• 4 Innovative Ways to Participate in NFT

  • Blockchain technology is truly revolutionary because it allows people around the world to create compelling applications for almost any industry sector and use case. The world of internet gaming has benefited greatly due to the rise of seamless decentralized applications (dApps). In addition to offering more apps, blockchain or distributed ledger technology (DLT) and smart contracts also allow developers to mint non-fungible tokens (NFTs).

    NFTs are essentially digital collectibles that can become very valuable because they are (digitally) scarce. When you think of NFTs, try to imagine those one-of-a-kind, classic Babe Ruth baseball cards or that amazing Michael Jordan card that no one but one or a handful of people own. By accumulating NFTs, you can build a fine art collection, like a million- or billion-dollar art gallery, that you can show off to your friends.

    The best thing about NFTs is that it allows us to participate in the cryptocurrency and blockchain space by expressing our ideas through a creative form of art. Here are some great ways to make money with NFTs.

    1) Create NFTs – (the most fulfilling way to engage is to express yourself through art)

    Besides being able to explore your creative side, NFTs might be a great way to make more money! There’s nothing wrong with that, is there? There’s nothing wrong with that, is there? Of course not. But before we dive into some great money-making strategies, we need to know that NFTs are essentially a digital asset that can’t be replicated or changed in any way (i.e., it’s immutable).

    Most consumers consider these virtual tokens to be the equivalent of a private collection from an exotic location, each piece of which is provably unique and claims its value in an open marketplace.

    A project dedicated to supporting creators, Yup, focuses on rewards for creators.The Yup team recently noted that they are excited to launch YUP rewards for all creators who are committed to NFT. As the project team explained, we’ve all seen a dramatic rise in NFT and digital art, especially in late 2020 and throughout 2021. More people have been spending time browsing and curating NFT because they may find a great opportunity to earn substantial rewards.

    Currently, NFT creators and owners are able to earn income by selling and reselling these digital collections.The team at Yup has come up with a new way to generate income for creators, which they call NFT Creator Rewards.

    So far, the Yup team has focused primarily on rewarding and recognizing the best NFT curators, however, creators play a key role in Yup as well. Previously, the Yup agreement rewarded curators with fresh YUP tokens that were distributed based on the overall success of their “social signals.”

    With NFT creator rewards, for the first time ever, artists will be able to earn YUP for consumer liked and/or rated NFTs, starting with Opensea, Foundation, and SuperRare.

    In a similar way to provable unique artworks, NFTs can be sold for real money or even virtual currency. As the Yup team explains, asset transfers of tokens, like other digital asset transactions, will be permanently registered on an immutable blockchain. This also determines (or verifies) who the actual owner of the NFT is.

    All NFTs are associated with the digital assets (or even physical assets) of the actual owner. Technically, anything that can exist in virtual form can be converted into an NFT. these items may include images, compelling Twitter tweets, memorable Facebook posts, and many more items that may take the form of an NFT and be sold by anyone.

    If you happen to be a talented creator, or if you think you can create something that you can make money from, then you can make money by selling your artwork as NFTs. Did you know that a New York City resident actually sells recordings of their farts as NFTs? So there are probably many more creative ways to make money from NFTs!

    2) Speculate on NFTs (highest risk, highest reward)

    Did you also know that you can make a ton of money by speculating on NFT. While this method involves the greatest risk, it also has the highest (potential) rewards. With this approach, you will learn and research the informal financial markets as thoroughly as possible. After doing your due diligence, you may become an expert at finding some good deals on NFTs, and if you have some ability to hold them, then you can sell them when the market really heats up.

    Of course, this strategy requires patience and a huge appetite for risk. As such, it should be used in conjunction with other strategies to diversify your NFT investment approach and portfolio.

    3) Earn royalties (thanks to smart contracts, programmable)

    Believe it or not, it is also possible to earn royalties from your wonderful NFTs with the help of smart contracts. Since owners of NFTs can write a smart contract that automatically pays them for sales, it is possible to turn these digital collectibles into a reliable source of income. However, smart contracts can also contain vulnerabilities that have been exploited countless times.

    That’s why you might consider consulting with professionals who have the right knowledge to start minting NFTs and set up a process that allows you to collect royalties from your artwork (in the form of NFTs).

    4) Splitting (buying $10 worth of crypto, or splitting up your crypto and selling the pieces at a premium)

    Another great way to make money from NFTs is through the process of slicing and dicing. This means that you can buy a certain dollar amount or a percentage of a particular NFT and have your friend or colleague buy the remainder. This way, you all have a stake in the NFT as if it were a publicly traded company.

    By buying fractional NFTs, we can also diversify our investment risk among multiple investors or dealers. Again, it is best to do your own research and find out what investment strategy suits your personal requirements.

    You may want to consider looking at the NFT Blue Chip Index (JPG), which is a market cap-weighted portfolio of blue chip NFT series. The purpose of the index is to provide diversified liquidity exposure to some of the best NFTs through a single liquidity token. As Index Coop points out, the NFT Index token has been its most frequently requested product, and this token may be able to fill that need.

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