Are you looking to learn how to generate a passive income from NFTs (non-fungible tokens)? Making money from NFTs is easy when you understand the fundamentals. In this blog, we discuss how to make money from NFTs in detail.
The NFT market is poised to grow at a CAGR of 34.2% between 2023 and 2030, reaching a valuation of $211 billion by the end of this decade. As the awareness about NFTs and digital assets increases, the demand for NFTs is only going to rise. With more and more creators jumping on the bandwagon, you can make good money by selling NFTs.
Creating your own NFT is one of the proven ways to make money. To create an NFT, you need a concept. Anything that you consider rare and unique can be turned into an NFT. For example, Jack Dorsey, the former CEO of Twitter, turned the first-ever tweet into an NFT.
Once you have a concept, you need to select a platform from where buyers can easily access your NFTs. Some of the most popular NFT marketplaces are:
The next step is community engagement. It is critical to promote your NFT. Use platforms like Twitter, Discord, Reddit, and Telegram to build your community. Alternatively, you can use customer engagement solutions to understand your community better and determine the right strategy for higher engagement.
Once you have a community, you can decide on critical factors like file type, file size, and accessibility features, and create your own NFT. Different marketplaces have different requirements. For example, if you have chosen OpenSea, you must have an ETH wallet like MetaMask, with some $ETH in it. OpenSea charges 2.5% of the sale amount as creator fees.
The final process is called NFT minting. It means publishing your NFT on the blockchain with a preferred name after creation. Once minted, your NFT is live for sale. You can create an NFT for less than $10. While the selling price depends on rarity and several other factors, an NFT can be sold for millions of dollars.
Another way to make money from NFTs is by buying NFTs and selling them at higher prices. The process of investing in NFTs is very simple. Have a look.
Participating in NFT-based communities is one of the best ways to learn about rare NFTs and create your community. You can find such communities through targeted keyword searches on platforms like Twitter, Discord, Reddit, etc. For example, you can search 'NFT community' on Twitter.
Are you ready to jump into the NFT market and make some money? If you are planning on Launching your NFTs, Blaze is the next-gen customer engagement tool, that can help you understand your community better and determine the right strategy for higher engagement. With the NFT market poised to grow rapidly, it's important to have a platform that can help you connect with your buyers and build a loyal community. Grow your NFT community with valuable insights and customized strategies with Blaze. Sign up with Blaze today and start making the most out of your NFTs.
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