How To Make Money With NFTs in 2022
NFTs are a unique part of the crypto universe. A blockchain — a digital file similar to the systems that support cryptocurrencies — is used to verify ownership. According to Cointelegraph, the NFT market has approached a staggering $17 billion in 2021.
The skyrocketing popularity of cryptocurrencies, unexpectedly, has massively boosted the demand for non-fungible tokens, or NFTs. BullPerks, a decentralized VC and crypto launchpad, recently made a $360K sale through the BCMC Initial NFT Offering.
Whether possessing digital ownership to some digital art, LeBron James flashy dunks or Jack Dorsey’s first-ever tweet is worthy of the gaze, this means NFTs are a massive force in the market. Also, not all NFTs are overvalued luxuries, and not all assets engulfed in a boom will go down.
Consider the dot-com era. Sure, there have been world-famous flops like Webvan and Pet.com, but also there were hidden jewels that have offered exceptional long-term benefit to those who were able to stick on it throughout the turmoil or invest in the first and earliest stages.
As of our era — due to multiple high-capital investors investing unsparingly into them, they’re expected to become even more widespread. Below we will go through some of the ways you and your business can profit from NFTs in 2022.
1. Digital Artwork
Individual NFT masterpieces are perhaps the most profitable non-fungible tokens yet generated in terms of pure profit. The legacy of blockchains and art history changed drastically on March 11th. An NFT art was sold for $69 million at Christie’s, the first of its kind to be listed on an auction house.
Beeple was, after all, an entirely unknown independent artist until a few months back. If an NFT piece of art is auctioned by someone like Banksy, the price will probably be higher than $69 million. PS: Beeple’s brain-giggling NFT career-high sale has already been eclipsed. The Merge, an NFT bought by multiple collectors, sold for a total amount of $91.8 million.
2. Digital Collectibles
The more logical and evident use of the NFT technology seems to be tokenized collectibles. Brands that previously only sold tangible artwork, such as trading cards, could now offer the same thing digitally.
The value of a digital collectible might be slightly higher than that of its physical counterpart due to the rarity of NFTs. Sports cards have proven to be the most successful sort of NFT collectibles so far. The first NFT sporting cards platform, Sorare , enables users to exchange licensed soccer cards, but the NBA recently unveiled its own collection of NFT cards.
Non-Fungible Cards can be made out of any physical collectible. Also, physical trading cards can be easily damaged, whereas NFTs can be safely saved on a blockchain and never lose their quality.
3. Gaming NFTs
NFTs could be used for a variety of things, not just sports cards. Gaming NFTs may be the next level of NFT technology. Thus far, various games and metaverses that use non-fungible tokens have been become widely known, with Bloktopia, Decentraland, and Axie leading the way.
Generally, gamers are known to spend a lot on in-game items. All of these markets — World of Warcraft gold, Call of Duty digital items, or Counter-Strike upgrades — are indeed worth billions, and the opportunities to generate revenue are endless.
Founders of NFT-based gaming projects are some of the most forward-thinking developers, and in-game items could help drive NFT technology forward.
Final words
It is worthy to note that the NFTs and the underlying smart contract technology are still quite new. Thus, many of the options providing the opportunities mentioned in this article are in their developing stage. Having said this, it is advisable to perform due diligence and get to know the risks involved before adopting any of the above-listed approaches.
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