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Easiest way to Earn Money Using NFT
Abstract：You must have heard how some people earn a lot of money from NFT. There are a few ways of earning money using NFT and here are some of them.
The easiest way for beginners to earn money through NFT is to indirectly invest in cryptocurrencies related to the NFT project. For example, if an NFT project called ‘The Sandbox’ is considered promising, it is a way to buy ‘Sand’. However, it is necessary to determine whether the value of cryptocurrency is designed to increase as the project succeeds.
The second way is to purchase NFT directly from the NFT market and wait for the price to rise. It‘s for sale. It is similar to investing directly in real estate or art. However, it is difficult to predict value and price, and there is a disadvantage that transactions do not occur frequently. The NFT market is divided into a primary market that sells the artist’s NFT through an auction, and a secondary market that buys and sells NFTs purchased from the primary market.
How to issue and earn money from your own NFT
There is also a way to issue and sell NFTs yourself. When it opens, NFT markets such as Lalibble support the minting function. There is no cost of purchasing NFT, but network fees exist during the minting process. It is also necessary to find a means to directly promote the NFT. We must make sure that there are no copyright issues in images or videos to be published through NFT.
It is also possible to generate profits by participating in NFT games or initial NFT projects that spread “money-making games (P2E).” In the latter case, if a proper project is found, it is likely to yield high returns. Of course, the risk is that high. If the invested project team disappears, it could cause a big loss. It is necessary to fully analyze the roadmap or development team of the project.
Blockchain wallets are essential for trading or NFT minting in the NFT market. Decentralized wallets such as metamasks are often used. The most important thing when using a cryptocurrency wallet is to keep the ‘seed phrase’ well. This is because you need to know the recovery code to retrieve your wallet account after losing or changing your smartphone. Private key recovery codes, called “seed phrases,” are provided in the form of English word lists.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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