Metaverse is a new digital world with almost limitless opportunities, where each user can find a perfect way of making money on NFTs. Let’s examine some of them: from easy NFT trading to advanced business tactics.
NFT trading & selling
This is the most widespread and easy way to make a profit: buy cheap, sell high. In the metaverse (if we speak about the global digital reality), people can trade digital NFT arts, items and cards from blockchain games, and various collectibles.
To buy, and then sell an NFT, you should check out any in-game marketplace (such as STEPN or Axie Infinity), or go to a larger NFT marketplace such as OpenSea. You will need a crypto wallet that supports NFT assets, and some amount of tokens for the purchase.
NFT real estate
In metaverses such as Decentraland, people can buy, sell and rent our virtual land plots and real estate. This way of making money is similar to real life, but it will require some research if you want to get a decent profit. Think of purchasing property in a bustling community and wait for the area to flourish, so you can make some good money by selling or lending your land.
Making money by playing games seems too good to be true, but it’s a common thing in the metaverse! Users of P2E projects can earn coins and NFTs for completing activities, battling our other players, or just find a valuable loot box in the game’s world.
However, most blockchain games require initial investments or purchases to give you possibilities to earn. For example, in Axie Infinity you have to buy several NFT collectibles before starting to make money on them.
Create NFTs for royalties
Some metaverse projects welcome young creators and pay royalties from their NFT sales. Try to find a project and offer your creation: a unique weapon skin, an avatar or a funny hat for Decentraland inhabitants.
Well, you’ve scrolled to some advanced earning techniques.
Staking is the process of locking up your NFTs to smart contracts for rewards. While your assets work for the blockchain or game’s ecosystem, you earn passive income and remain the owner of the staked NFTs.
The sum of money that can be earned on NFT staking varies from the project, the amount and rarity of NFTs and the period of time NFTs are locked. Some of NFT staking platforms to start with: Binance NFT PowerStation, Onessus, Only1.
This means borrowing your NFTs to other users through a lending platform in order to receive interest. As in staking, your profit will depend on the amount of NFT you borrow and the period of time you rent them out. Other conditions and fees are individual, take a look at such platforms as BendDAO or Pine to find out more.
There are many projects that issue special NFTs which can generate passive returns. For example, Genesis Cyber Kongz NFTs are set to generate 10 $ BANANA tokens daily for the next 10 years. This works similarly to venture investing: you put money in a project, and receive profit as it grows and engages new user base. Such investments may be risky, as some projects fail even at the early stages.
As you can see, the metaverse offers quite a lot of possibilities for earning on NFTs. Some ways are risky and time-consuming, but can bring you more profit if you invent a good strategy and do some analytics. Good luck to everyone who is ready for new discoveries!