You probably have issues navigating your way around NFT Crypto, understanding the basics, and how to use that knowledge to generate substantial revenue for yourself. Well, these expert tips will show you all you need to know about making money with NFT Crypto.
Before we dive into that, you need to understand what NFT crypto is and how it works.
WHAT IS NFT CRYPTO
NFT Crypto is a way of using blockchain technology to save non-fungible tokens. It is a form of digital collectibles with unique and non-transferable value that is stored on a blockchain ledger. It can be used as a medium of exchange where all transactions are transparent.
HOW DOES IT WORK
NFTs stand for non-fungible tokens. It is literally a way for artists and creators to sell their art using blockchain technology and make tons of money doing that, i.e., digital art. Art includes but is not limited to a painting, a picture, a logo, music, video games, etc. NFT crypto is unique and non-intrinsic in value.
You can turn certain moments of your life or certain pieces with sentimental value to you into NFT crypto. That would be the only imprint of it and the value cannot be replicated. The value of these cannot be transferred and each individual piece has its own rarity.
THE QUESTION OF WHO IS NFT CRYPTO FOR?
NFT Crypto is for everyone, Not just artists but smart investors, art collectors and as well as speculators. Finance is now ultra digital and the analog system of finance is going out of style. Don’t be caught up in the old way.
Every other trend at its entry stage was looked on with skepticism that includes the Cryptocurrency space. But subsequently, Cryptocurrency and blockchain technology has proven it would be here for a long time or should I say forever. The same goes for NFT Crypto which is a form of Cryptocurrency, currently making waves and changing the world’s financial system. Thereby influencing how we do things.
You must remember that only the unwise resist change. It would be wise of you to take advantage of digital art at its foundation before it gets out of your reach.
ALSO READ: LAYMAN UNDERSTANDING OF NFTs, ITS VALUE AND HOW TO BENEFIT FROM IT
Recent studies have shown that the NFT Crypto market is currently the fastest growing market, with a total sales value of $250 million in 2020, to reach over 1 billion in 2021.
Some might attribute this increase in sales volume to the sale of an NFT crypto for 69.1 Million dollars by an artist that goes by the name Beeple. Making it the most expensive digital painting. These increased worldwide attention to digital art.
Mind you, this is not a get rich quick scheme. Like every other discipline, you need to have a knowledge of the discipline and these tips would guide you through.
HOW TO BENEFIT FROM NFT CRYPTO
1. By creating your own crypto collection
A sure-fire way for you to benefit from NFT Crypto is to create your own collection. This gives you the room to place any value you want and sell your art on a digital platform.
The following steps can guide you on how to create your NFT Crypto collection:
- Create a digital wallet on a platform that supports NFT Crypto (prominent examples include: Trust wallet and Meta mask)
- Send funds to your wallet
- Connect your digital wallet to an NFT Crypto platform
Some examples of NFT Crypto platforms are: Opensea.io, Rarible.com, Niftygateway, Axie marketplace, Bakeryswap.org, Foundation.app, and Superrare.co
- Follow the instructions on the platform of choice on how to create your own Collection.
- Create and upload your own NFT Crypto to the platform.
- List the NFT Crypto for sale on the NFT Crypto market place
- Setup an auction.
2. Flipping
This basically involves buying of NFT Crypto below the floor price, and selling it at a higher price to get a profit. Most often times, an NFT Crypto holder would need quick liquidity and list the NFT Crypto below the floor price. This is done to attract a faster sale.
For example, an NFT Crypto with a floor price of 0.5 Ethereum is listed at 0.4 Ethereum. If you buy and sell at 0.49 Ethereum, you have a profit of 0.09 Ethereum which is currently worth $390.
You start by scalping for the ones listed below their floor price and sell for a profit or you mint directly from the collection and sell double the price.
It is preferable to buy from verified projects i.e. projects that have reached a minimum traded volume of a 100 ethereum sold. This usually ensures that the collection is in high volume of demand, and that assures you of finding a ready buyer.
The following steps can guide you on how to flip:
- Go to Opensea or any other NFT Crypto market place
- Check the recently listed NFT Crypto
- Search for verified Projects
- Select the one with a listing below the floor price
- Click on the collection you prefer
- Click on buy now.
Most people are lost on the best strategies to profit off possible goldmine. Most people are stuck with digital art and have absolutely no idea on how to benefit from it.
3. Creating content
When others seek gold, sell shovels. With the rise in NFT Crypto popularity, a lot of people want to hop on the trend in other not to miss out. This requires so many searches regarding the topic in other to get as much information as possible. Making the search volume on search engines to be on an all time high.
This gives you the chance to create your own content about it and cater to the hungry market. You can create large contents surrounding NFT Crypto, Examples are: How to do it videos, articles or write ups.
Then you can market your content on platforms like YouTube, blogs or websites. That spells more money for you as you could get paid by the platforms payment system. A perfect opportunity to tap into the gold mine.
4. Affiliating on NFT Crypto Products
You can partner with existing companies that sell NFT Crypto based products and market their goods to an audience. You get paid in commission for every sale you make.
This involves building an audience and selling these products to them. Examples of platforms you can partner with are opensea.io where you refer people to their platform. Whenever your referee buys an NFT Crypto on Opensea.io, you get paid in bounties which you can convert to cash.
Also, Coinbase has an affiliate program where you earn ten percent in payment for each referral you get. This gives you the opportunity to earn as an affiliate. The best part about this is that you don’t need to create a product yourself. You simply recommend products. You also don’t need inventory management and all the work that comes with creating your own product.
5. Holding long-term
You can benefit from NFT Crypto by becoming a long term holder. This gives you a chance to watch the profits of your digital assets skyrocket as it increases in popularity and you later sell it for a large profit.
This involves you picking a project that has built popularity, usually a verified project i.e. projects that have minimum traded volume of 100 ethereum. You buy from their collection and save it in your wallet for a long time. Over subsequent time as the project gain more popularity, the prices of their collection skyrocket, you sell and get your profit.
That being said, the rise in popularity of Cryptocurrency has given rise to other forms of digital exchange; NFT Crypto being one.
Although still at its early stage, the possibilities of what it could become in few years are enormous i.e. There’s a lot to harness.
Hence, the need to be constantly updated with new information about it. Here at expomaster.com.ng, we keep you updated on new trends about how to make money consistently. Be sure to try out the strategies in this article and give your review in the comment section below. Keep coming back for more!
