Not all NFTs are going to be worth your time though if you are merely concerned with money. So in this article, we hope to inspire you to seek out and understand the various industries associated with NFTs.
First a Brief Definition of NFT
A non-fungible token (NFT) is a specific piece of data utilizing technology that allows digital content, such as movies, songs, and pictures to be recorded and verified on cryptocurrency blockchain technology, usually Ethereum or WAX.
Quite simply, NFTs (Non-Fungible Tokens) make it easier to own and sell digital content. While this may be a quick passing crypto trend, trading collectibles is here to stay.
Types Of NFTs
The characteristics of collections differ greatly, ranging from collectible cards to art masterpieces to virtual environments in online games. But since we are focused on consumer interest for this article we will break down selling NFTs in the crypto world, creating NFTs, and staking NFTs.
As with anything we suggest you research widely before you venture into making money with NFTs.
Art that’s partially generated by the blockchain sells best. A lot of animations and 3D-rendered art are so expensive because they are procedurally generated from math. By utilizing blockchain technology as the canvas and the creator you strongarm the market.
Creating the digital asset as original digital art allows you to encrypt the creation right from the start. The value will be way higher if the art is created from 1 medium instead of 2 or more.
PLAYING TO EARN GAMING
This industry is literally unfolding right before our eyes. Showcasing great innovations, this digital form of making money with NFTs is exploding.
NFT gaming combines both great gameplay and new business models. The NFT value is huge here as this levels the playing field for people of all skill sets to approach with confidence.
Play-to-earn is a type of gaming where players can earn rewards and even money in games that they play. It has exploded this year with the growth of Axie Infinity, a game developed by Vietnam’s Sky Mavis that utilizes nonfungible tokens (NFTs). Sky Mavis recently raised $153 million at a $3 billion valuation.
Sports cards have long been the most popular kind of licensed NFT collectibles, with the first NFT sports card project allowing users to trade real-world cards of football players.
The NBA has also launched its own NFT cards collection recently, and it’s likely that other sports organizations will follow suit. Collectors will soon be able to buy baseball, hockey, and basketball NFT cards too.
The main reason why these digital assets remain valuable is that physical trading cards are easily damageable, digital collectibles, however, can be securely stored on the blockchain, and will never lose quality.
Well, one photo sold for roughly $69 million. Why? WTF? OMG! Basically, it will always come down to the basic psychology of humans that we want to collect rare items of value. If that item is a “one of a kind” then it will always have more value than a replicate.
But why can’t I just screenshot it and then I have it??? You see the blockchain technology keeps a ledger and proves that a crypto asset is yours or not.
If you want to start an NFT collection, photos are probably the easiest way to get started. Interested consumers may buy your NFT at a higher price than your actual print. Especially if you provide the digital equivalent of a private collection.
STOCK FOOTAGE AND CREATIVE VIDEOS
Another exciting way to make money with NFTs is by selling stock footage or creative videos that are completely original. Once it makes the blockchain, it basically lives forever. Check out https://www.airnfts.com/nft/video-nft for a quick way to make more money.
You may even create a video that is worth millions. Be sure to put a critical eye on what already exists before you start to sell your video. Otherwise what you create could be basically worthless. To sell NFTs especially videos you need to see what is already popular and selling.
Interested consumers influence creative videos on various sites that help you sell your creative pieces. Invest wisely though selling video as an NFT is somewhat harder than the vast majority of other digital tokens.
You can make money with audio clips as well. If you already own NFTs and you are looking to get into non-fungible tokens, then why not try some digital audio art.
Audio is the other form of NFT that sometimes gets glossed over. But say you have a sound clip of a famous person saying something. You and you alone own that sound clip. Honestly, that could be your chance to make money worth staggering figures.
As always you can sell your music on various sites as well. Check out Open Sea it’s an online marketplace where you can sell your own NFTs or buy from other NFT startups.
Keep an Eye on Staking NFTs
Staking NFTs is in its infancy, but it’s growing. NFT staking refers to the locking up of NFTs on a platform or protocol to receive staking rewards and other privileges.
There are many ways that you can make money selling or collecting NFTs. The Beeple digital art piece that sold for $69 million to a Miami-based art collector, should surely show you the importance of non-fungible tokens.
Beeple’s NFT broke records and at that point, consumer interest was very high. Now that we know a little more about blockchain technology and certain token’s asset transfer values, we need to be careful and do our research.
Making money with NFTs is still new when it comes to what is possible.