Do you know that you can make money with NFT? The recent global rise of Non-fungible tokens (NFT) has changed the way people make a fortune from the digital world. When you understand how to create an NFT, list, and sell them on different platforms, you will be on your way towards making a huge passive income.
Most people have become overnight millionaires because of the creative digital artwork that they sold as NFT. So how can you make money with NFT? In this article, you will learn how to make money with NFT.
An NFT simply means Non-Fungible Token in full. It is a specific unit of data that deploys technology to enable digital content such as images, videos, and songs to be registered and validated on any cryptocurrency blockchains.
The primary blockchain technology mostly used for NFT operations is Ethereum. With this cryptocurrency blockchain technology, artists can easily make money by selling their digital content. Once the digital content is sold, the buyer automatically becomes the owner of the content.
NFT stands for Non-Funigble Token. This simply means that a digital asset can belong to a particular person. No matter who comes in contact with this digital piece, the original owner will always receive credit for it.
Non-Fungible Token is a 100 percent legit source of income in this era. However, anyone can create and own NFT. This implies that the NFT technology can be accessible to all. Hence, genuine and fake investors can venture into the NFT trade without restrictions. As a result of this, many fraudsters are seriously taking advantage of the technology to defraud people.
Sometimes, some groups of influencers are highly paid to promote fake NFTs. So, if you are not careful, you may end up becoming a victim of an NFT scam. How can you avoid NFT scams?
To be on the safer side, you should always complete any transaction in verified crypto-based platforms. Scammers will always attempt to lure you to fake websites with too good to be true offers. You should be smart enough to spot any scam before it actually gets to your pocket.
Non Fungible Tokens are completely different from cryptocurrencies. An NFT is a digital asset that can be bought and sold using any type of cryptocurrency. When NFT first emerged, Ethereum was the only cryptocurrency that was used as an exchange for these digital assets.
However, other cryptocurrencies are slowly accepting the technology and allowing its holders to use their coins to purchase an NFT. Since NFTs can be exchanged at a coin equivalence, it is a sample to be unique and totally different from cryptocurrency.
Investing in NFT is a step that will take you into the future. Since the idea of NFT is new on global trends, you may consider investing now to take advantage of this life-changing opportunity.
How can you invest in NFT? Follow these procedures to learn how to invest in NFT.
The first bold step you should take is to conduct research. Before investing in NFT, you should note what type of digital asset you should consider first. Since NFTs can exist in the form of images, videos, or songs, you should do your findings to make up your mind before making a purchase.
Websites like NFTcatcher.io, or Rarity.tools are designed specifically to guide NFT investors towards the right investment paths. These platforms often display a list of upcoming Solana and Ethereum NFTs which will dominate the NFT market in the future.
From the provided information, you will discover every detail about the upcoming NFTs including sales date, number of NFTs to be sold, and cryptocurrency used to complete the transaction. You will be guided towards the right path with this information.
As an NFT investor, you should verify the team behind the upcoming NFT. You should also determine the exact type of NFT before putting your money at work. Sometimes, the NFT may come as on-chain.
In other circumstances, it comes as off-chain. Note that off-chain prefers to utilize centralized services which may misplace the image when the server is interrupted. Hence, you should know everything about the NFT before taking the next step.
You should get closer to the team, join their telegram group and learn everything about their upcoming project if you want to become a successful NFT investor.
You cannot purchase NFT directly with your cash. Hence, you need to buy the cryptocurrency that will enable you to buy the NFTs without much stress. The commonly used cryptocurrency often used to buy NFTs is Ethereum.
But other cryptocurrencies have made it possible for NFT investors to purchase their desirable NFTs without stress. But you need to select a suitable exchange or brokerage to execute your transactions without error.
Who is a brokerage? A cryptocurrency brokerage is a company or an individual that stands as the middleman to investors. The brokerage also provides a platform for buying and selling cryptocurrencies.
Hence, crypto buyers and sellers often use a particular exchange to trade their coins for a given price. Note that many brokerages out there will convince you to invest in NFTs through their platforms.
For safety and quality transactions, select only reliable and trusted brokerage or exchange. Gemini, Coinbase (NASDAQ: COIN), Binance.US, or Robinhood (NASDAQ: HOOD) are some of the most reliable and trusted brokerages to deploy while investing in NFTs. Each of these brokerages has suitable terms and conditions.
As an NFT investor, you are meant to read these conditions to ensure that they are favorable to your investment plans and decisions. Note that these platforms will charge you a certain fee before allowing you to buy an NFT.
To be specific, Coinbase charges about $0.99 when the trade is $10 or less. Keep in mind that these charges can increase depending on your transaction at any given time.
The essence of finding an exchange is to enable you to convert your money into cryptocurrencies. You can buy as many coins as possible, depending on the price of the NFTs you intend to buy.
Once you are satisfied with an exchange platform to work with, proceed to find a favorable NFT market that will bring your vision to reality.
Keep in mind that the NFT marketplace is where you will either purchase or sell your NFTs. As an NFT investor, endeavor to find a suitable marketplace free from scams. The marketplace should also guarantee your safety while making your NFT transactions. Keep in mind that every NFT marketplace has its own unique crypto wallet.
The marketplace will determine how to sell any specific NFT to investors. The two methods commonly deployed by these marketplaces to sell NFTs include flat rate or auction. As an investor, you should conclude on the options that work best for you.
The most popular NFT marketplaces you should consider include OpenSea, Rarible, Larva Labs, Axie Marketplace, and NBA Top Shot Marketplace.
If you are already excited about NFTs, you will surely become more excited when you discover various ways to make money from them. Millions of people are already fascinated with the idea of NFTs.
Hence, more investors are considering investing in NFTs and purchasing more digital assets for future investments. So how can you make money with NFTs? You can make money with NFTs in the following ways.
Rent out your NFT
Most investors on this emerging technology are making a fortune by renting out their NFTs for a duration. However, you must own the NFT before renting it out. If your NFTs are engaging, people that don’t have enough cryptocurrency to purchase them may consider renting them out for a short period.
Renting your NFTs is similar to renting out any of your properties. People can pay a certain amount to use it and return it when the due date is over.
Designing your own NFTs and selling them to Investors
Anyone with creative skills can create digital assets. Hence, if you have the required skills to create unique NFTs, you may consider creating such an asset and sell them off to investors willing to pay a certain fee for it.
Whichever NFTs you want to create, you must ensure that your content is of a high standard. This act will enable you to attract high-paying investors and top influencers to promote your NFTs and help you grow in return.
NFT Royalties are regarded as the best ways to make more money with NFT. Selling your NFT Royalties simply means that your investors can own and receive a smaller percentage of the NFTs in the future.
Hence, they will always receive a small amount whenever a purchase is made.
NFTs staking is a unique way to generate passive income with NFTs. When people purchase your NFTs at a greater price, you will receive a payment for this purchase.
Purchase cheaper NFTs and resell them for a greater price
This strategy is like buying a cheaper product and reselling them for a greater profit. When potential NFTs are newly launched, the creator often lists them with less price to attract early investors.
If you are lucky enough to purchase at the initial stage, a time will come when you sell off the NFTs at a higher price.
You can participate in the NFT development scheme and generate a passive source of income in the future. Since NFTs run on blockchain technology, you can have a great interest in this technology and see how you can develop your own NFTs from it.
This earning option is most suitable for programmers who have a deep understanding of blockchain technologies.
Learning how to buy NFTs is a unique technique that requires maximum focus from the investor. You must carefully analyze all the risk factors to ensure you are on the right track. So how do you buy NFTs? When you consider purchasing NFTs, endeavor to follow these procedures?
The first step you should consider is to buy a cryptocurrency. Most investors prefer to buy Ethereum as it stands to be more effective in buying NFTs. Keep in mind that most NFTs are created to be Ethereum-based tokens.
Hence, most NFTs marketplaces accept mostly Eth tokens as their official payment. To ensure you are in the same phase with NFTs marketplaces, buy mostly Ethereum coins for your NFTs investments.
If you are not into cryptocurrencies before, visit any popular exchange such as Coinbase, Binance, eToro, and more to exchange your cash with Ethereum coins.
Once your Ethereum coins are ready, your next step should rely on selling your NFT in any suitable marketplace. Keep in mind that there are several NFT marketplaces to purchase your digital asset.
All these websites have policies that every NFT investor must abide by. MetaMask is a platform built as an Ethereum wallet. It is made available as a Mobile app and chrome extension. Create an account on this before signing up with an NFT marketplace.
Any NFT marketplace will request an Ethereum wallet to make the process less complicated. It is also advisable to connect your MetaMask to a Ledger hardware wallet. This will give your account maximum protection and protect it from any cyberattack.
Once your account setup procedure is completed, proceed to your NFT. Keep in mind that most NFT marketplaces often sell NFT using an auction format. Hence, you will have to submit a bid for any NFT of interest.
Keep in mind that there are primary and second NFT marketplaces. The primary marketplace makes it challenging for investors to calculate the demand for a digital asset. But a secondary marketplace makes it much easier for investors to compare the current prices based on the previous sales.
Once you have a clear understanding of the market, you can make a successful investment in NFTs.
Anyone can make NFT as the process involved in creating one is simple. Follow these procedures to make an NFT.
Select your content
NFT can exist as any digital asset including images, music, games, and many others. So you should carefully select the item you want to create and focus all your energy on bringing it to reality.
Select your blockchain
You have to find a suitable blockchain Technology that will enable you to bring your digital assets to life. Keep in mind that the blockchain technology that you choose will determine the success of your NFT.
Create your digital wallet
Once you have made up your mind on blockchain Technology, your next target should be on creating a digital wallet. The best NFT digital wallets include MetaMask, TrustWallet, MathWallet, Coinbase, and AlphaWallet. Choose any of these wallets and register with them.
Find your NFT Marketplace
After you must have completed the entire process, endeavor to find your NFT Marketplace. OpenSea is a great NFT Marketplace to start as a beginner. Professionals also earn a living from the Opensea Marketplace.
Connect your Digital Wallet to your marketplace
Once you must have selected an NFT Marketplace and digital wallet, proceed to connect the two together.
Upload your NFT File
After completing the registration process, you should conclude this process by uploading your file and placing it before investors. The NFT Marketplace which you choose will provide a step-by-step approach on how you should upload your NFT.
Set up your prices
Before your NFT is ready for minting, you should conclude on the prices to avoid complicating issues among investors. The pricing also depends on the platform and its terms and conditions.
If you want to make a free NFT, you should get ready to deploy some creative approaches towards making your dreams a reality. When considering how to make NFT for free, you should consider following these procedures.
The first step is to prepare the digital assets to launch as an NFT. Once your digital assets are ready, proceed to create a digital wallet.
MetaMask is one of the best Ethereum based digital wallets to create. Since MetaMask is a free browser and mobile app-based platform, you can create an account for free here.
Setting up your platform on OpenSea is completely free. However, the marketplace often charges 2.5% of seller fees which you will be required to later in the future.
You will likely pay this 2.5% commission when investors begin to purchase your NFT. But since your target is to create NFT for free, focus on minting an NFT collection on OpenSea. Proceed to create your first NFT collection and earn from this.
After creating your NFT collection on OpenSea, the next step is to list your NFT for sale. Remember to set the price to guide your investors accordingly.
NFT arts are digital assets that will determine your success in the NFT marketplaces. How can you create NFT art? You can create an NFT art following these procedures.
The first step you should consider is to select a favorable NFT Marketplace to work with. Most Professionals in the NFT market have revealed that OpenSea is the best NFT Marketplace to choose. Visit the platform and see how you can work your way through.
When you are satisfied with the marketplace, find a suitable digital wallet to open. MetaMask is one of the best digital wallets to work with while creating NFT arts.
There are many NFT collections you should consider. You should know the category that your digital assets belong to. Note that you have to configure your collection with a unique name. This name should be engaging enough to attract NFT investors to your collection.
Once your NFT collection is set up, you will begin by creating your digital art token. In this stage, you should click on the Add New Item icon. This action will take you to a page where you will upload your metadata.
The data which you are allowed to upload can be images, audio, or any other file. You can also decide to create a standalone token or the edition token. Your choice must be clearly defined if you hope to succeed on this platform.
The next step is to list your creative artwork to sell. When you are listing for the first time, the marketplace will demand a glass fee from you. However, you may not have to pay this fee while listing your artwork in the future.
After listing your artwork, you have to promote it across all social media platforms to attract investors. You can pay influencers with big NFT telegram channels to promote your artwork before thousands of investors.
NFT minting is a process that determines how your digital art will become an essential part of Ethereum blockchain technology. This implies that NFTs exist as tokens and are created once they are minted. So how can you mint NFT?
Once you land on the NFT Marketplace, you have to find the create button. Once you hit this button, you will be taken to a page where you should upload your NFT.
Every marketplace has a unique format for minting NFT. Hence, as you upload your NFT in the marketplace, ensure that it is minting according to the rules of the platform.
The last minting process is to click on create an icon. This action will enable your NFT to be created on the marketplace. At this point, you should keep in mind that no NFT investor will see your NFT to buy. Hence, you still have to list your NFT so that people can identify it and complete their purchases.
When it comes to buying and selling NFTs, you have to train yourself on how to master the process. If you want to succeed in the NFT marketplace, you must understand the process.
To buy or sell NFT, you need to have cryptocurrencies. As a buyer, you have to learn about the NFT in question, find the best marketplace to complete the purchase, and join the auction sale to bid for the NFT.
But as a Seller, you need to own the NFT, mint the NFT before listing it for sale.
To accomplish this, there are many applications you are meant to deploy. Some of these applications include Photoshop, Gimp, Figma, and many others.
Most NFT creators prefer to use Figma as it is more convenient to assist creators in creating high-quality NFT collections. Aside from its convenience, the Figma app is vector-based.
This feature alone gave it an additional advantage over other applications that can create an NFT. To use Figma for your NFT collection, you should follow this procedure.
The first step you should consider in creating the NFT collection using Figma is, to begin with, the furthest layer which is the background.
The platform will provide you with several options of background. So you have to carefully choose the best option that matches your design to use accordingly. Keep in mind that these several options of background will later form the final image.
This layer is also known as the image outline layer. Here, your image will slowly begin to take a shape with respect to the initial background with your choice from the beginning.
The two-color layers allow you to add unique colors to the NFT image. Here, you will be provided with several options to add to your image. From this point, you can beautify your image and give it a unique color that will attract investors.
Several other layers will enable you to add beauty to the image. For example, if you are making a monkey, you can beautify the image by changing the eyes’ color, adding a hat, and other attributes to the image. Some of these options will make your NFT collection stand out from the marketplaces.
When you are satisfied with the layers, the next step is to export each individual layer as a PNG image. The essence of exporting with PNG is to maintain the transparency of each individual layer.
NFT Stock is a stock option that is created by businesses based in NFT. The good news is that anyone can invest in these stock options. You don’t have to go through the cryptocurrency exchange market to invest in NFT stock. This can be done directly in the stock market.
The three best NFT stocks to consider include PLBY Group, Funko, and eBay. Before you consider investing in any NFT stock, endeavor to do your findings to remain in the right phase with the stock market.
At the time of writing this article, the NFT Price is $0.1997, its 24hours trading volume is $49,356.36, the Market Cap of 7,362,999.70, and the Fully Diluted Market Cap of $17,754,433.52.
NFT games are unique games in the game-fi world where users are allowed to own the game characters and earn an income from playing games.
Each user can rent out, sell or buy the game characters from another user. Collectors and players make more money while using play-to-earn models.
If you desire to remain active and safe in the NFT game world, you must endeavor to transfer your cryptocurrency to a compatible wallet. Since this is an emerging technology, scammers are willing to take advantage of it to ruin new coming investors.
Hence, you must be watchful to avoid getting scammed while playing an NFT game. Currently, NFT games are only available in Ethereum and Finance Smart Chain (BSC). However, this may likely change in the future.
You can find a suitable NFT game to play and enjoy earning while having fun.
NFT marketplaces are online platforms that bring artists, investors, crypto enthusiasts, and creators to trade and exchange NFTs collection with cryptocurrencies.
As you step into an NFT marketplace, you will likely meet thousands of people with similar interests with you. The best NFT marketplaces to consider include, OpenSea, Rarible, Super Rare, Axie Marketplace, NiftyGateway, Larva Labs, and many others.
NFT monkey is designed as a non-fungible token of digital artwork with a unique shape and one out of 10,000 variations currently existing in the NFT marketplaces.
The NFT monkey can be found on the OpenSea NFT marketplace. You can visit the marketplace to check out other details about this unique monkey.
Non-fungible tokens are slowly dominating the internet world. More people are getting interested in the idea of NFTs because of how fast it makes people millionaires.
Some examples of NFTs include digital collectibles, domain names, non-digital collectibles, avatars, tickets, songs, video game characters, and more. If you are still having a double mind about investing in NFTs, this unique story should convince you to consider investing in this life-changing opportunity.
In the early March of 2021, an artist named Beeple’s put together a 5,000-day piece of artwork and merged it into one piece. He later sold the artwork for over $69 million.
This massive sale broke history to become the costliest piece of digital artwork ever sold in the world.
If you want to find NFT for sale, you should visit any reliable NFT marketplace and analyze the market closely to learn more about the best NFT to purchase.
Influencers often promote a new NFT that will likely dominate the NFT marketplaces. Hence, you can follow top NFT promoters across all social media platforms and learn about upcoming NFTs to invest in.
OpenSea is one of the biggest NFT markets where investors can trade their NFTs and make extra money. But you must learn how to find your way across the platform before you can qualify to make money from OpenSea. Follow this procedure to earn from OpenSea NFT.
You need to own an NFT before you can qualify to earn from OpenSea. Keep in mind that you will be paying a one-time gas fee charge on this platform.
This gas fee can range from 200 to 250 USD. It may cost less depending on the type of NFT you are listing. This gas fee is exclusively meant for Ethereum NFTs.
Through this strategy, you don’t have to pay up to 100USD to make necessary adjustments or sell or buy an NFT.
You can make money from purchasing and holding NFTs on OpenSea. When the market is favorable to your NFTs, you can sell them off and make some money.
You can rent your NFT and stand the chance of making some money.
As an artist, you should be open to the new opportunities offered by NFT. However, you must learn the process before you can be qualified to make money from your creative artworks. As an artist, you can make money through the following means.
Since you are already in the field, you have to make unique NFT arts using Photoshop, Gimp, or any other suitable software applications.
OpenSea, Mintable, Foundation, and Rarible are the best NFT marketplaces you may consider starting out as an artist. Ensure that your arts are creative enough so that you can make it big on these platforms.
Once you have signed into any suitable platform, proceed to list and sell your NFT arts at a specific price on the platform.
Whether you are a new or a returning artist in any NFT marketplace, you still have to promote your art and attract more audiences. Keep in mind that you can sell greatly and connect with more people when you promote your arts.
Newbies in any field always find it challenging to adapt to the concept and rules of that field. When you are new to NFT, you may spend some time before mastering how to make money from NFT.
But a newbie that follows the footsteps of the Professionals will never miss the road. Follow this procedure to make money from NFT as a beginner.
Study the process
Never jump into a field you are yet to master. You must learn how NFT works before hoping to earn from it.
Study the last and top bid before joining the auction
Since most NFTs are sold based on auction sales, you must learn how to monitor the process to make you remain on the winning side.
Sell your NFT
You can also sell your NFT and stand the chance of making good money from these sales. You don’t have to be a pro to buy and sell NFTs, the process is quite simple and realistic.
You don’t actually have to acquire enough experience to make money from NFT. With the little knowledge you have about digital assets, you can create a passive income from them for life.
However, you still have to understand how NFT works, especially the buying and selling aspect of it. With the information you acquire about NFTs, you can compete with other professionals on the platform and make serious money from it.
To transfer NFT, you need to create another wallet or have the recipient’s wallet who will receive the transfer. You also need to own the NFT before you can consider transferring it to another digital wallet. Once everything is in place, follow this procedure to transfer the NFT.
This first step cannot be overlooked. The wallet must be compatible with yours to guarantee an effective transaction.
The next step is to open the cryptocurrency wallet holding back the NFT. You must secure your wallet to avoid any back attempt targeted to it. This includes your private keys, passwords, and other personal information.
Once you have successfully gained access to your cryptocurrency wallet, the next step is to prepare the NFT for transfer. When sending an Ethereum NFT, keep in mind that you can only complete the transaction with an Ethereum coin. The same thing applies to other types of NFTs.
Before concluding the transaction, you should cross-check every detail to verify if your information is accurate. Check if the recipient’s address is accurately written. Through this process, you will avoid sending the NFT to another account.
On December 15, 2020, the bidding for the first-ever tweet connected in the NFT Marketplace. The former Twitter CEO, Jack Dorsey later sold his first tweet that says “just setting up my twttr.” for $2.9 million.
This tweet was published on March 21, 2006. However, the bidding for the NFT ended on March 21, when the final bidder concluded with 2.9 million dollars.
The list of best NFT marketplaces consists of the following.
- Binance NFT
- Async Art
What is NFT Music?
NFT music exists as a specific musical work in which the owner has the exclusive right to specify how the song will be used and who will use it. NFT music gives the owner a certificate of ownership to the music artwork.
This implies that no other person has the right to that song except the original owner. Music artists and composers have used this type of earning to connect better with their audiences.
As an artist, keep in mind that NFT music will give you more rights to earn from your songs.
Follow these procedures to create an NFT account.
To create an NFT account, you must first decide what exactly you want and how to work your way through.
After that, select a blockchain for your NFT. Most people will go for Ethereum cryptocurrency as it stands to be the best coin for NFT.
The step you should consider is creating a crypto wallet such as MetaMask to store your coins.
Before visiting an NFT marketplace, endeavor to top up your wallet and make your session in the marketplace more convenient for you.
The last stage is to join the NFT marketplace and create an account with them. Follow the on-screen instructions to complete the process. When you complete this step, you can begin to buy or sell your NFT to investors.
Thank you for reading this article up to this length. If you are still reading, it implies that you are focused to succeed in the NFT marketplaces.
When you use the information provided above to buy or sell NFT, you will easily attain a greater milestone on the NFT platforms. Focus on taking advantage of this unique source of earning money to accomplish success and rewrite your financial story.