Here are seven ways to make extra income using NFTs.
Trade NFTs – Rent out NFTs – NFT gaming – NFT royalties –
Licensed collectibles – stake NFTs – create your NFT collection.
1. Create and Sell NFTs
You can use NFTs to make any kind of digital content (art, images, videos, etc.) available for sale. For example, if you’re creative enough, you could make an entire art collection available for purchase using NFTs.
With platforms like AppyPie, you can easily set up your own NFT collections and make money from them by listing them on other marketplaces. You can even list them on sites like OpenSea, Rarable, etc., for a modest fee.
So, go ahead and create amazing NFTs! You could even use the NFT on different creators to convert your current digital content into an NFT. Then, sell these NFTs at whatever price you choose.
2. Trade NFTs
Buying and selling collectibles using NFTs is a convenient and efficient method for earning money.
It’s not easy to trade NFTs because you need to sell them at the right time depending on various things like what they are, why you bought them, and whether there’s any other demand for them. You can easily look up the web to see what people are interested in. You should remember that not all NFT tokens are equal. Some are worth hundreds of thousands, while others are just worthless. As a token holder, you should be aware of these differences so that you don’t get scammed by any scammer.
3. Rent Out NFTs
You can use NFTs to generate passive income by renting them out. Creating new NFTs isn’t necessary if you want to generate passive income from NFTs.
You can sell your NFTs for real-world currency through websites like reNFT. You can also lend them to others using sites like reNFT.
You don’t have to worry, all the assets that you buy from the auction are governed by smart contracts. However, the asset owner has the privilege to choose his/her preferred duration of the ownership period and the purchase price for the asset.
4. NFT Gaming
With NFT-powered gaming becoming increasingly popular, there are some games where you can buy in-game assets as NFTs. However, they’re not yet widespread enough to be able to say that they’ve become mainstream.
As the hype for NFTs grows, we’ll see more and more blockchain gaming applications that allow NFT trading.
One of the reasons why in-game items will grow in popularity in the future is because they’re far more advanced than just simple digital collectibles, or even more interactive items like virtual works of art.
5. NFT Royalties
Setting up a royalty for your NFTs is an excellent way to ensure consistent flow from your NFT sales. With NFT royalties, you’ll receive income every time your NFT is sold in the secondary marketplace.
If you set a 10 percent (10%) royalties for your NFTs, then you will be paid 10 percent (10%) of the total sales price whenever someone sells their copy of your NFT to another person.
You don’t need to enforce your royalty term or track payment manually. Therefore, just let the NFTs sell themselves.
6. Licensed Collectibles
You can turn physical collectibles into NFTs (nonfungible tokens) and sell them online. Yes, you can secure these collectibles using the blockchain and receive the same or higher prices than traditional methods.
Sports cards are currently the most popular type of NFTs, but brands are starting to join the party by creating their own NFTs.
A growing number of companies are now offering their own branded collectible cards. If you’re thinking about doing the same thing, then it might be the right time to start selling your own branded collectibles.
7. Stake NFTs
Staking NFT tokens is one of the most effective ways of generating passive income from cryptocurrencies. It involves depositing, or “staking,” digital currency into a decentralized finance (Defi) protocol smart contracts to earn interest.
Staking is the process of keeping digital assets stored online in the form of a “staked” asset, and rewarding people who take care of maintaining these assets by sharing part of the rewards they generate.
There are several different platforms like Kira Network, Splitterleads, Only1, and NFTX where you can stake your NFTs and earn passive income from them.
It’s unclear whether NFT will remain an obscure fad, but if anything it seems likely to stick around for quite some time.
Despite its limitations to the art world and gaming industry, nonfungible tokens (NFTs) are expected to grow at an unprecedented rate as more and more individuals decide to enter the NFT ecosystem.