How to Make Money with NFT | Top 10 Strategies
Let’s start with two important factors. First — you cannot expect to get rich quickly with this investment. It’s rather a long-term project, probably for many years. Secondly, the whole affair is very risky. No one can guarantee you success.
If you’ve read that first paragraph and are still ready to delve into the topic, here is a guide for you on how to make money with NFTs. Still, never forget the warnings about long-term and risky investment.
For more on the technical and somewhat emotional aspects of this process, check out our article on how to invest in NFT.
These 10 strategies might bring you revenue with your NFT-related business.
1. Your Collection of Random Cheap NFTs
The basis for this strategy is pretty straightforward — you buy Non-Fungible Tokens, keep them for a while, and then sell for a bigger price.
The strategy itself offers a specific approach. Your goal is to make a versatile NFT collection with minimum investment. Beginner artists are glad to sell their works for small money. Then, life continues, and the artists grow and become celebrities. Their NFTs grow in price, and you get your profit.
The risk here is especially high; be aware of this. Browse NFT marketplaces, look for something you like as just an art piece. Purchase NFT from different artists, of different art styles. A diverse collection increases your chances of success.
This method might be the answer if you wonder how to make money with NFTs as a beginner. You don’t need too big an investment, and you don’t need to make the collection vast in a short period. Still, the result might become tangible only much, much later.
2. Active Support of an NFT Artist — Collector’s Way
This strategy expands upon the previous one. You purchase cheap NFTs but don’t just keep them on your account waiting for a miracle to happen. You start to popularize the artist to make their works more expensive.
Some social skills and valuable connections are needed here. Conversations on socials will help. Mentions in the general media will bring attention.
It is possible to choose a few artists, buy their works regularly, and create an atmosphere of genius around them. Sure, only regular effort can make this strategy work properly.
3. Buy Celebrity NFTs
Why wait for someone to become a celebrity if you can buy an already popular person’s NFTs?
Big investments are needed for this strategy as celebrities don’t sell their NFTs cheaply. There is still a risk — you never know what a person will do with their reputation. But the chances to get good revenue are high. It’s one of very few strategies if you are interested in how to make money fast with NFTs. Huge fans are ready to pay a lot to get something from their idol. Big events around the celebrity might shoot the NFT price to the sky.
What NFT can a celebrity make? Any! More info is in our article on what NFT is.
4. Invest in an NFT Project
Forget about the value of a specific token. Think about a series of such files or a project they support.
Proper research will help you understand whether this project is worth investing in. What is going to happen with the money you give to those people? If you feel good about the idea, buy the NFT.
Many tokens on the market are parts of a collection. Some of such series grow in price due to their uniqueness and historic value. Is the NFT you want to buy connected to a remarkable collection? Buy it!
5. NFT Gaming
Games encourage people to take action, and naturally, NFT gaming projects have the potential to be popular among the general audience. So, it’s a good investment as you have many potential clients.
NFT games open various possibilities, such as breeding new virtual creatures, investing in a virtual land, or just becoming a member of a closed club. But most of them give the option to create a new NFT within their environment. If you are lucky and dedicated enough, you will create something unique and will earn some cash in the future — that’s how to make money with NFTs as a beginner.
Sometimes you invest your time and energy in NFT gaming. But more often you purchase something within the game to then sell it to other players.
6. Rent NFTs
This method is not about big money, but it can support you while you wait for your collection to get more expensive. Just rent an NFT to another person, get some cash, and then enjoy the tokens in your possession. The miracles of blockchain make this possible.
Usually, this works for gaming. Someone wants to show off with a specific character or their cool-looking skin, but they can’t afford to purchase it. Renting is a solution.
It’s how to make money fast with NFTs, but the revenue will not be big.
The idea has good prospects as the industry grows and develops. We are in the beginning of the new NFT era, and new games might make NFT renting more popular.
7. NFT Staking
Here we have a combination of investing in an NFT project and renting. You purchase tokens of a project you trust, but you don’t wait for it to get successful. You get revenue right away — in the form of rewards.
The strategy is connected to blockchain technology. The project’s creators are staking NFT (they lock these digital objects) for technical or business reasons. For example, they need to solve consensus issues. Those who allow their NFT to be locked get something from the developers. For example, it’s a random token distributed to those who participate in staking.
The method is available with projects such as R-Planet, NFTX, or Splinterlands.
8. Create NFTs and Sell Them
On the one hand, this path requires less investment — you don’t buy NFT. On the other hand, your investment is even more valuable as you spend your priceless time creating new tokens.
This method in our guide on how to make money with NFTs works for digital artists and those interested in such creativity. Basically, you need to be an artist to earn this way.
Create images, videos, GIFs, or music. List your files as NFT on marketplaces. Wait for other users of the platform to buy your work. Put effort in establishing yourself as a public person. Get your Twitter running. Increase the number of your Instagram followers. Bring attention to your personality, and your NFT will automatically cost more.
If you are a successful NFT artist, some people might be interested in purchasing your creations with royalties. It means you will be getting revenue from any transaction with that file. For example, someone buys it, and you get a percentage.
The conditions of royalties are written into the NFT smart contracts. Most of the time, people are willing to get such items only from a well-known creator, so the investments in your publicity will pay off.
10. Begin Your Own NFT Project
And what about starting something new? Would you like to found a company that uses NFT as a way to get investment? Would you like to create a big NFT game that will make a revolution in the crypto and gaming communities?
If it’s your answer to how to make money with NFTs, be ready to spend a lot, risk a lot, and then potentially earn a lot. The core point here is your idea behind the project. What does your company bring to the world? How is your game innovative and cool? How will your investors benefit from it?
Revenue is obviously the main reason why people buy NFTs. And you actually can earn quite a fortune with Non-Fungible Tokens — hopefully, the strategies from our article will help you find your way in this risky but super exciting industry.
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