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How to Make Money With NFT
How to Make Money With NFT?
After the digital art industry exploded in 2021 due to a slew of incredibly expensive NFT sales, there are now more people than ever interested in making money from NFTs, and who could blame them?
However, many investors are hesitant to take the plunge because of the complexity of blockchain and the steep learning curve required to gain a deeper understanding of NFTs. Moreover, because of the inevitable links of NFTs with the cryptocurrency world, most people associate NFTs with scams and get-rich-quick schemes and do not believe they have legitimate use cases. This, however, is not the case.
As it turns out, there are numerous methods to make money with NFTs, provided you are willing to invest your time and/or money and do the research. In many cases, the method you should follow will depend largely on your previous experience, your skills, and the amount of time you can devote.
Let’s look at a list of methods together.
Active ways to earn money with NFTs
An active income is simply the money you earn by performing an action. You must devote your time to the task, and if you don’t put in the effort, you won’t get paid. Here are some ways you can actively earn money from NFTs.
Coining and selling your own NFTs is one of the most profitable ways to generate money in the NFT industry. As stated earlier, numerous multimillion-dollar NFT sales have occurred since the beginning of 2021. With the space becoming more popular every day, many investors are willing to purchase NFT artwork.
Trading/investing NFT is one of the most popular ways to actively make money in this world.
Simply put, the purpose of the game is to understand the NFT market by listening and observing the hype around the projects. In this way, you can buy NFTs cheaply and sell them at a profit once the projects become more popular.
Play games for profit (P2E).
Believe it or not, you can now earn cryptocurrency by playing games.
Thanks to blockchain technology and the fundamentals behind NFTs, a whole new subsector of the games industry has emerged. In general, these games work like any other, but the items, resources, collectibles and in-game currency you acquire can all be traded and sold to other players and exchanged for cash.
Amazingly, thousands of workers in the Global South have replaced their full-time jobs with NFT games , with many people earning twice the average wage in their countries.
You can see a list of NFT games in circulation directly on this site! By simply clicking here.
Or the Hive NFT game Splinterlands. That recently thanks to the new update you can make so many nice earnings!
Passive ways to earn money with NFTs
Staking your NFTs is an excellent option for people looking for an easy and (relatively) low-risk way to generate passive income. Staking, simply put, allows NFT holders to lock their assets into DeFi platforms for rewards, all without having to sell their NFT collections. This means you can lock in your NFTs and receive payments based on your APY and the number of NFTs in staking. The more you bet, the more you win.
NFT rental is another way to profit from the world of play-to-earn games. Simply put, many of the games in the NFT industry require a large initial investment to participate and start making an income, which can range from $1,000 to $10.00 (or more). As a result, you can purchase the NFTs needed for these games and then rent them to players who cannot afford them but still want to play. These NFTs typically come in the form of game tools, characters, skins, or even plots of land and often provide players with a competitive advantage.
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