It seems to be that NFT artists are not the only ones learning how to make money in the NFT market. Non-digital artists have also figured out a way to capitalize on opportunities presented before them.
The NFT craze is in full swing. Artists have been riding the wave of this trend by creating NFTs of their work and monetizing them, a move that has worked successfully at least for some creators.
Beeple artwork sold for USD 69.3 million in 2021. CryptoPunk #5822 sold for USD 23.7 million just a few months ago. The NFT industry shows no signs of stopping. However, what about those who are not artists themselves, but would like to find opportunities to make money in this sector nevertheless? What should their focus be? Below, we explore the best ways of investing in the NFT market in a safe and easy way.
Digital works
Even if you are not an artist, you can still try to invest in digital artworks with a view of making money. The trick to buying those types of NFTs is to know what their rarity status is. There are a number of sources that can help you in determining the rarity status of a piece from a collection, for instance, the Rarity Tools website. In short, usually, the rarer the NFT is, the more interest it is likely to gather, the higher the final price. As Alex White-Gomez, a journalist working for Gary Vaynerchuk, explains:
“Rarity drives a large part of the economy around collectible NFTs and produces excitement. It is the result of a calculation that focuses on the various traits found in the NFTs of a collection. Rarity also helps drive demand in an NFT project and diversifies a project by offering different levels of traits and utility.”
Another issue may be finding the right time to sell. It will depend on what NFT it is, why you bought it, and if there is any interest in the item. In most cases, it is safer to take a smaller profit than to wait longer, risking your NFT falling in price, or even, in the worst case, becoming worthless. Passive income from projects Passive income is income that requires minimal labor to earn and maintain. NFTs offer that capability in a number of ways. For instance, renting out your NFTs to gamers (one example could be Axie Infinity) can prove to be of value, since many gamers cannot afford to own one.In this case, everyone wins: gamers get to earn money from winning fights in the Metaverse, whereas the NFT owner earns passive income from renting. Another way of earning passive income is investing in projects that let their users benefit from the success of the project itself, i.e., distributing the money.
One of such projects is the Flamingo club casino. Casinos usually have the odds stacked in their favor for all games, although the house edge does vary on each one. So the house always wins. That is, at least, how traditional gambling in casinos works. Until blockchain and Flaming came around that is. With Flamingo Casino Club, the user is the house and is set to make returns on their investment from the share of profits made by the casino. It is a safe way to make passive income from casino activities without participating in gambling; without the risk of losing your own assets. The project, set up by David Aaronson, an experienced lawyer, and seasonal financial expert, boasts that:“We’re trying to help crypto enthusiasts to earn from the most profitable industry – the casino industry. Thanks to the Metaverse and other new technologies, the connection between the business and users is now closer and more useful for both sides: casinos attract investors, and users can earn money from just holding their NFTs.”Bearing in mind the volatile nature of cryptocurrencies, and in turn, also NFTs, this seems to be one of the safest ways of making profits on your initial investments.
NFT gaming
The use of NFTs in gaming is becoming a stable reality. One of the first adopters in the space Axie Infinity, allows its users to make money by playing on the marketplace. It can be done in various ways, for instance by winning fights, or breeding and selling Axies. According to the company: “A player should build a team of three Axies to battle against bot monsters (Adventure Mode) or against other players (Arena Mode) to earn cryptocurrencies. Also, completing daily quests or challenges adds up more money.”One can also invest in the plots of land in the Axie Infinity metaverse. All in all, playing regularly pays off. Of course, investing ‘real money’ is necessary to kickstart your journey in the Axie universe, but with enough research, the game allows for stable returns. We recommend browsing Reddit forums to learn more about the game and how money can be made.
Overall, the money-making possibilities for NFT users are vast, and will only grow in the future. NFTs are taking off and the next stop is the Metaverse. Only recently, Australian Open, the famous tennis tournament, launched the first reiteration of the world’s only major crypto-embracing event. It partnered with Decentraland, allowing users to buy NFTs and explore the Open and Melbourne Park, alongside the 3D versions of the Grand Slam Stadium, Rod Laver Arena, and more. At the same time, someone spent $450,000 for a plot of virtual land in Decentraland, next to the rapper Snoop Dogg. Whatever shape the future of NFTs will take, the opportunities to make money are set to evolve and expand. However, whatever you decide, do not forget to DYOR (Do Your Own Research) and always invest the amount you are prepared to lose. This is Crypto 101. The choice is yours. In comparison to the more volatile assets, passive income from NFT projects seems like a safe and level-headed bet, especially for those who are only getting into crypto, or do not have the time to follow their investments every second of the day.
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