The NFT craze is in full swing. Artists have been riding the wave of this trend by creating NFTs of their work and monetizing them, a move that has worked successfully for at least some creators.
Beeple’s artwork sold for $69.3 million in 2021. CryptoPunk #5822 sold for $23.7 million just a few months ago. The NFT industry shows no signs of stopping.
However, what about those who are not artists, but would like to find opportunities to earn money in this sector? What should your focus be? Below, we explore the best ways to invest in the NFT market in an easy and safe way.
Even if you are not an artist, you can try to invest in digital artworks in order to earn money. The trick to buying that type of NFT is knowing what its rarity status is.
There are several sources that can help you determine the rarity status of a piece in a collection, for example the Rarity Tools website.
In short, generally, the rarer the NFT, the more interest it is likely to garner, the higher the final price. As Alex White-Gomez, a journalist who works for Gary Vaynerchuk, explains:
“Rarity drives a lot of the economy around collectible NFTs and creates excitement. It is the result of a calculation that focuses on the various traits found in the NFTs of a collection. Rarity also helps drive demand in an NFT project and diversifies a project by offering different levels of features and utility.”
Another problem can be finding the right time to sell. It will depend on which NFT it is, why you bought it and if there is any interest in the item.
In most cases, it is safer to take a smaller profit than to wait longer, risking your NFT going down in price or even, in the worst case, losing its value.
Passive income from projects
Passive income is income that requires minimal work to earn and maintain. NFTs offer that capability in several ways.
For example, renting out your NFTs to players (an example might be Axie Infinity) can prove valuable, as many players can’t afford to own one.
In this case, everyone wins: players earn money by winning fights in the Metaverse, while the NFT owner earns passive income from rent.
Another way to earn passive income is to invest in projects that allow their users to benefit from the success of the project itself, that is, to distribute the money. One such project is the Flamingo club casino. Casinos usually have the odds in your favor on all games, although the house edge varies on each. So the house always wins.
That is, at least, how traditional gambling works in casinos. Until Blockchain and Flaming appeared.
With Flamingo Casino Club, you are the house and you are set to earn a profit on your investment from your share of the profits made by the casino.
It is a safe way to earn passive income from casino activities without engaging in gambling; without the risk of losing your own assets.
The project, created by David Aaronson, an experienced lawyer and temporary financial expert, boasts that:
“We are trying to help cryptocurrency enthusiasts make a profit from the most profitable industry – the casino industry. Thanks to Metaverse and other new technologies, the connection between the company and users is now closer and more useful for both parties: casinos attract investors and users can earn money just by holding their NFTs.”
Considering the volatile nature of cryptocurrencies and in turn also NFTs, this seems to be one of the safest ways to make a profit on your initial investments.
The use of NFTs in games is becoming a stable reality. An early adopter in the Axie Infinity space, it allows its users to earn money by playing the market.
It can be done in various ways, for example by winning fights or by breeding and selling Axies.
According to the company: “A player must form a team of three Axies to fight bot monsters (Adventure Mode) or other players (Arena Mode) to earn cryptocurrencies. Also, completing missions or daily challenges adds more money.”
It can also be invested in the parcels of land in the Axie Infinity metaverse. All in all, playing regularly pays off. Of course, it is necessary to invest ‘real money’ to start your journey in the Axie universe, but with enough research, the game allows for stable profits.
We recommend browsing the Reddit forums to learn more about the game and how you can earn money.
In general, the possibilities of earning money for NFT users are vast and will continue to grow in the future. NFTs are taking off and the next stop is the Metaverse.
Recently, the Australian Open, the famous tennis tournament, launched the first iteration of the only major crypto event in the world.
It partnered with Decentraland, allowing users to purchase NFTs and explore the Open and Melbourne Park, along with 3D versions of the Grand Slam Stadium, Rod Laver Arena, and more.
At the same time, someone spent $450,000 on virtual land in Decentraland, alongside rapper Snoop Dogg. Whatever form the future of NFTs takes, the opportunities to make money will evolve and expand.
However, whatever you decide, do not forget to do DYOR (Do Your Own Research) and always invest the amount you are willing to lose. This is Crypto 101.
The choice is yours. Compared to more volatile assets, passive income from NFT projects seems like a safe and sensible bet, especially for those who are just getting started in crypto or don’t have time to track their investments every second of the day.
This post Opportunities to make money in the NFT market if you are not an artist
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