How to make money on NFT

ways to make money for beginners

NFT is a new digital technology trend and a product for which buyers are willing to pay fabulous sums. Today we are talking about what NFTs are, what is the purpose of their creation, the reasons for the high cost of individual assets, and most importantly, how to make money on creating NFTs. Our material was created for beginners, to whom the terms "token", "blockchain", "mining" seem to be an incomprehensible set of letters. Go!

What is NFT and how do they work

Explained using officially accepted terminology, NFTs are non-fungible tokens stored on the blockchain. Blockchain is a database that is stored on connected computers, without a centralized server. This ensures the security of information.

Now an explanation for newbies. The first thing to remember is that regular tokens are fungible. It's like money - one banknote can be replaced by another, while neither one nor the other loses its value. There are also irreplaceable values - for example, the original "Mona Lisa" will never be replaced by another painting or a reproduction of Leonardo da Vinci's canvas. It was this fact that led to the creation of non-fungible tokens - NFTs.

In essence, NFTs are valuable works of art, unique cultural objects, digitized and given an owner. An example is the same digitized Mona Lisa, the rights to which were bought by a specific person. It is the fact of exclusive ownership that gives the token its value.

Why there was a need for NFT tokens

Along with the advent of the Internet, the problem of copyright was born. Even if you post a self-made photo on the site, no one guarantees you that after a couple of months it will not scatter all over the Internet. And only thanks to the blockchain it became possible to trace the history of each token, to find out who owns it now. You can also resell tokens - absolutely legal.

When studying the question of whether it is realistic to make money on NFTs, many people mistakenly believe that only art objects are converted into tokens. This is not so - they are resold in the form of tokens:

tickets for cultural, sporting events;
invitations - to a corporate party, presentation, wedding;
cards of members of closed societies;
discount coupons;
bonuses.

Given the variety of tokens, there are many options for earning. And now let's move on to the most interesting part - how to make money on NFTs without investments.

How to create your own NFT collection

First you need to choose a platform for creating / selling tokens. The most famous NFT sites where it is easy to make money:

OpenSea is a marketplace convenient for secondary sales.
Rarible is a startup that is rapidly gaining popularity. Auctions with the distribution of tokens are regularly held here.
Ethernity is a blockchain platform that collects tokens of cultural figures and famous athletes.
Foundation is a platform for beginner art creators. New users can register here only by invitation of the old ones.
SuperRare is a marketplace where you can actually buy rare paintings.

In the meantime, you choose from the proposed sites for creating NFTs, we will tell you how to make money for a beginner without investments:

Create an account, link your wallet. Enter your personal data, use a digital signature to bind the wallet.

Create a collection. In the menu, find the "Create Collection" button, fill out the form that appears. Then upload pictures, as in a Facebook photo album.

Take care of the settings. Go to the collection settings section, fill in the empty fields.

Specify the cost. After completing the settings, a window will appear with technical characteristics, proposals for the relativity of the cost. Indicate the price you think is acceptable.

Start selling. Just click the "Sell your item" button - it will instantly appear in the platform's database. Payment for the purchase will go to the linked wallet.

Depending on the platform, the described steps may vary slightly. Now you know how to register on NFT sites and start earning.

Types of earnings

Non-fungible tokens provide several options for earning. Therefore, when studying the question of how to start making money on NFTs, carefully consider each one in order to choose the most attractive one in your case.

Creation of a unique product

At first glance, making money from creating NFTs is easy. The mechanism is simple: a token is created at the time of its first sale. By opening the sale of any photo, tickets, discount coupon, you only declare a desire to create it. When a photo is bought by a specific user, a token will be created, the process will be recorded on the blockchain - like a digital footprint.

At the same time, it is difficult to profitably sell a work to an ordinary user - only works by famous creators, recognized works of art are bought up quickly and at a high price. Therefore, it is important to create hype around the work before the start of the sale in order to attract the attention of the maximum number of users and, accordingly, earn more on the creation of NFTs.

Resale

If you are looking for a way to make money on NFT images for beginners, trading is a suitable option. Tokens are a valuable asset, the value of which is constantly changing, like the value of company shares. Accordingly, investments can bring real income.

In 2021, NFT reselling has become a trend. For 6 months, the total value of transactions reached 2.5 billion dollars. However, when trading, it is important to consider the following nuances:

Tokens are a complex, risky asset, since there are no strict parameters for assessing their value yet.

When making a purchase, it is important to consider the reputation of the creator of the product. So, if an asset is sold by Elon Musk, its value will almost certainly increase hundreds of times, but the art of the next TikTok blogger will depreciate simultaneously with the end of his finest hour.

It is almost impossible to give a specific answer on how much traders earn on NFTs. One thing is for sure: with the development of the market, the riskiness of the asset begins to decline, and accordingly, it will become easier to earn money.

NFT Airdrops

Earning scheme: get a token for free, wait for the increase in value, resell.

Assets are distributed for free at various drops - promotions that companies hold to increase the number of users. The only caveat is that in order to receive a gift, you need to perform a certain action:

register on the company's website;
subscribe to social networks;
bring a friend;
make a repost.

After fulfilling the conditions of the promotion, you will be included in the list of applicants for a free token. The winners are usually determined by a random number generator.

Is it possible to make money on such NFTs? If the company is known, the value of the asset is likely to rise. Accordingly, it will be profitable to resell it.

Become an influencer

This is the most difficult path to wealth through digital assets. First you need to become famous - on TV, in social networks, in the world of music, cinema, politics, science. Then any creation you create will automatically acquire value. Accordingly, the digital version of your drawings can be sold for an impressive amount.

An excellent example of the influence of fame on the cost of work is the singer Grimes. The girl managed to earn $ 6 million on the creation of the NFT - that's how much she appreciated her own drawings.

Other Ideas on How to Make Money Making NFTs from Scratch

If the ideas listed above seem too complicated, catch a couple more very simple options:

Staking. passive income option. By not buying tokens, you provide your computer to store them. For such a service, you get a decent reward.

Earnings for gamers. Blockchain is the database on which modern games are created. The main feature of such games is the opportunity to receive nice gifts in the form of NFT items. If the game is popular, collect items to resell. It turns out a great way to make money on NFT without investment, combining pleasure with benefit.

Keep an eye on the trends of the digital world - it is constantly evolving and perhaps tomorrow there will be other opportunities to quickly earn money on the creation of NFTs.

Pitfalls of creating digital collections

If you want to make money on the creation of NFTs, trust proven marketplaces. New weakly protected platforms are often subject to hacker attacks, which can lead to data loss, cancellation of transactions.

When thinking about how to make money on creating NFTs in 2022, keep in mind that most marketplaces charge a fee for downloading collections and storing pictures. Actually, the commission is the main part of the earnings of such platforms.

To store an asset, use hardware wallets - in comparison with centralized ones, they are guaranteed to ensure the safety of information.

And remember: when you buy a digital song or video, you become the exclusive owner. But other users will be able to listen to the song, watch the video on available platforms - it's like buying the original painting, when everyone except the owner can only admire copies.

Businessideasjobs. ideas business

Main menu

Pages