Top 10 Ways to Make Money with NFTs in 2024
Over the last couple of years, the NFT industry has grown at an exponential pace, providing investors with a plethora of interesting new methods to make money with cryptocurrency and NFT. To diversify one’s portfolio, digital assets have become an attractive option, and this is a trend that is only expected to grow in the coming years.
In this article, you will learn many ways you may earn money with NFT, emphasizing the most lucrative strategies.
What are NFTs?
A blockchain is a sort of digital ledger that stores non-transferable data units called non-fungible tokens (NFTs). Digital assets that can be copied, such as pictures, videos, and audio, can be linked to NFTs.
NFTs offer a public certificate of authenticity or evidence of ownership via a digital ledger, but they leave the underlying digital files available for copying and sharing.
Simply put, NFTs turn digital valuables like works of art into unique, verifiable assets that are simple to trade on the blockchain.
The Profit Potential of NFTs Analyzed in Detail
Investing in NFTs requires careful consideration of the strategy you will use to make a profit. The expansion of the NFT industry has created a plethora of opportunities for profit generation through NFTs, whether by direct participation or by leveraging the efforts of others.
Since there is already a lot of competition in the NFT market, some initiatives are giving away some of the most valuable NFTs they can get their hands on in an effort to attract new users to experiment with their many NFT collections.
As such, let’s dig in and examine the best ways to get NFT tokens and learn how to turn them into a profit:
Play-to-Earn Free Chainers Game
Participating in play-to-earn (P2E) NFT games is one of the options if you are wondering how to get money with NFT tokens. P2E elements, which enable players to earn benefits via competent play, are already standard in many high-quality NFT games.
In most cases, these bonuses are awarded in the native token of the platform, which may then be used to purchase virtual goods or converted to fiat currency.
Making money with NFT games is now trending because of the proliferation of fascinating new platforms that provide a viable means of doing so. One of the most popular is Chainers – a free-to-play and free-to-start MMO game.
Why this game, you may ask? A metaverse populated by Chainers is based on a truly creative economy. The ability to produce, own, and exchange assets on the market is available and earn with NFT.
Developers have created an area dominated by user-generated content (UGC). In-game tools allow players to create their own content (art or gameplay) and earn money from it while having fun.
Don’t forget that there are modification options that allow you to modify existing assets to showcase your individuality and originality. All this generally works, and you can earn money in such an easy way!
Royalties, which are a result of selling NFTs, are fascinating. The inventor may decide how much of the secondary market revenues they get during minting. NFT royalties are usually 5–10%, although they might be greater.
Most expensive NFTs have a royalty percentage that is activated when the object is resold, giving the creator passive income. Several NFT marketplaces limit royalties to 10% to attract investors.
Benefit from an HFT Fund’s Compounding Gains
Investing in an NFT that is linked to a trading fund that really operates and pays profits to investors is another viable strategy for making money using NFTs. The Uncharted NFT collection is a great alternative since it acts as a link between TradFi and the Web3 sector.
Invest in a Protocol for Passive Cryptocurrency Mining
Passive Bitcoin mining is a further way to profit from NFTs in 2023. Copium Protocol is an interesting new initiative in this field; it’s a mining investment ecosystem that makes it easy to get in on the action of mining cryptocurrencies passively.
Put Money Down On New NFTs That Look Good
Buying promising new collections before their value skyrockets is a great strategy for making money on an NFT. Most of the top NFTs to invest in were issued at rock-bottom prices, only to skyrocket in value in the months and weeks after their introduction.
The most promising utility NFTs have a great chance of becoming widespread. For additional details on the top utility NFTs, be sure to read our buying guide.
Investing and “HODLing” NFTs is a good way to generate money. Retail traders popularized the term “HODL” during the GameStop short squeeze of 2021. Since then, it has been used to indicate an investing strategy of never selling.
Cryptocurrency investors realize this technique has merits and pitfalls. HODLing NFTs strategically may earn money. In 2017, CryptoPunk investors may have sold since their Punk’s value wasn’t rising. HODLers profited as prices rose in 2021.
Flipping NFTs is an additional profitable strategy. Fortune.com defines flipping as purchasing cheap and selling high for a profit. It is, unlike the HODL technique, it is a short-term investing strategy.
Due to market rivalry, finding the best NFT to generate money and then flipping it is difficult. Flipping NFTs for profit is doable, but there are several aspects to consider.
Minting Your Own NFTs
Minting your own NFT is a frequent strategy for NFT investors. You may sell your asset on the top NFT markets after minting it on the blockchain.
Top markets like NFT LaunchPad simplify NFT minting for newbies. The NFT market is growing rapidly, therefore artists are competing with daily new collections. Thus, to use this method, your work must stand out.
Trading NFTs is like long-term holding and is similar to secondary market trading. Instead of trading often, this strategy emphasizes slow but consistent cash profits. Its traders buy, hold, and sell NFTs for a little profit.
Positioning Non-Fugitive Tokens
Crypto staking may be linked to NFTs. Staking NFTs on DeFi platforms for incentives is the most prevalent strategy. The owner receives the network’s native currency on Proof-of-Stake (PoS) blockchains.
Can You Really Earn Money from NFTs?
Yes, you can earn money from NFTs, but it is not as easy as it seems. If you wish to earn money from these, you can try the methods mentioned above. Many people are earning through these methods, you can also try your luck.
Making and selling NFTs is the most straightforward and efficient way to profit from them. Anything digital, including films, photographs, artworks, memes, properties, etc., can be created and sold as NFTs. If you are creative, you can earn money by selling all of your works as NFT.
Making Money with NFTs: A Wrap-Up
This article has covered all you need to know to earn money with NFTs, and it has highlighted the top 10 strategies for doing so. As the interest in NFTs shows no signs of waning, investors have a great opportunity to earn high returns. Thus, making NFTs a pyramid scheme and a competitive alternative to more conventional investment vehicles.
In what ways you can invest in NFTs?
One may acquire assets that have been tokenized into non-fungible tokens (NFTs) by means of any NFT marketplace or select cryptocurrency exchanges.
Is investing in NFTs a Viable Option?
Purchasing an asset solely based on its tokenization into an NFT is not a prudent decision. NFTs, in and of themselves, do not constitute investments. Therefore, it is imperative to comprehend the worth of the underlying asset before procuring the NFT.
Are Non-Fungible Tokens Secure?
Non-fungible tokens (NFTs), which employ blockchain technology akin to cryptocurrency, are typically impervious to hacking attempts. Nevertheless, the vulnerability in all blockchains lies in the key to one’s NFT. The software that safeguards the keys is susceptible to hacking, and the devices that store the keys may be misplaced or damaged.