How to Make Money With NFT (22 Best Ways & Tips to Help)

Want to know how to make money with NFT?

You should definitely read this very helpful article that reveals 20 best ways and tips to really earning good money with NFT, including secret tips you probably didn’t know.

 

Importance

One of the great police series during the 1980s was Hill Street Blues.

In addition to having a great theme song, one of the impactful scenes was always the opening squad room scene when the lead Sgt. would do the rollcall.

He would bring all of the police officers up-to-date as to what was going on out in their precinct.

The great line that always resonated with the audience was when Sgt. Phil Esterhaus would tell his fellow officers, “Let’s be careful out there.”

That is sound advice for people of today, especially as it relates to new financial opportunities that it seems are always being presented.

The latest opportunity to realize a profit through cryptocurrency is a product known as NFT.

For example, an NFT work of art entitled Iconic Crypto Queen was created by Paris Hilton, yes that Paris Hilton.

This NFT sold for $1,111,211.

Most likely a combination of its value and its creator combined to fetch this selling price.

Anyway, let us roll back the cryptic clouds of NFT and learn more about this possible moneymaking venture and how one can go about earning some money.

 

22 Ways & Tips to Make Money with NFTs

 

1. Know all about What an NFT is

NFT is an acronym that stands for non-fungible tokens.

By way of definition, a fungible item is something that can be of equal value and exchange with another item of the same description or is classified as an equal.

To simply illustrate a fungible item such as a dollar bill found in your pocket, or a dollar bill was taken from an ATM is of the same value.

Therefore, a one-dollar bill is a fungible asset.

Added to the definition, a fungible asset can be divided and still retain its value.

For example, if you have four quarters that still equals one dollar.

On the other hand, a non-fungible asset is an item of value that has a uniqueness to it.

A non-fungible asset cannot be interchanged with another asset or divided.

A non-fungible item can vary according to the estimation or value placed by the owner on that particular item.

Art is a perfect example of a non-fungible asset.

For some, it may be of extraordinary value while others do not see any significant value in it at all.

 

2. Know The Importance of NFTs

Works of art, such as paintings by renowned artists and are deemed as masterpieces, are one-of-a-kind values.

What makes these items so valuable is that they are unique or nobody else owns one.

On the other hand, items or files that are digitized can be easily duplicated.

Similar to cryptocurrency which utilizes blockchain technology, cryptocurrency is an unalterable record of ownership and becomes strictly the individual’s possession due to decentralized storage.

 

3. Why of Value?

Artwork follows along the same pattern where the artwork can be tokenized which creates a digital certificate of sole ownership by the individual.

In addition, because of the technology, smart contracts can be embedded in the technology where any future sales of the tokenized artwork will provide a commission of any future sales.

 

4. Making an NFT

Anyone can make a non-fungible token.

To start the process a platform would need to be accessed and there the creation process will begin.

In addition to making an NFT, you would need to create a payment wallet in which buying and selling track sessions will be recorded.

Several platforms are accessible to an individual one of those platforms is Nifty Gateway.

 

5. Buying 

Once your platform has been set up then you will need to turn your artwork into a non-fungible token that can then be sold to make money.

Typically, this process is transacted in cryptocurrency.

Therefore, you will need to buy some cryptocurrency to seed your wallet and begin the transaction process with cryptocurrency needing to be placed in your cryptocurrency wallet.

The process of creating a wallet may vary from platform to platform but generally, using a computer answer the set of questions posed, and eventually, your wallet will be set up.

 

6. Upload 

Once this basic buying and selling setup has been established, you then need to upload the file that you want to turn into a non-fungible token.

One such site in which this can be accomplished is through Rarible.

Accessing that site, you hit the blue create button and a variety of options will be provided.

You select one of the options as it relates to uploading the item and then you upload the digital file and allow the program to transform it into a non-fungible token.

 

7. Display

Following this upload of your item, you are now ready to set up your auction.

While still in the Rarible platform you choose how you wish to sell your artwork.

The three options that are provided include a fixed price, an auction option, or a timed auction.

 

8. Description 

This is an opportunity provided to describe what you are selling.

The description should not be bland but pique the interest of potential buyers.

The more interesting the description the greater the potential of individuals “stopping by” to look.

Also, on this page of Rarible you are given the option of the amount that you wish to receive in royalties.

It is a balancing act that if too much is charged for royalties the individual buying and possibly selling will think twice as your royalties requested will invade more of his/her profit.

 

9. Sell 

A fixed option allows you to set your price whereas the unlimited auction allows the auction process to continue until it accepted bid has been reached or a limited auction which is only or over a certain period.

Also, you will be allowed to set a minimum price.

This can equate to a starting bid.

Also on the site, you will be selecting the option of “unlocked” once purchased.

This means that once the bid has been accepted and the purchase has been agreed upon, you will provide the item sold through a webpage or link that will take the buyer to that product that has been sold.

 

10. Pay the Listing Fee

There is a charge or fee to list the item that you are selling.

This action item will take you back to your wallet to pay this fee.

At first, the fee may be very reasonable but be aware that further fees may be incurred to generate the NFT.

Also, if the item is sold, the platform will take a percentage of the agreed-upon purchase price.

Also, a transaction fee may be assessed to transfer the purchased item to the new owner.

 

11. Create Your NFT

If you are a musician and have composed a creative musical piece or if you are an artist, created a video or audio clip, or have recorded music, then you can create your own NFT.

You can go through the process as listed above and post your masterpiece for sale.

 

12. NFT Gaming

Another digital asset is video games.

As of this writing, this digital process has not quite gained momentum but it appears that the use of digital games may be on the list of utilizing NFT technology.

 

13. Staking NFTs

Referring to speaking, in crypto language, staking refers to the storage of digital assets that are in the style of being a stake and charging others to maintain their upkeep.

If you can provide this staking action or storage, you would be eligible for rewards and incentives for taking part in the storage process.

One of the sites that utilize staking is Rplanet.

 

14. Invest in NFT Startups

One additional way of earning money off of

NFTs is to invest in startups that are using this digital process.

This transference of items into digital technology to reduce forgeries is a trend that does not seem to be here today and gone tomorrow.

Consequently, many NFT startups are at the tip of the spear as far as leading in this technology innovation.

It would seem therefore that doing one’s research and homework on NFT startups may be a possibility of investing financial resources.

 

15. Licensed Collectibles

If you are the owner of what can be classified as a unique collectible, you can digitize this item through the NFT process.

Examples of collectibles could include a one-of-a-kind trading card, stamp collection, etc.

This has gotten to be such a credible way of providing ownership for these collectibles that the NBA has launched its NFT cards collection.

Also See: Secrets to Earning Money Playing Valorant & Earning Money Playing Roblox.

 

16. Buy-Sell Invest

NFTs are like a stock investment.

Therefore, a way that an individual can make money on an NFT is to buy low and hold the item until the potential sale price has reached or gotten close to a maximum level.

At this point, you sell the EFT and realize a profit.

 

17. Research 

As with all investments, it’s important to conduct your research.

This will help you not only to heighten your learning curve but also make you more comfortable in investing your money.

As part of your research, it is best not to just rely on one resource or one particular information site.

It is best to utilize several websites to learn about NFTs and the whole scope and picture of involvement.

 

18. Buy Low 

As with all investments, the mantra is to buy low and sell high.

Therefore, if purchasing an NFT, it is important to get the best price possible and hold the item until there is a movement upward and determine at what point you are going to sell, or if at all, the item that you have invested in.

 

19. Wallet Security 

The beauty of NFT’s and cryptocurrency is that it does away with the centralized storing of data.

This is beneficial because bad actors cannot access this information due to the incredible security measures that are taken and the unavailability of the information through a central location.

Therefore, when setting up your e-wallet, you are given a digital passcode.

It is important to maintain the security of this passcode and never under any circumstances give this private key to anybody else.

 

20. If It’s Too Good to Be True 

The rule of thumb is that if it sounds too good to be true then most likely it is.

Do not be taken in by any scams or outlandish claims about the return on your investment.

When those red flags flash before your eyes it’s important to heed those red flags.

 

21. Manage Your Investments 

The world of NFT’s and cryptocurrency is a fairly new but exciting opportunity for return on one’s investment.

As with anything in the world of investment, there is always a potential risk.

It is important to stay within your means and not utilize the money that you can’t afford to lose.

 

22. Greedy

Many a gambler in a casino will often say that they should’ve quit while they were ahead.

This again can be a wise piece of wisdom for any individual who is investing and looking for a return on their money.

It is important not to be greedy and when a certain investment or attainment of a price is reached, it is best to act if that was your goal and not to hold on in hopes that the investment value will increase.

 

Personal Story

The key to NFT is the power of deterring counterfeits and embedding ownership.

There have been many attempts by individuals and generations in demonstrating and securing ownership.

On ranches, the rancher would brand their livestock with their particular and unique branding iron.

If the rustled cattle were found, then identification could be proven.

The issue would be if the rustled cattle were ever found.

Today, the United States Department of the Treasury has modified the American currency by adding color, utilizing unique paper, and embedding in the denominations certain figures to show the currency’s authenticity.

However, if the money is stolen it would be difficult to prove currency ownership.

I remember as a young teenager with my bicycle registering the bike with the police department and receiving a bicycle license.

The idea was to cut down on bicycle thefts and if a bicycle was reported as stolen, then tracked on the bicycle through the use of the registered number on the frame.

And so the journey continues as it relates to counterfeits and proof of ownership.

 

Making Money With NFTs FAQs

 

What is the Most Expensive NFT Ever Sold?

To date, the most expensive NFT soul was a digital collage of a variety of images by Beeple.

This collage sold for $69.3 million at an auction in March sponsored by Christie’s

Why Would Anybody Buy an NFT?

When a purchase of an NFT is made they are assured that the item purchased is authentic and that they alone are the sole owner of the item.

 

You Can Do It

The idea behind cryptocurrency NFTs is a sound one.

Through decentralization, it limits individuals who wish to invade and take ownership of items that is not rightfully theirs.

The wave is just beginning to swell and perhaps this is a time where you can start to ride that wave.

 

Conclusion

Let’s be careful out there.

This sound advice is not only as it relates to purchasing authentic investment items but also when decisions are made to invest.

A possible solution on both counts is through NFTs.