No matter what you think about NFTs, one thing you can’t deny is that they offer a real possibility for people to earn money, sometimes from a ridiculously small initial investment. People are making real money trading NFTs, and while we could be in a bubble, there is no indication that NFTs will go away anytime soon. And while trading remains the main way to make money with NFTs nowadays, there are many other opportunities out there that you may have not considered. Let’s take a look at a few ways that you could make money through NFTs.
Create Your Own NFTs
The most direct way to earn money through an NFT is to simply create one. You shouldn’t assume that it’s complicated either.
Most marketplaces out there will allow you to mint your own NFT in seconds for a fee. Note that the blockchain on which the NFT will be created will make a big difference. Minting an NFT on Solana’s blockchain, for instance, will cost you pennies while you can pay well over $100 to mint your NFT on Ethereum. But the robustness of the platform, the wider number of Ethereum-based marketplaces, and the better security might be worth it, so look at both options.
You should know, however, that there is a significant bit of marketing and branding that goes into selling NFTs. There’s usually a lot of back-door PR going on and a solid content marketing strategy behind most of these projects. Or they’re launched by an artist that has some credibility. So unless you have those things, you can’t expect the jpeg of your pet iguana to sell for thousands on OpenSea.
Blockchain Gaming
Blockchain gaming has to be one of the most interesting ways to make money through NFTs. You could go on an NFT marketplace, play one of their blockchain games, and sell your items to the highest bidder. You also have games that allow players to find items or earn in-game currency that can be sold on the crypto market.
Rent Out NFTs
If you didn’t know already, some platforms will allow you to rent out your NFTs. And, if you can’t understand why someone would want to rent an NFT, you have to look at the bigger picture.
Mila Kunis, for instance, released a series of short videos that were sold as NFTs called Stoner Cats. Buying the NFTs gives the owner exclusive access to the content and certain rights, but many people wanted to see the content without having to pay for the NFT. This is where a platform named reNFT offered to make the series rentable and allowed people to watch episodes for a fee.
NFT rentals can also be useful in blockchain gaming. This could allow players to play with a maxed-out character for a short period without having to go through all the grinding and purchases that were needed to get there. And you, as a player, could level up characters and rent them out, earning you a steady stream of passive income in the process.
NFTs are very promising and are allowing everyday people to make money in myriads of ways. So, before you close your mind to them completely, consider some of these income opportunities.