Every day there are reports of people who’ve made millions off non-fungible tokens (NFTs). This has created a sensation around NFTs, with everyone trying to capitalize on the fad to make a quick buck. Everyone, from top celebrities to reputable organizations, is busy trying to launch their own NFTs.
This has also led to a significant increase in the number of NFT developer jobs being advertised online. If you don’t know how to make your own NFTs, you can hire an NFT developer to help you create them. But you’ll also need to learn how to sell NFT artwork successfully. In this article, you’ll get tips on making money off NFTs.
An Overview of NFTs
NFTs are digital assets created and sold on a blockchain. Initially, these tokens were only associated with artwork. Today people are selling a wide range of digital items, including tweets, video clips, images, 3D graphics, drawings, etc. So, if you have unique digital content that people will be interested in, you can turn it into an NFT and earn money from it. The market for NFTs has grown exponentially over the last few years, attracting buyers (collectors) and creators (artists) from around the world.
March 2021 was an important month for NFT enthusiasts because it saw the completion of some of the most popular NFT sales, including the first-ever tweet by the Twitter founder Jack Dorsey, which was sold for an equivalent of $2.9m to a Malaysian-based businessman and the auction of an NFT with 5,000 individual pieces of digital art designed by the renowned artist Beeple. This NFT sold for over $69.3 million. You can also make millions of dollars off your NFTs if you have the right ideas.
Ways to Make Money Off NFTs
Please note that some NFTs are worth more than others. Therefore, you have to discover the top-selling NFTs if you want to make a fortune. Here are some ideas of the easiest ways to make money off NFTs.
Traditionally, individual artwork has been the most profitable non-fungible token, with artists making millions of dollars from their pieces. The year 2021 was the year that the history of blockchain technology changed forever after Christie’s, the world’s most popular auction house, sold an NFT artwork for $69 million. This was the first digital artwork to be auctioned by the auction house.
Titled ‘Everydays: The First 5000 Days’, this piece of digital artwork was created by Mike Winkelmann, a renowned artist nicknamed Beeple. The piece was a collection of 5000 tokenized pictures created by Beeple for many years. However, some people have raised concerns about the idea of selling a link to a digital piece of art for millions of dollars, saying it could be a recipe for money laundering. Others see this concept as a real transformation in the world of art.
NFT experts predict that the record-breaking value of Beeple’s artwork may be exceeded soon. What’s more interesting about Beeple’s story is the fact that a few years ago, he was a completely unfamiliar artist. Therefore, don’t shy away from selling your digital NFT artwork no matter how simple you think it is.
Most people getting into the NFT business are starting with collectibles because they’re the most ordinary and understandable application of the NFT technology. These collectibles include trading cards, which were previously sold physically by companies. But with advancing technology, these cards can now be sold as digital assets.
Digital trading cards are more valuable than their physical counterparts because NFTs have a provable rarity. When you create an NFT, blockchain gives you full ownership of the token. This means that you can produce copies of your token without losing the original ownership. So, if you have sports cards, you can turn them into licensed collectibles and earn some money from them.
Different sports organizations, like the NBA and different football clubs, have already launched their own NFT card collections. It’s only natural that other sports organizations and groups will follow suit. There are many other types of digital NFT cards and collectibles that you can tokenize. Another benefit of turning your physical trading cards into digital collectibles is the fact that physical cards can be damaged easily. Digital trading cards are securely stowed on the blockchain where they’ll never lose quality.
Tokenized video games are estimated to be the future of NFT technology. Although there aren’t many popular NFT video games at the moment, there’s great potential for video game developers to capitalize on NFT technology to make more money.
Finally, it appears as if the NFT gold rush has just started as many more individuals and companies continue to enter the ecosystem. The real eruption of the NFT industry is expected to happen when complex NFTs emerge.