21/02/2022
NFTs Are A Lifetime Opportunity — Here Is How To Use Them To Your Benefit
The blockchain technology serves a wide spread of benefits to the world in the form of NFTs. It is time you start taking them seriously.
The blockchain technology and metaverse have opened endless avenues for people who want to make it big. And one such trend that has a myriad of benefits offer to the people is NFT.
Non fungible tokens need no introduction. They are everywhere. From fashion and gaming to IT and automobile, no industry is untouched by the advent of NFTs.
How To Make Money With NFTs?
In order to understand how you can make money with NFTs, you first need to know what exactly they are. NFTs are digital assets on blockchain that cannot be replicated- hence, the term non-fungible.
These digital collectibles can be a source of income for anyone in a multitude of ways that are listed below. Let’s begin with discussing the advantages that NFTs serves for everyone —
Benefits of NFTs : Why They Are Worth Every Penny
1. Instant Copyright For Artists
There are plenty of advantages that NFTs offer to their owners. For artists and content creators, NFTs become the most efficient route to copyrighting the work. They are governed by smart contracts and their non-fungible nature allows the creator to enjoy absolute intellectual property rights.
2. Better earnings
This is another reason why non-fungible tokens make up for a solid ground for artists in the future. NFTs eliminate the need of middleman or a mediating platform for selling your digital artwork. This way, the technology saves any commission or extra charges on the sales to the third party. Creators earn the amount they quote instead of paying a percentage to the production company or publishing house.
3. Decentralization is the way of future
They are part of the broader vision. Decentralization and blockchain is the future and therefore, NFTs are one way of setting a futuristic stream of income. The world is swiftly adopting decentralized internet and once web 3.0 goes mainstream, NFTs will be fundamental units of doing business. A major advantage of NFTs and why you should begin early.
4. Pretty good passive income
NFTs actually make up for great source of passive income. Once you create an NFT, you need not to necessarily sell it. Another benefits is that one can also rent out their NFTs. There is also a perk that allows the original creator to earn a decided percentage of royalty every time the NFT is resold in the market. Both the ways make up for a stable and lucrative passive income for longer run.
5. Your artwork is safe, forever!
This is probably one of the biggest advantage of NFTs. If you are an artist and are thinking of turning your physical artwork into a digital collectible, be assured that your NFT will never go off the record. NFTs are hosted on the blockchains that always have an identical record of the database somewhere one some node around the globe. Therefore, even if you forget that you once owned an NFT, blockchain wouldn’t. Your data is safe.
All the above listed reasons and plenty of others make up for a good reason why NFT should be on your to-do list. So, how can you go ahead and take advantage of NFTs?
Here are some of the best ways that you can use NFTs to your advantage:
1. NFTs as advantage for Businesses
Almost every big brand you can name from Gucci to Samsung, is leveraging NFTs on metaverse. But why? There are plenty of smart reasons.
NFTs are a great source to build customer in the virtual space. People are actually interested in buying virtual products like clothing, gadgets, furniture, cars, etc. for their avatars in the VR gaming world and metaverse. These virtual products cost much less to be made and therefore, earn a huge profit for businesses.
These products, when released as limited edition, can also help earn brand loyalty.
NFTs can also help strengthen supply chain management of the businesses by enabling tracking of physical goods through NFT-enabled tags.
2. NFTs as advantage for artists
Artists have a lot of benefits to churn out of NFTs. First, they come with built-in royalties that allow a longer passive income on the art for the artists. Second, they eliminate the need of middleman, again, adding to the profits one can make through NFTs.
As mentioned above, NFTs are also the best by-default copyrights that creators enjoy without any additional paperwork.
NFTs are also open for anyone to create, therefore, making it easier for the aspiring artists to join the stage. Unlike traditional industries, an artists does not need to network well and find a good launchpad for their work to be showcased to masses. This is in addition to the advantage of global reach.
3. NFTs as advantage for investors
NFTs also make up for one of the most promising source of investment. Investors can buy NFT and use it in a multitude of ways. They can be stored as the work of arts or collectibles. Alternatively, they can be resold for profits. Renting out NFTs again is a great source of passive income. However, the real gains lie in investing in the cryptocurrencies and stocks that deal with NFT industry.
With the advent of metaverse space, there are plenty of companies leading the revolution. Investing in the stocks of these companies make up for great financial strategy.
One should also consider investing in the meta coins that NFT marketplaces use as currency. You can check out our guide to investing in right meta coins here.
While NFT is relatively new industry compared to the traditional industries, there is still more to gain from this emerging trend. There is something that NFTs have to offer to everyone, all it takes is to educate oneself.
