An NFT or a Non-fungible token is a digital asset that cannot be changed or duplicated. Imagine having a private collection of artwork. A digital equivalent of an artwork from that private collection is called an NFT. Each of these digital equivalents is one-of-a-kind and worth a noticeable amount.
NFT almost blew away the internet in 2020 and continued to be a major trend in the world of digital assets and everyone seems to be gushing towards it. So if you too are looking for ways to make money with NFT, we have got you covered with this detailed guide!
As mentioned before, an NFT is the digital equivalent of an artwork from a private collection, thus, the amount of money you make with NFTs, depends directly on the rarity and base of interested buyers involved with your NFT.
NFTs can not be copied or shared and that’s what makes them unique and their value dependent on their rarity and the public desire towards them. In fact, the way people earn money with NFTs and appreciate their value is through resale.
Here are some of the most popular ways you can make money with NFT:
An NFT is a digital art that you can create or own. It can be any type of file such as an artwork, an article, music or even a meme. So if you have a pinch of artistic taste you can create your own digital artwork, sell it at your favored price and make good money from NFTs. So go ahead and do it. When it comes to how you earn money from NFTs, it’s only limited by your imagination.
Play-to-earn (P2E) NFT games are generated to give rewards to skilled game players which are usually denominated in the platform’s native token, meaning they can be spent on in-game items or exchanged for other currencies. Axie Infinity is one of the most popular and well-known P2E games since users can ‘battle’ other users and earn rewards. In addition, since most important in-game items are structured as NFTs, the digital currency earned as rewards can be reinvested into better items, resulting in an improved gaming experience.
NFT staking is the reason why NFTs and DeFi protocols have merged together. When you attach your nonfungible tokens to a platform or protocol and in exchange receive staking rewards that is called NFT staking. This way, you can remain the owner of the NFT and at the same time make money with NFTs. NFT staking rewards are mostly periodic, meaning that you get rewarded based on a weekly, monthly, yearly basis. In addition, there are also staking platforms that you can use to make money from NFTs with not much difficulty.
Not only can you create and sell your own NFTs, but also you can trade them for other NFTs or buy cryptocurrencies with, as easily as trading stocks, purchasing and selling them to make money. As a collector you must examine the worth of your NFT as well as others and be able to trade them in a way that brings about profits for you as a trader. Knowing when to sell is the most crucial factor you need to consider when aiming to trade your NFTs.
NFTs can’t be shared or copied, true, but they can be rented just the same as when you rent an apartment or a real estate. As a creator, you don't get to lose your NFT, rather you loan it to someone for a set amount of time in return for money. So if you want to make money from NFTs without losing the ownership of your artwork, this is a great way for you to do so.
The direct and effective method of making money with NFTs is to create and sell them. Yes, you can create and sell anything digital such as arts, images, videos, memes, properties, etc., as NFTs. it doesn't necessarily have to be something huge or a masterpiece, anyone can make money with NFTs with a notch of creativity.
There are also certain platforms that help you create and sell your own NFTs which are a good way for beginners to start. You can create amazing NFTs or turn your existing digital creations into NFTs using the NFT generator apps like Appy Pie.
So you sold your NFT and are wondering how to convert it to cash or other currencies? What you’ll need to do is easier than you can ever imagine. You can convert your NFT to cash or other currencies by creating a digital e-currency wallet. You will then have to send the crypto from your wallet to your account on the cryptocurrency exchange you’re using.
This cryptocurrency exchange should be reliable and easy to use, so you get to convert your NFT without much hassle. Our recommended service is PayPax.
PayPax is a crypto payment solution that lets you convert your money to more than 50 cryptocurrencies and digital money including stablecoins, tokens, and most popular crypto assets like Bitcoin, Ethereum, or Tether.