Non-Fungible Tokens (NFTs) can be a legitimate way to make money. As of today, you can mint almost anything into an NFT — from rare baseball cards, digital art, in-game accessories, and even your physical real estate. NFTs are slowly merging the physical and digital worlds.
Christie's, a well-known art and luxury auction house, entered the field at the peak of the NFT trend last year. It sold its first virtual NFT artwork in March 2021 for a whopping $69 million. The asset is a digital artwork titled "Everydays: The First 5000 Days" and is the work of Mike Winkelmann, aka Beeple.
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What makes NFTs valuable?
Let's take Beeple and his Twitter profile as an example. You can almost see his entire digital art collection on social media platforms. So, why spend money on his NFT when you can follow his social platform? You can't even hang art on the wall.
Here's the thing: the moment he mints his masterpiece into an NFT, his art lives forever on the blockchain. Blockchain technology makes it possible to verify and tokenize NFTs as unique works of art. Plus, it becomes a digital collectible. Anyone can check who owns it over the internet. And how much the market is willing to bid and how much it's worth.
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4 Ways to Make Money in the NFT World
Become an NFT creator and sell your creations on the marketplace
You can create NFTs in the process of "minting". If you have no coding knowledge, there are NFT marketplaces like OpenSea and Rarity that allow you to create NFTs without technical issues. It's as easy as signing up and creating a profile on Facebook.
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OpenSea
Play NFT games
What makes blockchain games unique is that they give players the ability to "earn while you play". In short, it means you get something, and this extends to earning money by playing games. Some even make it their full-time career, since their playtime can be monetized.
Axie Infinity is one of the most popular NFT games today. The game is often associated with Pokemon because you can train your digital pets, breed them, and make them fight.
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Axie Infinity
Building virtual worlds in the Metaverse
Decentraland is a virtual world where you can earn money by buying land, building a community, and growing an economy. If you're a fan of Minecraft and Fortnite, Decentraland offers an alternative universe that might interest you.
The only difference between a blockchain-based Decentraland world and a game like Minecraft is that you can own all assets in Decentraland. These assets can be sold, bought and traded. You can also create your own assets and sell them on the NFT marketplace for money.
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The Sandbox
Stake your NFT
Staking is the process of storing your NFTs on the platform in exchange for rewards. This is a legitimate way to make money if you don't know what to do with your assets. Since it does not involve the sale of assets, you will continue to maintain ownership.
Not all platforms offer the option to stake NFTs. You can check out more details about an asset to see if it can be staked before investing. Most of the games that offer NFT staking are blockchain-based games, such as MOBOX.
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Mobox
All in all, NFTs can be a legitimate way to make money. Creators are incentivized to convert their creations into NFTs because it provides additional value in a popular market. Not all NFTs are created equal, and there is no rulebook on how to research an asset's value.
AAX is the world's first London Stock Exchange Group technology-driven cryptocurrency exchange, favored by more than 2 million users in more than 120 countries around the world, AAX is also the first to support Satoshi as the denomination unit (SATS) to promote Bitcoin The adopted exchange. It is worth mentioning that AAX Exchange will also launch its flagship NFT trading platform, featuring high-end works of selected artists, creating a platform for cooperating with NFT artists to cast and display a series of high-end NFTs.
