As the NFT market size increases, how to make money with NFTs is becoming a crucial discussion among beginners. While people use NFTs as assets to trade on, many are missing out on the opportunity.
This article will guide you through the different dos and don’ts of How to make money with NFTs as a beginner in 2023. Speaking of the top 7 ways, beginners can use this guide to enter the industry seamlessly. Therefore, let’s create the gateway to a sustainable and decentralized future.
How To Make Money With NFTs As A Beginner In 2023 – 7 Strategies Explained!
After thorough research on the industry, we have found the best seven ways to make money with NFTs as a beginner in 2023. Step-wise guidance promotes easy interpretation in different ways.
1) Make Money By Creating And Selling NFTs
Creating and selling NFTs form the basic model to make money with these digitized tokens. As a user moves forward to create an NFT, he must be aware of the token’s rarity. The pricing of an NFT is highly dependent on the rarity. To deal in this art form, users must begin with creating their crypto wallet using the Metamask application and connect it to the available marketplaces.
While reaching out to the right audience was difficult earlier, NFTs provide an exclusive experience for young talents to monetize their piece of art. Every intricate detail can be digitized into these tokens, from creating a portrait to writing a story. In other words, the young talent is being appreciated as unique art opportunities are reaching out to the world.
Creating NFTs can offer long-run profitability as the collection starts gaining popularity. With the proper purpose, NFTs can hold tremendous art value in the future. OpenSea being one of the top NFT marketplaces, has the potential to bring high-paying clients to your desk. Similarly, proper due diligence about the marketplace can save one huge money in service fees.
2) Trade NFTs For Short Term Profits
How to make money with NFTs being a crucial discussion adds up in different money-making ways if one isn’t good at creativity. While creating NFTs seemed like the only viable option, trading it can make one good money.
With proper due diligence, users can interpret the future worth of an NFT and predict the correct pricing for it. The due diligence should be based on factors like the NFT’s rarity, the artist behind it, the roadmap, and the different traits it is based on. One can even capitalize on the market sentiments to profit from it.
3) Rent Out NFTs With Collateral-Less Lending
Renting out NFTs promotes flexibility and endurance at both parties’ ends. With collateralized and collateral-less lending in hand, the NFT industry has opened up enormous possibilities for users to enjoy the metaverse.
Under collateralized lending, smart contracts adhere to the terms and conditions set by the parties, and the asset is transferred back to the owner at the end of the contract. On the other hand, a digitized copy of the NFT is created and shared with the borrower under the collateral-less method.
Using this method, one can capitalize on the upcoming Web3 gaming industry and offer a seamless experience to borrowers who can’t afford to purchase NFTs. One such portal enabling this transaction is ReNFT (renft.io)
4) Make Money On Play To Earn NFT Gaming
The gaming industry has incentivized the process and offers P2E models to NFT holders, promoting an income stream for users. Top Gaming NFT projects like Axie Infinity and The Sandbox are revolutionizing the metaverse by offering different models to capitalize on the upcoming Web3 gaming model.
NFTs work as a gateway to the metaverse, unveiling different stages for growth and challenges to earn money. Some projects have initiated their own tokenized model with decentralized exchange to promote a seamless experience when redeeming the coins for dollars.
However, every project has a different channel for an income stream, and one must conduct proper due diligence before purchasing NFTs related to the same.
5) Earn Money Using NFT Royalties
While most consider selling NFTs as the only source of income, royalties open up a new channel for artists and creators to receive a continuous form of income in the long run. With every sale of NFT in the secondary market, the creator receives a royalty percentage set at the project initiation.
This empowers the current creators to showcase their potential in it. The recursive sell becomes a mode of value creation and innovation for NFT creators, which is kept intact via smart contracts.
Therefore, this seems like a viable option for how to make money with NFTs.
6) Earn Money By Investing In Staking NFTs Projects
The gaming industry has numerous possibilities, and staking NFTs is one of the best ways to make money from NFTs. By locking up the NFT on a platform, users can earn staking rewards depending on the annual percentage yield, duration of the stake, and the number of NFTs put on it.
Some of the prominent platforms offering such ways are MOBOX and Zookeeper. With a higher number of staking days, the potential to earn rewards increases. However, every project has a different APY to offer, and one must conduct their due diligence properly.
7) Invest In Licensed Collectibles With Smart Contract
Collectible NFTs is a smart process to bring users close to their loved ones. With limited digitized tokens in hand, grabbing one during the sale gets hard. Collectible NFTs are based on games, sports, artists, celebrities, and any other art form which is respected by the community.
As the demand for collectibles increases, the price rises simultaneously. In other words, licensed collectible acts as a smart asset that can be capitalized in the future.
How To Make Money With NFTs? – Takeaway
NFTs conceptualize an innovative tokenization method that empowers different streams of income. With this article, you must be clear on how you will make money with NFTs in 2022.
Therefore, unlock your potential with the new industry in hand!
Q1. Can I Make Money Minting NFTs?
Minting NFTs is equivalent to creating your own NFTs and ranking them on the secondary market. With a proper roadmap, NFTs can showcase a purpose and thus can be a valuable purchase for others. Similarly, digitizing any art form will have a higher value based on the sentiments involved.
Q2. Is Nfts Easy To Make?
While the process of creating NFTs is not simplified, with proper guidance, NFTs are easy to make. OpenSea is one such platform that offers free NFT creation. However, the cost of NFT minting varies as per the date you choose for your NFT sale.