Over the years, we have seen a plethora of digital art blossom before our eyes. In 2021, the renowned digital artist, Beeple, sold his NFT for $6.6m. But not everyone is like Beeple…

Some people list their work for months with nothing tangible to show forth. While others want to get on this moving train but don’t know where to start. This begs the million-dollar question: What is the secret to earning through NFTs? Surely, you would like to know what Beeple did differently from other creators. In this piece, we will dive into the secrets of earning through NFTs.

Understanding NFTs

Anyone would be excited to start profiting off NFTs. But before learning the ways of earning, you have to understand what NFT is.

NFT is an acronym that stands for Non-fungible token.

What do we mean by non-fungible? Fungibility entails that an asset can be exchanged for a similar one. Take currency money as an example. Currency money is said to be fungible because a denomination of $100 can be interchanged with two denominations of $50.

Also, there are a ton of notes of a certain denomination in a country. Let’s assume the denomination in question is $100. No matter where you go, as long as you see a $100 note, its value remains the same.

Now we can say that just one $100 note is not unique because there are many more $100 notes in existence. The reverse is the case for non-fungible items. It clearly describes the uniqueness of an item. A non-fungible item means that it cannot be interchanged for anything else. Also, no other item of that kind is in existence.

A Non-Fungible token is a certification that shows ownership and authenticity over an item. Suppose there is an NFT of the “Mona Lisa” painting listed. One can purchase this NFT but keep in mind that it is not the actual painting that is being purchased but the certificate of ownership. Hence, you have only bought the certificate that states that you own the painting. But this is the only token type existing on the blockchain.

You might be wondering why NFTs cost so much. The high cost of NFTs is largely attributed to scarcity. Oftentimes, value is attached to things that are highly limited and difficult to access. Since humans love to have uncommon things, demand for a particular token is fuelled. When there is excess demand and limited supply, the price of an item will skyrocket. This is why NFTs are so expensive.

When purchased, some people keep their NFTs with hopes of selling them for a higher price than it was bought. This is a means of making money through NFTs. But don’t worry, we will get to that soon.

Types of NFTs

In the discourse of NFTs, digital art is usually given the bulk of attention. Some people think that’s all there is to NFTs. The truth is, you can earn from different types of NFTs, not just one. Let’s take a look at some of the types of NFTs.

• Collectibles: Collectibles have been considered precious even before the advent of NFTs. Now that it has been made digital, the experience is even better! A popular example of collectible includes trading cards.

• Real-world assets: NFT has drifted beyond the digital world. It is now being incorporated into the real world. It provides ease of purchase of certain physical assets. Houses and cars can be easily bought with NFTs as the certification of ownership.

• Metaverse: The Metaverse is a virtual world where you can create your community. Activities and items found in the real world can also be purchased in the Metaverse. You get to buy lands and build communities.

• Gaming: There is now a high demand for NFT in-gaming assets. Tokens are used to buy different items on games. This has allowed many companies to generate additional revenue from in-gaming purchases.

How to create NFTs

Now that you are acquainted with the concept of NFTs, you can now create your very own NFT! Let’s take a look at these steps.

Step 1: Choose your preferred item

So far, we have learned that there are many types of NFTs to choose from. You would need to select the type of NFT you would like to create. Ensure to study each type, weigh your pros and cons, and choose the one that best suits you.

Step 2: Pick your platform

A platform in this context is the site your NFT will be sold. There is a myriad of NFT platforms to explore. The most popular NFT platform is OpenSea. However, there are many others gaining ground such as Rarible, AtomicMarket, Foundation, and Axie Marketplace, among others.

Step 3: Create your crypto wallet

Having your crypto wallet is mandatory for creating your NFT. Crypto wallets enable access to your crypto assets including NFTs. This is why creating your crypto wallet is so important. Just like other assets, your wallet would be used to store your NFTs. Through it, you can buy and sell them at any time. Some examples include the Coinbase wallet, Trust wallet, and Metamask, among others.

Once your wallet is set, you might have to purchase some coins to fund your investment. If you want to buy coins to mint NFTs, you would have to consider your blockchain. Since NFT is mostly used on the Ethereum blockchain, you might have to purchase Ethereum. Otherwise, you will have to purchase coins that are supported by your chosen blockchain.

After this, you can connect your crypto wallet to your NFT platform. Some platforms already make it easy for you! On OpenSea, you can click on the profile icon in the top-right corner. This will lead to a display of different wallets. You can then choose the wallet you use and follow through with the process.

Step 4: Mint your NFTs

Here are the steps to minting your NFT on OpenSea:

· Select “My Collections” on your profile at the top right corner

· Click “Create”

· Open your newly made collection and select “Add new item”

· Upload your file

· Insert file name and other required properties

Step 5: Start Selling!

Determine the price of your NFTs and how you want to sell them. Since transactions are involved, you have to be strategic in the way you sell. You can choose to sell your NFT at a fixed price, or set an auction. Think hard about your subsequent steps and choose what’s best for you.

How to buy NFTs

Selling NFTs is not the only way to earn money. You can also buy and earn money too! A popular way of doing this is engaging in a process called “NFT flipping”. This process involves purchasing NFTs and selling them at a higher rate for profit. Perhaps you want to start flipping NFTs but don’t know how to. The first step involved is purchasing NFT. But how do you do that? Don’t fret, this guide contains the steps to buy NFTs.

· Buy Ethereum: Most wallets support Ethereum to purchase tokens. This will be used to purchase your preferred NFT.

· Set up your crypto wallet: Just like in the selling process, crypto wallets are also important in the buying process. This is to enable you to access your coins and store your NFTs.

· Connect your crypto wallet to an NFT marketplace: You can follow the steps stated previously to follow through with this.

How to earn through NFTs

Having learned the concept of NFTs, you can now explore the different ways of earning through NFTs.

Create and sell your NFT collection

This is one of the most popular ways creators earn in NFTs as discussed earlier. It gives creatives a platform to showcase their work be it in digital art, videos, music, and even memes! As their works are listed, buyers come in to either buy at a fixed price or at an auction. Many creators make a living off of selling their NFTs. Although digital artists are more renowned in the NFT space. Some digital artists include Beeple, Justin Blau, and Pak among others.

Flip your NFTs

This process involves buying NFTs and selling them at a higher price. This earns collectors a lot of profit. We can cite a good example from the time Beeple’s NFT was bought from Pablo Rodriguez-Fraile. In a time frame of 6 months, the artwork was flipped 1,000 times its original price.

NFT gaming and Metaverse

Another common way people earn through NFTs is through selling items and performing certain activities on games. Activities like mining, quests and battling attract rewards through tokens to players. Selling items as an in-gaming purchase is also a great way to earn!

This is seen especially in the Metaverse where different items are sold in a particular community. The idea of the Metaverse was in existence decades ago. But the start of the revolutionary kick in the crypto community came from Mark Zuckerberg. Having announced the plan to change his company’s name to Meta, he also revealed his plan for the Metaverse. Its previous history has not been forgotten as it made its mark as a hub for gaming and virtual reality.

Metaverse provides an avenue for a display of virtual wonders with the integration of tokenomics. Very similar to the real world, you can invest in the Metaverse stocks, invest in real estate, and organize online events, among other activities.

NFT Staking

NFT staking involves storing your NFT on a platform while getting certain incentives and privileges. Staking is typically peculiar to platforms that use the Proof of Stake mechanism. It is a preferred way of earning by many due to its low risk, and security, It is known to be a sure way to earn passive income in the crypto world. Some of the best platforms used for NFT staking include Splinterlands, NFTX, Doge Capital, and Polychain Monsters.

NFT royalties

An intriguing thing about the NFT market is that creators can earn even after they have sold their work. This payment is referred to as royalties. Creators can set their rates upon the launch of their NFT. Royalty percentages can typically vary from 5–10%. Hence, anytime an NFT is sold in the secondary market, the original creator gets a percentage from the earnings. This is the best way to earn passive income in NFT.

Top NFT projects to explode

Perhaps you are looking for NFT projects to dip your foot into. We have compiled the best 3 projects for you. They have immense potential to push NFT adoption to the next level. Here are the top 3 NFT projects to invest in:

Nuclei One

Nuclei One welcomes you into their fascinating Metaverse filled with unprecedented 3D interactive NFTs. A step into the digital wonders reveals a marveling planet that is at your disposal. On this planet, you can create buildings, and develop factories that will yield resources, alongside embarking on adventurous quests and battles.

Why should you participate in this project?

· 3D interactive NFTs: This project is the first to implement 3D interactive NFTs in the live browser. It brings a different spark to the Metaverse as you are more connected to the NFTs. In addition, the games can be played anywhere including the OpenSea page.

· Unique approach: The project offers a solid unique approach to NFTs. It introduces a unique interface that makes the Metaverse even more entertaining for users.

This project also creates a room full of opportunities to earn. Apart from being a mine-to-earn game, the game enables you to earn a percentage right from the first day. Oh, it gets better! Nuclei One provides rewards and incentives for early players. Hence, you should not sleep on this opportunity. The earlier you get on board, the better.

Silks NFT

Silks NFT offers a Metaverse accommodating up to 10,000 avatars. The project’s theme is centered on horses, stables, and lands. The NFT avatars take on various quests like horse racing which in turn gets rewarded with tokens. Their play-to-earn gaming system has led to reasonable growth in the NFT.

Silks NFT provides up to 4 NFT collectibles to improve the experience for players. Here are the collectibles:

· Avatars: The avatar is the identity of the race owner. They are usually dressed in bright racing uniforms which can be purchased on the game. The uniforms have their history rooted in ancient Rome.

· Horses: Silks horses are indeed the stars of the show in this project. They are particularly unique because they represent real-world horses in the United States. Rewards are gotten as these horses get older. Silks have provided a platform for horse racing enthusiasts and lovers of crypto.

· Land: Just like real-world lands, Silks land can be sold as plots and acres. Every plot is described according to its features. These lands can be used for building house farms and staking to earn rewards.

· Stables: The silk stables are used to accommodate horses. Each stable can be built on as little as 10 acres and as much as 100 acres of land. Stables can accommodate up to 10 horses. Silks envision the trading of farms in the nearest future.

Alien Worlds

Alien Worlds is a play-to-earn NFT gaming platform whose theme revolves around exploration. Players can acquire lands, embark on battles, and earn tokens. The game is rather futuristic as it is based in the year 2055. Players’ sole mission is the exploration of the Metaverse and different planets. On their quest, they get to mine a resource called Trillium. Trillium (TLM) is a coin that is used in Alien Worlds for purchase and rewards. Trillium is more than just the outcome of mining. Here are some of the purposes that it serves:

· Staking: This process enables players to earn TLM. Trillium can be staked to planets all around the Metaverse for greater rewards.

· Trading: NFTs can be traded with Trillium. Different items in the game and missions can also be purchased and accomplished with this coin.

· Election: Players that hold the coin are given a certain authority to choose council candidates. This process is followed by elections held every week.

· Mining: Alien Worlds offer an infinite stream of earnings as players can mine to earn rewards. Upon their exploration and conquests, they can make it a mission to search and mine for more Trillium.

Are NFTs a good investment?

NFTs can be worth the investment depending on the strategies and moves you make. Although NFTs and the conventional market have a big gap of differences, they still share a similarity in price mechanisms.

NFT prices are driven by the forces of demand and supply. This means that as the demand for an NFT increase, the price rises respectively. Hence, people will only buy your piece for as much as they can pay.

That being said, the promotion of your work is essential for traction and sales. When your works are hitting many people’s eyes, popularity increases leading to a relative increase in demand. You can promote your works across various platforms like Twitter, Reddit, and Discord. You can also collaborate with other creators to learn from them and get introduced to their audience.

Like other investments, there is surely an element of risk involved in NFTs. These risks can be found in different forms like the depreciation of assets. Some platforms also pose very high-security risks. There have been incidents where valuable NFTs have been wiped from their platforms. This is why the use of safe platforms is often reiterated in the ears of many investors.

Being a starter in the NFT world can be undoubtedly daunting. But not to worry, many creators have started from nothing but an art piece and have gained traction within months and years. With adequate research of the market, promotion, and resilience, you can get your footing in the NFT market.

The future of NFT

The rise of NFTs has ushered in many arguments about their life span in the contemporary world. Many have wondered if this new branch of cryptocurrency is just a fad and if its future is even by any chance feasible. This is arguably incorrect.

Cryptocurrency and other digital cohorts are gradually becoming a new norm leaving their mark on the world. It is very uncertain that NFTs will just leave their current space for whatever reason.

The future may hold NFTs as a representation of authenticity in different sectors of life. Fields like music, sports, and social media, among others, may put some disputes to rest as NFTs will create an environment where authentication is made easier.

NFT’s path does not look so steep in the business world. Time after time, business owners use this means for transactions and smart contracts. The world is slowly drifting towards NFTs for transactions in business and beyond.

With the world’s hunger for marveling digital art, the ease of ownership NFTs create, coupled with the curiosity of many minds like yours, NFT is a fast-moving train. The earlier you hop in, the better!