How to Make Money With NFTs
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Are you thinking about how to make money with NFTs? Like a NFT side hustle? You aren’t alone! Non-fungible tokens, or NFTs, have been making waves in the crypto world lately. Creators, entrepreneurs and others are using this latest trend to spread their creative vibes and make money in a whole new way.
The headlines of former Twitter CEO Jack Dorsey CEO made by auctioning off his own NFT’s to finance projects he is passionate about really made people stop and ask if they too can make money selling NFTs! Although it can be tricky understanding what they are and how you make quick money off them – don’t worry because we’re here for ya’ with a rundown of what you can do for your share of the NFT pie!
What is an NFT? A Non-fungible token!
Non-fungible tokens are a new type of digital asset that can’t be altered. They’re tied to an original, unique piece of something or other and valued differently. Each one is unique from another because each token represents something different: while some may have been crafted by humans in paintings or sculptures; others exist only through game play records on video games platforms like Nintendo’s Amiibo figurines.
The term “non fungibility” refers both ways–to how these items must always remain connected (either digitally) with their associated assets; even if sold or exchanged. Just like cryptocurrency the NFT transfer is recorded in the blockchain when transferring to another.
What Variables Give an NFT Value?
The idea behind an NFT is that it’s not just any old picture. They’re rare, and their value increases as more people want them because there are less available for viewing or owning–so you can trade your copy of original design pictures with someone else without anyone caring!
The NFT creates a digital version that can be tracked through the blockchain. This way, it’s possible for someone else who comes across your profile or posts related content on social media platforms like Facebook and Instagram to know exactly what you’re talking about when they see “image” mentioned in passing during their daily lives!
Related: Money Mindset Tips to Improve Your Finances
How to Make Money and Sell with NFTs?
While we’ve breezed over the background of what is an NFT is, we can only assume you are reading here to find out how to make money or how to sell NFTs for a profit. So if you’re not familiar with buying NFTs, check out this resource, if you are then let’s get started on this easy process.
First, you’ll need an original piece of media to which you own the copyright. If you have nothing, don’t worry it’s as easy as hiring someone on Fiverr to help you out. The choices of an NFT are endless. Just make sure it’s YOUR intellectual property. Be it a picture or video that you took or a design you drew or any other thing that’s come from your brain. The NFT is all about your creativity!
The next step would involve going to the website Rarible or a site similar. We use it for our NFTs as there are options galore and it’s going to be simple to make you’re sales page and pitch your NFTs. Makes sure you are ready with your cryptocurrency too. The sites typically selling NFTs allow (actually Prefer) buyers pay using cryptocurrency.
Keep in mind you need a price for your work and definitely consider a few coins for the royalty aspect too. It’s not uncommon the NFTs disappear into cyberspace so be realistic if you have a following. Some people will pay substantially to have a NFT for their collection if it tickles their fancy.
How Much Should I Expect to Make Selling NFTs?
It’s possible to support some of your creative work selling NFTs. It all depends on your buyers and how they see your work. When focusing on how to sell your NFTs, consider how you represent you and your work. Sometimes people click and other times, it’s just not the best match. A shout out by a famous person will get you noticed too!
When selling your digital assets, it is important that you check for updated offers on the sales page. If an acceptable bid or payment of full price has been made, you’ll notice it there. At that point you can do as you see fit with your new found wealth!
What’s the Quickest Way to Make Money Off of NFTs?
Buying and selling is the fastest way to make money off of NFTs. You don’t have to be a professional trader or developer in order for this strategy to work. All you need are some basic skills, like how much an asset is worth, watching trends, compare the idea with other similar investments and then take a few risks as there’s plenty of opportunity right outside your door!
The best part about these new technologies? You can make your own NFTs and get started today by using free platforms like the Rarible online marketplace (mentioned above). Offering up designed that you created (or you hired to be created) the buyers will assess your NFT and see if it’s something that strikes them for purchase.
With the rise of cryptocurrencies and blockchain technology, it’s now possible to monetize your creative efforts further. Complex assets bring in maximize profits from NFTs and should be explored after you’ve sold a few yourself and got the hang of this exciting new medium. Yes, a NFT side hustle is a great way to make money!
