Build Your Wealth Through NFTs in 6 Ways: A Beginner’s Guide
Many people want to become millionaires in their lifetime. But all living people must understand that the only way to become rich is to become wiser financially.
In times when digital currencies are being developed, and cryptocurrencies are being exchanged, one has to learn how these things work. A healthy trader does not have large investments, but knows the places that spend his money most deeply.
Today, the most interesting way to make investments and earn a passive income is NFT. NFTs are digitally created works linked to a blockchain network that can be sold for cryptocurrency.
NFTs are visually appealing artwork, music, copyrights, metaverse projects, PFPs, and anything that can be made digitally available 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 perceptive approach.
Every expert was once a novice. This article will serve as a guide for beginners who want to make money from NFTs. The following are six ways beginners can start their journey towards becoming a pro in NFT trading:
- Make your own NFT: The easiest way for beginners to understand how to profit from NFT is to create one. Many platforms offer pocket-friendly NFT creation along with coining and trading facilities. Platforms such as Solana, Polygon and OpenSea are some examples.
Minting is the process of creating digital work on a blockchain platform and trading 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 a passive income.
- Invest in developing projects: Beginners who have basic knowledge of NFT and blockchain technology must watch out for developing projects. As many crypto, NFT and blockchain projects provide access to pre-sales to first movers, it becomes an advantage.
When new rare collections are launched, always look for the starting price as they will have cheaper costs. Once it becomes clear that the collection is becoming popular, you can slowly start selling the purchased collection at higher prices, making money.
- Generate revenue from royalties: Creators who want to make money by selling their own NFTs should add a creator fee to their collection. This creation fee is called royalty. Royalties are a great source of generating passive income, as when a person sells an NFT on the secondary market, a portion of the income goes to the creator.
Also, platforms like OpenSea encourage paying royalties as this will motivate creators to produce good quality work.
- Earn from games to earn money: Another interesting method of making money in NFT is to play games to make money. These games allow users to acquire in-game NFTs, which can be bought and sold in the in-game and secondary markets.
Play-to-earn games are intuitive platforms that allow players to put their money into the game, which will earn them rare NFT collectibles. Games like AxisInfinity, Star Atlas, Splinterlands and Gods Unchained are some examples that provide monetary incentives in their NFT built ecosystems.
- Flip the NFTs: Flipping the NFTs means that the curator should buy the NFT collection at low prices and wait for the prices to increase. It is the easiest way to generate profit. But the reality can be harsh sometimes as many NFT collections do not gain popularity and price on speed over time. That’s what beginners should look for before putting all their money into a single pool. A detailed study should be carried out before flipping NFTs.
- Bet NFT: Staking means unlocking your digital assets on a blockchain platform and earning incentives in return. In this way, the network encourages investors who support them in their development.
Through staking, beginners can deeply understand how NFTs and blockchain support each other and how an inclusive ecosystem is built. In this way, beginners can immerse themselves in the blockchain network and become part of larger projects, communities and global progress.
Final thoughts
These are some methods by which a beginner can learn about NFT and begin their trading journey. NFTs are revolutionizing the modern world and making smart moves in this sphere will surely benefit your pockets for years to come.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
