Making Money through NFTs
The very first thing you need to do to make money from NFTs is to fully understand them. You cannot make money from something you don’t understand. Take your time and DYOR (Do your own research)
Secondly, to make money from NFTs, you need to become either a creator, an NFT trader, or a Hunter. You can become all three depending on your resources.
Buying and selling NFTs is where the money is at. And no, it is not rocket science. You just have to know some basic things which would be brought to light here.
The first way is to create art, mostly digital art, and then mint them and sell them on any NFT marketplace. Do you make music, do illustrations, take photos, tweet?
Practically anything that can be unique can be an NFT.
Buying and Selling
Most people who aren’t enlightened hear about NFTs hype and go straight to NFT marketplaces to buy in the hope to sell at a higher price without adequate knowledge of what they are doing.
It seems like the only thing to do at first until you hit the wall of no sales or you get people bidding for your NFT at a much lower price than you got it.
As mentioned earlier, buying and selling are where the money is but there are certain things you need to do before buying to make a profit.
As someone new to NFTs, you want to find projects that are not on the market just yet. Make use of these two tools: upcomingNFTs.net and rarity.tools to find these projects.
The main reason for this is simply because before NFTs get to marketplaces, they are relatively cheaper and can usually be bought at a price much less than the floor price of the market.
The floor price is the least amount an NFT can be sold for once it gets on the market. After getting familiar with the tools mentioned above, one wants to check out a few things before buying.
One is the project’s Twitter account. Make sure the project has about 2k-4k followers if they are a new project and check how these followers are engaging on their post.
Second is the project’s Discord channel to see how active the community is and how they treat questions thrown at them. Who are the developers and what is their history?
If after checking all these, the project achieved a pass mark then boom, you can buy and wait for it to get to the marketplace.
If you are a content creator or manage a community, Accred is a canva-like platform
that makes it easy for you to create, design, and issue credentials like event passes, certificates as NFTs
There is also an option for some who are not creators of arts and do not have the funds to buy and sell NFTs but have time.
Anyone in this category can become a Hunter. Now, what do hunters do? Simply put, they hunt. In the NFT space, this means participating in some easy challenges and getting free NFTs for your troubles. These NFTs should not be seen as useless.
Cryptopunks that have been selling for thousands to millions of dollars were given away for free in 2017. Easy money, right?
Choose the most suitable way to make money from NFTs. There is no limit to what one can make from this innovation. It is indeed a path to financial freedom if you are willing. Happy earning and WAGMI🚀