How to make money with NFTs, NFTs se Paise Kaise Kamaye

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Introduction

Non Fungible Tokens, as all of us know are a new craze. NFTs are the unique, irreplaceable and cryptographic tokens, placed on a block chain to check their authenticity and ownership. Anything can be NFTs, be it a tweet, a painting, a music peice or even the real estate. Each NFT has some uniqueness attached with it and this uniqueness gives it all the value.

NFTs have started finding use case in representing ownership of unique items, in creating digital collectibles, in gaming, in metaverse and in domain names.

But, how do you earn money from NFTs? In the following section, we will discuss how to make money with NFTs (NFT se paise kaise kamaye). You can make money with NFTs in the following ways.

how-to-make-money-with-nfts

1. Create and Sell NFTs

This is perhaps the most heard one way to make money with NFTs. You might wonder, whether you can create an NFT or not. But yes, you can do so, if you have a knack of creativity in yourself.

You can turn anything like a piece of art, a painting, meme or anything else into an NFT, and then sell it on any NFT platform for a good price.

You can make use of softwares like sketchAR, Fotor, Dropkit, Mintable etc to create your own NFT and then sell it on NFT marketplaces like Rarible and opensea. If you have an existing digital creation, you can also turn that into an NFT using NFT generators.

In this process of creating and selling NFTs, you can generate huge profits. So let your creative self start making NFTs to amass huge profits.

2. Trade NFTs

This is a very easy and efficient way to earn money with NFTs. It is similar to buying and selling stocks to make profits.

In NFT trade, you buy some NFTs from the NFT market places at lower rates and then sell them at the higher rates. In this process, you dont create your own NFTs, but you buy the ones made by others and then sell them at higher prices. Example: A Miami-based art collector Pablo Rodriguez-Fraile flipped a Beeple digital art piece for nearly 1,000 times its original price in a time span of less than 6 months.

You must bear it in your mind that trading NFTs is a very risky venture. You have no guarantee that the NFTs you buy will definitely appreciate in value. So you need to be very cautious while trading NFTs.

However, If you take care of the following things, you will definitely make good profits in NFT trading;

  1. Know your NFTs of interest very well. Examine, which one can get you profits.
  2. Check what is the mood of the people about the NFTs of your interest.
  3. Wait for the proper time to buy and sell the targeted NFTs.
  4. Keep in mind various charges like Marketplace fee and royalties, while selling your NFTs. They are going to reduce your take-home money.
  5. All NFTs are not equal. Only some of them will appreciate in value.

So the mantra for success is that dont let the emotions drive you. Be very practical and knowledgeable in your approach, to not miss the chances of making money in the resale.

3. Rent NFTs To Other

This is yet another way to make money with NFTs. You can rent out your NFT collection for a fixed fee to some gamers or gaming platforms, where they have a lot of utility. You can also use the renting platforms like reNFT to put your NFTs on rent. In this way, your NFTs serve as a source of passive income for you.

In case, you are worried whether the borrower will handover your NFTs back to you or not, then you need to know that such renting agreements are governed by software programs on a blockchain, and are called smart contracts.

In such smart rental agreements, it is the owner, who sets the duration and fee for the NFT rental process.

4. Play To Earn (P2E) NFT Gaming

There are certain types of games called play to earn (p2e) games, that allow you to earn NFTs, either for just playing the game or if you complete the specified targets. There are some companies that are giving away free NFTs to the first few people who sign up for their games.

Once you have earned an NFT through p2e games, you can sell it as an in-game item to the other gamers and earn profit. If the games is of good reputation, then the chances of generating good profits become manifold.

However, you need to know that p2e games are still not so famous and are just few in number. but, the way, NFTs are becoming popular, there is not an iota of doubt about the fact that their number and popularity is going to increase in near future.

5. NFT Royalties

NFT royalty means a portion of the cost that is paid to the creator every time his/her NFT is sold. So if you sell your NFT, you will get the money at which you sell it, plus some money every time any one sells your NFT. So NFTs can act as a source of passive income for you.

There are some market places, which allow you to put royalty as high as 10%. So if you put a condition of 10% royalty on your NFTs, you will get 10% of the total sale price each time your NFT is resold to a new person.

Consider a person A, who has created an NFT named Kasho. He sells Kasho to person B at a cost of 10 Rs with a royalty clause of 10%. So A will get 10 Rs in this transaction.

Now person B sells Kasho to person C at a cost of 100 Rs. Here, As per the royalty condition,10% of 100 Rs will be given to the original creator (person A). So in this transaction, person A will get 10% of 100 Rs (=10Rs), and the rest 90% of 100 Rs (=90Rs) will be kept by person B.

You might get a question, whether you will get the royalty every time or not. The answer is yes. The process is fully automated and you don’t need to keep track of the sales manually.

However, making money with NFTs through royalty makes sense only if your digital assets get sold many times.

Also Check: Top 10 Money Earning Apps For Students

6. NFT Staking

This is a novel way to earn money with NFTs and it is similar to crypto staking. In NFT staking, you do not sell your NFTs, but you lock them up on some staking platform (like Binance NFT PowerStation, Mobox) and earn rewards and passive income. It is a part of decentralized Finance (defi) world.

So, in NFT staking, you earn without losing the ownership of your Non Fungible Tokens (NFTs).

You need to know that the income received from NFT staking depends upon the platform you choose. And, in case, you doubt whether your NFTs will be returned to you or not, then you must know that NFT staking is governed by smart contracts and is hence fool proof in nature.

7. NFT Airdrop

NFT airdrop means giving free NFTs to a person, who is already an owner of some other NFTs. There are many projects that have given NFTs worth thousands of US Dollars and more in airdrop. A typical example of an NFT airdrop is when the persons who possessed one Bored Ape NFT were gifted with an exclusive drop of Yuga Lab’s second project, Mutant Ape Yacht Club.

The new projects provide airdrops as it grants them the recognition and the popularity among the NFT holders, and it is a win-win situation for both the parties.

You need to bear it in your mind that getting good NFT airdrops is very difficult, so you should be of a good reputation in the NFT arena in order to get invitations for the good NFT airdrops.

Closing Words

NFTs are a new craze and it is very easy to derive the profits from them. We are sitting on a gold mine and should consider ourselves very lucky to be present in the infancy stage of NFTs, where they are providing a lot of investment opportunities to all of us.

However, we need to be very cautious, while dealing with NFTs, as they are very volatile in nature. So, it is advisable, that you should first do a proper research about the NFTs, and only then proceed to maximise your returns. Otherwise, it can drain out your wealth.

FAQs

What are the various ways through which we can make money with NFTs?

Non Fungible Tokens are currently the talk of the town, and some investors have obtained millions of dollars from the NFT investment. There are various ways through which you can earn money with NFTs and they are creating and selling NFTs, trading NFTs, renting out NFTs, playing various games, staking NFTs and NFT airdrops.

What is NFT Royalty?

NFT royalty is a sum of money that a creator of an NFT gets on every resale of his NFT in the future. When an NFT creator sells his token, he puts a royalty limit on it, whenever his token is resold in future, he gets some money according to the royalty limit set by him.

What is NFT Staking?

NFT staking refers to the process of locking up your NFTs on a platform to earn rewards and a passive income. It is similar to crypto staking, and here the owner earns money from his NFTs without losing their ownership.

Hello, I am Mansoor Mir. I am a part time blogger and a full time teacher. I have an experience of more than 4 years in the Blogging field, and I love writing about Business, Cryptocurrencies, NFTs, Technology and Academics.

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