Finance

6 Effective Ways to Make Money with NFT

6 effective ways to make money with NFT – NFT have quickly become a major trend in the worlds of art and finance. News about transactions for record amounts is heard from everywhere, and many are forced to wonder: what is it, and how can you make money on it?

make money with nft
Image by pikisuperstar on Freepik

In this note, we have collected 6 ways that will help you make NFT a source of permanent income.

1. Play to earn

The Play to Earn model has become a source of permanent income for many. One of the main blockchain games at the moment, “Axie Infinity.” It is especially popular in third-world countries, where people literally climbed out of poverty. Thanks to sponsors and investors who are actively attracted by this promising new direction.

In simple terms, play-to-earn games allow players to earn rewards that have real value in the world outside of the game. Suppose people spend dozens of hours in ordinary games just for the pleasure of the process (not counting streamers and professional cyber sportsmen). Then playing to earn offers much more serious motivation.

It works very simply: what you buy or earn in the game no longer belongs to the developer but becomes your property. Because each item is unique or rare, these NFTs have real value in the outside world. You can sell NFT outside of the game, on the real market, for real money.

What can be played this way? In addition to the already mentioned “Axie Infinity”, in which you have to collect NFT in the form of cute little creatures that fight for you in duels (it is often compared to “Pokémon”).

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There are many options for every taste: Gods Unchained card game, competitive multiplayer “Thetan Arena,” with mechanics similar to “Brawl Stars”, a fun building game “My Neighbor Alice” and many others.

2. Marketplaces

One of the most common ways to make money on NFTs is to trade them on marketplaces. Crypto marketplaces are rapidly evolving, and many platforms allow you to buy and sell NFTs. Such as OpenSea, Rarible, Foundation, SuperRare, and others. Technically, they are more or less the same. You just have to choose which platform provides the most attractive content for you.

3. Creating your own NFT collection

In order to create an NFT, you just need to understand what it is. Explore a few marketplaces, decide what you want to do, get your crypto wallet, and work.

The first step on most marketplaces will be to create a collection. This is done with the click of a button, then just follow the prompts, filling in the required information. Then add an object to the collection, and voila! you’ve created an NFT! You just need a little marketing skill to sell it.

4. NFT drops or NFT giveaways

This an easy way for those who have just begun to be interested in making money on NFTs, which do not carry any special risks but require a certain amount of luck.

NFT drops are well-known prize draws that you can participate in by fulfilling simple conditions: subscribe to an account on social networks, make a repost, etc.

Such distributions are organized to attract an audience and promote NFT projects. They allow participants to receive NFT for free and then sell it at a market value, depending on the organizer but can reach $1,000 or more.

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5. Become an author in an NFT project

If you would like to focus on creating rather than trading, you have the opportunity to join the NFT project as an author.

Many are looking for people to whom they can delegate the direct creation of content: artists, musicians, writers who create lore, and so on. Authors also have the opportunity to receive royalties—working under these terms.

You will receive payments every time someone buys your work of NFT art.

6. Whitelist Grinder

Whitelist is a privilege given to NFT project participants as a reward for early support.

Whitelist provides several bonuses: it guarantees a place to generate NFTs and allows you to get them at a reduced price or even for free. A grinder is a person seeking to get whitelists.

To do this, you need to work in chats in the discord: communicate with the audience, attract participants, etc., depending on the conditions of the project. You can work for someone for hourly pay or pay for each whitelist, or you can do it yourself – resell earned whitelists, use them to buy NFTs, and so on.

These are the main opportunities available to those who want to make money on NFT, but the matter is not limited to them. The NFT market is developing rapidly and every day gives birth to new interesting projects, and what makes them even more attractive is that almost anyone can become a part of them.

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