Can I Really Earn Millions By Creating & Investing In NFTs?

published – Dec 27th 2021

NFTs seem to be the next big thing, particularly in the world of art. However, many are still very much unsure of what exactly an NFT is and whether or not it is worth pursuing for the purpose of making money over the long term. Many wonder if NFTs exist within a bubble and when that bubble will eventually burst. For this reason, I will try to answer the questions you might be pondering.

paint brushes Can I Really Earn Millions By Creating & Investing In NFTs? art artwork make money online from home jobs work NFT — photo by bodobe from pixabay

What is an NFT?

NFT is an anacronym that stands for “non-fungible token”. Not exactly helpful, right? An NFT isn’t necessarily just a piece of art, it can also be a:

video
photo
audio file
game
any other digital asset

NFTs are technically categorized as property that people can either buy or sell and it’s possible to buy an NFT as a certificate of ownership. They are difficult to copy and steal (at least in an authentic way) due to the nature of them being traded like cryptocurrency.

Obviously, files can always be copied at will but the individual who pays for the NFT will be able to claim certified ownership and hold the proof that comes along with that. NFTs help in verifying the authenticity of digital artwork which is one of the main reasons they first came to be.

They work in association with a blockchain which gives them many similarities to cryptocurrencies. This is essentially a digital ledger that is used to store and organize NFTs.

In the old days, if you wanted to buy a piece of art you would normally have to purchase a physical painting or sculpture depending on the form that you were interested in. Not the case with NFTs.

How do I make money from NFTs?

In recent years, NFT sales have skyrocketed into the billions so there is lots of money to be earned if you know what you’re doing. The most profitable NFT collections have sold for hundreds of millions of dollars.

Many consumers obtain NFTs in an auction by bidding. This is good for the seller as it can really drive the price up, maximizing your profits. Although, you can alternatively sell NFTs at a fixed price as well.

Additionally, you can make extra money from NFTs by opting for a sell-on fee which allows you to take in a percentage of the sale as a royalty each time an NFT changes hands.

This is even juicier when you think about an NFT increasing in value as an investment over time. Conversely, you shouldn’t be too greedy when setting this as a high sell-on percentage can deter potential buyers.

The main cryptocurrency used for obtaining NFTs is Ethereum and you will need a crypto wallet with some currency if you want to buy or sell NFTs. Overall, the value of an NFT is mostly based on the buyer’s opinion of it. Much like art, it’s subjective so money can be made if someone is willing to pay the price.

You can also earn money creating and promoting NFTs for other people as a freelancer. Platforms like Fiverr will allow you to do this and also expose you to thousands of global clients.

non fungible token Can I Really Earn Millions By Creating & Investing In NFTs? art artwork make money online from home jobs work NFT — photo by TheDigitalArtist from pixabay

NFT Marketplaces

How do I put up my NFTs for sale? If you are a beginner, I would suggest that you sign up for the Open Sea platform which is one of the most popular and user-friendly NFT marketplaces available right now. Other platforms for NFT transactions include:

Creation

The creation of an NFT is referred to as “minting”. It’s best to formulate a unique idea and then craft NFTs around that. As a digital artist, it’s smart to pick a topic of art and then create your work within that niche. For instance, you might want to focus solely on the style of pop art specifically.

Furthermore, successful NFTs tend to tell some kind of story so bear that in mind while making your art. Stick with your own expertise and interests. If you have in-depth knowledge about a certain type of NFT then you will be a better judge of whether it has any value or not.

It might be worth your time educating yourself about cryptocurrency before jumping on the NFT train seeing as the two are so closely related.

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Investing

You can potentially make money from NFTs by treating them as a type of investment. For example, if you buy an NFT at a bargain price and then sell it later for an inflated price then you will have made a profit from this appreciation in value. This is more commonly known as NFT flipping.

If you are wondering what NFT to invest in, then I suggest you examine what kind of NFTs have been popular in the past. Is an NFT a good investment? Take a gander at current trends so that you can align your buying, selling, and creating with this. You can then buy an NFT during an unpopular period and then sell for a high price when the time is right.

Selling Ideas

If you want to make big profits then you need to take advantage of the consumer’s FOMO (fear of missing out). If the customers can see that something is scarce and may be snatched up by somebody else if they aren’t quick enough then they will be eager to pay a high price.

The more NFTs you have listed, the more likely you will be to get a sale. This is because you will be far more exposed if you have more listings for buyers to see.

In addition, you can even devise your own NFT collection and then turn that into its own profitable little trading card game. This might be comparable to something like Pokemon or football cards that can change hands. You never know who might create the next crypto punks or bored apes.

Benefits for buyers & sellers

The appeal for NFT buyers partly comes down to being able to brag about being part of an exclusive club (even if this does seem a little silly). Moreover, people feel that when they buy NFTs, they are supporting their favorite artists and creators.

The world of NFTs can be particularly valuable to artists as it gives them access to a market full of keen buyers. This is beneficial as these same artists may have struggled to sell their work through other methods. Also, digital art purchasing simplifies things by saving delivery and transportation costs as well as not cluttering up your personal space.

graffiti Can I Really Earn Millions By Creating & Investing In NFTs? art artwork make money online from home jobs work NFT — photo by qimono from pixabay

I think it’s healthy to be skeptical about NFTs on the whole as they are a relatively new thing and we don’t really know how long they are going to last. It’s also important to note many of the other negatives such as money laundering, various scams, and NFTs in fact being bad for the environment.

Although, other people have proved that it is very possible to make money from NFTs. If you want a profitable business in NFTs then the next item on your agenda should be to learn as much as you can about them in terms of creation, selling, and marketing.

Think about what you want your first NFT project to be about and research the different NFT platforms so you can find the one that works best for you. If you want to be artistically creative and also make money in a completely different way then you should check out how you can Earn $9,500 Per Month With Your Own Woodworking Business.

Do you have a favorite NFT marketplace? What appeals to you most about being an NFT creator? Please don’t forget to share this with your friends and like it on social media. You can subscribe to our newsletter and comment below too. Thanks for reading!

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