One of the biggest appeals of non-fungible tokens is the aspect of making money online! We all like to make money with the least amount of effort possible! And, with NFTs being all the rage nowadays, learning how to make money with NFTs is EPIC.
Weâ€™ve put together a list of 5 proven methods that you can use to cash out off non-fungible tokens! However, this does require that you have basic knowledge of how NFTs work and how to handle them. Thankfully, weâ€™ve got you covered. Everything you need to know about non-fungible tokens all in one place andâ€¦ itâ€™s FREE! So, click on the button below to join the hub!
HOW TO MAKE MONEY WITH NFTs
So, despite the most recent market decline for non-fungible tokens, they remain one of the most lucrative businesses out there! Therefore, learning how to make money with NFTs could change it all. Also, it isnâ€™t as hard as you might think.
Granted, youâ€™re going to need a slightly larger investment amount than you would if youâ€™re investing in sneaker reselling. Or, maybe even making money off retail items! But, if crypto sounds appealing to you, then non-fungible money-making is for YOU! Hereâ€™s how to do it!
Mint and Sell
First things first, how to make money with NFTs through the mint and sell method. This is the most direct for money-making â€“ aka creating your own NFTs and selling them. This could be anything from artwork, images, videos, memes, collectibles, and more. So, youâ€™ve got tons of things to pick from!
Buy and Sell
Next, weâ€™ve got how to make money with NFTs through the buy and sell method. This is for people who feel like they do not have the creative juices or patience to create their own collection. All you have to do is buy any NFT you want from any collection as long as it is relatively hyped. In other words, you wanna choose an NFT that you can sell.Â
But, this also requires that you know what youâ€™re doing when it comes to buying and selling NFTs. One wrong move and you could lose more money than you can make. Click here for the perfect guide to help you become a non-fungible reseller!
NFT Royalties & Commercial Right
However, learning how to make money with NFTs through NFT royalties might just be our favorite method. Why? Because it requires the least amount of effort on your part! NFT royalties guarantee a consistent flow of income without you doing anything at all! How it works is that you set a percentage royalty on your NFT â€“ this is usually set in the NFTâ€™s smart contract.
After that, you sell the NFT! And, whenever the NFT changes hand (resold to someone else), you get royalties. The entire process is fully automated and you donâ€™t even have to do anything! Click here to understand more!
Also, another thing you can do is make use of Commercial Rights. One of the more fun takes on how to make money with NFTSs! Certain projects give commercial rights – aka copyright – to their token holders. This way you can use your NFT to create all kinds of products for commercial use and sell them. This could include shirts, physical copies, or maybe even beer packaging! Click here to find out more!
Next, another strategy on how to make money with NFTs is NFT HODLing. HODL is an NFT term that stands for â€śHold On for Dear Lifeâ€ť â€“ a popular term amongst retail traders! The concept is to, simply, NOT sell.
Now, although that sounds counterintuitive, it is a legit investment strategy! But, it is definitely one of the riskiest methods on this list. This is because HODLing requires strategic planning and perfect timing. You basically hold on to the NFT until the collection price increases to a peak! Then, you SELL before it starts going down again.Â
Finally, our last technique on how to make money with NFTs is NFT Staking! Kinda like HODLing, NFT staking includes â€ślocking upâ€ť your digital assets on a DeFi platform (decentralized finance platform) and getting rewards in return. This happens in Proof-of-stake blockchains.
However, there are only a few platforms that currently do this. This mainly includes P2E gaming industries and platforms like Kira Network, Splinterleads, Only1, and NFTX. Learn more about making money with NFT staking here!