Feeling intimidated because you can’t figure out how to make money with NFTs? Everyone seems to be doing it these days. Thanks to NFT projects like Axie Infinity and Bored Ape Yacht Club (BAYC), many people have amassed an insane amount of wealth in a short amount of time.
In 2023, the digital artist Beeple sold one of his NFTs for $69 million, but many other NFT enthusiasts have also made fortunes by selling their art as NFTs.
You don’t need to be an artist to make money with NFTs, though. Here are 5 things you can do to make money with NFTs:
1. Sign Up for Play-to-Earn (P2E) Games
Ever since the release of Axie Infinity, P2E has become one of the most critical aspects of NFTs. People all around the world have been able to make millions of dollars with the help of P2E games.
A P2E game is a game where you buy an NFT and use it to play the game and earn rewards. These rewards can be anything from NFT items and free NFTs (also called “airdrops”) to cryptocurrencies. All of these can be sold for profit.
An example of a P2E game is Wizardia. To play Wizardia, you have to buy a Wizard or an Arena Genesis NFT. Once you’ve bought an NFT, you can participate in PvP or PvE matches and win rewards.
2. Rent Your NFTs
Depending on what P2E NFT game you play, you might have the option to rent out your NFT to people who can’t afford to buy one. This way, you’ll retain complete ownership over your NFT, and you’ll be able to earn a portion of the rewards without doing anything.
Renting out NFTs works the same way it does in real life, but many P2E games have their own mechanisms and rules, so make sure you read up on them.
3. Stake Your NFTs
Staking means locking your cryptocurrency or NFT in exchange for rewards. Staking is one of the best ways to earn passive royalties. All you have to do is purchase an NFT, stake it on a staking platform, connect your crypto wallet with the staking platform, and then watch the rewards roll in!
The rewards you earn for staking NFTs will differ depending on what their annual percentage rate (APR) is. You can usually find an NFT project’s APR on its website.
4. Sell NFT Art
You don’t have to be the best artist in the world to sell your art as an NFT. It’s true that having a good following can help with getting your work out there, but even if you’re not a well-established artist, you can still sell your art as NFT.
And art doesn’t just mean paintings. You could also sell photographs, music, memes, and even your selfies! Anything that can be turned into an NFT can be sold on NFT marketplaces for profit! You’ll also earn royalties when these NFTs are sold on secondary marketplaces, so it’s a great way to make passive income.
5. Buy Low, Sell High
Never forget the old adage: buy low, sell high. When the CryptoPunks collection was released in 2017, anyone with an Ethereum wallet could get them for free. Today, their floor price is 67.45 ETH. That’s around $100,000!
Considering how many NFT projects there are now, it can be hard to tell which ones will succeed. Generally speaking, it’s good practice to stay active in the NFT community and participate in discussions to stay updated with the latest NFT projects. A project that everyone is talking about is more likely to explode in price.
No one can deny the fact that Web 3.0 is the future and NFTs and their underlying technology lie at the heart of it. You can make money by playing P2E games, renting out NFTs to people who can’t afford them, staking your NFTs, turning your art into NFTs and selling it, and buying low and selling high.
As time passes and people get more creative and innovative, more ways of making money with NFTs will emerge.