How to Make Money Off NFTs
Non-Fungible Tokens (NFTs) saw a huge increase in their overall level of popularity, appeal, and value throughout the last few years, and some of them have even sold for millions of dollars.
They are digital representations of objects that can be sold or traded through the use of NFT marketplaces such as OpenSea or Rarible. They can represent just about anything and essentially serve the role of being a digital proof of ownership. No two NFTs can ever be the same, and each NFT is fully unique as a result of this.
With the explosive growth of NFTs, the question on everyone's mind has been, can you make money from non-fungible tokens (NFTs)? To answer this question, we will be going over just about everything you need to know when it comes to creatives and how they make money from NFTs.
Can you make money from NFTs?
You can make money from the creation and sale of Non-Fungible Tokens (NFTs) in numerous ways. Specifically, non-fungible tokens (NFTs) are tokens that are unique in terms of their characteristics, and this aspect gives them value.
The VQGAN+CLIP service from NightCafe Studio lets you easily create incredible artworks from nothing but a simple text prompt. It utilizes artificial intelligence (AI) to essentially let any user produce amazing art, all without coding.
This makes the entire process as simple as possible, as you can simply enter a cultural reference, poem, lyric or random phrase, after which the AI tool will generate an image or set of images that you can mint into NFTs and make money out of. If you are curious, you can learn how to use VQGAN, by taking a look at our article.
One of the most popular ways through which you can make money through NFTs is through selling them on a marketplace. The most popular marketplaces out there are OpenSea and Rarible. However, there are many other options available to you.
You essentially place a fixed price or a bid price on the NFT tokens that you have minted on top of a specific blockchain network, after which the users of that specific platform will be able to purchase the NFT from you. However, the money-making process does not stop here, as you can also set predetermined royalties that you can get from your NFTs on each sale that happens after the initial one. You can also learn how much it costs to mint an NFT, by checking out the article previously linked.
In other words, digital asset collectors are given the opportunity to earn passive lifetime royalties, even after selling the NFT to another person. The creator can impose terms, and then, whenever someone buys the asset which was initially created, they will still get royalties throughout their lifetime.
What is NFT Digital Art?
Non-Fungible Tokens (NFTs), as well as NFT Digital Artworks, are unique digital assets that are accompanied by a certificate, which serves the role of digital proof of ownership; this states that the token is fully unique and different from any other token out there. The ownership of this NFT is recorded through the utilization of blockchain technology, specifically on networks that support smart contract functionalities.
The most popular NFT minting blockchain networks are the Ethereum Blockchain, the Solana Blockchain, and the Cardano Blockchain.
How can I create NFT Digital Artworks to Sell?
If you want to begin the process of making money with NFTs, there are a few things you need to do first when it comes to learning how to sell NFT art.
You need to clarify and attempt to figure out exactly what an NFT is and how it fundamentally works. This might not be fully required, but it will assist you in the long term as you aim to find blockchain networks that have the lowest minting fees, which will result in more money making its way to your wallet. Then, you need to check out any of the available platforms through which you can sell NFTs.
You will also need to set up a cryptocurrency wallet. If you decide to mint your NFTs on the Ethereum blockchain, for example, you will need a cryptocurrency wallet that fully supports the token standard on top of which Ethereum-based NFTs are minted, such as MetaMask.
Finally, you will need to create your first non-fungible token (NFT) or set of NFTs and list them on the platform that you have chosen, after minting them on the blockchain network that you have selected based on its various properties, such as ease of use and minting fees.
After listing the digital assets, there are multiple ways through which you can make a lifetime stream of passive income through sales, royalties, and taking marketing steps to increase your overall influence in the NFT space.
Marketing your NFTs
Once you have successfully created your NFTs, you will need to market them and get in front of an interested crowd of potential buyers.
The best way through which you can do this initially is through building or utilizing social media channels or creating specific threads on websites such as Reddit. Word of mouth can also help you reach specific people, and you can even be featured in specific NFT drops or marketplace newsletters.
Making Money through Non-Fungible Tokens (NFTs)
Hopefully, now you have a heightened level of understanding of how you can make money through the creation, sales, and royalties generated from your very own non-fungible tokens (NFTs).
Remember that all you have to do to get started is prepare an image, audio file, or just about anything digital that you would like to turn into an NFT, prepare a crypto wallet, select a blockchain network that fits your needs best, and list the tokens on an NFT marketplace, after which you can market your NFTs and start seeing some profit.