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Looking at the NFT market from the outside, it can appear expensive and complicated to get into, especially without much capital.
While it’s true that some NFTs sell for the same price as a house, there are also plenty of projects that are hidden gems right under your nose at affordable prices.
If you want to get into NFTs but fear that you’ll have to spend all your savings to do so, then fear not. You don’t need to be loaded to get started with NFTs. You just have to approach the market the right way and look for suitable opportunities.
Let’s go through a few ways that anyone can use to get into NFTs and earn money with them.
Flipping NFTs will require you to have some capital on hand, but the goal here is to buy a lower-priced NFT and eventually flip it for a profit. With that said, by making successful flips, you could potentially grow your capital.
You can flip NFTs by finding ones with higher growth potential on secondary markets or by getting in early and minting an NFT. Minting tends to be the most profitable way to flip because you purchase the NFTs at the original buy-in price.
Flipping NFTs bought on the secondary market can be challenging and require more market knowledge along with luck when timing the market. Depending on the type of project, you want to plan on when to flip an NFT. Going in without a plan or not keeping up with the project may cause you to miss out on the best-selling time.
Successfully flipping NFTs can help grow your capital, but be prepared to pay careful attention to the market 24/7. If you want to get started with flipping, then consider being active on a marketplace like OpenSea, where many sellers and buyers are active.
If you don’t consider yourself much of a “flipper” then maybe you’re more of a creator.
Anyone with a good idea should take a shot at creating their own NFT collection, whether you’re an artist, game dev, or something else. Artists tend to use NFTs as a way to monetise their work, while game developers often start their own Web3 gaming project and tie an NFT collection to it.
If you are a developer or know one, you can create your own collection, build a platform, and form a loyal community around it. Depending on your network, skills, and resources, you might end up building a pretty successful collection.
If you like gaming, then this might be the perfect way for you to make money with NFTs without throwing your bank account at it.
Play-to-earn (P2E) games provide users with a new way to earn revenue through playing blockchain video games. These games allow holders of the game’s NFT to earn their cryptocurrency token at a higher rate, which can be cashed out and go into your pockets.
Some NFTs that make the most money might be out of reach for many, but this is where renting comes in handy. By renting an NFT, you can play games and earn without owning the asset yourself. You can rent NFTs through a gaming guild or private owners by becoming a “scholar”.
You’ll get to play with the NFT and keep some of the earnings for yourself, while the guild or person who rents it to you will receive a portion of it. It’s a win-win for both parties and an excellent way for gamers on a budget to earn while playing.
If you already own an NFT and don’t want to flip or spend money to get new ones, then making a good old trade could be efficient.
Playing it smart and conducting the right trade could significantly increase the value of your NFT collection. It’s obviously a speculative way to chase profits, but if you trade into projects that you see a higher upside, it could result in generous returns.
If you are looking to make a trade, then check Discord servers for a “trade” channel and post the deal you’re looking to make. Someone may contact you asking to complete the trade or for additional details. Just always be on the lookout for scammers and shady characters.
While you’ll hear more stories about profits being earned via buying or selling NFTs, you don’t often hear much about staking. Staking involves taking a project’s NFT and staking it for passive income in the form of the project’s crypto token.
If you score an NFT that comes with a staking utility, then you can use that feature to generate additional revenue while you keep your ownership intact.
Staking an NFT allows you to lock it up on a project’s platform while you reap sweet passive rewards. Like P2E games, you can use the tokens you earn and cash them out for profit.
If you decide to go the staking route, always pay close attention to the token price and ensure that it’s still worth receiving. There’s no reason to passively earn a token whose value has gone down the drain.
Here’s a method that doesn’t require you to use ANY capital to earn with NFTs. Instead, you’ll actually get paid for using your skills to help a project grow.
There are plenty of jobs in NFTs that require skills such as programming, marketing, community management, content creation, sales, design, and much more. All those jobs are up for the taking if you want to actively work in the Web3 space and get involved in NFTs during the early stages.
You can find these jobs in various places ranging from Discord, Twitter, and even job boards. Having a career in NFTs is definitely a more secure way to make money in the scene while putting your skills to good use.
As you can see, there are plenty of ways to get your feet wet in the NFT space without cashing out all of your savings. The NFT space is growing at a rapid pace, and opportunities are bountiful for everyone.
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