How to Make More Money with Your Own NFTs

How to Make More Money with Your Own NFTs?

Berrak Kayaoğlu
Berrak Kayaoğlu team

NFTs have taken the world by storm, and since they offer unique opportunities for both their creators and their collectors to monetize digital assets, they are here to stay! Even though this concept of NFTs and how to make a profit out of them may seem complex at first glance, navigating through this article, you will be more confident about your knowledge of how to make money on NFTs & NFT royalties and hear about the practical strategies in the web 3.0 environment. 

Before we start on the NFT journey and talk about the money & the profits, we need to make sure that you have a certain understanding of NFTs and what makes them highly valuable.

1. What are NFTs and Why are They So Valuable

NFTs stand for “non-fungible tokens” but since everyone thinks: “Who has the time to say all that just say NFTs,” like everyone, we are going by our abbreviation. 

NFTs are digital assets that are all unique and utilize blockchain technology to establish ownership, the origin, and of course, the history of the asset in the most transparent way. One of the most important features of NFTs and what sets them apart from other digital assets is that they cannot be exchanged on a one-to-one basis like cryptocurrencies since each of them represent a distinct feature or item such as artwork, music, virtual real estate, collectibles, or even access to real-life events. This uniqueness, together with the scarcity of NFTs, makes them valuable and adds to their immense value. If you are feeling confused about the scarcity point there, let us elaborate on that one. NFTs, offering a sense of exclusivity to their owners, are limited in amount when they are put on the market, and the exclusive perks to their owners are only limited to this amount. Hence, the rarity creates a heightened demand among NFT collectors and enthusiasts. Moreover, NFTs creators can attach metadata and additional content to their digital assets and enhance the value of their product even more while giving a more fascinating experience to the buyers.

What is more interesting in collecting NFTs is that the decentralized nature of blockchain technology not only makes the purchasing process transparent but also eliminates the possibility of unauthorized duplication. I can hear you thinking about copy-pasting NFTs with “the right click.” Even though you can save a picture of an NFT by right-clicking, it neither gives you access to the perks and communities of this particular piece nor is this action written on the blockchain to give you the rights to its ownership. So we can even say it’s only copy-waste.

Therefore, when we combine the scarcity, unique ownership, and the world of perks and benefits of an NFT together, we understand the value attributed to NFTs in the digital market.

2. What Can You Sell as an NFT?

NFTs have opened up a new way of monetization of digital assets for creators, individual entrepreneurs, and even start-ups. More importantly, when it comes to selling NFTs, the possibilities are truly endless. Nevertheless, to give you ideas to help you start your new project or business, and to provide you with ideas on how to get into the NFT market, here is a short list of what you can sell as NFTs.

  • Digital Art-Work: This is the first thing that comes to mind when you think of NFTs. You can start selling your paintings, illustrations, animations, and VR artworks to collectors.
  • Music and Audio: You can sell your songs, albums, soundtracks, exclusive remixes, or even playlists as NFTs. By minting these digital works, you can let your collectors have ownership rights, receive royalties, or have special perks such as backstage access to your concert or limited merchandise.
  • Collectibles and Trading Cards: NFTs have brought a fresh breath to the world of collectibles and trading cards, and you can join the game! You can create and sell your unique digital trading cards of sports stars, celebrities, or even fictional characters such as Rick and Morty! You can even create a collectible avatar project and let your NFT owners customize their virtual identities with unique fashion items or seasonal festivity accessories. However, keep in mind that these NFTs often come with exclusive perks and benefits, such as access to special events in real life or exclusive digital experiences.

These are only a few of the possibilities of what can be sold as an NFT. The key to creating your own digital collection you will monetize in a digital marketplace is to have unique and valuable assets that will resonate with your target collectors. 

3. Methods for Making Money with NFTs

In making money with NFTs, there are numerous avenues to explore. To thrive in this dynamic digital landscape and maximize your earnings, you can participate in drops and auctions, trade NFTs on secondary markets, or explore collaborative projects, among other things. 

Now, get ready to unlock the potential of NFTs and embark on this rewarding journey with our shortlist of methods for making money with NFTs. 

Create and Sell NFTs

This is the most uncomplicated method. By creating your own NFT collection and selling them on marketplaces such as OpenSea, Rarible, or Makersplace. You can set a price and amount for the collection you are going to mint (to learn more about minting, please visit our article on what is blockchain technology) and then attract your network of buyers to get your listed digital artwork, music, or collectibles.

Trade NFTs

Another way to make money in Web 3.0 is, of course, trading NFTs. You can engage in buying and selling NFTs on secondary markets. However, keep in mind that in this method, you need to have a good understanding of the dynamics of the market, monitor trends, and track the performance of the NFTs that caught your attention to eventually buy the undervalued assets and sell overperforming ones.

Rent Out NFTs

You can also consider renting out the NFTs you already own. In this method, you will retain the ownership of the NFT you are renting out while also earning passive income from the usage of the perks and benefits that are included in the NFT, such as the exclusive digital experiences that are tied to your NFTs.

NFT Royalties

This means earning a percentage of the resale value every time your NFT is sold by someone else. But how does that really work? When you create an NFT, you can set a royalty fee. This fee generally ranges from 2 to 10%, and once you set that fee, you will receive this percentage whenever your NFT is sold on the secondary market and changes hand in the future. This means, therefore, that you will continue to earn a passive income even after the initial sale.

Licensed Collectibles

You can also explore licensing your collectibles to blockchain-based projects, game developers, or even a brand line. By these licensing agreements, you will be allowing your partners to incorporate the licensed collectibles into their own projects. This method does not only have the potential to expand the reach and utility of your collectibles but, of course, also allows you to generate income from the licensing or revenue-sharing arrangements.

Stake NFTs

In other words, that one step is dedicated to how to buy and sell NFTs for profit. This method, in the most basic sense, involves depositing your NFTs into a platform or protocol in exchange for rewards, benefits, or incentives. If you stake your NFTs, you can earn extra tokens, take part in governance, rent out your NFTs as we mentioned above, or get access to exclusive features. Even though this method may provide you an opportunity to generate income and increase the value of the NFTs you own, it is super important to remember that it is associated with risks, and you must thoroughly research the platform before you decide to stake your NFTs. 

Invest in NFT Start-Ups

To invest in an NFT start-up means to be able to potentially profit from it. You can invest in these start-ups by participating in their token sales, which are also known as the initial coin offerings (which are also abbreviated as ICOs). By acquiring native tokens of these start-ups, or trading these tokens as start-ups grow in value and adoption in Web 3.0 ecosystem; you will be able to profit from your investment. Nevertheless, as we have mentioned before, making an investment needs serious thinking. Please research thoroughly the project you are interested in investing in.

4. What are the Most Popular NFT Marketplaces?

Choosing the right marketplace to sell your NFTs is one of the most important aspects of making money with your own NFTs since each one of them offers different features, and you will have to pay for the gas fees as you also need to be choosing the right marketplace for your target audience to find you. 

Popular options in NFT marketplaces include Opensea, Blur, Rarible, SuperRare, Makersplace, and NBA Top Shot. On these platforms, you will be provided to showcase your digital assets as the creator, attract s a large user base, and eventually increase the potential profitability of your NFTs. 

By understanding the value and the attributes of your NFTs, and exploring various methods, you can tap into the potential of NFTs and make money in the Web 3.0 environment. Therefore, with the right knowledge, strategies, and experience, you can navigate in this exciting space to unlock the full potential of your own NFTs. Now, if you are all ready but just need to make yourself sure of how to make an NFT token, you can always visit our article to get help!