NFTs came into limelight in 2014 , and the first NFT was showcased by Kevin McCoy and Anil Dash. But the concept of NFTs has being in existence since 2012 before Ethereum was introduced into the crypto space.
Over the years, the world has recorded the rise of various digital assets and billions of people have made loads of money from NFTs. You can also make money from NFTs in 2023 as a beginner while there are more chances of you making much more in years to come.
This publication is expected to guide you on what NFT is all about, and how you can learn various methods in which you can use to make money from minting NFT’s.
What Are NFT’s
Non fungible tokens ( NFT) are digital assets in form of copyrighted arts that can be exchanged for different forms of cryptocurrencies. NFT’s are highly encrypted in the Blockchain network hindering forgeries of a token while promoting authenticity.
Anyone can make money from NFTs since it’s easy to convert any art into digital assets. You can outsource for arts from a priceless antique, social media posts, drawings, etc and convert them into digital assets for sales purposes.
How To Make Money With NFT Via Buying And Selling
People who purchase NFTs with the intent of making money of it are sometimes confused on how a digit image will increase in value. You may also choose to create your own NFT’s and resell at any given price.
The primary mode of making money through NFT’s is by buying a NFT while waiting for it to appreciate in value or you may choose to create your own NFT and sell.
How To Make Money With NFT’s As A Beginner
Although the primary mode of making money through NFT is by buying and selling NFT while it appreciates in value. There are also different methods in which you can use to earn money from NFT even if you have no knowledge about how NFTs work.
The following are ways in which you can use to make money from NFT as a beginner:
- Staking NFTs
- Nft-powered Yield farming
- Partnering With NFT companies
Staking NFT’s are one of the numerous ways of earning money with NFT. This involves locking away your asset while it yields some interests, and this can be achieved by depositing your NFT into a Defi protocol smart contract.
The process of staking NFT’s is similar to staking cryptocurrencies, and if you have basic knowledge in cryptocurrencies you’ll understand that some platforms grant you the access to stake any token of your choosing, while some platforms only allows the staking of their native token.
This is one of the best methods of earning with NFT as it involves investment, and you can research the best platforms to use without being forced to buy a platform native token. There are various platforms to choose from such as NTFX, Only1, Kira Network, etc.
People who stake their tokens also contribute to an asset development,, such as determining whether a token will appreciate more in value or provide liquidity.
We’ve established the fact that NFTs cannot be forged since they are all recorded on the Blockchain network. However, you can always rent out your NFT for a limited period of time.
The process is quite simple and can be compared with how you rent out physical assets such as your real estate properties, etc. You can loan out your digital asset while you remain the authorized owner of the NFT.
We live in a era where the youths and elderly are deeply vested into playing different forms of video games. The use of NFT’s are limitless, and that includes using it to procure games on the Blockchain network.
You can use your collectibles to pay for special features in a game, and you can also earn or collect NFTs from a Blockchain based game such as CryptoKitties. There are cases where people collect items from CryptoKitties and they’ll be worth more than $100,000.
Some companies are also willing to hand out free NFTs to the first few person’s who try out their game.
Royalties are one of the various methods of earning passive income in 2023. This can be achieved from the sale of your digital assets where you receive royalties, but these terms are expected to be enclosed in your contract before selling.
Once your client agrees to purchase your NFT without minding your terms and conditions, you can earn passive unlimited passive income throughout your lifetime. You’ll be receiving a certain percentage as the value of your NFT increases.
NFT-powered Yield Farming
This is a process of combining different DeFi protocols in other to generate high returns from your assets. Some AMMs are powered by NFT making it possible for you to perform yield farming with your assets.
Yield farming is one the easiest ahs to make money with NFTs, and you can earn money while you sleep as your digital asset will do all the work for you.
Partnering with NFT Companies
Another mode of making with NFT is by partnering with NFT startups. Investing parts of your assets into a new or existing NFT company makes you a shareholder, and you can earn passive income using this strategy.
There’s a wide range of NFT-driven companies to choose from, and you can always create more research in order to invest wisely while stepping into the revolutionary way of making money online.
In conclusion, NFTs have existed since 2014, and there are no indications of them being wiped off from the Blockchain network anytime soon. NFTs are highly versatile in the sense that you can convert your homemade photographs, artwork, or a popular meme into a digital asset and sell them.
The reason why companies and individuals are deeply invested in NFTs is to yield profits, and this can be achieved through buying or selling NFTs, renting them out, staking, investing in NFT startups, etc.
Although we’ve examined a few of the numerous ways how to earn money with NFTs, it’s important to note that we are only seeing the beginning and the future is bright in the Blockchain network.
You’re strongly advised to invest in NFT if you are yet to do so in order to earn massively in 2023.