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5 Ways To Make Money With NFTs In 2022

NFTs have already become mainstream. There is a thriving digital art community on the Internet, whose members create, buy and sell NFTs, earning handsome dividends.

There are many stories about how people from different countries got rich by selling their collections. In this review, we will tell you how to make money on NFT, as well as conduct a brief educational program on the basics of this technology. You will learn how to make your own non-fungible token and how to monetize it.

NFT Definition

An irreplaceable token cannot be called a virtual means of payment. NFT is not money, but a unique digital object created on the basis of distributed ledger technology. It is hosted in the peer-to-peer network of one or another cryptocurrency.

Each non-removable token contains a cryptographic cipher with a set of data about this asset. Any physical or virtual asset can be digitized, such as a document , picture , music , or video . Of course, you can just make a copy of the NFT and try to use it as you wish, but such an object will have no real value. It's like taking a picture of a Rembrandt painting and putting that photocopy up for auction instead of the original. But if you do something original yourself, you can earn good money on NFT pictures. But only if your work will interest other people.

How to convert a file to NFT

NFT tokens are produced on special services. NFT technology is supported by quite a few blockchains, the most popular are:

• Ethereum;
• Binance Smart Chain;
• polygon;
• Solana;
• Cardano;
• Tezos.

Each NFT token (or group of tokens) is minted according to a certain standard, corresponding to the parameters of the underlying block chain. The user must select one of the blockchains and go to a site that provides tools for creating unique tokens. The most popular platform for creating your own NFT is Opensea, instructions for creating it are on our website.

Ways to make money on NFTs

Not only artists working in the digital art style, but also ordinary users can earn money on NFT without investments. Non-changeable tokens can be resold on marketplaces and even rented out. There are projects that pay for NFT staking.

It is not necessary to personally create unique assets or purchase them from other users. Assets of this type can be received on an airdrop, or in a DeFi pool for providing liquidity, as well as earning on NFT games. But the most common way to make a profit is trading.

Resale of tokens

Of course, a beginner cannot make a lot of profit on NFT from scratch. It is necessary to scrupulously study the dynamics of supply and demand and constantly monitor the trading floors in search of interesting lots offered at bargain prices. The matter is very complicated and there is no guarantee that the invested funds will pay off at all. But, one profitable transaction can bring a solid income.

Popular marketplaces for trading

There are many web platforms that support the trading of unique assets. First of all, it is worth highlighting the NFT matrixplace of Binance and Opensea. On the Binance platform, the nft section was opened relatively recently and only a small group of artists have access to token creation tools. NFT assets based on Binance Smart Chain and Ethereum are supported. Each user can trade them on the marketplace. To access Binance services, you need to create an account and pass identity verification. On this platform, we recommend that beginners take a closer look at the Mystery Boxes, they have a low cost and even a beginner can resell.

On the site ,  you can earn on NFT without investments anonymously, you only need to synchronize the wallet. Polygon and Ethereum non-removable assets are supported, there is also a tab for Solana tokens. All users can create and sell their digital masterpieces. If you are looking for an option on how to make money on NFT from scratch, then working at Opensea is definitely for you. You can mint your own tokens or make money on NFT pictures by reselling the creations of other artists. Many authors wish to receive interest from each subsequent transaction. Smart contracts are used to implement such agreements. You don't have to worry about paying royalties or enforcing your terms as a creator, the process is fully automated.

Create your own token

Anyone with a small amount of cryptocurrency can mint non-removable tokens. The existing platforms offer tools that allow you to create all kinds of NFTs, as well as attach content to your files. You can create your token using simple minting tools available on the market.

For example, you can create an NFT on Opensea based on Ethereum, Polygon or Solana. The process of minting itself is simple.

• Connect to the service through a supported crypto wallet, or create an account.
• Enter the NFT minting page and download the base file.
• Set additional parameters and click " Create ".

Done, the non-removable token has been created. Such services have their own marketplace where you can display your creation and start earning on NFTs. For the production of this type of blockchain assets, you will need to pay a commission in the base cryptocurrency of the system. Each subsequent NFT transaction also needs to be paid. On the Ethereum blockchain, gas fees are quite high. If you don’t want extra expenses, we recommend trying your hand at one of the alternative blockchains.

How to develop an account

Advertising is the engine of trading, and in order to successfully sell your NFTs, you need to actively advertise yourself on social platforms. First of all, it is recommended to create Twitter and Telegram accounts in order to join the NFT community. Knowing English will help you expand your social circle and increase the chances of finding those who are interested in your masterpieces. Promote your NFTs and support other artists and entrepreneurs.

Telegram communities:

• NFT Bastards ( over here )
• NFT calls ( over here )
• NFT Community ( over here  )
• ART AWARDS & NFT (over here  )

You can join forces with other authors or join a serious art project. Creative agencies regularly hold special selection competitions for young talents. Try looking for a promoter who can really help you. To successfully promote your account, you need to be a very sociable person, otherwise you will not succeed.

Airdrops and NFT giveaways

Free distributions are carried out by both novice artists and large marketplaces and art projects. This is done to attract new customers and popularize blockchain technology. Once Bitcoin and other digital coins were distributed in the same way, now they are drawing the attention of the community to NFTs. If you have already been interested in this topic, then you have probably heard about the famous NFT collection of cryptopunks.

In 2017, 5,000 new tokens from this series were given away for next to nothing. It was only necessary to apply and pay a commission fee for generating and moving an asset. Currently, the cheapest NFT from The CryptoPunks collection costs several thousand US dollars.

Popular platforms where you can find free Airdrop:

• dappradar
• coinmarketcap
• httairdropalert
• airdrops

Play to Earn, popular NFT games

Distributed ledger technology makes it possible to make money on NFT games. Over the past few years, many blockchain-based gaming projects have been launched. Each of these games has a built-in blockchain and token economy scheme. Gamers are rewarded with NFT items, which can then be sold on the in-game marketplace or on secondary markets.

One of the most popular Play to Earn projects (play to earn money) was Axie Infinity. Judging by the publications in social networks, its most successful participants have already become millionaires.

Now the most popular games where you can earn:

• Era7: Game of Truth
• Genopets - The World's First Move-to-Earn NFT Game
• Picaster
• Illuvium

Staking NFTs

NFT tokens can be blocked on the platform or in the protocol in order to receive monetary rewards and additional privileges. NFT staking is practiced both in gaming projects and in DeFi services. Of course, not all tokens can be used for staking. Requirements for different projects may differ, so it is better to double-check the information before buying an NFT asset. Staking of immutable tokens is supported by the WhenStaking platform on the Onessus blockchain and Cargo Staking .

Binance supports the innovative PowerStation gamification feature, which allows sports club fans to earn by staking NFT tokens.

On the WhenStaking platform, you can place NFTs of game projects HodiGod and NiftyVille. The staking reward is paid in VOID tokens, which can then be exchanged for cryptocurrency. The amount of the payout depends on the rarity of the collection and the rating of the collector.

The Cargo platform was specifically designed to create and sell digital collectibles. The company has developed a unique scheme for creating and tracking an "infinite" amount of NFTs. Once one of the smart contracts is deployed, creators can use Cargo credits to batch create NFTs. With Cargo, you can block any type of digital content with AES-256 encryption. Cargo also provides a robust JavaScript SDK so dApps can use Cargo's robust NFT infrastructure.

Other ways to make money from scratch

NFT specialists can offer their services and advice to young artists. It’s a tricky business, but with the right approach, it can bring good dividends.

Non-fungible tokens are being actively integrated into the DeFi infrastructure, which allows you to receive NFTs for providing liquidity. For example, on Uniswap V3 , an automated market maker (AMM) issues an ERC-721 token called LP-NFT to represent your share of the total locked in the pool. Selling this NFT will allow you to remove yourself from the liquidity pool immediately.

Risks and methods of deceiving users

The main problem of the NFT sector and the entire crypto industry as a whole is the lack of clear legal regulation. Transactions on NFT marketplaces are paid for with cryptocurrency. These coins are not stable. Users of some countries may face restrictions on the use of crypto coins by government agencies and difficulties in exchanging crypto for traditional money.

In addition, there are many scammers operating on NFT sites. The most common type of hacker attack is phishing. Fake invitations to participate in NFT airdrops are sent to wallet owners with requests for private keys and seed phrases. When transferring NFTs and crypto assets through the wallet web interface, a hacker may try to change the address in order to take possession of your tokens. Regularly check your computer for viruses, and when registering on the platform, put a passphrase to protect against phishing.

Important! On little-known marketplaces, novice investors can slip in to sell a copy of the expensive and popular NFT. At the same time, it will cost 15-20% cheaper than the original, and when the unlucky buyer places this NFT on another service, the moderators will inform him about the fake. To prevent this from happening, you need to make large transactions only on trusted platforms and carefully study the history of the movement of an NFT asset.

Sometimes, in order to make money on NFT without investment, scammers publish fake comments supposedly from famous people to promote a hopeless project.

Another fairly common scam is called Reg Pull. A group of attackers releases a preliminary collection of NFTs, and then announces a fundraiser for the release of a new, even more advanced series. When gullible investors invest their money, the scam project collapses. In order not to fall for this bait, you need to carefully check everything in advance, and then invest money.

Wallet for NFTs

For NFT Ethereum or Binance Smart Chain, you can use the Metamask browser wallet or the Trust Wallet mobile app . NFT tokens created on other blockchains require a wallet that is compatible with the underlying cryptocurrency and the NFT asset standard. For example, Phantom or Glow crypto wallet is suitable for NFT Solana .

Conclusion

Now you know how to make money on NFTs. This is a simple and promising type of business that allows you to count on a high income. Experts predict that NFTs will continue to rise, especially if wealthy investors continue to invest. But, beware of scammers and always remember to diversify your risks. Do not invest all your money in one lot. Good luck to you!