NFTs, or Non-Fungible Tokens, are a relatively new digital asset class that exploded apart from BTC, ETH and other popular cryptocurrencies. NFTs are digital items that are unique and can’t be owned or controlled by a single issuer, who can only issue a finite number of them. One example of an NFT is football cards: they are both digital and unique, and no one issuer can create more football cards once all the limited edition ones have been sold.
NFTs, which first gained traction in 2017 with the advent of CryptoKitties, have been gaining steam since then. The market for NFTs has grown to $1.5 billion as of January 2018, and some venture capitalists believe it could become a juggernaut worth $10 billion to $100 billion in the near future.
Because NFTs have value, speculating on the cryptocurrency prices and trading them has become a big part of crypto in the past year or so. There are even exchanges dedicated to NFTs where you can buy and sell them as you please. The most popular are OpenSea and RareBits, which aggregate all sorts of different NFTs from games like CryptoKitties, Etheremon and Decentraland by Decentraland into one place that lets you trade them.
Best Ways To Make Money With NFT
Create And Sell
The NFTs can be sold for money and the market for them is growing rapidly. Create your own game and sell the items inside it – if you’re familiar with gaming development then this is probably something you could do yourself quite easily. There are plenty of tutorials online explaining how to create an Ethereum project from scratch.
Perhaps do an ICO? There are plenty of places where you can pay money to learn how to do this, so this might be an option for you if you don’t already know how to code a blockchain game.
Trade
NFTs can be bought and sold through special sites or marketplaces that only deal with these types of digital items. A few examples include OpenSea, Rare Bits and OPSkins Marketplace, among others.
Each of these marketplaces has its own rules for buying and selling items; for example on OpenSea, items are available for auction, meaning that people can bid on the price they wish to pay for the item. Each marketplace is slightly different, so it’s important to do your due diligence before you try to sell your NFTs on them.
For Rental
A tokenized version of an artwork can be sold on an online market like OpenBazaar. One can then rent out their artworks to earn rental income from them. This will also help to control fraudulent activities that are seen in the art industry nowadays such as selling fake artworks and reproductions.
If you have a collectable item, you can store it in a secure wallet where no one else can access it and sell it when you want to do so. You can then earn rental income by renting out your collectable items. The same goes for tickets for events such as football matches and festivals.
Gaming
Cryptocelebrities, but NFTs can be used for many other uses as well. One of these uses is to create a game or system where users can buy and sell their collections of tokens. Some games allow users to compete with their collections against other players, while others allow you to use your collection to play games that pay out in cryptocurrency. I’ll show you how to set up a collectibles game using blockchain technology and the Ethereum platform.
NFT Royalties
NFT royalties are a new way of making money with NFTs in 2022. An NFT royalty is a right to a cut of the gross sales of a specific non-fungible token (NFT) by a game developer.
For example, imagine that you buy the Lion Sword, an NFT developed by Game Developer X for their Game Y, for $10.00, and two months later, at a time when all the other swords in Game Y are selling for $20.00, the Sword of Lion is suddenly selling for $100.00. You’d want to know why, right?
Game Developer X would not be disclosing this information publicly because it doesn’t want players buying up all their own assets to manipulate the market (and thus sell them off at higher prices). The only way to find out about such news is for you, as an owner of the Sword of Lion, to contact Game Developer X directly and negotiate your royalty.
Collectibles
Non-fungible (or unique) tokens are the future of all collectibles. Think: a digital baseball card that anyone can own, but only one person can own a particular digital baseball card at any given time. That’s the promise of NFTs.
It is the future of crypto collectibles: rare items that can be collected and stored digitally on the blockchain with provable scarcity and ownership.
What Contributes To The Popularity of NFT?
One of the reasons why NFTs have become so popular over the past few months is because they are one of the ways blockchain technology can be used to solve problems in traditional industries.
Displays are one of the main ways that NFT can work. They give you the ability to bring your product to life in a fun and interactive way that is more than just reading words on a page.
This type of display can also help to increase sales because it can show off all of the different features and benefits of the product that might not be available on paper.
In addition, when you use an NFT display you are allowing your customer to get to know your brand better and this will allow them to make an informed decision about whether or not they want to purchase from you.
When you use this type of display it will help build trust between your organization and shoppers which is ultimately what any business wants from their customers.
