The NFT community is growing rapidly, even in the current bear market. The number of people leveraging possibilities within the space and earning 6 to 7 figures is also increasing as the industry grows.
Web3 and Non Fungible Tokens will change the world by giving power back to the people through genuine validation of ownership. Whilst we’re still in its infancy, now is the perfect time to get a headstart by becoming a specialist within a particular skill set. Alternatively, by making a name for yourself before mass adoption comes and the space becomes far more crowded.
Imagine if you were one of the lucky people who bought Bitcoin 7 years ago, you’d be set for life right now! Well, the good news is that you are still early in NFTs, and if you can master one, or a number of the following methods, then I promise you the wealth will come. Let’s not waste anymore time and get straight to the point. Here are 6 ways you can currently earn with NFTs.
1) Trading and Flipping
The obvious and perhaps the quickest way to generate wealth in the space is by becoming a master at buying and selling digital assets. The old saying of buy low, sell high, without a doubt applies to NFTs. With a good eye, you could turn a few hundred dollars into multiple thousands within a matter of weeks or months.
Just recently on the Solana network, DeGods minted for just 3 SOL and hit an all time high of 400 SOL earlier this month, which would have made you a cool 133x on your initial investment. Whilst projects with this level of return on investment are less common in the current climate, they do still pop up. If you’re able to catch a ‘moonbag’ just a few times a year, you’ll be breaking the $100k mark in no time.
Of course, it’s not always possible to mint due to how competitive collections can get, but secondary market trading is a viable option, although a little more skill is required. This, my fellow degens, is when technical analysis comes into play. If you are able to educate yourself on how to read the charts and statistics on sites such as Icy.tools or Moonly, there’s no reason you can’t trade your way to wealth. With plenty of free resources readily available on the web, I would argue there’s very little excuse as to why you can’t become very proficient at buying and selling NFTs. As always, exercise caution, do your own due diligence and never invest more than you can afford to lose.
2) Create Content
Content creation has become a viable way to generate wealth across almost all industries, including NFTs and very little upfront cost is required. This can be approached through various channels such as YouTube, Tik Tok, blogs, Twitter or writing for NFT media outlets (like WGMI Media).
Starting with YouTube, a quick search for NFTs brings up thousands of creators looking to add value to your journey within this space. All you need is a camera (smartphone is fine at the start) and laptop to begin, if you can provide quality and engaging content, the subs and views will follow.
After reaching 1k subs and 4k watch hours, you can then monetize your channel with adverts. As your view counts increase, so will the revenue. This also attracts sponsors to your channel who will pay good amounts for a shoutout. Therefore, time and commitment will be your biggest obstacles here, but have no doubt that if you are able to grow a community of loyal fans who enjoy your content, the dollars will come rolling in, even while you sleep. The same concept applies to blogging, as advertisers will pay to appear on your website.
Moving onto Twitter and writing for NFT outlets, it may seem an impossible task but it really isn’t, hell I’m doing it right now. My best advice would be to be active and engaged within the community and do everything possible to stand out and show that you can add value. Write articles on the space, analyze the market and with enough dedication, you might just be noticed. Regarding Twitter, while Mr Musk won’t be paying you, if you grow, you’ll eventually be approached by projects offering you Whitelist spots to you and your community. With these spots, you can mint and flip should you wish and as your influence grows, the bigger projects will start knocking.
3) Become A Discord Moderator
If you weren’t aware, mods do not work for free! Whilst you won’t earn life changing sums, you can earn a good income per month for what is essentially a very comfortable job. Prove your skills and it won’t be long until you’re being approached by other projects asking you to do the same. As a role that can be done from the comfort of your home, moderating for multiple teams is a real possibility.
So how does one become a moderator? In theory, it’s a relatively simple process which can be achieved by building a network. Join as many communities as possible, engage and add value to each and set standards that others should follow. In time, you will get noticed by a member of the team and while they may not invite you immediately, it opens a line of communication between yourself and the decision makers.
Build relationships and with enough trust, you could perhaps even pop the question yourself. As we all know, the wider NFT community is a very friendly environment, so if you excel in your initial moderator role, you’ll likely be recommended and picked up by other teams thus doubling, tripling or even quadrupling your income. Make a living by hanging out with awesome communities? Not bad.
4) Become An Artist
Whilst a certain level of skill will no doubt be required for this role, the art of a project is certainly one of, if not the, key aspect to an NFT project as it is the first point of reference. If you are already good at design, whether 2D or 3D, it’s very much worthwhile promoting your portfolio across as many channels as possible to get noticed. Additionally, if you are able to animate alongside draw, you’ll be even more attractive to those looking for an artist.
For those of you that currently aren’t too good with creativity, it’s never too late to learn. As with all skills these days, there’s a plethora of free resources across the web and software doesn’t have to be expensive with free alternatives to the likes of Adobe illustrator, available to find.
Art is an extremely subjective medium so what I find appealing may appear horrendous to yourself, meaning that artwork doesn’t always have to be of the highest quality. The NFT space is incredibly fast moving with new meta’s appearing constantly. What’s to say that a future project you work on, won’t be the trendsetter for a period of time.
5) Become A Developer
Perhaps requiring the highest level of skill, but with an incredible payoff, becoming a Web3 developer will generate immense earning potential. At the same time, it will keep you in demand as projects seek those with development expertise. I won’t lie to you, this will involve huge levels of time investment if starting from scratch, but if you can code for Web3, it is a skill set that will see you go far both within the NFT space and even beyond.
Keeping to the NFT space, the primary reasons a developer is required are two fold. First of all, each and every project requires a smart contract, the mechanism for implementing a sale between the buyer and seller. Smart contracts are essential as they verify ownership and handle transferability of each token meaning the entire project is reliant on this.
Secondly, Web3 developers are needed for all projects that plan to hold mint on their own website. Specialist code is required to be written to ensure minting and wallet functionality operate as planned. A smooth mint is paramount to a successful launch as if things go poorly, FUD can hit hard and fast. Web3, Solidity developers are expected to earn upwards of £100k a year.
6) Become A Project Founder
Last of all and perhaps the endgame for the majority of degens that take an active interest in the NFT space, is to launch their very own NFT project. If you have any of the above skills already, then they will no doubt help along the way. However, the key to creating your own collection is a formidable team alongside you and a clear vision of what you want your project to be in both the short and long term.
Unless you’re already an established name within the community, then you have your work cut out to build hype and create a rock solid community that believes, and buys into your vision. While this is quite possibly the hardest way to earn in NFTs given the fact that 99% of projects fail, it’s arguably the most rewarding as seeing your very own project succeed and thrive is something that surely cannot be explained in words. This will, without a doubt, provide the biggest opportunity for wealth as you could pocket a percentage of mint sales, give yourself and your team an allocation of tokens with asset value and also earn royalties from the secondary market.
To close this article, I’d just like to make clear that these are only a few opportunities that the NFT space provides to earn. No doubt, becoming a founder for a successful brand is the dream for many, however, it’s unlikely many will go on to achieve it and that’s OK. Web3 and NFTs aren’t going anywhere, and we’re all here early enough to capitalize on the chances we have, should we take that step. While some of the options above will not bring you millions alone, combined, you’ll be well on your way to becoming wealthy. Most important of all, I’d argue, is that whatever you choose to do, it will open doors to more possibilities, and as you and your network grows, so will your worth, both as an asset and your wallet.
Keep grinding away and keep investing in yourself, as this is your journey. Remember for all those that have made it big, we rarely see the journey they took to get there themselves. There is no such thing as get rich quick, but only get rich quicker. I wish you luck degen.