The possibility of make money with NFT is attracting many people to the cryptocurrency market. One of the most popular ways to profit from this type of asset is through NFT games, but there are other alternatives, such as reselling and creating art.
In the cryptocurrency sector, a token is the digital representation of an asset registered on a blockchain. NFTs are a type of token known as non-fungible. This means that they are unique objects! The idea of having an exclusive and irreplaceable item seems very attractive, as does the possibility of profiting from it. As a result, the NFT trade is attracting more and more interest.
What's more, in the new era of the metaverse, almost anything can become a token, opening up even more possibilities for the segment. But how do you make money with NFTs? In this article, you'll learn about the best options for becoming part of the new trend, as well as a step-by-step guide on how to create your NFT!
Table of Contents
What is NFT and how do you make money with it?
In the world of cryptocurrencies, we can say that a token is the digital representation of an asset registered on a blockchain. NFT stands for non-fungible token. But what does fungible mean?
However, a unique work of art cannot be considered fungible, because there is nothing that can replace it. Following this reasoning, as an NFT is a non-fungible token, it cannot be exchanged. Furthermore, in the new era of the metaverse, almost anything can become an NFT.
The metaverse is part of Web 3.0, the proposed Internet of the future. In other words, it is a shared virtual space in which users can live everyday experiences in a virtualized way. Thus, NFTs make up this new space, representing items from the virtual world, such as terrain and avatar accessories.
Ways to make money with NFTs
We've listed the three main ways to make money with this format. Check them out:
- reselling NFTs;
- NFT games;
- creating NFT art.
Reselling NFTs
As you might expect, the market for buying NFTs is booming. However, some people are buying NFTs without even knowing what they are. However, some see the NFT market as a financial investment possibility.
In the case of reselling NFTs, the profit comes from the difference between the amount paid and the amount resold. That's why it's important to buy NFTs that appreciate. Those who understand works of art, for example, can discover artists who can be successful.
NFT games
NFT games have managed to unite the electronic gaming and crypto asset markets in an innovative dynamic for investors. While in traditional games your spaces and objects have value only in the environment itself, the situation changes considerably in NFT games on the blockchain network.
In the game universe, the products and services of the game economy have value in the financial market, so they can go up or down in value.
Here are some options for NFT games to make money:
- Cryptopop: this is a game that rewards you with fractions of the Ether cryptocurrency. You can receive them directly in the Coinbase digital wallet, which allows you to trade bitcoins and other cryptocurrencies;
- Axie Infinity: inspired by the Pokémon universe. Each collectible avatar has specific skills to help the team win games. The successful player receives in-game coins that can be exchanged for fiat currency;
- Tethan Arena: considered to be Axie Infinity's direct competitor, it combines the player's skills with teamwork in an online multiplayer battle arena. To get paid, you have to buy avatars, which are NFTs;
- Alien Run: in a simple scenario, the player has to run, jump, and change gravity to advance. To collect bitcoins, you have to pass through five stages, earning a “fragment”. The fragments can be exchanged for virtual currency;
- Doge Dash: inspired by other more traditional electronic themes, it is based on a car racing system. The player can register and invest in a starter car for the competition. Along the way, you earn coins and skills.
Finally, if you're interested, your NFT from the game can be sold. And, as you might expect, the value will depend on how rare or sought-after the object is. In general, most “play to win” games work on a dollar basis.
Create art
If you're an artist, you can create digital art, turn it into an NFT, and then sell it. This way, the more people who like the artwork, the more success and, consequently, the more money. Whoever buys the NFT has ownership of the work and can, for example, charge royalties whenever it is reproduced by a vehicle.
A recent success story was the “bored monkey” NFT. It went viral in the World when soccer player Neymar joined the NFT movement, investing around US$ 569.531 in two tokens. Today, the collection is one of the most valuable on the market, because the Bored Ape Yacht Club (BAYC) avatars spread quickly and became a benchmark for the NFT market.
How to create an NFT?
But in addition to knowing how to make money with NFTs, those who want to create their assets may have some questions about how to do this. After all, how do you create an NFT? Check out what you'll need if you want to create your digital work:
Steps to create an NFT
- create a wallet and store the cryptocurrencies: just as we store cash and credit cards in a physical wallet, we need a virtual wallet to store the coins;
- connect the wallet to an NFT marketplace: NFT marketplaces are online trading platforms. OpenSea, for example, is considered the largest trading platform in its category. Creating an account is free, but transaction fees are charged for maintenance and the Ethereum network;
- mark the presentation of the digital asset: any digital content can be a digital asset (images, audio, video, and software);
- mark set the price: set the price of the NFT, remembering that it varies according to market speculation. The price will therefore depend on how people value the asset represented by the NFT;
- mark validate the process: to protect your NFT, you need to turn it into a unique token. This process is called “minting” and requires the payment of a fee in cryptocurrency. Depending on the day and time, this amount may vary.
Conclusion
In this article, we've seen three ways to make money with NFTs: reselling, staking, and creating NFTs. It's interesting that, as we said at the beginning, in the new era of the metaverse, almost anything can become an NFT!
Therefore, the market still has plenty of room for expansion, with alternatives for buyers and sellers interested in the segment.
If you want to create an NFT, don't forget that you need a digital wallet, which allows you to store cryptocurrencies. Then connect the wallet to an NFT marketplace, upload the digital asset, enter its price, and validate the process.
One tip for making an NFT for free is the Polygon blockchain, which charges no operating fees. It is available to anyone using this open-source network to put a token up for sale.
Frequently asked questions
Is it possible to make money with NFT?
Yes, it is possible to make money with NFTs by reselling NFTs, playing NFT games, and creating NFT art
Do you have questions or suggestions? You can leave them in the comments!
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