When browsing social media, especially during a bull run, it’s not uncommon to see many people claiming to have made a fortune in short periods of time with NFTs. While it is possible to make a lot of money very quickly in the NFT space, it’s not always as straightforward and simple as it’s made out to be. There are many approaches that you can take to make money (active or passive) with NFTs, but it is likely that some methods would be better suited to you than others. Let’s dive in and explore 5 ways to make money with NFTs.
#1 Investing In Early Projects
One of the best ways to generate profitable returns in NFTs is by investing in projects with potential early, before they ‘skyrocket’ in value. The majority of NFTs mint for a low price, and the value can increase exponentially in the weeks and months post launch.
#2 Flipping NFTs
Buying for low and selling for high, otherwise known as flipping, is an effective way of making money with NFTs. By consistently buying low and selling high, you are able to produce a profitable return over time. Flipping is a short term approach, as flippers rarely hold on to tokens for a long period of time.
For tips on flipping NFTs, read our exclusive interview with one of the most successful NFT traders in history.
#3 Play-2-Earn (P2E) NFT games
Play-2-Earn NFT games allow players to generate rewards through skilled games. These rewards are usually the project’s native token, which can be exchanged for in-game items or converted back into FIAT currency.
#4 Staking NFTs
Similarly to crypto, NFTs can also be staked. Essentially, NFT staking’s primary mechanism is to ‘lock up’ a digital asset on a De-Fi platform and generate additional rewards in return. Just like Play-2-Earn games, the rewards often are a ecosystem’s native token which can be exchanged for FIAT currency.
#5 Minting Your Own NFT
Minting refers to launching your own NFT collection. To do this, you will need to create a digital asset and place it on the blockchain. Once on the blockchain, people can purchase and trade your NFT, allowing you to monetize your collection.
NFTs show no sign of slowing down, and the potential for huge returns continue to grow. Be a smart investor and get involved before it’s too late.