In 2021, Non-Fungible Token aka NFT becomes mainstream and it is just getting started. The underlying technology of NFT going to impact every industry.
In 2021 alone NFT has surpassed $40 billion dollars in overall transaction volume. In a few years, analysts believe that NFT could reach Trillion-dollar in market value.
You may know that some people are making millions on NFT and a lot of people are getting scammed by the wrong NFT projects.
There are many ways you could be able to make money on NFT spaces. The most common way to make money through NFTs are
- Create your own NFT project
- Earn royalties on your NFT project
- Invest in the right NFT project
- Flip NFT for Profits
- Staking NFT
There are some unconventional ways and a less risky way to make money on NFT spaces that are
- Start an NFT focused blog
- Start an NFT focussed Instagram page
- Become an NFT Influencer
- Getting a Job in the NFT space.
- Start an NFT Consultancy
To make money you have to create some value in the real world. To make money on NFT spaces you have to question yourself constantly how can you generate value on NFT spaces that will benefit the entire community. How can you find an NFT project that is creating value for the community?
Anyone can able to make money on NFT if they are patient and doing the work that really needed to be done.
Create your own NFT Project.
One way of making money on NFT is being a Creator. If you are an artist you can able to sell your digital arts as an NFT.
If you are a creator, are an artist, music producer, YouTuber, you could be able to make money through selling your digital work as NFT.
For example, Gary Vee made around 90 million dollars in 90 days by selling his NFT collection Vee Friends. By buying his Vee Friends NFT user can able to access his exclusive events and interview with Gary Vee. This is the prime utility value of his NFT’s.
For example, A Youtuber could be able to sell his services as an NFT. Each NFT can offer at a different price but with different utility values. The utility value could be
- Will list NFT holder name at the end of a Youtube video
- Will do an interview with an NFT holder after 1 lakh subscribers.
If the YouTuber is famous, his NFT could become valuable because of the utility value it provides.
Earn Royalties on your NFT
Royalties are set by the creator at the time of minting so that if any of their NFT’s get sold they receive the percentage of the total share price of the NFTs. Royalties can be of any range and it is the sole responsibility of Creators at the time of minting.
Suppose if you create an NFT which is traded much often you will receive your royalties as long the work is valued. This is a great way you could able to make passive income through NFTs.
If you are an NFT investor or collector, you should aware of Royalties that are set by the creator.
Invest in Right NFT Project
Investing in the Right NFT project is one of the major ways you could be able to make money on NFT. The catch here is almost all NFT projects are speculative and 90% of the entire NFT project will be a failure in the future. If you are planning to invest in NFT you should be really knowing what is happening in NFT spaces.
If you remember dot-com bubble burst almost 99% of the entire site has been crushed and only a few companies remain even after the burst. One such company is Amazon and it is valued at 3 Trillion dollars. Same way 99% of the entire NFT project would be a failure and your goal is to find the Amazon of NFT and invest.
Identifying good NFT projects will take time and experience. Be patient and study each and every NFT project so that you could able to understand the pattern and common behavior of successful NFT projects.
If you have invested in CryptoPunk in early 2021, you will be a millionaire right now. If you are into investing your only goal should be Finding the next Crypto Punk or Bored Ape Club.
Flip an NFT For Profit
Flipping is nothing but buying an item for a low price and selling quickly for a profit. Humans have been flipping items from cards, toys, comics, and books.
The easiest and fastest way to make money through NFT is Flipping. Besides holding an NFT for the long term, Flipping is one of the fastest and quickest ways to make quick cash.
To make a profit on Flipping NFT
- You have to find an NFT project which is undervalued and expected to rise in price in the future.
- Selling the NFT at the right time for maximizing profits.
You have carefully researched each and every NFT project before flipping it. It will be very hard in the beginning
Staking NFT is a new way to make passive income. It allows NFT holders to lock their assets in DEFI platforms to receive rewards without the need of selling NFT.
Not every NFT can be staked, Before buying an NFT, you have to carefully look at whether the NFT project support staking or not.
Staking an NFT is still an early stage of development. Currently, only play-to-earn games are supporting NFT staking.
Some of the non-risker and easiest to make money on NFT space are
Start an NFT Blog
Blogging has existed since the internet. It is one of few ways people would get to know about NFT. If you could able to write and are interested in NFTs, You should definitely consider starting your own NFT based blog. You could able to make money through ads, sponsored posts, and affiliates.
Checkout: How to start your niche blog
Start an NFT Instagram page
A simple info-based Instagram page would be able to make you a decent passive income. If you have enough followers, you can start promoting the NFT project through posts, reels, and stories, make a regular income out of it.
You could able to draw inspiration by following the Instagram page: Best NFT Instagram Page to Follow
Become an NFT Influencer
Every day thousands of NFT projects are launching on a marketplace like Opensea or Solsea. Most of the NFT projects are looking for an influencer to promote their NFT’s. You can become an NFT influencer on Youtube, Tiktok, or Twitter. There is a huge demand for NFT influencers right now.
Getting a Job at NFT space.
There is a huge demand for artists, software developers, writers, and designers around NFT spaces. Around 20000+ Jobs have been posted on LinkedIn with respect to NFTs. If you want to be part of NFT, getting a job in the NFT space is the easiest, fastest and safest way to make money and gain experience.
Start an NFT Consulting Services
The market for NFT is exploding. Lack of expertise and knowledge in the space are making the brands, celebrities look for a service that helps them to launch their NFT products. If you are an NFT expert, You can start an NFT consulting service and there is a huge demand.