NFTs to boost your online incomeSeptember 19, 2023 Par Faustin Djoufouet
Mediafixer non-fungible tokens, better known by the acronym NFT, represent one of the most significant innovations in recent years in the world of blockchain and cryptocurrencies. It becomes easier to boost your online income with NFTs. Since 2021, the NFT phenomenon has established itselfin the digital landscape and has generated enthusiasm and an absolutely insane volume of transactions.
Driven by their unique character, their rarity and the enthusiasm they arouse among collectors and investors, NFTs are revolutionizing the way digital objects such as works of art are created, owned and exchanged. , tweets or even video game objects.
In this context, many creators, artists, developers and even celebrities have smelled the potential of NFTs to monetize their creations and generate additional income. The emergence of specialized platforms facilitating the creation and sale of NFTs opens the way to new sources of profit.
This article therefore aims to explain in detail how to take advantage of the NFT craze in order to boost your online income. Together we will see the basics of how NFTs work,The different types of the most lucrative NFTs, the steps to create and sell your own NFTs and the best strategies to maximize your profits in the sale of NFTs.
After reading this article, you will have all the keys to embark on the NFT adventure and start generating income with this technology of the future!
What is an NFT? 🎨
Let's start with the basics: what is an NFT? NFT is the acronym for Non-Fungible Token, which can be translated as “non-fungible token”. Unlike cryptocurrencies like Bitcoin which are fungible (interchangeable), each NFT is unique and cannot be exchanged.
An NFT is a digital certificate of ownership recorded on the blockchain. It can be associated with absolutely anything digital: an image, a video, a piece of music, a tweet, etc. By purchasing an NFT, you become the sole owner of this digital asset.
The authenticity and traceability of NFTs are guaranteed by the blockchain. No one can change ownership or duplicate an NFT, giving it scarcity and potentially value.
Why are NFTs popular? 🤩
In recent years, NFTs have literally exploded in popularity. In 2021, the NFT market generated more than $40 billion in transactions!
Several factors explain this enthusiasm:
- The speculation : many investors are betting on the future increase in the value of NFTs, similar to cryptocurrencies. Some NFTs like the Bored Ape Yacht Club have sold for hundreds of thousands of dollars.
- The social aspect: owning prestigious NFTs like CryptoPunks gives a certain status in the crypto community.
- Digital art : NFTs allow digital artists to monetize their creations and prove their authenticity.
- Innovation : NFTs open the door to many innovative use cases, particularly in video games.
- Scarcity : the uniqueness of NFTs makes them highly sought after collectors.
In short, the popularity of NFTs is based on their speculative, social, artistic, innovative and collectible aspect. All of this makes it a cultural and economic phenomenon that continues to grow.
How to create and sell NFTs? 🎨
Okay, I’ve convinced you of the potential of NFTs. But concretely, how can we benefit from it? Here are the steps to create and sell your own NFTs:
1. Choose a blockchain 🔗
Most NFTs are issued on Ethereum, but other blockchains like Solana or Polygon also allow NFTs to be issued. Choose a blockchain based on transaction fees (gas fees) and the audience you are targeting.
2. Create a wallet 👜
You will need a wallet crypto to store your NFTs. Popular options are Metamask (Ethereum), Phantom (Solana), or MathWallet (Polygon). Choose a wallet compatible with your blockchain.
3. Generate your NFT 🖼
It’s time to create your NFT file! This can be an image, a video, music, a meme… Make sure you have the rights to use this file. Add a title and description.
4. Choosing an NFT Marketplace 🏪
To sell your NFTs, you must choose a marketplace. The most popular are OpenSea (Ethereum), Magic Eden (Solana) and Rarible (multi-chain). Each marketplace has its own conditions and commissions.
5. Put your NFT on sale 💰
You are now ready to list your NFT! Set a selling price in cryptocurrency and validate the transaction in your wallet. Your NFT will then appear on the market, ready to buy !
6. Promote your NFT 📢
To increase your chances of sales, consider promoting your NFT on social networks. Join NFT artist communities on Twitter and Discord to share it. A little marketing can boost your sales!
There you go, you now know how to create and sell NFTs. By devoting time and passion to it, this activity can become a lucrative source of income!
What types of NFTs should you sell to make money? 🤑
Now that you know how NFTs work technically, let's see which types of NFTs are most conducive to generating income.
Artistic NFTs 🎨
By selling your digital creations (images, audio clips, animations, etc.) in the form of NFTs, you can monetize your art. This is the most widespread use. Some independent artists are making millions from NFTs!
Promote your work on social networks and specialized platforms to attract the attention of crypto art lovers.
Celebrity NFTs 🤩
The market for celebrity NFT » is very lucrative. As a celebrity, you can sell unique NFTs to your fans: selfies, artwork, historical tweets, etc.
Even if you are not famous, you can create NFTs in collaboration with personalities. The opportunities are endless!
Gaming NFTs 🎮
Blockchain games like Axie Infinity allow you to earn money by playing and selling game items or assets in the form of NFTs.
You can also create and sell your own gaming NFTs: skins, maps, objects... a very buoyant market among gamers.
Metaverse NFT 🌎
Mediafixer metaverse like Decentraland and The Sandbox have their own NFT-based economy. You can make money by buying virtual land as NFTs and reselling them.
Create 3D assets to dress avatars or construct buildings. Anything of value in the metaverse can become a monetizable NFT!
Meme and viral NFT 😂
Memes and viral content are popular among NFT collectors. By turning a viral image, meme video or tweet into an NFT, you can ride the trend.
React quickly when content buzzes: the sooner you release the NFT, the more valuable it will be. A good way to earn money quickly!
Optimize your income with NFTs ⚙️
Now you know what an NFT is, how to create and sell one, as well as the most lucrative types. I will now give you 5 tips to optimize your income.
1. Analyze the market 📈
As with any investment, it is crucial to analyze the NFT market to identify trends and opportunities. What are the current popular projects and collections? What prices are charged? Adapt your strategy accordingly.
2. Focus on scarcity 💎
By creating limited edition NFTs (e.g. only 5 copies), you increase their exclusivity. Even number your NFTs (1/100, 2/100 etc.) to reinforce this feeling of scarcity, which boosts prices.
3. Improve utility 🔨
Give your NFTs a purpose to increase their perceived value, such as advantages in a game, airdrops tokens, access to a private community…
4. Cultivate your brand 🏷️
Build and promote your personal brand as an artist to generate a loyal community of fans who will follow each of your NFT releases. Your name can become a guarantee of value and success.
5. Collaborate with celebrities 🤝
To maximize attention and sales, collaborate with celebrities and crypto influencers. Even a simple retweet from them to hundreds of thousands of followers can make an NFT take off!
By applying these tips, you will maximize your chances of earning significant income with your NFT creations. All you have to do is get started!
Platforms to sell your NFTs 🏛️
I touched on NFT marketplaces briefly, but let’s look at this in more detail. Where can you sell your NFTs and generate profits? Here are the main options:
- OpenSea : market leader, Ethereum. 2.5% fee.
- Rare : specialized in NFT art, multi-chain. 2.5% fee.
- Super Rare : marketplace dedicated to digital art, Ethereum. 3% fee.
- Foundation : selective platform for contemporary artists in NFT, Ethereum. 15% fee.
- magic eden : n°1 on Solana. 2% fee.
- solanart : main NFT marketplace on Solana. 2% fee.
- AtomicMarket : WAX decentralized market. 2% fee.
- Engine Marketplace : specialized in gaming NFTs, Ethereum. 2.5% fee.
- Decentraland : marketplace of the eponymous metaverse, Ethereum. 2.5% fee.
There are dozens of other more specialized marketplaces. Compare the commissions carefully and choose those that allow you to reach your target audience.
Legal aspects to know 📜
Before you dive in, a word on the legality of NFTs. Here are the things to know:
- Copyright : make sure you own the rights to the files you tokenize as NFTs.
- Intellectual property : an NFT confers ownership of the token, not necessarily rights to the underlying work. Pay attention to licenses.
- Speculation: purchasing NFTs for speculative purposes and not for personal use may be considered an investment to be declared to the authorities.
- Fees and taxes: income generated from the sale of NFTs is taxable. Remember to declare your capital gains.
- Regulations : the legal framework for NFTs is still vague and varies depending on the country. Stay informed of developments.
- Scams: watch out for counterfeits and scams that are unfortunately common in the NFT ecosystem.
Although NFTs offer many opportunities, find out about the regulations in your country before you start, and protect your back!
NFTs undeniably represent one of the most significant technological innovations of recent years in the field of crypto-assets. Their popularity growing and the astronomical sums that they can achieve make it an economic and cultural phenomenon which continues to grow.
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In this article, we have seen that NFTs offer many possibilities for generating additional income through the sale of unique and authenticated digital creations on blockchain.
Whether it's artwork NFTs, celebrity NFTs, gaming NFTs or metaverse-related NFTs, the opportunities are vast and profitable.
Of course, to maximize profits, it is necessary to adopt good practices: analyze the market, focus on scarcity, improve utility, cultivate your personal brand and collaborate with influencers.
The choice of sales platform is also crucial to reaching your target audience. Finally, we must not neglect the legal aspects linked to copyright, intellectual property and taxation.
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Thanks to the advice provided in this article, you have all the keys to embark on the NFT adventure and start generating income in the blockchain.
It's up to you to put this knowledge into practice and give free rein to your creativity to create innovative, original and attractive NFTs that will appeal to buyers and collectors. The potential of NFTs to boost your online income is immense. Your turn now !
About the Author
I am a Doctor in Finance and an Expert in Islamic Finance. Business consultant, I am also a Teacher-Researcher at the High Institute of Commerce and Management, Bamenda of University. Group Founder Finance de Demain and author of several books and scientific articles.