Not all NFTs are created equal. Some have real-world value, while others don’t. However, there are more ways to monetize your NFTs than just selling them on the open market. Below this article discusses 10 of these methods:
1. Utilize the blockchain for better payments
Let’s explore the blockchain and how it can be used to make transactions. The blockchain is a decentralized, encrypted ledger that records transactions between two parties.
It is immutable and transparent because all users can see the transaction history of every token or asset on it. This makes it a great way to make payments, store data, and perform other transactions that require trustless recording.
2. Create a platform for NFTs
To monetize your NFTs, you can create a platform for NFTs to be traded. You can provide a marketplace for NFTs to be sold. You could also create a platform for NFTs that allows them to be used in games or apps.
3. Cultivate your own investor network
By building up a network of investors, you can leverage their knowledge and expertise. Investors can help you monetize your NFTs as well as build your brand, business, and exposure.
Investors are people who invest money into new and growing businesses in exchange for equity. They are also known as angels or venture capitalists.
These people have money to spend on investment opportunities; it is up to the entrepreneur to find them through networking and personal relationships.
4. Integrate Ethereum into your application
A decentralized platform that supports smart contracts is the Ethereum blockchain. This can be useful for creators, as it allows them to make an NFT available for purchase, and then sell it when the contract expires.
The creator is able to set up an agreed-upon price in US dollars or another currency, and then automatically release the ownership of the asset when the transaction is made on their terms. This is especially important if you are selling digital art or other types of digital goods such as music files.
You can use this feature by integrating Ethereum into your application. You will also need a wallet like MetaMask or TrustWallet which allow users to interact with decentralized applications (dApps).
5. Offer licensing options to buyers
Offering licensing options is one of the best ways to monetize your NFTs.
As more artists, creators and brands enter the NFT space, there will be a growing demand for licensing options to be made available. This is because licensing is one of the most popular ways for digital content creators to monetize their work.
Licensing works similarly to renting out your apartment on Airbnb or selling your car on Craigslist. You receive a fee for licensing your NFT or IP rights (including artwork) to another person who will use them in some way.
Licensing is already big business—in fact, it’s estimated that over $1 billion per year is made from licensing artworks alone.
With many other industries also benefit from this revenue stream including fashion and music production companies, as well as breweries and gaming companies that create digital items like decks of cards or avatars based on real-world products like cars or food items such as sushi rolls!
6. Start a blockchain business consulting service
If you are interested in starting a blockchain consulting business, there are many companies that offer these services.
One of the most popular is Consensys, which has been around since 2014 and provides various services including blockchain development, consulting, and education.
Consulting is an industry with endless possibilities. You can create a consulting firm that specializes in any type of blockchain technology or platform such as Ethereum or Hyperledger Fabric.
You can also focus on niche markets like healthcare or real estate by offering your expertise on how these industries can benefit from blockchains.
For example, you could work with hospitals to implement patient medical records onto the blockchain so that they are securely stored away from hackers and cybercriminals who might want access to private data for nefarious purposes such as identity theft or insurance fraud.
7. Experiment with cryptocurrency trading
What is cryptocurrency?
Cryptocurrency is a type of digital asset that serves as a medium of exchange to buy, sell, and trade goods over the internet. Cryptocurrencies, like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), are built on blockchain technology.
Blockchain is a decentralized database that records transactions between two parties in a permanent ledger or history that cannot be changed or deleted.
When you buy or sell cryptocurrencies through an exchange, you’re trading tokens for money – not real coins like gold or silver.
The practice of earning money by advertising the goods and services of other people is known as affiliate marketing. Here’s how it works.
You tell customers about an interesting product, and if they buy something through your link, you get a commission on the sale from the seller.
Affiliate marketing comes with many benefits, but like any business venture, it also has drawbacks that you should consider before diving in (and yes—there are plenty of good reasons why affiliate marketing stands as one of our top choices for NFTs).
9. Use NFTs to sell your digital art
If you’re an artist, NFTs can be used to sell your digital art as a side hustle or as a full-time job. If you put in the time and effort, making money from selling NFTs and other virtual goods is possible.
This could be especially lucrative if you’re creating rare digital artwork that only a few people are interested in buying. Maybe they want it because they like your style, or maybe they just want it because it’s worth something on the market!
If this sounds like something that interests you, check out our article on how to sell assets on OpenSea (a site where users can buy/sell NFTs).
10. Earn cash by selling your coding know-how
Another way to generate income from your NFTs is to offer coding services. There are several ways to accomplish this:
- Sell your services to clients who would like help building their own dApps and NFTs.
- Offer your services on upwork.com or similar freelancing websites, where clients can find developers like you based on ratings, reviews, and other factors.
- Appear as an expert-level coder in forums (a place where new users often ask questions).
Other ways to monetize your NFTs than just selling them
There are many more ways to monetize your NFTs than just selling them.
You can use them to:
- Sell the items you own for cash
- Buy the items you want from other players, who have listed them on marketplaces like OpenSea and Rarebits
- Trade with other players in-game or on marketplaces, using the same platforms where you’d purchase and sell assets from games like Fortnite (usually via Steam).
Conclusion – Monetize Your NFTs
As you can see, there are a number of ways that you can monetize your NFTs. While this list is not comprehensive and will likely change over time, it should give you some ideas on how to make money with the digital assets you own.