Looking for ways to monetize your NFTs?
Ever since Beeple’s NFT creation was sold for a whopping $69 million at Christie’s in 2021, everyone started to pay more attention to NFTs. Currently, in the world of crypto space, the most trending hot buzz is NFTs, everyone wants to get into this most lucrative platform and make a decent earning.
Whether you are a creator or a collector of digital items, the opportunities for monetizing your NFT’s is expanding exponentially. Hence it is paramount to choose the right strategy to convert your NFT’s into profitable investments.
Read on to find out essential steps to Monetize your NFT’s for making a handsome profit.
Steps to Monetize your NFT’s –
1- Create Desirable digital art and collectible
Now, the most important and basic approach is to create an exclusive and unique NFT that would lure the collectors. All investors or collectors would look for the rare NFT which is so unique would give them confidence to purchase for the price set by you.
Although NFT art and collectibles are mostly subjective to the collectors and investors choices, there are certain aspects that would make your NFT a desirable masterpiece. Look for them!!
2- Choose Right Platform
The right platform for your NFT will determine what kind of collectors or buyers would be interested in it. There are plenty of platforms specific to the individual NFT types, importantly most collectors would like to buy from trusted and reputed platforms.
As it is important to find the ideal platform for your NFT type and be among the right community, who would appreciate it to take advantage of the platform’s algorithm and more traffic directed your way. Check out the best platforms to sell and buy NFT’s.
3- Create a Crypto Wallet
After selecting the right platform for your NFT it is important to create a Cryptocurrency wallet associated with that platform in which you can store your digital funds and digital assets.
The foremost important step is to create a crypto wallet since most payments for NFT’s are in cryptocurrency and need a wallet to receive payments after the sale. Choose the right crypto wallet for your needs considering the security and storage options provided by individual crypto wallets. As this is where your wealth lies after all the investments.
4- Pick a Marketplace
Once the right crypto wallet is created for your NFT then obviously you would need a right place to offer for sale i.e. NFT marketplace. It is never a good idea to hop around multiple marketplaces to mint and sell, would mainly confuse the buyers and also will weaken your NFT reputation.
Selecting the right marketplace where you can mint NFT at the cheapest gas fees and sell the same at your choice price is always the best bet. Checkout the best marketplaces to buy and sell NFT’s.
5- Active Self Promotion
It is true in any traditional commodity market, the more exposure for the product would always drive up the demand for it. The same for NFT marketplace as well, the maximum promotion is done will help scale up the value of the NFT while the interest is being created.
So make sure to promote your NFT via personal social media such as twitter, Instagram and LinkedIn etc with appropriate hashtags and links to NFT. Consider joining the right community Telegram and Discord groups with NFT’s to stay up to date regarding the latest trends in the NFT marketplace.
6- Create Scarcity
It is understood in all fields that anything scarce will create higher demand and thus higher price. So creating scarcity to your NFT collections is a lucrative way to monetize the same. There are possibly a couple of ways to create artificial scarcity to increase the value of your NFT.
Firstly, you should set a hard cap on the collection’s supply and just do a limited run to make sure a small amount is minted. Secondly, you can create scarcity by releasing NFT’s in rarity tiers, with each item available in different levels of tiers. Such as “common, rare, epic, unique and legendary”, higher the more exclusive NFT it gets.
7- Consider NFT’s Royalties
One of the amazing features of NFT’s is to earn Royalties for your NFT’s from secondary sales and henceforth all the futures sale. Since Blockchain is a ledge which holds all the transactions and ownerships of the NFT in one place it is very easy to keep track of all the future sales and transactions of this digital asset.
Not all marketplaces support royalty for your NFT but make sure to choose the one which supports setting your royalty for your NFT and earn from the same for all the future transactions.
8- Create Fractional NFT‘s
The most effective approach to monetizing your NFT is also through fractionalization. There are multiple online utilities which lets you subdivide your NFT’s into fractions of pieces, and allows multiple owners to be part of it at the same-time.
This effectively drives up the popularity of the NFT due to multiple collectors either novice or experienced benign part of the NFT. Also making it a more safe option to invest in as a digital asset.
9- Flip Your NFT’s
Flipping your NFT’s can literally help you upend. As, this could be an interesting option to creators and investors both, since either of them will always have a good collection of NFT’s in their wallets.
Flipping NFT’s can be a bit of a tricky thing and also enormously beneficial at same-time. The skill is acquired over time from experience but nonetheless it is a great way to monetize your NFT’s and make a worthy transaction.
10- Loan Your NFT’s
Quite recently the most innovative ways of monetizing NFT’s was by loaning it out to others and letting them pay back owners for the duration. It was mostly developed in the NFT gaming community to loan game items for players who couldn’t afford them but could get the item for loan and pay the owner back in tokens.
The same concept is being utilized in other types of NFT to monetize them while keeping the ownership of the digital asset but making money from them by loaning it out.
Wrapping up –
NFT’s are the most lucrative and popular trend in the crypto world with thousands of NFT’s being enrolled everyday by various creators .The potential of gain in NFT’s is enormous for investors and creators, if you acquire certain expertise to make the right choices and some excellent skills.
To compete in this highly sought after platform for the creators and investors alike, you need to follow certain steps to stand out and monetize your NFT’s.
As we have curated a list of steps to follow to monetize your NFT’s to gain handsome profit, follow through each of them diligently. Take advantage of the budding NFT business by selling your creations or investing in them.