If you’re looking to build up your crypto portfolio while supporting projects that align with your values, you’ve likely considered buying NFTs (non-fungible tokens). Not only are NFTs a valuable and growing part of the blockchain ecosystem, but they’re also something you can use to make money. The key to doing this successfully, however, lies in knowing which NFTs to buy and how to sell them later at the best price possible. With that in mind, here are 10 proven ways to make money with NFTs.
1) Get listed on an exchange
If you’re building a product or service on top of an ERC-20 token, listing your coin on a centralized exchange can bring a lot of attention to your project. To incentivize people to use and trade your coin, you’ll want it listed on these high-volume exchanges. Getting listed is easier said than done; first, there are legal and regulatory hurdles that need cleared, and then there’s convincing those exchanges that your project has value.
2) Kickstart your value and market cap with a pre-sale event
The presale period is a chance for you to get some fiat cash for your crypto tokens before anyone else. It’s especially important if you’re planning on making an ERC-20 token, since most exchanges won’t list them until they’ve been in existence for a few months (and in some cases even longer). But it can be tricky because if too many people pre-buy, you might end up selling your tokens at a fraction of their face value after launch.
3) Set up bounties
If you are good at some skill that most people need, then setting up a bounty for your services on OpenBounty is a great way to make some extra money. For example, if you know how to use Photoshop and/or have skills in creating logos and icons, then you can set up a bounty for your services on OpenBounty.
4) Buyback your tokens
This is one of the most common ways in which game developers get funding for their games. In a buyback, you sell your game’s tokens (at a price that you set) back to yourself, essentially giving yourself funding that you can use towards your next project. The only thing to be aware of is that once you have bought back your tokens, there’s no guarantee as to what will happen.
5) Hold an ICO
The easy way to make a buck—or ten million bucks—off your idea is by doing an ICO. Most people don’t know what an ICO (initial coin offering) is, but it’s essentially another word for an IPO, but for blockchain projects. It’s where you launch your own cryptocurrency and raise funds through token sales, which can then be traded against other cryptocurrencies.
6) Invest in other ICOs through crypto funds
If you don’t have experience investing in cryptocurrencies or ICOs, it’s a good idea to seek out help from those who do. What better way is there to expand your knowledge of cryptocurrency than by investing in an asset that’s been repeatedly proven as a lucrative investment? In addition, funds like ICONOMI allow investors to participate in multiple ICO token sales at once, minimizing your time spent on researching each individual project.
7) Participate in bounty campaigns
Participating in bounty campaigns is a great way to make some extra cash. Often companies will offer rewards for tasks completed in support of their tokens. For example, you may be asked to help spread awareness by liking and sharing posts on Facebook, pinning things on Pinterest, or writing reviews on Reddit. You can also get paid for helping companies test new features through A/B testing. The more people you reach and tasks you complete, the more opportunities for reward there are. It’s a win-win situation.
8) Sell on marketplaces like CryptoCollectibles.market
One of crypto’s primary use cases is as an online method of payment, similar to PayPal or Venmo. In fact, about 50% of all non-fungible tokens (NFTs) have been purchased for their aesthetic value alone. On platforms like CryptoCollectibles.market and RareBits , you can sell your items directly in exchange for other digital assets like BTC or ETH.
9) Use a marketplace to sell / buy game items
Marketplaces are a fantastic way for players to turn in-game items into real money. As one of these new platforms has recently launched and others continue to grow, we wanted to list a few places where you can sell or buy NFT’s. It’s important that you use sites that are transparent with their business model, protect your privacy and don’t limit your options when it comes down to turning an item into cash.