Do you want to get in the NFT game? Let us show you how to make money with your own NFTs.
There are a number of ways that you can make money with NFTs.
When you invest in them, you get to add new digital assets to your NFT collection in the hopes that you can make a profit when you sell them in the future. NFTs are a great option if you:
- Like digital art or exclusive events / tokens.
- Have a favorite digital artist whose work you’d like to support.
- Can absorb the risk should your investment lose value.
Buying, selling, and trading NFTs for profit is a speculator’s market. Like playing the stock markets, sometimes you win and sometimes you don’t.
But what if you become the digital brand that others wanted to spend their money to support? We think that the best way that NFTs can make you money is by selling your own.
How Do You Make Money Selling NFTs?
Just about anyone can create NFTs and sell them.
Creating an NFT is as simple as making a piece of digital art, deciding on the correct blockchain technology to mint your non-fungible token on, paying the gas fee (the costs of creating the digital transaction record), and listing your NFT for sale in a storefront or marketplace.
Don’t misunderstand, though, creating and selling an NFT is not necessarily the same as generating NFT profits.
Sure, you may get lucky and make something as viral as Bored Ape Yacht Club’s cool ape pictures, but you may also spend your money to mint something that just sits. Or something that only sells for a modest sum.
There are, however, a number of things that you can do to help you to make more money with your own NFTs. Here are some ways that you can use NFTs to put more digital currency in your crypto wallet.
If you are extremely lucky, you can create an NFT that captures the imagination of the moment and becomes a hot commodity.
There are plenty of stories out there about massive sales, like digital artist Pak who sold shares of a single piece of art to nearly 30,000 buyers. That event brought Pak $91.8 Million. To make this happen, Pak’s work had to go viral. It needed to create a huge buzz, and attract buyers who were interested enough in the novelty of the sale that they were willing to pay to be a part of it.
Digital artist Beeple created a digital collage of all of the artwork they had created between 2007 and 2021. That NFT sold at auction for $69 Million, following a wild bidding war between 33 potential buyers. They all wanted to own an original work by Beeple, who has 630,000 followers on Twitter.
Sell Something More than Digital Art
If you don’t want to rely on luck and a massive following, don’t worry. There are great ways to make money from NFTs that are more predictable.
A growing trend in NFTs is the use of blockchain technology’s permanent record-keeping to create membership programs. That is to say, NFT creators are offering NFT buyers exclusive privileges, limited access events, members-only perks, and other real-world treats in addition to digital art.
NFT memberships are part of the secret of Bored Ape Yacht Club’s success… it’s not just the cool ape pictures, after all.
If you already have a brand of your own, consider what you might offer your existing audiences that may make it worth the investment in your future. Early access to products, exclusive benefits, members-only events, and more, can be a great reason to buy your NFT.
Create Your Own NFT Storefront
In the NFT world, it’s easy to get lost in the crowd.
NFT marketplaces are massive and full of art by lots of vendors. It can be tricky for your fans to find your NFT and buy it.
But what if you operate your own NFT storefront? A virtual NFT show that sells exclusively your work can help you market your NFTs.
Build a Community
Finally, you can use your NFTs to build a community of loyal supporters and fans around your work and your brand.
As we explain, “The glory of belonging can’t be overstated, and NFTs can be the proverbial password to tight-knit online communities.” NFTs give people a chance to buy into what you are building, and in a way that is more compelling than just being a customer.
We call these “sticky” communities. NFTs are the perfect way to build them.
Create your own NFT project and start building your community with RareCircles. Our NFT Masterclass can show you how.