Recently, the crypto community has been swept up in a frenzy over Non-Fungible Tokens (NFTs). But what are they and why should you also want to get one?
NFTs are non-divisible tokens that represent something unique.
They vary and may include: – CryptoKitties, Bears of Wall Street, Monkeys, and more.
Though new, there’s no denying that NFTs have taken the crypto world by storm.
Before you go out there shopping for one though, note that not all NFTs are created equal: some can be worth a fortune while others may be practically worthless.
Let’s take a look at some of the ways individuals and companies are milking NFTs in 2024.
1. NFT Royalties.
One of the easiest ways to make money with NFTs in 2024 is to impose royalties as a condition for each time your NFTs exchange hand.
This can be from just a few coins to hundreds of dollars paid indefinitely to your account when your NFT is resold.
Are you guaranteed to receive this money indefinitely though?
Yes, remember, as a creator you have the option to set predetermined percentages for your royalties while minting the NFT.
These set percentages are like smart contracts executed by computer programs which regardless, govern enforce, and govern all contractual agreements during the process of distributing royalties.
2. Work for NFTs.
Because NFTs are becoming more popular, many companies are now considering paying employees with these tokens too.
For example, the digital media company DNN’s goal is “to create a decentralized News network by incentivizing factual reporting and rewarding writers with cryptocurrency so that anyone, anywhere can report news and have that information reach the front page of a newspaper.”
So, if you would like to take jobs such as corresponding in 2024, you can earn NFTs in passive income to grow your finances.
3. Stake NFTs in Games
One of the most profitable ways to make money with NFTs is by staking them in games.
In particular, there are a few games that have seen huge returns on investment for players who stake their tokens.
Apps like Gods Unchained and Etheremon are two great examples.
Gods Unchained, in particular, has been a huge success.
The game has already seen over $11 million in revenue, with players spending an average of $500 on cards.
And with the advent of blockchain gaming, that number is only going to continue to grow.
Etheremon is another great example of a game that’s seeing huge returns on investment for stakes.
The game has already seen over $800,000 in revenue, and that number is only going to continue to grow as the game gains more and more popularity.
Both of these games are a great opportunity for players looking to make some serious returns on their investment!
4. Sell NFTs on Auction Sites
Another great way to make money with NFTs is by selling them on auction sites.
There are a few auction sites that have seen huge success in the NFT space, and they’re quickly becoming some of the most popular destinations for buyers and sellers alike.
The two biggest players in this space right now are OpenSea and Rare Bits.
OpenSea has already seen over $18 million in revenue, with Rare Bits coming close behind at $16.75 million.
Both of these platforms are great for users looking to sell their NFTs quickly and easily—and they’re only going to continue to grow as more people become aware of the potential profits that come from selling NFTs!
5. Sell Your NFTs on a Marketplace
Yet another great way to make money with NFTs is by selling them on a marketplace.
There are a few marketplaces that have seen huge success in the NFT space, and they’re quickly becoming some of the most popular destinations for buyers and sellers alike.
The two biggest players in this space right now are DappRadar and NFT.co.
DappRadar is the biggest player in this space, with over $24 million in revenue from NFT sales.
NFT.co, while not as big as DappRadar, is still a major player in the market, with over $11 million in revenue.
Both of these marketplaces are great for users looking to sell their NFTs quickly and easily—and they’re only going to continue to grow as more people become aware of the potential profits that come from selling NFTs!
If you are just starting with NFTs, these could just be some of the easiest ways you’ll find to maximize your passive income in the space.
Is there any other easy way to make money with NFT that I left out?
Tell me about it in the comments.