NFTs are still very popular right now, and if you’re intrigued by them, know that you can still make money with them. Virtually anyone can enter the NFT industry too, since it’s one of the most democratic markets on the planet and you can get started with a very small investment.
You should know, however, that making a profit with NFTs isn’t particularly easy, and you’ll need to learn a thing or two about them and the NFT market before you start. Here are some ways to make money with NFTs.
1. Trading NFTs
The most common way to make money from NFTs is to trade them. You may decide to make small sums on daily price fluctuations or hold on to certain coins that you think will increase in value over time. Both techniques can work, but at the moment trading seems to be the best solution since we still don’t know what the future really holds for the market.
The most important part is knowing how to identify good trading opportunities. The best way to go here is to gauge the sentiment for an NFT collection in the market and strike the right balance between price and availability. You also need to learn how to research the people behind a project, the cultural significance of that project to the community, and how monetizable the NFT is for future owners.
Another thing you can do is bet on underlying assets that might benefit from NFTs, like specific blockchains and the NFTs that are attached to them. Names like Cardano come to mind here. This is why you should keep an eye on Cardano NFT news and other blockchains/coins connected to NFTs so you can track movements on them.
2. NFT Games
If you love games, you can also earn money by playing games through NFT games. NFT gaming allows players to earn, find, or buy items in a game and resell them to the highest bidder. Although the number of NFT games is still very limited, we can expect that to change very soon. First of all, NFTs are very popular in the gaming community and most NFT aficionados are also gaming fans. Gaming NFTs also have a much more tangible use case than other NFTs.
The image of a cool primate may look pretty, but it has very little intrinsic value. But we can easily imagine a gaming fan buying a rare artifact or weapon from a game for thousands of dollars if it gives them an edge. Rare items could also increase in price very quickly and be used as social symbols.
3. Invest in Promising NFT Startups
Many NFT startups are looking for investors, and they tend to be more open than regular companies about who can invest. This could be a great opportunity for you if you know how to spot the right projects and have a fairly good understanding of the NFT world in general.
Some teams will allow you to earn a share of the profits they make. Others will allow you to get NFTs at a discount before anyone else. These might give you the chance to resell them after release once their price rises quickly and make a good profit. So, start looking at different opportunities today and be sure to do your research on everyone behind a project before investing.