We briefly explained the definition of NFT and its difference from crypto in the last article. Go ahead, read. Today we list the popular ways to make money on NFTs. We will also talk about the possible nuances and difficulties that you will have to face on the way to super-earnings.
So let's get started.
Method number 1: Create your own NFT
The essence of the method is to upload your work to a special marketplace, and NFT is assigned to it. If your NFT is being bought with cryptocurrencies, withdraw to regular money. Now it is fashionable to tokenize your product among well-known brands and companies: McDonald’s, Coca-Cola, Nike, Gucci.
What you need: create a digital file and put it up for sale. By file, we mean a picture, photo, video, gifs, text, e-book, music, and any digital file.
Important: NFT must be unique. Even if you draw a circle with sticks on a newspaper, it will already be considered art. It won’t work just to take a picture from the Internet and put it up as your own.
- It takes skill and talent to create a non-fungible token.
- There is high competition in NFT - you need to be able to get people interested in your product.
- Costs are required, more often these are all kinds of commissions.
If you are a company and want to earn guaranteed money on NFT, and at the same time on promoting your product, then contact our Cifris professionals. We are just on this case.
Method number 2. Promote other people's projects
The essence of the method is to help novice digital art authors enter the NFT market, and then take a percentage of sales. Of course, you must be well versed in the topic of NFT, follow the trends and have a professional flair.
What you need: find a promising author who is interested in mentoring and is willing to share the profits.
Nuance: the author can "throw" and leave you without the promised percentage. Thus, you will not be able to make money on NFT. It follows that before cooperation, it is required to conclude an agreement.
Method number 3: Participate in the distribution of NFT tokens
On the web, this phenomenon is called NFT Airdrops. Usually, tokens are distributed by start-ups, projects, newcomers in the field of digital art in order to attract attention.
The essence of the method is to get NFT tokens for free, and then resell them many times more expensive.
What you need: follow the distribution, get your oil, and then successfully sell.
- Slow way to make money. Will have to wait for the right moment to sell.
- No guarantee. The project may not “shoot” and no one will need free drops.
- Having patience. The price of free NFT can rise slowly and slowly.
Method number 4. Engage in resale
The essence of the method is to buy someone else's NFT and sell it at a high price.
What you need: to know the prospects of digital coins and buy cryptocurrency to acquire NFTs. The trader needs to understand when it is time to sell NFTs and at what cost.
Nuances: a risky way to make money. There are no guarantees that it will be possible to sell the purchased NFT at all, and even more so profitably.
So, in a simplified version, we gave information on how to make money on a non-fungible token. Increasing income using these four methods is very real. The first method is especially effective. He's the simplest. Go to the Cifris platform and learn how to tokenize your product and start making profits on it.