Top Ways to Make Money with NFTs in 2022

NFTs took the world by storm in 2021. There’s an unprecedented interest in NFTs today. NFTs are all over in our personal or professional lives. For many people, it’s a scam. For many others, it’s revolutionary. The remaining don’t know what is going on and would like to know. Some don’t care and will not learn about NFTs unless compelled to. That’s the thing about new technology. It attracts different people, including speculators, pessimists, and optimists. Which one are you?

If you’re reading this post, then you hold, buy, or sell NFTs. Or you are looking out to learn about NFTs to understand why there’s so much money involved in this world. Either way, you’re in excellent hands. Today, we are going to learn how to use NFTs to make money. For doing that, let us look at five websites that allow you to use your NFTs in various ways. Hence, Let’s begin.

First, What are NFTs?

NFTs or non-fungible tokens are digital assets or collectibles stored on the blockchain. They can be anything you can imagine. A picture, an artwork, a video, a song, any creative work, etc. stored on the blockchain are NFTs. Each NFT is unique and its ownership is verifiable on the blockchain. No one can tamper with the record of transactions and activities. This is better than the real world, where fakes, counterfeits, and forgeries run amok.

As per this definition, the blockchain is a database that is not in control of anyone. We can store objects, assets, or collectibles with provable ownership on the blockchain. Now, let’s see how to use NFTs to make money.

Rent your NFT

Yes, you heard it right. Like the real world, why not rent your digital asset to someone who wants to use it for some time for money? For example, think about a game where lots of different people are creating and playing. Each game now becomes a virtual world where players own in-game objects and assets as NFTs. Imagine a player who knows he or she won’t be available for the coming few days or weeks. So why not rent the NFT to someone who wants to make use of their NFT for playing the game better?

You can lock your NFTs into smart contracts and collect rent. Once the period of rent is done, your NFT is automatically returned back to you and the transaction is closed. One such platform that lets you rent your NFT is reNFT.

Stake your NFTs

The emergence of NFTs and decentralized finance, and their eventual merger was inevitable. After all, both these markets represent the core uses of blockchain technology. If you do not know what staking is, don’t fret. Think of it as a mechanism to secure the network from malicious actors and to keep the network safe and running along. Every software needs to be updated from time to time so that the latest version of it is broadcast to users as fast as possible. So, think of Staking as the mechanism to update the state of the network to its latest version.

Users of the network can stake their NFTs and tokens to secure the network and update it. In exchange for staking your NFTs and locking it for a certain time, you can earn passive income. Some platforms that allow users to stake their NFTs are Kira Network, NFTX and Only1.

Flip your NFTs

Flipping NFTs is one of the most profitable ways to make money in the NFT market. Flipping means to buy an NFT when it is minted and then sell it on the same marketplace for a higher price. However, this does not mean that every NFT project can be flipped. Every NFT project is a function of several factors and sometimes it may take weeks or even months for you to wait for the project to become popular in the market.

One of the best ways to be sure about flipping NFTs is to do your own research about the prospects of an NFT project. You can check out the project’s community on social media, analyze the project’s team and its founders, find out the roadmap of the project and so on. Finally, make sure you like the NFT project yourself. If you are a fan of the project there are good chances that there are others like you who will be willing to pay a much higher price for it.

SuperRare and NFTically are two of the most popular marketplaces for creating and launching NFTs.

NFT Gaming

Play-to-earn gaming is widely heralded as the next revolution in the entertainment world. For example, imagine yourself in an animated movie or game of your choice, putting in some work, making digital objects, and then selling them or renting them. This is now possible and already happening as we speak.

For the first time in history, you can become a part of a virtual community of people who all share the same passions and earn money by playing and using NFTs in your own creative way. All you need is some patience and the ability to navigate the waters of online gaming. Some of the most popular play-to-earn games are Axie Infinity, Star Atlas, and Gods Unchained.

Earn Royalties from your NFTs

Blockchain technology helps artists and creative individuals to earn money from secondary sales of their art. This is done by smart contracts which help artists to keep track of how their artworks are performing. For example, as an artist you can use NFT marketplaces like Foundation, Mint Gold Dust, Nifty Gateway, Ephimera (for photographers and videographers), and Makers Place, among others, to earn royalties.

Conclusion

If you were thinking if NFTs are all about simply buying JPEGs and selling them, then you’re wrong. Blockchain technology is more than that. We’re still scratching the surface of what is possible. Web3 is about building a new internet that is decentralized and owned by users. True, peer to peer networks will be the future. NFTs and decentralized finance will be a key part of this movement.

NFTically is a B2B saas venture which helps artists, brands and creators to create and launch their NFT marketplaces.