Blockchain is the biggest wonder of the 21st century. An incredible technology that is introducing us to innovations never imagined before.
Cryptocurrencies are at the top of the list among these innovations. Its unique capabilities and benefits are becoming a threat to the global financial system.
In fact, crypto experts like Carl Runefelt who is a global crypto leader and social icon predict that cryptocurrencies will soon replace traditional fiat currency in the future.
While speaking on his YouTube channel, The Moon, he said, “I am very confident that this will be a very good investment. In today’s currency, I anticipate that Bitcoin will reach a price of $5 million per coin, not just $500,000 as some predict. Of course, Bitcoin may reach trillions of dollars per coin with inflation. Actually, it will happen because it is inevitable and because the value of the dollar will eventually decline.
Cryptocurrencies are not the only brainchild of blockchain that is mesmerizing its followers with its unprecedented convenience, NFTs are another is the other one.
NFT Craze on the Rise
But what are NFTs? Let’s have a glance at it.
Essentially, NFTs are digital assets that are not interchangeable or replaceable – hence the name non-fungible. Fungible items, on the other hand, are assets that can be replaced with something of the same value – you can replace one Bitcoin with another Bitcoin because they are both the same.
NFTs (Non-Fungible Tokens) popularity is shooting through the roof. One prominent report concludes that the first quarter of 2022 saw $12.5 billion in sales at the market’s peak. NFTs have become so popular that numerous corporations, investors, and celebrities, are launching their NFTs.
If you want to create one of yours, you easily can. There are a bunch of platforms on the internet that guides you from start to end on how to create your own NFT.
Carl Runefelt explains, “NFTs are definitely speculative, but as you have seen, there is a lot of demand for them because they are scarce. There is always a new collection coming out all the time.”
Let’s get back to our topic: how can you make money with NFTs? It turns out there are more than one ways to do it.
Let’s discuss this.
Ways to Make Money with NFTs
Like cryptocurrency, NFTs have also made their investors millionaires overnight. No wonder investments in NFTs have been increasing year on.
Today, NFTs are even sold for millions of dollars.
Hard o believe, right?
Imagine this: The artwork “The Merge” was the most expensive NFT art sold at an exorbitant sum of $ 91.8 Million.
Carl Runefelt is a fan of NFTs himself and often buys trendy ones. On purchasing crypto punk NFT, Carl said, “I really think that the crypto punk NFT is a good purchase which I bought for 1 million dollars. I am very certain that I can easily sell it for 1.5 million dollars if I put it out for sale and who knows, in five years, maybe it’s worth 20 million dollars.”
Let’s discover some of the ways you can turn your life around with NFTs.
As you already know that you cannot reproduce or make a copy of any original NFT. There is only one of these digital asset. But you’d be surprised to learn that you can rent out this innovation to make money.
The process is pretty simple and straightforward; you can rent out your NFT as you would rent out your real estate. This is the best way to make money off of your NFT without losing your ownership.
This is probably the best method to make a huge amount of money in the shortest time possible. All you need to do is do your research thoroughly and hunt and buy an in-demand NFT. Hold it now.
Like cryptocurrencies, NFTs prices increase in value as well. When your NFT touches new highs, your time arrives to flip it to the maximum profit possible – investors are galore to get their hands on trendier NFTs.
Carl Runefelt adds, “When you see the new NFT collection coming out, you have to make sure that it is of high quality because anyone with a computer can create an NFT collection. You find the right collection either where the artist is the famous one because it gives it value.”
Yes, you read it right. You can even extract royalties from your NFTs even if you have sold your NFT to someone else. It goes like this: once you are selling your NFT, you can agree with your buyer on terms that you will be getting passive lifelong royalties on that particular NFT.
In return, the buyer pays you less amount. This option is tailored especially for artists that never cease to remain the creative creator of their artwork.