So you want to make money with NFT's, well let's start, right at the beginning... NFT stands for Non-Fungible Token—but what exactly does that mean?
The word “fungible” means mutually interchangeable. The items or goods can be traded for one another without making a difference.
Cryptocurrency is fungible.
One bitcoin is the same as the next.
Non-Fungible, however, means that something is unique or one-of-a-kind.
So, a Non-Fungible Token is one that cannot be duplicated. It can be a piece of artwork, music, a concert ticket, even items for a game.
Blockchain technology assures you that your NFT will be the only one, even if someone later tries to rip off copies.
The computer record will show which is the original and which are the copies because blockchain doesn’t get erased or written over.
This makes NFTs good for collecting, trading, or selling. NFTs must be stored in a digital wallet, just like cryptocurrency, so the two are similar.
The unique part of an NFT is your ownership of the original work.
Even if copies are later made of the NFT, you have undisputed ownership of that and can use the image however you want (or trade or sell it).
Most of the NFTs on today’s market are part of the Ethereum blockchain.
Ethereum is a type of cryptocurrency, but its blockchain also supports NFTS, which store extra information, making them different from an ETH coin.
An NFT can be anything digital, such as a drawing or painting, music, or even a tweet.
A lot of the most recent excitement revolves around using the tech to sell digital art.
William Shatner has been selling Shatner-themed NFT trading cards, one of which was apparently a set of his dental x-rays.
There are also games that allow you to have NFTs as items. One of them even sells virtual plots of land (as NFTs).
Now that you understand exactly what NFTs are, let’s dive deeper so that you can learn how you can make money with them!
Make Money with NFTs
There are currently a few different ways to make money with NFTs. In this section, we’ll look at how you can create and sell NFTs quickly and easily, even if you’re a complete beginner.
To start, there are many different platforms and blockchains on which you can create NFTs.
Each of these has its own advantages and disadvantages and you can investigate as many as you wish.
In this post, however, we’ll focus on the OpenSea and Polygon (MATIC) blockchain.
These platforms allow you to create NFTs without paying pricey gas fees for each transaction.
In case you are wondering what a gas fee is... Gas is a charge on the Ethereum network. It is referred to as the "fuel" that allows the network to operate, in the same way that a vehicle needs gasoline to run.
If you do choose to create your NFTs on a platform like Ethereum that charges gas fees, you’ll need to increase the prices of your NFTS so they pay off the fees in addition to the actual price of the NFT.
Your first step in creating an NFT is to connect your Ethereum wallet to OpenSea.
If you don’t have a wallet already, try MetaMask or CoinBase.
You don’t have to load any cryptocurrency into your wallet unless you are using a platform that charges gas fees.
Remember to back up your recovery phrase now, keeping your wallet handy for authorizing certain steps in the process.
Learn to use OpenSea and what "minting" an NFT is and so much more...Check it out!
On OpenSea, NFTs are created within collections, so your next step is to set up a collection.
First, visit: https://opensea.io
Click on your profile icon in the upper right, then select “My Collections” and click “Create.”
Now, you can set images (including logos, featured, and banners), choose a name for the collection, customize the collection’s URL, and write whatever description you wish to use for this collection.
At this stage, you can also set the royalty percentage fee. The royalty is the percentage of the sale of your NFTs that you will earn every time it changes hands.
This means you’ll be paid when you sell it initially, and every time the new owner resells the NFT. 10% is a nice, reasonable royalty fee.
Now, you want to select the proper blockchain for your collection. Your options on OpenSea are Ethereum or Polygon.
The former charges gas fees and the latter doesn’t, so you can make up your own mind which to use.
Finally, click “Create” and confirm the transaction with your wallet.
You’re now ready to begin creating NFTs!
Just click on your collection and select “Add Item.” You will now be able to upload a piece of art (pictures, music, etc.) and create your NFT.
At this stage, you can also set up things like stats or unlockable content that will be given to the NFT buyer.
Once you’ve created the NFT, you can click on it and select “Sell” to put a price on it.
On OpenSea, you need a minimum price of $2. Here is also where you can set the number of copies of the NFT you’ll sell (if you made any copies).
And that’s all there is to creating an NFT on OpenSea. It’s totally free so whatever you make from the sale of your NFT is pure profit.
One thing to keep in mind when dealing with NFTs—it’s much easier to create one than to sell it.
You’ll need some way to get the word out about your sales, and Reddit is a good place to start. There are many subreddits where you can host giveaways to promote your collections.
You’ll need to have a good following before you see much profit, so keep connecting with possible buyers on various social media platforms.
The NFT market is a $41 billion industry with thousands of NFTs and dollars changing places every single day.
The most popular NFTs today are artwork and music, but your NFT can be anything from a video to a tweet.
An NFT can be stand-alone, or part of a collection, which will then allow the buyer to feel as if they’re joining an exclusive online community.
The slang term for buying low and selling high is “flipping,” and we’ll show you how to flip NFTs for profit.
Before you begin, you need to be able to tell if an NFT is worth your time.
There are several things to look out for:
There are two basic ways to buy NFT projects:
Mint an NFT when it “drops,” or buy it on a secondary marketplace.
“Minting” means you snatch up the NFT before it can hit the secondary marketplace.
This is your best bet because many projects release their collections at really low prices (sometimes even free!), which gives you far more potential for profit. However, quality NFT projects are hard to mint because of high demand and limited supply.
Most NFTs release whitelists so that early supporters can have early access to minting when their collection goes live.
To become one of those whitelisted, you’ll want to join the Discord group and learn the criteria for enrollment and the date and time the project will go live.
Links to a project’s Discord group can usually be found on the project’s Twitter page.
Once you’ve minted an NFT, you can then transfer it to a secondary marketplace like OpenSea and sell it for a higher price.
You can also purchase your NFTs from those secondary marketplaces directly,
Here’s how to do that on OpenSea:
Ideally, you should see transactions occurring every few minutes. A project with a high trading volume means it’s going to be easier for you to find buyers for your NFTs.
Now that you’ve chosen the best NFTs to flip, all you need to do is buy low and sell high!
Rent Out NFTs
Play-to-earn gaming is all the rage lately, but unless you have a ton of money, you probably won’t be able to buy in. That’s where the concept of the scholarship comes in.
You can rent an NFT and pay the owner part of the cryptocurrency you’re earning while racing, battling, or farming in your game.
These NFTs are either items the player needs to get into the game or items that will give them an in-game advantage.
This system benefits everyone involved. The players gain that advantage in their favorite game and the lender can make a tidy profit from rental fees.
One of the main concerns with NFT rentals is that you’re relying on third-party solutions outside of the gaming platform to facilitate the lending process.
There’s a risk that the lender may lose their NFT or that the player may lose their rental fees.
Some game systems like StarSharks have made their own built-in leasing marketplaces with measures in place to protect both lender and borrower.
These measures include fixed fees for the entire leasing period (you can’t change the price until after the rental period is up), up-front rental payments to the lessor, a lease countdown timer that activates once the agreement is in effect, and the lenders ability to “cancel” an NFT’s rental status and retrieve it from the marketplace at any time.
The way to get into NFT rentals is to research what’s on the marketplace currently and purchase a few NFTs from a popular game that will rent well.
Then, just sit back and watch the cryptocurrency flow into your wallet!
The same process that you’d use in renting your in-game items goes for selling them on the open marketplace or in-game.
Play-to-earn gaming is becoming very popular, and you can make some real money buying and flipping in-game items like land, clothing, “skins,” or other NFTs.
If you can find something unique that players all want, you can get some nice prices when you sell them.
It's important to note that you won’t be earning much money at first. The idea is to watch for a popular item and buy while prices are low.
Think of buying Bitcoin when it was $2 a coin and holding onto it until today!
Another way to obtain NFTs is to play certain games where NFTs are the rewards you earn by playing.
Here are an example of using and earning NFTs in gaming:
FadedArcade that lets you play and it's a100% Utility Based NFT project that also has income potential.
Here's how you can get access to that in just a few steps...
How to Mint a FadedArcade NFT
1) Your NFT Wallet
First you will need a crypto wallet that allows you to buy NFTs such as
Coinbase NFT :https://nft.coinbase.com/
Brave Wallet: https://brave.com/wallet/
or whatever you want to use - just make sure it lets you buy NFTs (not just an ETH wallet)
2) Fund Your NFT Wallet
Once you have your NFT wallet set up you should fund your wallet with some ETH.
Min to get on the whitelist now is 0.05ETH in your wallet the NFTs will be .1971/ETH each + gas fees so make sure you have more than enough ETH in your wallet during mint day
You can mint as many NFTs as you like on mint day. For example you could mint 5 for around 1ETH if you want.
Now that you have your wallet and it's funded the next step is ...
3) Getting Whitelisted
Go to the Faded Arcade website at: https://fadedarcade.com/
Click the Get Whitelisted Button
Select your wallet to connect, then connect it.
You will NOT be able to mint during the presale if you are not on the whitelist.
If it sells out then you missed out and it will go right to the secondary market on OpeSean
4) Minting Your NFT
On mint day you will get back to the Faded Arcade website at: https://fadedarcade.com/
It will have a Mint NFT button - click it then connect your wallet (same wallet you used for the whitelist) and as long as it's the same one it will let you mint.
Choose how many NFTs you want to mint and click MINT. Wait a little bit and your ETH will be sent and in return you will receive your NFT(s) into your wallet.
5) Viewing / Trading Your NFT
To view your NFT(s) go to OpenSea next https://opensea.io/
Login by connecting your NFT wallet (same one you just used to mint) then go under Profile => Collected
You'll be able to see which color you got too - Pixel Purple? Gamer Gold? Shoot'em Up Silver? Battling Bronze? 🙂
You'll want to keep at least 1 NFT to be able enter SunnyVale, play all the games and also get your Free phase 2 NFT later this year!
If you want to sell some then we recommend buying multiple NFTs during Mint
6) Entering the Faded Arcade
Go back to the website https://fadedarcade.com/
Click on the menu link (bottom for now) => Enter Arcade
Connect your same wallet and it will let you in - an get started.
Click the link below to learn even more!
You’ve probably heard of royalties in connection with the music industry. Musicians receive a royalty payment whenever their song is played, streamed, or sampled.
Well, the same type of deal holds true for the NFT industry!
When you’re creating your NFT, there is a step in the minting process where you can set the royalty fee. 10% is a nice, reasonable fee, for example.
Now, you just need to sell that NFT to someone. You get the profits from that sale, of course, but you also get a fee of 10% of the sale price whenever that NFT is sold again.
The most expensive NFT sold thus far is the artwork “EVERYDAYS” from Beeple, which sold for $69,346,250! Imagine the royalty fees Beeple can collect if the original buyer decides to re-sell that art.
NFT royalties are automatically collected without the need for a third-party intermediary because it’s written into the blockchain that way.
The smart contract will deduct the proper percentage with each secondary sale and transfer that to the original creator of the NFT.
Think of a traditional artist with a painting. Once they sell that painting, they are out of the picture. The owner can then resell for a huge profit and the artist won’t make a cent off that secondary sale.
Thus, the idea of the “starving artist.”
With NFT royalty fees, that’s not going to happen.
Not all marketplaces allow you to set a royalty fee when creating an NFT, but many do. You can check that out when deciding which marketplace to use.
Let’s look at an example.
Suppose you create an NFT and sell it for 8ETH. You have just made 8ETH profit—but you coded in a 10% royalty fee.
Now, let’s say your reputation as an artist grows and your buyer wants to sell that NFT at auction.
She sells it for 200ETH—and you make 20ETH from that sale!
And if the new buyer decides to sell for even more, you’ll make even more on your royalty fee.
No more “starving artist.”
The hype over blockchain technology and NFTs reached a peak in 2021 when digital artist Beeple sold a tokenized piece of his artwork for $69.34 million at Christie’s.
CryptoPunks, a series of 10,000 NFTs in the form of 24x24 pixel art.
These NFTs were given away at first, but have since become extremely sought after. Their current floor price is 40ETH—and ETH is currently selling for around $3,000 a coin.
Because of the NFT bloom, many newer artists are finding their audiences.
As Sotheby’s is following Christie’s lead by hosting a collection by NFT artist Pak, you must admit that the crypto art space is starting to capture the attention of the traditional art world.
In addition, musicians are creating NFTs, as are the gaming industry and the film industry. Your problem is in deciding which NFTs to collect and resell.
When it comes to sheer profitability, the individual work of art is by far the most valuable NFT created. However, there are other types of collectibles you can make money from, like trading cards, especially sports cards.
Collecting the right NFTs can make you an absolute fortune, while the wrong collection could cost you.
It’s up to you to do your research with collectibles. Figure out which artists or celebrities are on the rise, and which are already peaking or on their way down.
Look at how popular the other works by that artist are, and how well they’re selling.
When you do buy, you’ll want to find just the right time to resell.
There is a fine art to trading collectibles, and you need to have the right information so you can stay on top of the marketplace.
NFT staking offers NFT holders the opportunity to earn passive income from their NFTs without having to sell.
In basic terms, staking is when you “lock up” an NFT (either through the NFT project itself or on an outside platform).
In return for this, you earn what’s called “staking rewards,” passive income without having to sell the NFTs.
For Proof-of-Stake blockchains staking is what allows the network to process transactions and remain secure.
Staking rewards for blockchains usually come in the form of network transaction fees or interest.
One of the biggest issues in NFTs is the problem of liquidity—due to the non-fungible nature of the NFT, selling isn’t always a piece of cake.
Most of an NFT’s value is subjective, meaning it’s worth whatever a specific person is willing to pay for it.
Fungible tokens like cryptocurrencies are more easily traded, since they have a market-defined value relative to fiat money and to other cryptocurrencies.
The solution to this issue is staking, which addresses that liquidity problem and saves you from trying to find a buyer for your NFTs.
The rewards for staking an NFT will be different depending on the platform and on the NFT itself.
In general, staking rewards will be in the form of a platform’s native currency. They’re usually given either daily or weekly.
Here are a couple of platforms that will allow you to stake your NFTs:
Top NFT Marketplaces
We’ve already touched on OpenSea, but let’s take a good close look at five of the top NFT marketplaces:
This is easily the largest NFT marketplace, viewed as “the eBay of NFTs). It’s an open marketplace that deals in a little of everything.
It’s one of the best platforms for creating new NFTs and has the widest range of digital assets (art, music, sports, photo, etc.).
OpenSea supports over 150 different payment tokens, so you won’t have any trouble paying for your purchases.
This is another open marketplace. It’s community-driven and thought of as one of the best out there, similar in scope to OpenSea.
You can create multiple NFTS and portfolios that can give you royalties on future sales. You do need to use the Rarible token to buy and sell.
Rarible is the home for major brand names like Yum! Brands, Taco Bell, and Adobe.
This is another open marketplace that’s similar to OpenSea and is backed by billionaire Mark Cuban. It’s easy to use and supports creation of NFTs by creators of all types (from musicians to photographers).
Mintable is known as “the Etsy of NFT marketplaces.”
This is a curated marketplace with a simple format. It was designed as a “no-frills” way to bid on digital art.
Foundation launched in early 2021 and has already sold more than $100 million worth of NFTs.
It’s artist-curated and artists are accepted by invitation. Buyers only need a crypto wallet with some Ethereum to start buying.
Nifty Gateway: https://niftygateway.com
This is another curated art platform, powered by the crypto exchange Gemini (controlled by the Winklevoss twins).
The NFTS (called Nifties) are built on Ethereum. Nifty Gateway facilitated the sale of some of the most popular digital artists (like Beeple) and holds the record for selling the most expensive NFT to date ($91.8 million).
This platform will host the NFTs, meaning they’re stored for you by Nifty Gateway and Gemini.
There are lots of “celebrity” NFTs on the platform and purchases and sales can also be made in fiat money.
A Few Final Words
If you’re not sure what type of NFT you might be interested in, you should take some time to look over a few of the top marketplaces to get a sense of what they offer, the price ranges, and how purchases are made on their platform.
Then, narrow down which markets feature the type of NFT that you’re most interested in.
You should also carefully read over their disclosures.
Pay attention to:
- What safeguards are in effect to make sure the buyer will have a successful transaction?
- What is the medium of exchange for your desired NFT (usually, it’s a specific type of cryptocurrency)?
- What fees will you pay for the transactions?
- What other NFTs do they have that might be similar to the one you’re interested in? Each NFT will be unique, but their creator might have issued a boat-load of NFTs with only slight differences.
- Where are you going to store your NFTs?
- And finally, how and where will you be able to sell those NFTs when you want to?
Keep in mind that NFTs and marketplaces differ in terms of style, format, and subject nature. There are open marketplaces, which sell a wide variety of NFTs from different sources, and curated marketplaces, which deal with more specialized sources.
You can also find collectibles marketplaces focusing on sports or movie (or anything else) collectibles, and gaming marketplaces, which have NFTs specifically for online gamers.
Your next step should be to learn as much as you can about NFTs and then take quick action.
As you probably know, when an opportunity like this comes along, it’s the first ones in who make the most money. That means you don’t want to wait too long. Don’t wait too long! The sooner you start, the better your chances at success.
If you need help, I highly recommend this comprehensive course for beginners: https://promotelabs.com/nfts-for-entrepreneurs
The NFTs for Entrepreneurs course is video-based and is designed to quickly get you up to speed on all things NFT.
If you liked this article on "You CAN Make Money With NFT's, Minting, Gaming And More - Get In Now" then please enjoy more information about "How To Get Started In NFT’s And Turn A Profit"
You’ll definitely want to check it out!