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Athletes and the entire sports industry have found a new way to make money: non-fungible tokens. Known as an NFT, these digital collectibles are a hot commodity that every crypto fan out there is investing in. So if you’re the creative type who enjoys selling art or you just want to get some financial action, these tokens should do the trick.

With that said, not everyone knows how to make money from NFTs just yet. But, as the tech matures, people will also start learning how to take advantage of this game-changing digital product. So here’s how you can start making money with NFTs.

What is NFT?

To understand how to make money with non-fungible tokens, you need first to know what they are. So, what is NFT, and why are people so crazy about them? The answer comes from the idea of trading cards and other types of collectibles.

Non-fungible tokens or NFTs are digital goods or collectibles that are tied to the blockchain. Every NFT is unique, and they aren’t interchangeable, giving them two crucial elements: rarity and value. Every token also follows the blockchain’s digital ledger, which ensures that every token is authentic.

With every NFT, you can verify the original owner of the token. Since there is only one token owner at a time, you can verify the authenticity of the token through the digital ledger. Therefore, whenever you stumble upon an NFT, you can expect that it’s the only one of its kind. This makes them rare enough to become a sellable product.

Earning money from NFTs involves knowing how to appraise a token’s value. As value is primarily subjective and dependent on the buyer’s perception, a good understanding of the market and a bit of foresight goes a long way. Here’s how you can make good money from NFTs.

1. Buying and Selling NFTs

The first and easiest way to make money from NFTs is to buy and sell. Much like digital works of art, you can buy something for a specific amount of money, usually when the token still has a low cost. Over time, some tokens accrue value, especially if they have a unique significance to the industry they’re sold.

For example, in the sports industry, NBA is selling NFT highlights and clips through their NBA Top Shot marketplace. These tokens sell for a few thousand dollars, all the way to a few hundred thousand dollars, depending on their value.

Historic moments like game-winners and All-Star tokens are some of the most valuable out there. If you can find the right combination of price and rarity with the NFT, you should be able to profit from most of them. Buying and selling them should give you good value for money and decent profits.

1. Creating and Selling NFTs

For digital artists, creating and selling NFT is as good as it gets to generate a steady profit for yourself. If you see yourself as a creator and think people are willing to pay for your works, you can sell your works as NFT. Likewise, minting digital art and other collectibles can give you an excellent way to make money.

One advantage that non-fungible tokens provide creators is the sheer amount of NFT types that you can create. For example, you can create art, memes, videos, gifs, audio clips, music, and much more. You can even sell websites as NFTs, depending on the interests of your customers.

Creators can monetize almost anything as long as somebody is willing to pay for it. Remember, the value of a token depends on how much people are willing to pay for them. There are countless opportunities that you’ll find on the internet, and there will be niches out there.

1. Video Game NFTs and In-Game Items

Video game NFTs are some of the digital collectibles with the best potential to create a good amount of money. Video games take advantage of blockchain technology through the play-to-earn system. Through this, players usually buy an NFT character and play through the game to generate and increase the value of their tokens.

Through this process, you can earn a consistent amount of money. You can play, generate tokens and cryptocurrency that you can sell or sell off your NFT characters for a specific amount of money. There are also other ways you can make money through video game NFT.

For game creators, some can tie NFT tokens to their rare loot. These rare loots can have real money value, which players can sell to other players. This is a great chance to make good money, primarily if you invest a good time in the title.

Compared to art and music NFT, video game NFTs can sell for more because gamers are more than happy to spend money on in-game items and characters. At the same time, gamers can also create in-game economies for items, with games such as Team Fortress 2 and CS:GO doing it even before NFT existed.

1. Tokenize Memorabilia

If you’re the type who sells physical memorabilia, a great way to monetize this is to use NFTs to tokenize collectibles. By creating a digital version for the memorabilia, you’re ensuring that the products are authentic from your side. NFT also can prove uncommonness, which helps improve the value of the product.

You can tokenize everything from trinkets, memorabilia, trading cards, and even items that you can find for board games. The previously mentioned NBA Top Shot, for example, also sells memorabilia and digital trading cards for all their players. If you’re a content creator, this is something you can do as well.

Use NFTs as a way to verify the rarity and authenticity of your products. Tokenization is still in its early stages, and knowing the right application can add the authenticity you need.

The Bottom Line

Non-fungible tokens are a great resource that can generate a ton of profit for those who want to take advantage of the technology. There are various ways to make money with it, from buying and selling to creating digital goods to sell to your fans. Whichever you pick, you can rest assured that you can make some money with this emerging technology.