Many people aspire to become millionaires in their lifetime. But, every living person must understand that the only way to get rich is to become financially wiser.
In times when digital currencies are developed and cryptocurrencies are traded, one needs to learn how these things work. A good trader does not have huge investments but knows the places that use their money the most.
Today, the most interesting avenue for making investments and earning passive income is NFT. NFTs are digitally created works tied to a network of blockchains that can be sold for cryptocurrency.
NFTs are visually appealing works of art, music, copyrights, metaverse projects, PFPs, and anything that can be made available digitally for purchase. NFTs are non-fungible, meaning they cannot be exchanged for another NFT.
Each NFT is unique and rare in its own way. Acquiring a good NFT requires an organized, strategic and insightful approach.
Every expert was once a beginner. This article will serve as a guide for beginners who want to make a profit in NFTs. Here are six ways beginners can start their journey to become NFT trading pros:
- Hitting own NFT: The easiest way for beginners to understand how to make money with NFT is to create one. Many platforms offer user-friendly NFT creation as well as coining and trading facilities. Platforms like Solana, Polygon and OpenSea are some examples.
Minting is the process of creating a digital work on a blockchain platform and exchanging the work on that blockchain for its native currency or token. People who want to showcase their artistic and visual talents can create and sell their NFTs to earn passive income.
- Invest in project development: Beginners who have basic knowledge of NFT and blockchain technology should look for development projects. As many crypto, NFT and blockchain projects give access to early bird presales, this becomes an advantage.
When new rare collections are launched, always pay attention to their initial price because then they will have lower costs. Once it becomes clear that the collection is gaining popularity, slowly start selling your purchased collection at higher prices, making a profit.
- Generate revenue from royalties: Creators who want to make money selling their own NFTs must build a creator fee into their collection. The remuneration of this creator is called royalty. Royalties are a great source of passive income because every time someone sells an NFT on the secondary market, a portion of the revenue goes to the creator.
Additionally, platforms like OpenSea encourage royalty charging as this will motivate creators to produce good quality work.
- Winning play-to-earn games: Another interesting way to earn money in NFT is to play games to win. These games allow users to acquire in-game NFTs, which can be bought and sold on in-game and secondary markets.
Play-to-earn games are intuitive platforms that allow players to put their money into the game, which will give them rare NFT collectibles. Games like AxisInfinity, Star Atlas, Splinterlands, and Gods Unchained are a few examples that offer monetary incentives in their NFT building ecosystems.
- Reverse NFTs: Flipping the NFTs means that the curator has to buy the NFT collection at a low price and has to wait for the prices to rise. This is the easiest way to generate profits. But the reality can sometimes be harsh as many NFT collections do not gain popularity and price over time. This is the thing beginners need to be careful of before putting all their money into one collection. A detailed study should be conducted before returning the NFTs.
- NFT staking: Staking means locking your digital assets on a blockchain platform and earning incentives in return. Thus, the network encourages investors who accompany them in their development.
Through staking, beginners can deeply understand how NFTs and blockchain support each other and how an inclusive ecosystem is built. This way, beginners can immerse themselves in the blockchain network and become part of larger-than-life projects, communities, and global advancements.
Here are some methods by which a beginner can learn about NFT and start their trading journey. NFTs are revolutionizing the modern world, and making smart moves in this area will surely benefit your pockets for years to come.