Daily talks of non-fungible tokens (NFTs) have become the norm. Headlines such as ''Teen artists are making millions,'' ''The couple who made $120,000 in under 6 hours selling NFTs,'' or ''The women who went from living paycheck to paycheck to making over $109,000 selling NFTs'' are filling up our newsfeeds.
If you want to live your own success story and start making money with NFTs, here are four easy ways to get you started. 🚀
If you could not sell your NFTs for a high price in the auction, do not worry – this is only the beginning of your journey. One of the most incredible things about creating your own NFTs is royalties. Thanks to NFT royalties, you can get a percentage of the sale every time your token is resold. So, even if your initial prices weren’t exactly astronomical, you can still earn a solid, sustainable income.
For instance, Venly users get up to 10% for their NFT royalties in secondary sales. This means that you, as the original creator, will keep receiving 10% of the total sale price each time your artwork is sold to a new owner. Since the marketplace’s interface takes care of the entire process, you can sit back and enjoy your passive income.
Flip your NFTs
Just imagine being the person who bought a bored ape NFT for four ETH – you would be sitting on a gold mine right now! Although the owners are notoriously known to turn down the offers, buyers are willing to pay over the staggering sum of $1.2 million to join the ranks of ape owners.
''Buy low, sell high'' has been the formula of successful crypto and stock trades. And now, NFT enthusiasts can start flipping. If you put time and effort and have in-depth knowledge of the crypto market, flipping is one of the quickest ways to make money in the NFT space.
Before jumping in, test the waters to see which NFT types and specific collections are most profitable. For now, PFP (profile picture) NFTs are trending, but your flipping doesn’t have to end with those. Also, remember that you do not always have to sell tokens for a very high price because it might take longer to find a buyer. Instead, you can choose to set more affordable prices and sell more tokens. Using your profit to reinvest in NFT projects could also help you grow your portfolio.
There is something important to keep in mind. Before setting up your NFT prices, remember to include costs that will reduce your profit such as gas fees, marketplace listing fees, and royalties paid to the original owner.
Rent out NFTs
NFT games like The Sandbox, Axie Infinity, and Decentraland have exploded in popularity. As they have seen a great increase in value, more and more savvy users have been buying their NFTs. However, it causes some problems for gamers who just want to play the game. And this is where investors join the picture.
Actually, today’s rental solutions enable gamers to rent even the high-value NFTs to play the game, at the same time, allow investors to generate income.
If you already own NFT cards that allow gamers to level up their characters and boost their chances of winning, renting out your NFTs is a great way to make money for passive income.
Smart contracts govern terms such as the duration of the rental agreement and the lease rate for the NFT between parties.
Stake your NFTs
NFT staking refers to locking up NFTs on a platform. By doing so, you can receive rewards and other benefits depending on annual percentage yield (APY), the staking duration, and the number of NFTs staked. It allows NFT holders to earn money from their collection while maintaining ownership. There are a variety of different staking platforms out there for you to choose from.
Take PUNKS Comic, an NFT comic series drawn by Marvel and DC Comics artist Chris Wahl, as an example. Staking a comic gets a user $PUNKS tokens over a 24 month period and fractional ownership of 16 CryptoPunks valued at 600 Ethereum when the comic launched.
However, not every NFT can be staked to get rewards. Since the requirements vary from different projects, remember to do your research before purchasing NFTs.
To wrap up, NFTs open up countless opportunities for new digital income streams. If you are interested, create your Venly Wallet to embark on your NFT adventure. 📈
Disclaimer: The information on the website is for educational purposes only. It is not intended as financial advice.