Have you heard about the NFT revolution? You probably are. But did you know that Statista estimates the NFT marketplace will reach a revenue of US$608.6 million by 2025? Yup, that really is a lot of money, almost sounds like it came right out of Monopoly! This blog is for you if, like me, you’re wondering how to make money with NFT and want to take a small chunk of that 600 million dollar loot.
Read along to find out how to make money with NFT in 2024!
1. Make your own NFT artwork and sell it
- In our quest to make money with NFT, this is the first path. All you have to do is create something; it can be a 3D model, image, digital painting, music piece, a video—it can be anything, but the important thing is, it has to be a quality product.
- After creating it, mint it and list it in a popular NFT marketplace. If someone takes an interest in your NFT and buys it, you’ll get money.
- Though it is one of the ways to make money with NFT, it does have a minute drawback. Since there are many NFTs on the market, you have to make your NFT stand out from the rest in order to attract buyers.
- There is a chance it might not get the visibility it deserves, and this factor makes this method a low potential one for earning money with NFT.
2. Buying and reselling NFTs
- This path, however, is onto something. In this route, you look out for NFTs that are on the cheaper side and buy them. Here are some factors to consider:
- Creator reputation
- Rarity
- Quality of art
- And most importantly, the history of performance.
- When the right opportunity presents itself, select the one whose value appears to be increasing and flip it.
- But one problem with this method is that the NFT market is volatile, there is no guarantee that the NFT you bought will increase in value, thus making the success rate for this quite low as well.
3. Taking part in NFT gaming
- The surge in NFTs has given rise to this lively ecosystem that has perfectly blended NFTs with gaming. This is a fun path on our quest to find out how to make money with NFT.
- Because in this path, all you have to do is participate in the NFT gaming and collect the NFT reward from the platform
- This can help you to make money by letting you diversify your assets and potentially increase your profits in the future.
- However, you should keep in mind that this step can also be affected by market volatility.
4. Investing in a NFT marketplace
- Now, I am not sure about the other three paths, but this one I’m sure will be a sure shot at success. Because this method is not influenced by market volatility.
- This is a surefire answer to the question of how to make money with NFTs. How, you ask? Simple. You can invest in starting your own NFT marketplace to help people buy, sell, and trade NFTs.
- Starting your own NFT marketplace can open a lot of business opportunities, which include:
1. Transaction fee
You can charge the users of your platform a transaction fee to cover up the charges of running the platform.
2. Listing fee
And to answer the question of how to make money with NFT, in this fee, you can make money from the NFT of others, precisely your users. Every time they list their NFTs on your platform, you can charge them a little fee.
3. Premium fee
You can charge the users of your platform a small fee for offering them special benefits like access to exclusive NFT collections and can additionally generate revenue with your NFT platform.
4. Auction fee
By charging a small fee to users who wish to sell their NFTs in an auction setup, you can make money. This fee can be fixed or can be a percentage of what they list their NFT to be sold.
5. Data and analytics
One of the best ways to answer the question of how to make money with NFT without having to do anything is to offer the data and analytical services to user users, such as market performance, trends, and, of course, potential investments, for a small price.
6. Subscription models
By offering your users certain benefits based on subscriptions, like new features, updates, and extra benefits, you can earn recurring fees.
7. Advertisement and sponsorship
You can make money by running third-party advertisements on the web interface of your NFT platform. Brands and established companies who are all interested will reach out to you, and you can charge them a fee for offering the service.
8. Partnership and collaboration
You can make money as well as increase the traffic to your platform by partnering with an influential artist. Collaborate with emerging artists and co-release trendy limited-edition collectibles on your NFT platform. By utilizing both you and your partner’s user base, you can easily make money.
9. NFT bundles
To boost the transaction volume on your platform, you can sell the NFTs in bundles and offer them at a discount rate for a limited time. This will motivate customers to buy those NFTs before the opportunity expires.
10. Crowdfunding
By using NFTs, you can host a fundraising event for innovative projects and offer investors special edition NFTs or exclusive benefits to incentivize their support. And you can earn a commission for the hosting services you offer.
Conclusion
With that, we find the answer to the question of how to make money with NFTs. I hope you found what you were seeking in this blog. And remember, though there are a lot of revenue opportunities, the best would be starting your own platform. And this is where we can offer you our support as an NFT marketplace development company. With our extensive experience and successfully offering top-tier quality projects for over a hundred clients around the world, you can rely on us to build your dream project.
So, what are you waiting for? Give us a call and get started making money instead of looking at how to make money with NFTs!
