Easy Money-Making Techniques Using NFT Beginners Can Master

Market booms triggered by NFTs over the past 18 months have provided investors with a variety of return opportunities. Perhaps you’ve heard stories about people making huge fortunes thanks to NFTs. 

Nowadays, the mere mention of NFTs’ success alone is enough to make anyone curious about the possibility of making money from it. Beeple’s NFT, for instance, sold for USD 69.3 million, forever changing the face of digital collectibles.

The whole world is scrambling to get their feet wet in hopes of catching this wave. Everybody, from celebrities to big companies and entrepreneurs, praises them and gears up to join the action.

Compared to $162.4 million at the start of the year, the NFT market has grown to $12 billion in 2021 alone. So, whether you are an artist just getting started or you are a seasoned pro, there is value in learning a few easy money-making techniques using NFTs as a beginner. 

Throughout this guide, we are going to cover easy money-making techniques using NFT step-by-step, pointing out the best approaches and the best platforms to invest in NFTs – while sitting at home in your pajamas. Let’s get started. 

What is an NFT and what makes it so valuable?

NFT refers to a “Non-Fungible Token” a digital asset that cannot be altered or duplicated, and to understand them, you must first know what fungible and non-fungible tokens are to make an informed decision.

Valuable historical nugget

It is not new to economists to discuss fungibles and non-fungibles. Ancient Romans traded coin-like objects, perhaps for gambling or brothels. During the Middle Ages, special tokens known as “Abbot’s money” allowed English monasteries to pay foreigners for their services. 

As we fast forward to more recent times, gambling machines and arcade games began utilizing fungible tokens that were exchangeable for cash. Other uses for such tokens include car washes, telephone booths, and parking garages.

Easy money-making techniques using NFT

Crypto-era or not, tokens represent a similar concept, one that represents a tangible or intangible asset within an ecosystem. For example, bitcoins are fungible tokens within a blockchain. 

On the other hand, non-fungible tokens serve as data units representing unique digital assets on the blockchain and serve as proof of ownership.  

A bitcoin, for example, can’t be carried around in your hand like a dollar, as it does not exist in physical form. In contrast, you have the option of exchanging one BTC for another BTC, which is the same and has the same value, according to the same principle as a dollar exchange.  Furthermore, you can trade BTC for other cryptocurrencies or even for goods and services.

In fact, many people consider it to be one of the most valuable currencies for online shopping and an excellent investment.

Interested in buying Bitcoin (BTC)? Buy Bitcoin today with confidence from reliable sources.

NFTs, on the other hand, are unique. Unlike fungible tokens, non-fungible tokens exist in a single sample. It’s possible to connect multiple NFTs to the same blockchain, but they’re all unique. For this reason, NFTs are used to represent commodities, such as artwork.  

The question may now arise as to why people are spending outrageous amounts of money on intangible items such as NFTs. Moreover, many people wonder how NFTs earn money when they are just jpeg images. I’ll explain that below. 

What makes NFTs so valuable?  

NFTs are valuable because they ensure non-fungible assets are authentic. The uniqueness and exclusivity of these assets make them special. 

Picasso’s painting, for instance, is non-fungible. His paintings are irreplaceable and unique, even though anyone can make copies. In other words, NFTs render digital content irreplaceable, thus increasing its value. 

NFTs’ worth is also heavily influenced by their rarity and base of interest. 

Easy Money-Making Techniques Based on NFTs

#1 – Create And Sell NFTs

Are you a pro creator? If so, you may have created something remarkable worth selling.  

Here’s some good news. Creating and selling NFTs is one of the easy money-making techniques using NFT that is ideal for both new and experienced creators.

It’s because NFTs have the potential to earn you more money in less time. Here’s how. 

Almost any digital product can be turned into NFTs and sold. Yes, anything digital. For instance, music, audio files, memes, images, videos, or anything artistic. Although it’s a bit awkward to say, you wouldn’t believe me if I told you that a New Yorker marketed his farts as NFT. 

Then there’s FEWOCIOUS – an 18-year-old trans artist who earned $550,000 in sales from a digital artwork named “Everlasting Beautiful”.

So go for it and take the plunge. With a touch of creativity, your passion projects can be turned into cash through NFTs.

It’s easy to create NFTs with the 5 best NFT creator software programs suitable for both beginners and professionals. 

Once you have created your NFT, you can sell it on platforms like Nifty Gateway, OpenSea, SuperRare, Rarible, and Axie Marketplace.   

#2 – Be an early investor in NFT startups

Early-stage investments in promising NFT startups are also a great way for investors to make money via NFTs. It is no surprise that most of the valuable NFTs were first minted at a low price, but their value skyrocketed as time went on. 

NFTs with high utility potential have a strong chance of becoming mainstream. A revolutionary future awaits them if you invest in them in the early stages.

As an example, take a look at “CryptoPunks” an NFT that could be purchased from $1 to $34 in 2017. These punks became valuable assets in 2021 as the NFT boom took off thanks to their position as first-movers. 

Even celebrities got their hands on these NFTs, with one punk fetching $24 million.      

#3 – Take advantage of NFT rentals

NFTs are digital assets whose authenticity cannot be replicated. How about renting out NFTs? As an NFT collector or creator, it is easy to generate passive income by renting out NFTs.

Renting them out and collecting the rent is as simple as renting out real estate. Another interesting aspect is that NFTs can remain in use for a long time before necessity requires their replacement. 

NFT rental opportunities include renting out them in video games or anywhere else where users can borrow them. There’s even a rental infrastructure available for it named “reNFT”.

There’s nothing to worry about as you will receive smart contracts for every NFT that you rent, with the NFT owner having the option to select the duration and lease rate of their rental agreement. 

#4 – Take part in NFT trading

Apart from selling and renting them out, one can also engage in NFT trading. It is not uncommon for business owners and investors to treat NFTs in the same way as stock, trading them for profit.

If you already have a collection of NFTs but no longer need them, then trading them out is a great option. However, trading NFT isn’t always straightforward.

The key is to sell them when it’s the right time, which itself depends on several things, such as: 

• What the NFT is? 
• What made you buy it, and if the item holds any other interest?

For a quick overview of these factors, do some research online using different marketplaces. Now, if you are planning to trade NFTs, remember that they are not all created equal. While some have a value of millions, others are practically worthless. 

So, as an NFT trader, always keep an eye out for potential resale opportunities.      

#5 – NFT Royalties

NFTs come with royalties, a feature that is a major highlight of the market. Digital assets can still earn the creator passive lifelong royalties after being sold. 

The original creator can choose the percentage of royalties they wish to receive during minting, ensuring that sales on secondary markets are paid to them. NFT royalties typically range between five and ten percent, with some going higher. 

NFTs that are more expensive tend to have royalty percentages included in them. To ensure NFT assets remain attractive to investors, certain NFT marketplaces cap royalties at around 10%. 

Creators must ensure that their NFT collections deserve to be invested so that they can maximize their royalty opportunities.  

#6 – NFT Gaming

Video games based on NFTs are also one of the easy money-making techniques using NFT. Yes, it is possible to earn money from games by trading NFTs for in-game items. 

The market already has some very expensive collectibles, for instance, those found in CryptoKitties, a rather rare collectible.

Some crypto cats have reached a price of $300,000 or higher. Recently, smaller, more affordable NFTs have been incorporated into many games. First-time sign-ups are even receiving free things from a few providers.    

#7 – Staking NFTs

Crypto-staking enthusiasts will enjoy the fact that NFTs can be staked as well. As for NFT staking, there are several mechanisms used, but the majority are based on locking up their digital assets on Defi platforms and receiving rewards.

Simply put, stakes are digital works stored as stakes, where they are assigned to those who will maintain them, and in return, you receive a share of the rewards.

As an NFT staker, there are several platforms at your disposal: NFTX, Splinterleads, Only1, and Kira Network through which you can stake your NFTs lucratively. 

Take advantage of these easy money-making techniques using NFT and watch your bank account grow.