How to Make Money with NFTs You Already Own?
You may have heard of people becoming millionaires, just by creating NFTs out of their best and most prideful works. At first, making money with NFTs may sound absurd to you but it is true. Being an owner of an impressive NFT art can earn you huge amounts of money. All you need to do is try the fun ways given below. But let’s first understand the meaning of NFTs.
NFTs or non-fungible tokens are physical assets that are represented in digital form and stored over blockchains. These digital assets are gaining huge popularity in the current world and are quite high in demand, leading to very high prices. Each NFT is unique. They are represented by unique digital signatures which differ from one NFT to another. No two NFTs can have the same digital signature.
Earn from Royalties: Make Money with NFTs
Earning royalties from your NFTs is the best and most never-ending way of generating passive income. In this, even if you sell your NFT, you will be paid some percentage of the selling price every time your NFT will be resold. The transactions with respect to the NFT are tracked by the smart contracts stored on the blockchain. So the NFT creator doesn’t have to track the payments and ask for a royalty fee.
However, the NFT creator is allowed to fix a custom royalty fee at the time of creating the NFT itself. You can not increase or decrease the royalty fee, depending upon the resale value of your NFT.
Stake Your NFTs
Staking refers to the locking of digital assets like cryptocurrencies and NFTs in open staking pools, for a certain time frame and generating yields from them. In this process, you assign your NFTs to those who are capable of generating better returns from them. In return, you get rewards for staking your NFTs. Here are some of the best platforms to stake your NFTs and make a good amount of money:
Flip the NFTs: : Make Money with NFTs
Flipping the NFT refers to buying an NFT at the initial floor price, particularly when it’s first listed, and then selling the NFT for a higher price. While you are thinking about flipping NFTs, it is very important to choose the NFTs that you will buy very wisely. You must always keep in mind that you have to buy the NFT at a low price and sell it at a high price. Here are some of the marketplaces where you can buy the most affordable NFTs:
- NBA Top Shot
Also, here are some of the cheapest NFTs that you can buy today, and expect high returns in the next few months.
- Animated Tissue NFT Art
- Alien Push Toy
- Labo NFT
- Keys to the Metaverse
Rent Your NFTs
Renting your NFTs is another one of the best ways to earn money, especially if you have high-value assets. While renting your NFTs, you can create agreements with the borrowers and fix the length of the agreement, daily rates for renting the NFTs. Smart contracts stored on the blockchain govern these agreements. The best part about renting your NFTs is that you can earn passive income for a long period of time, without suffering from the hassle of creating new NFTs to keep the money coming in. reNFT is the most popular platform to rent your NFTs.
Also Read: The Perfect NFT Gift This Valentine’s Day
In this, the NFT holders can leverage several decentralized finance protocols with an aim to generate the maximum possible yield with the help of the NFTs that they have. For example, if you have earned an NFT by providing liquidity in the staking pool, you can further stale your NFTs and generate new yields. Here are the five best platforms for yield farming that you must try.
- Curve Finance
NFT Based Video Games: Make Money with NFTs
There is no scarcity of die-hard fans of video games who are willing to pay anything to buy virtual avatars and in-game tools to multiply their chances of winning in the game. You can go on NFT based video games and put the NFTs for sale. The gamers can buy your NFTs and pay you in return. Although, there aren’t a lot of NFT-based video games as of now. But the numbers are sure to increase in the future as more video game companies begin creating NFTs for their in-game characters and tools. Some of the best NFT-based video games are:
- Battle of Guardian
- Idle Cyber
- Axie Infinity
- Gods Unchained
- Crypto Kitties
Invest in Startups
The increasing popularity of NFT startups is extremely promising for the digital currency world. Such startups have a sure shot towards success because people are largely becoming aware of the digital trends and investments. Therefore, investing your NFTs in startups is a great idea to generate income as well as encourage the growth of NFT startups and further, to the growth of the digital world. Some of the NFT startups that the investors are most interested in are given below.
- Dapper Labs
Sell Your NFTs Without Copyrights: Make Money with NFTs
If you create an NFT out of an artwork and do not sell it along with the copyrights, you can still reproduce the artwork and keep selling its copies. However, if you sell the copyrights along with the NFT artwork, you can no longer produce copies of your art. So, if you want to make money with an NFT, you can sell it while retaining its copyrights. You can then use your design to create a collection of merchandise out of it, including coffee mugs, t-shirts, tote bags, posters, fridge magnets, and so much more.
All these ways of earning money from the NFTs that you already own are tried and tested by enthusiasts of the digital currency world. However, it is possible that one or other way among those mentioned above may not work for you. It is advisable to pick the most suitable method depending upon the type of NFT that you have and where it is most demanded.