The growth of the NFT market offers a compelling way for investors to generate a return. NFTs have become more attractive for crypto investors than just a way to diversify crypto investment portfolios.
This guide will help you to make money with NFTs all from the comfort of your own home.
How to make money with NFTs
You can use different ways to make money with NFTs.
Minting your own NFTs
If you are a painter, a musician, a designer, or just a creative person, you can create your own NFT collection. But new collections spring up every day and the competition among creators is intense. You should invest some money in promotion to stand out from competitors.
Flipping NFTs
In simple words flipping NFTs is the process of buying low and selling high. It is a short-term approach to making money with NFTs. You should be an experienced NFT trader because this way requires expertise.
HODLing NFTs (Hold On for Dear Life)
This way doesn’t require expertise in NFT trading. All that you need is to buy NFTs and wait when prices skyrocket. It can take years, but it is worth it in many cases. You should invest in long-term NFTs.
How do you choose NFTs to invest in?
In most cases, you can’t take the art home with you but you get some basic usage rights to the art. When you buy an NFT it means you do own the rights to the unique token on the blockchain. It allows you to sell NFTs on NFT marketplaces.
You should create a profitable NFT portfolio if you want returns on your investments. Many experts recommend starting with these types of NFTs.
Art NFTs
Just as with physical art, the price of NFT art can rise exponentially. You can find a rare painting to invest in it. Then you can sell the NFT to someone who wants to buy it. Buying arts is a good way to support many modern artists without dealing with the bureaucrats of the art world.
You can find many interesting modern art NFT projects on marketplaces. Also, you can look for digital artworks recently stored on a blockchain. The blockchain is a public ledger that allows you to look at major wallets and see what investors are buying.
Sports NFTs
Sports fans are known to be avid collectors of sports merchandise, and autographs from famous athletes. Now technologies allow fans to own memorable moments. If you are good at sports, sports NFTs should be a priority part of your investments.
Fashion NFTs
This may sound ridiculous, but owning virtual sneakers, necklaces or clothes is a common thing for many fashion-forward individuals. These fashion items are valuable because they are uniquely designed and limited in quantity. Also, many fashion NFTs are produced by luxury brands.
You should always be wary of NFT scams like fake NFTs. Before you buy an NFT, you need to do your own research. Research also allows you to avoid NFT investments with high risk. Anyway, you should gain experience to make money with NFTs.
Reminder. NFT marketplaces require buyers to pay with cryptocurrencies such as bitcoin or Ethereum. This is why you should find a reliable partner to exchange your fiat money for crypto. Swiss fintech company EVANERA launched a crypto exchange where you can buy crypto in the easiest way at affordable rates https://evblock.com/