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Hiren Patel
Using your assets and making money from them is the smartest decision one can take in the 21st century. As the world moves forward, the way you make money also changes. With the revolution of the digital world and NFTs, there are now many ways one can make money. Let’s explore how NFTs help in making money.
NFT is an abbreviation of Non-Fungible Token. It is a type of digital asset that one can buy or sell on certain platforms and earn money from them. They can be owned by many people, but none can have a copyright.
Selling your digital assets on digital markets is the best way to earn from your talent. NFTs offer artists, musicians, and creators a marketplace where they can sell their assets and earn money from them. On digital platforms there are no intermediaries; digital assets are listed on the platform by the owner and can be bought directly by interested buyers.
How does it work?
(i) Minting: It is a process in which creators upload their content on Blockchain and convert it into a digital token for buyers to buy.
(ii) Listing for sale: Once the minting process is completed, it gets listed on the platform for sale, and users can buy it using cryptocurrency.
(iii) Payment: All the buyers pay in cryptocurrency, and owners get instant payment. However, platform fees are deducted from the transactions.
Example: William Shatner’s personal memorabilia is a series of photographs from Shatner’s career that was sold in minutes on the NFT marketplace.
Why is it profitable?
Earning from royalties works with the help of smart contracts. In it, a predefined percentage is set, and the owner of the digital asset gets it whenever the NFT is resold. In this way, creators can earn money every time the asset gets resold.
How does it work?
(i) Royalty Setup: When you are minting, creators set the royalty percentage.
(ii) Automatic payments: Every time the NFT gets resold, the decided amount gets credited into the owner's account.
Example: Jaques Green, an electronic musician, minted one of his music records and earned royalties.
Why is it profitable?
Flipping NFTs is the same as flipping your physical assets. Likewise, one can buy assets at a lower price and sell them after a while when you receive profit in them. But for the same, you need expert market knowledge.
How does it work?
(i) Research: As stated above, one must analyze the market trends, projects, and assets.
(ii) Purchase: To buy NFTs at a lower price, you must buy them before they get highly famous.
(iii) Resell: Stay aware of the market price, and whenever you feel the price is higher, sell the assets.
Example: Almost everyone is flipping their NFTs and earning more in flipping than keeping them in one place.
Why is it profitable?
Users can play games and earn rewards or tokens, or they can exchange the reward or token for real-world money. In this way, users are simply playing games, and at the same time, they are also earning.
How does it work?
(i) In-game rewards: Like normal games, players play the game, earn rewards, achieve milestones, etc.
(ii) Marketplace trading: Players can sell their tokens or rewards on a public marketplace for fiat money or cryptocurrency.
Examples: Gods Unchained is a Blockchain-based card game. In this, players can buy cryptocurrency by winning battles and trading valuable cards.
Why is it profitable?
Renting NFTs works the same as renting in the physical world. In this, owners can earn money by offering their digital characters, rewards, or assets to someone who needs them.
How does it work?
(i) Ownership: In this case, owners can have their ownership but at the same time they rent their place or assets to someone who wants it for rental purposes.
(ii) Fee structure: After renting, owners can earn predecided money automatically via smart contracts without any delay.
Examples: The Sandbox is an NFT game that gives users the option to build assets for visitors to visit and earn from the same.
Why is it profitable?
The new world makes everything easy, and in the same way, earning money has also become an easy task. By using NFTs, it becomes easy to make money. NFTs create, sell, buy, and run the market and help people make money. With the options of flipping assets, playing games, renting assets, earning royalties, etc., people can earn tokens and turn them into real-world money if they need it. But it does come with minor challenges, like having a proper knowledge of NFTs, NFT marketplaces, marketplace trends, etc. If you have accurate knowledge of it, making money from NFTs is the best way to earn in the digital world.
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