writing. Non-fungible tokens have the world in a chokehold, and any information about them can sell far and wide.
You can easily approach brands if you are an experienced freelancer willing to work and help create NFT content. However, ensure that you have basic knowledge of these tokens to come up with helpful articles as over-relying on the internet or just any site you come across may come with certain disadvantages.
Being part of an NFT community will help you stay abreast of the developments in the industry, making you a good writer. Do you know some of the recent NFT auctions that made headlines and the amount buyers had to part with to own them? Can you predict the future of NFTs based on the information you have read over time?
Freelance writers are in high demand due to the increasing demand for content in light of different societal developments, occurrences, and advancements. Therefore, if you spend most of your free time writing about different topics for fun, now would be the best time to make money off your hobby.
Also, being a freelance writer with adequate knowledge of NFTs will allow you to weigh in on different relevant matters and showcase your knowledge to the world. Additionally, it gives you control of your craft as you gt to create your timelines and work from wherever you want. Just make sure that you meet the deadlines.
4. Venture into Art/ Learn a Valuable Skill
NFTs have several money-making opportunities for artists, be they musicians, digital artists, or designers. You can choose to make a fortune by focusing on art. Do you know how to draw, design, or produce music but haven’t had the chance to show your work due to several constraints? Well, NFTs, in collaboration with the metaverse, are here to change that by allowing you to re-pursue some of your lost dreams.
Remember, one of the main reasons for creating this digital world is to enhance interaction and socialization between people. Soon, we will have functional restaurants, clubs, and auditoriums that may use your talent. Creators and investors such as Mark Zuckerberg also believe that we will have a chance to attend parties.
Therefore, you can take up music production, art classes or learn how to design 3D art and make yourself valuable. We’ve seen several artists and DJs make millions in exchange for their creations. Talent and art pay well. If you cannot think of something better to do to make money or take advantage of these tokens, you better pick a pencil or a camera and work your art.
5. Educate People of NFTs
Technology has greatly revolutionized education, with online learning being the norm. The Covid-19 pandemic further forced people to conduct businesses, meetings, workshops, and learning sessions online, a trend that does not seem to be going away soon, even though things are going back to normal.
You can take advantage of people’s appreciation of online learning by starting a course where you will teach them about investing in these tokens, trading them, and any important information they should know. Platforms such as Udemy allow you to bill these sessions and make money by sharing your knowledge.
However, this idea comes with one essential requirement. You have to exude the qualities of a teacher, such as the ability to coach, patience, and willingness to impart knowledge. Therefore, you may have to rethink if you don’t enjoy coaching or guiding people since these are important qualities that every teacher must-have.
Also, you will have to be updated about NFTs at all times. This means you should only consider offering an online course about NFTs if you are interested in the topic and willing to learn more about it. You must have enough information to help your client go about NFT platforms and, if possible, make some money from their first NFT investment.
Lastly, think about how you will deliver the course. If you don’t prefer learning platforms such as Udemy and Coursera, you can source clients and use technologies such as Zoom and Teams to conduct your classes. Also, consider giving your clients live support on select days.
6. Help Others Invest in NFT
Most investors are willing to spend money on NFTs, given the popularity these tokens have gained in the recent past. However, some may not have enough knowledge on these digital assets to warrant investing thousands or hundreds of dollars in them. Others may also have money and adequate knowledge about NFTs but lack time to sit down, identify opportunities and make the right decisions.
You can choose to make money from such people by creating a licensed NFT firm that makes investments and manages them, just like hedge funds and several banks do. Even though you may have joined the NFT world for personal reasons, strive not to let such opportunities pass you. Don’t you fancy earning from your tokens while getting paid to invest for others and manage their portfolio?
Remember, the whole idea of this article is to give you ideas guaranteeing that you make money from NFTs. Once investors trust you with their money and receive profits from their investments, go ahead and deduct a percentage from the profit.
However, just like writing a book, freelance writing, and teaching a course, you must be adequately informed about NFTs. You should be in a position to identify some of the ventures that guarantee high returns and have in-depth knowledge of the NFT market. Luckily, platforms such as Quora and Reddit have spaces for NFT enthusiasts that can teach you many things about these tokens.
7. Invest More in NFTs
Even though this may not be the idea you are looking for, it is a sane piece of advice. It is a good opportunity for those who don’t fancy option 6 for different reasons, such as not wanting to be liable if things go wrong or lack interest in making decisions on behalf of others and managing their tokens. Whatever the reasons, you can focus on yourself and maximize your profit.
You can invest in NFTs in two main ways and earn profits from both. An investor can opt for a long-term investment, known as diamond hands among NFTs collectors and enthusiasts. Here, you will hold your tokens for a long period, at times up to ten years, and sell them once the prices are ridiculously high. It can be extremely risky or profitable. For example, a person who spent only $100 on Bitcoins at the beginning of July 2010 and held it for ten years is currently a billionaire, probably living in a yacht, cruising the world. It only cost $0.0008 at the time, meaning that the person received 125 000 coins.
The second type of investment is the short-term NFT investment, also known as the quick flip. You will buy an NFt, hold it for a short duration and sell it when the right time comes. However, you will have to do this regularly if you intend to register huge profits.
8. Become a Full-Time Gamer
Anybody who loves gaming and is confident in their prowess can benefit largely from non-fungible tokens. You can choose to become a full-time NFT gamer, spend several hours on your VR glasses, and build a brand if possible. However, make sure that you focus on the right play-to-earn games. Remember, your purpose should be making money as you enjoy yourself.
Several people have built successful brands from gaming, with popular gamers such as PewDiePie commanding a YouTube audience of over 90 million, purely from Twitch and YouTube gaming. Therefore, this venture is turning to be a source of livelihood for several people. You can be one of them if you put in some effort.
Most games have affiliate links and ads, creating revenue that benefits gamers in the long run. We’ve also seen brands partnering with different platforms such as Fortnite, Minecraft, and Decentraland. If you choose the gaming route, settle for an option that will guarantee you several valuable assets. You should not dedicate a huge chunk of your time to a venture that promises no returns.
You will decide whether to make in-game purchases with the assets you collect, hold or cash out on the different available marketplaces. Therefore, start transitioning from normal games to the blockchain games niche that promises high returns and valuable assets as you play. You should seriously consider playing to earn games if you haven’t experienced them, as they may be a perfect way of making earning passive income.
9. Start Your Marketplace
Even though this may set you back financially unless you are an excellent coder, it is a good idea for anybody with deep pockets willing to invest in non-fungible tokens. Platforms such as OpenSea are making a fortune from selling and auctioning digitized tokens, a niche that you can also enter.
Remember, you cannot carry out any NFT-related activity without a marketplace, which profits by charging fees for every sale. Platform developers are assured of a given percentage of every sale, making their earning potential unlimited since it depends on the number of sales executed in their platforms.
Most importantly, you should note a few things when creating your platform, or you won’t make much and will probably end up with the wrong model. First, your platform must give NFT owners and creators a chance to auction their products and maximize profits to entice them to trade.
Also, invest in an efficient search system and many goods. Ensure that you have a simple yet attractive customer user interface as it defines the customer experience. Nobody wants to use a platform that isn’t user-friendly and still get charged at the end. You can also conduct extensive market research, identify the percentages most marketplaces deduct from sales and price your services accordingly. Consider incentives if possible.
This is an investment worth trying, especially now that more people are investing in digital art collections and NFT trading.
10. Creating Revenue From Ads
This is closely related to our previous point since you can only garner revenue from ads if you have your own marketplace. You will help brands market their products by displaying or incorporating ads for a definite period, allowing you to simultaneously earn money from your marketplace sales and auctions and from several brands seeking to amplify their presence.
You have to market your platform and reach a certain threshold to b eligible for different ads. Establishments want to work with popular entities. Therefore, you shouldn’t expect them to clamor for ad space immediately after building your platform. It may take time but will be worth it once they start coming.
Are you wondering how you will create revenue from these ads? Well, you will get paid every time someone clicks on the ads, or any movement is triggered on it.
11. Create a Decentralized NFT App
You can save investors the stress of using several apps by building a decentralized app, popularly known as a dApp. Such apps run on P2P networks allowing multiple users to perform a number of functions independently or simultaneously. Therefore, creating these programs may be lucrative if you have some coding knowledge. It is also worth noting they operate autonomously by using smart contracts assuring users of more functionalities and utility.
These apps have backend coding and will definitely have a huge impact on gaming, collection, NFT trading, and social networking. However, be prepared to make an investment if you have no coding knowledge.
NFTs have several avenues that investors, collectors, gamers, and businesses can leverage to make money or build their portfolios. Make sure that you think of viable ideas that can help you become one of the earliest beneficiaries of these tokens while thinking about the risks and limitations involved.