How to Earn on the NFT: Ways of Earning For Beginners
Our material is created for newbies to whom the terms “token”, “blockchain”, “mining” seem to be an incomprehensible set of letters so far. Let’s go!
What are NFTs, how do they work?
To explain using officially accepted terminology, NFTs are non-interchangeable tokens stored on a blockchain.
A blockchain is a database that is stored on connected computers, without a centralized server. This is how the security of the information is ensured.
It’s like money – one bill can be replaced with another, and neither one will lose value.
There are also irreplaceable values – for example, an original Mona Lisa can never be replaced by another painting, nor by a reproduction of a Leonardo da Vinci painting.
This fact was the reason for the creation of non-interchangeable tokens – NFT.
In essence, NFT are valuable objects of art, unique cultural objects digitized and given an owner.
An example is the digitized Mona Lisa, the rights to which were bought by a specific person. It is the fact of exclusive ownership that gives the token its value.
Why the need for NFT tokens arose
Simultaneously with the advent of the Internet, the problem of copyright ownership was born.
Even if you put a photo that you made with your own hands on a website, no one guarantees that a couple of months later it will not be spread all over the Internet.
When studying the question of whether it’s real to make money from NFT, many people mistakenly think that only art objects are converted into tokens. This is not the case – tokens are resold as:
tickets to cultural, sporting events;
invitations – for corporate events, presentations and weddings;
cards of members of closed societies;
Given the variety of tokens, there are many ways to make money. And now we come to the most interesting – how to earn on NFT without investment.
How to create your own NFT collection
First you need to choose a platform for creating/selling tokens. The most famous NFT sites, where it is not difficult to earn:
OpenSea – a marketplace convenient for secondary sales.
Rarible is a startup that is rapidly gaining popularity. It regularly holds auctions with token giveaways.
Ethernity is a blockchain platform that collects tokens from cultural figures and famous athletes.
Foundation is a platform for aspiring art creators. New users can register here only by invitation from old ones.
SuperRare – Marketplace, where you can actually buy rare paintings.
And while you choose from the proposed sites to create NFT, we will tell you how to earn a beginner without investment:
Create an account, link a wallet. Enter personal data, use digital signature for purse binding.
Create a collection. In the menu look for the “Create a collection” button, fill in the form that appears. Then upload pictures, as in a Facebook photo album.
Take care of the settings. Go to Collection Settings, fill in the blank fields.
Specify the cost. When the settings are complete, a window will appear with technical specifications and suggestions for cost. Specify the price you consider acceptable.
Start selling. Just click “Sell Your Item” – it will instantly appear in the platform database. Payment for the purchase will be sent to the linked purse.
Depending on the platform, the steps described may vary slightly. Now you know how to register on the platforms dedicated to NFT and start earning.
Types of earnings
Non-exchangeable tokens give you several options for earning money. So when studying how to start earning from NFT, consider each one carefully to choose the most attractive one just for your case.
Creating a unique product
At first glance, making money from creating NFTs is easy.
The mechanism is simple: a token is created the moment it is first sold. Opening the sale of any photo, ticket, discount coupon, you only declare the desire to create it.
When a photo is bought by a specific user, the token will be created, the process will be recorded on the blockchain – as a digital trail.
Therefore, it is important to create a haip around the work before the sale, to attract the attention of the maximum number of users and, accordingly, to earn more on the creation of NFT.
If you’re looking for a way to make money from NFT pictures for beginners, trading is the right option.
Tokens are a valuable asset whose value is constantly changing, like the value of a company’s stock. Accordingly, investments can generate real returns.
In 2021, reselling NFTs became a trend. In 6 months, the total value of transactions reached $2.5 billion. When trading, though, it’s important to keep such nuances in mind:
Tokens are a complex, risky asset, because there are no strict parameters for estimating their value yet.
When making a purchase, it is important to consider the reputation of the creator of the product.
So, if Elon Musk sells an asset, its value will almost certainly increase by hundreds of times, but the art of another TikTok-blogger will depreciate simultaneously with the end of his finest hour.
It’s almost impossible to give a concrete answer how much traders earn on NFT.
One thing is certain: as the market develops, the riskiness of the asset begins to decrease and, accordingly, it becomes easier to earn.
Income scheme: get your token for free, wait for the value to increase, resell it.
register on the company’s website;
subscribe to social networks;
bring a friend;
make a repost.
Is it possible to earn from such NFTs? If the company is known, the value of the asset is likely to increase. Accordingly, it will be profitable to resell it.
Become an Influencer.
This is the most difficult way to get rich through digital assets. First you have to become famous – on TV, in social networks, in the world of music, movies, politics, and science.
Then any creation you create will automatically acquire value. Accordingly, a digital version of your drawings can be sold for an impressive sum.
A great example of the effect of fame on the value of the work is the singer Grimes. The girl managed to earn $6 million by creating NFT, which is how much she spent on her own artwork.
Other ideas on how to make money creating NFTs from scratch
If the ideas listed above seemed too complicated, catch a couple more quite simple options:
Steaking. A passive income option. Without buying tokens, you provide your computer to store them. For such a service you get a decent remuneration.
Earnings for gamers. Blockchain is a database on the basis of which modern games are created.
The main feature of such games is an opportunity to get pleasant gifts in the form of NFT-objects.
If the game is popular, collect items for resale. It turns out to be a great way to make money from NFT without investing, combining fun with profit.
Keep an eye on trends in the digital world – it’s constantly evolving and there may be other opportunities to make a quick buck from creating NFTs tomorrow.
The pitfalls of building digital collections
When looking to make money building NFTs, trust trust trusted marketplaces. New weakly secured platforms are often subject to hacker attacks, which can lead to loss of data, cancellation of concluded deals.
Thinking about how to make money by creating NFT in 2022, consider: most marketplaces charge a fee for uploading collections and storing images.
Actually, the commission is the main part of earnings of such platforms.
And remember: When you buy a digital song or video, you become the exclusive owner.
But other users will be able to listen to the song, watch the video on available platforms – it’s like buying the original picture, when everyone except the owner can only admire copies.