How to Make Money with NFTs – Top 8 Methods

Apart from cryptocurrencies, NFTs are another popular market that is growing rapidly over the last two years. As non-fungible tokens are becoming more and more popular, investors take the advantage of making money with them. There are several ways you can make income through investing in NFTs. But however appealing they seem, investing in digital trends involves high risks of losing money. 

You need to go through the same as when you want to make money with crypto. One of the ways to avoid losing your money is to do thorough research about the NFT project you want to invest in. By doing it and checking its performance, popularity, and features it may be more understandable if the project is worth your money or not. 

So, what are the different ways of generating income through NFTs? In this guide, we will introduce the 8 best ways to make money with NFTs, explain in detail how to buy NFTs step-by-step, and talk about some of the best NFT projects you can make money with.

8 Best Ways to Make Money With NFTs in November 2024

There are many ways of generating a return through NFTs apart from buying or selling them with the hope to make money on the price difference. You can stake them, mine them, rent them and even play games through them and earn money. Here’s a list of the best ways of making money with NFTs:

Invest Early in Tamadoge NFTs

There are multiple new NFT projects that have extensive potential to grow in the future. If you invest in them in the early stages of their development you may be quite lucky if these projects manage to garner huge popularity. But what is the best NFT project to invest in right now? One of the most exciting NFT projects is Tamadoge which is a memecoin cryptocurrency but extensively differs from other popular memecoins. 

Tamadoge combines the concepts of NFT, blockchain, coin potential, and play-to-earn elements to build an ecosystem where you can play, enjoy your time and earn money. Tamadoge is quite a successful project if we consider its presale and official listing performances. Due to its brilliant marketing and exciting features, the project has become one of the best presales of 2022 raising more than $19 million. 

After finishing its presale Tamadoge’s native token – TAMA got listed on such popular centralized and decentralized exchanges as OKX, LBank, and Uniswap. The coin’s value indicated great performance. The buzz around Tamadoge’s listing led its price to increase by 1900% from its initial presale price and the project has not yet launched its gaming platform – Tamaverse. 

Tamadoge introduces a platform where anyone can obtain their Tama pets. Pets vary in their characteristics and each has its weaknesses and privileges. When a user buys a Tama pet he can’t immediately use it to battle against other pets. First, they need to take care of their pets, feed them, and once the pets become mature only after that they can take part in competitions. 

If your Tama doge wins in the competitions you collect Tama points. Users with the highest points take a place on the monthly leaderboards and get rewarded with TAMA tokens. The latter plays a crucial role within the Tamadoge’s ecosystem. TAMA token is used to play in competitions, get rewards and buy items for your pet from the in-built pet store to upgrade them. 

Tama pets are already available to buy on the world’s largest NFT marketplace – OpenSea where you can purchase them with ETH tokens by connecting your wallet. There are different collections of Tama pets available, including the Common pets collection with 20,000 Tama pets, the Strong Pack collection of 20,000 pieces, and the Rare Pets Collection which are stronger and faster than the pets of the Common collection. 

But the Tamaverse is not the only thing on Tamadoge’s roadmap. It plans to launch an AR app that will transform your Tama pets into 3D characters, take them on real-world walks and collect points. The launch of the new features can attract a lot of attention and increase Tamadoge’s popularity and the number of its users. If the demand for Tama pets and TAMA token increases, it will also raise their value, and early investors can benefit from it. 

See our full guide to buying Tamadoge to learn more about TAMA, or the link below to learn more about Tamadoge NFTs.

Buy Tamadoge NFTs

Play to Earn Games with NFTs

Another popular method of earning money with NFTs is playing blockchain games that incorporate play-to-earn elements. These projects allow you to claim the ownership of the in-game items through NFTs which you can buy, obtain or sell throughout the game. Plus, you get rewarded when winning battles or reaching certain milestones, etc. They distribute rewards in their native token which you can later sell or use to buy other items. 

Among the most popular play-to-earn games is Battle Infinity where you team up with other players to take part in fantasy sports competitions and win rewards. Battle Infinity is a huge ecosystem with six different platforms. There is a Battle Arena where you can browse with your avatar and get in touch with other players. The platform also provides an in-built Battle Market where you can buy or sell different NFTs that represent in-game items. 

Battle Infinity has other extra features including its Battle Swap which is a decentralized exchange where you can buy and sell different cryptos. You can also stake coins through the Battle Stake platform or download to play other P2E games through its Battle Store platform. Apart from NFTs, Battle Infinity also issues a native token, IBAT which powers its ecosystem. The project has sold out all the tokens planned for the presale stage in 25 days raising 26,000 BNB tokens and getting listed on popular DEX Pancakeswap.

Visit Battle Infinity

There are multiple other alternatives to Battle Infinity as the sector of P2E games is growing exponentially. Axie Infinity is another popular game where all the items are represented as NFTs. The main characters of the game are little cute monsters that you own and battle against other monsters or computers to win rewards. AXS is the native token of the ecosystem which is used to reward players, buy and sell items and for network governance. 

Decentraland and Sandbox belong to another group of play-to-earn NFT games where users can own pieces of land as NFTs. On Decentraland you can use its MANA native token to buy lands, avatars, and in-game items and later sell them for higher prices. Sandbox also enables you to rent your land or organize a meeting to charge entry fees, etc. Its native token SAND is used to pay for transaction fees and earn rewards which can later be exchanged for real money. 

Another popular DeFi game is Calvaria where you own cards as NFTs and build powerful decks to win your enemies. When you win in battles you are rewarded in Calvaria’s native token RIA. The token can be used to purchase new cards and build stronger combinations which increases your chances of winning the battles. 

Visit Calvaria

Invest in Promising NFT Projects

Investing in promising NFT projects can be another way of making money with NFTs for those who believe in their future. Some NFT projects have become extremely pricey over the years due to their popularity. One of these collections is called Bored Ape Yacht Club which has 10,000 unique pieces of the Bored ape drawings. Some of these pieces have been sold for $1 million and are owned by such celebrities as Eminem, Madonna, Snoop Dog, Neymar, etc. 

Another popular example is CryptoPunks’ NFT collection which was released in 2017. At that time the pieces of the collection were sold from $1 to $34 but the project has become quite popular since 2021. Now CryptoPunks’ NFTs are among the most expensive NFT collections with one of them being sold for more than $20 million.

But still, there can be a question of how to understand which NFT collection will become popular over the years. You need to explore the market to understand which are the most popular cheapest options which have a good potential for growth. For example, Tamadoge’s Common Pets collection is quite affordable right now which you can buy on OpenSea.

Lucky Block is another promising NFT project with a competing platform and expensive prizes. It is an Ethereum-based blockchain designed to host multiple games based on random number generation. Lucky Block is a new word in this industry as long as it relies on the decentralized ledger which makes the draws more transparent and trustworthy. Currently, it also hosts a competition that you can enter to win luxurious prizes. 

To take part in Lucky Block’s competition you must buy an NFT from its different collections. If you get an NFT from its Platinum Rollers Club you will enter a competition where you can win a Lamborghini car. BTC1M NFT collection will grant you entry into the competition of winning $1 million worth of Bitcoin. Other giveaways include a luxurious house, a 5-day holiday in a pricey hotel, and an NFT from the BAYC collection.

Once all the NFTs of a certain collection are sold out, Lucky Block will distribute the giveaway. Even if you don’t win the most expensive prize you might get other small prizes. Apart from it, Lucky Block’s NFTs bring you rewards for simply holding them. You simply need to buy and hold them in your wallet and you will get daily prizes even when the competition ends. 

See our LBLOCK V2 price prediction for 2024.

Visit Lucky Block

Day Trading NFT Tokens

Day trading is a type of short-term trading where traders buy and sell assets on the same day. Obviously, you can’t make too much money with blue-chip NFT projects such as the Bored Ape Yacht Club collection, CryptoPunks, and other similar projects. The problem is that their floor price is quite high and you can highly make any benefit in a single day. Instead, you can invest in cheap NFTs which are just been released and sell them in an NFT marketplace. 

Here, the crucial step is to find out whether the NFT collection is worth buying, otherwise, you can end up without being able to sell it and make money. You can find a lot of accounts on Twitter that often announce new projects which are not so popular yet, and have little demand and that is why their value is quite low. Along with the good ones, there can be a lot of useless NFTs without any significant value so you need to be careful here. 

How to make sure the NFT is worth purchasing? One of the things you can pay attention to is its popularity on social media accounts. You can check if the project has a Twitter account and how many followers it has. The next thing you need to pay attention to is whether the account is active to make sure that the followers are not fake and they are actually interested in the project. If the posts are getting many likes, retweets, and comments, followers are probably really curious about the project. 

Another thing to pay attention to is its website where you can find a lot of useful information about the NFT collection. You can check whether NFTs have utility functions, whether they can be staked or not, etc. Also, find information about the team, and visit their profiles to see what background they have. If the real team of the project is introduced the project is probably not a scam. Once you make sure that the project can bring you good returns you can buy it directly from the creator and sell it on a secondary marketplace such as OpenSea. 

NFT Staking

One of the passive approaches to making money with NFTs is staking them. Similar to cryptocurrencies, non-fungible tokens can also be staked to contribute to the validation of the transactions and getting rewards. The main thing you need to do is to find a DeFi platform where you can lock up your NFTs and earn rewards or other privileges. 

Actually, there are not as many NFT-staking platforms as crypto-staking ones as NFT staking is a new trend. However, you can find some popular platforms to do so which can differ in their terms and conditions. For example, some NFT staking platforms may require the NFT holders to vote on proposals while others simply reward you for locking up your NFTs. 

The annual percentage yield that you collect by staking your NFTs also differs from platform to platform. It also depends on the type of NFT you decide to lock up. Usually, you collect the rewards in their native token which you can later exchange for money. One of the most popular NFT staking platforms is Zookeeper. It is a HAECHI-audited platform where you can lock up your NFTs and earn rewards in the form of their native token – $ZOO. 

MOBOX is another popular platform to stake your NFTs but it is rather a gaming platform first of all. It supports a so-called MOMOverse with a number of NFT games that you can play to earn MOMO NFTs. Users can stake the NFTs they earn during the game to get regards in the platform’s native token – MBOX. 

Eventually, there are also NFT projects which will reward you simply for holding their NFTs in your wallet even without locking them up. Lucky Block is one of these projects which will reward you if you buy and hold any NFT from its Platinum Rollers collection or other collections created to enter its giveaways. 

Flipping NFTs

We have already discussed some long-term strategies for making money with NFTs. In those strategies, you invest in NFTs having promising roadmaps and projects and wait until their prices soar. The long-term strategies are also known as NFT HODLing, where the abbreviation HODL stands for “Hold On for Dear Life” suggesting that you buy the NFT and store it whatever happens with its value. 

In contrast to long-term strategies and NFT holding you can also make money with them through flipping which is a type of short-term trading. Flipping suggests that you make money with crypto or an NFT in a short period of time. You buy them at a low price and sell at a high price speculating on the value differences and earning positive returns. But NFT flipping is quite a risky strategy and there are several things to consider before you step into the process. 

First, you should not invest in popular and pricey NFTs as long as they are quite expensive and can hardly bring you good returns in a short time. Similar to cryptos you can’t make millions with Bitcoin in a short time. Hence, your attention should be focused on newly developed and affordable NFT projects which have low floor prices and can interest long-term investors.

The second factor to pay attention to is that not all NFT projects are promising and attractive to investors. Hence, you need to do a quick research to analyze the information about the projects and understand whether it is worth flipping or not. The crucial thing to check out is their utility because that would be the first value to attract potential investors. 

If the NFT can be used in play-to-earn games, or be staked it is more likely to attract buyers than an NFT without any use case. At least, its art should be captivating and attractive because in most cases investors buy it to use for their gallery, NFT collection, or simply for their main photo on social media accounts. 

Another important factor to analyze in the NFT project is its community, including the developing team, supporters, and online popularity. To find some information about the team backing the project you can check its website. If the team is not introduced or they are presented with nicknames without any social media accounts the project is probably a scam. NFT collection would be trustworthy if the real team is introduced. 

Next check if they have social media accounts, such as Twitter, Instagram, etc. You can also pay attention to its Twitter community, see if the page is active and if the followers are really interested in the project. Similarly, take a look at its Discord and Telegram channels, read the discussions there, etc. Only after making sure that you have enough information to trust the project consider flipping the coin. 

Rent Out NFTs and Make a Passive Income

One of the least risky approaches to making money with NFTs is through renting them out. If you own any NFTs with the utility you can rent them out to other users who may need them for a short period of time. Once the contract ends you will get your NFTs back and have the chance to make some money with your assets. 

There are platforms designed specifically for NFT renting. These platforms have landing and borrowing functionalities where you can list your NFT. When someone wants to borrow it you need to come up with the terms of your contract and place the details into the smart contract. As the process relies on blockchain and smart contracts it will automatically take care that the process is carried out.

There are two ways of renting out your NFTs – collateralized and without collaterals. The collateral type of contract requires that the renter pays a collateral price higher than the value of your NFT. In this case, you make sure that you will get your NFT back from the renter. Once the contract ends you receive it back and the renter gets back its collateral. 

The second type of NFT renting is known as renting without collateral where the borrower does not pay any collateral. Instead, the borrower gets a wrapped NFT of your real NFT which the renter can use until the end of the contract. Once the contract ends the borrower’s wrapped NFT burns. NFT renting is quite a new thing in the market and there are not too many platforms where you can do it. However, there are some notable renting platforms such as reNFT, Trava, etc. 

Start Minting NFTs

NFT minting is another popular approach to consider if you want to make money with NFTs. In this case, you don’t buy and sell already created and minted NFTs but generate your own non-fungible tokens and sell them on the marketplace. To do that you need to have digital art, or music use an NFT-generating platform to turn it into an NFT. Once your NFT is minted you can place it on a marketplace and wait until someone buys your NFT. 

But selling your NFT is not that easy because there is stiff competition in the market. A lot of creators mint their NFTs and put them on the marketplace so the platforms are usually filled with digital assets. To assure your NFT sells well you need to give it some uniqueness and use marketing skills to attract investors’ attention. 

One of the most popular marketplaces where you can sell your NFTs is OpenSea which claims to be the largest NFT marketplace. What you need to do is to place your NFT on it, link your crypto wallet and wait for the buyer to appear. When someone buys it you get the cryptos and pay for the marketplace fee. Later you can withdraw your cryptos to your digital wallet. 

Rarible is another popular NFT marketplace among creators. It enables users to mint NFTs and sells them on the platform. It also has a native token called RARE. The platform organizes a weekly distribution of 75,000 RARE tokens. Hence, if you are among the active sellers or the buyers on the marketplace you will also be able to earn rewards in the form of RARE tokens. 

If you are not a fan of NFTs you can also check our guide on how to make money with cryptocurrency. 

How to Buy NFTs?

After getting familiar with the different ways of making money with NFTs and selecting your favorite one, you may be also interested in buying NFTs. If you don’t know how to go through the process of purchasing NFTs, here is a complete guide explaining all the steps you need to follow. 

Step 1: Download a Crypto Wallet

NFTs are available on various marketplaces with different websites catering for different blockchains. Ethereum and OpenSea are by far the most popular choice – therefore the most likely to find a buyer once you’ve purchased one – but there are other marketplaces for ETH, as well as for SOL, IMX, ADA, MATIC, and others.

You can’t use fiat currencies to buy NFTs hence you need to first buy and hold ETH (or another relevant crypto) in a crypto wallet, that will also be used to connect to the marketplace. MetaMask is a popular choice but, again, there are others.

Step 2: Buy Crypto

Having created a crypto wallet, inputted a strong password, and noted down the seed phrase, users can buy ETH or other major tokens directly on the majority of crypto wallets. Load it with the relevant amount of funds and head to OpenSea.

Note that the listing price of an NFT will not include gas (transaction) fees which can be huge, especially for ETH, and need to be considered when purchasing the coin.

Step 3: Visit NFT Marketplace

With ETH in your crypto wallet, head to OpenSea or another NFT marketplace and select ‘Connect Wallet’ and sign onto the site. Then simply search for collections, or browse for trending ones.

Step 4: Buy NFTs

Once you’ve found the individual NFT you wish to buy, click ‘Buy’ or ‘Make Offer’ and follow the steps on screen. Again, note that you will have to accept gas fees before the transaction can be completed.

Conclusion

Throughout this guide, we have explained all the important things you need to know if you want to make money with NFTs. We have also shed light on the top 8 ways of earning money with the help of NFTs. There are several ways of doing it from buying, selling, day trading, minting, renting out, creating, and flipping NFTs. Still, one of our most recommended methods is to earn NFTs through play-to-earn games. 

Tamadoge is among the most widely-known NFT platforms which you can play to earn real money. You enter the game and buy Tama pets in their native token, which you can later use to fight and win battles against other pets on Tamaverse. 

Another NFT-based game recommended by us is The Battle Infinity which is the first blockchain-based fantasy sports game. All the in-game items are represented through NFTs and the game has a lot of exciting features and platforms. Finally, you can buy NFTs from Lucky Block’s NFT collection and win a ticket to its daily prize draws. Lucky Block’s rewards include expensive prizes such as luxurious cars, hotel vacations, real estate, and even $1 million worth of Bitcoin. 

And last but not least, whatever NFT project you select to invest in, you need to keep in mind that the market involves huge risks and there is always a high risk of losing your money. Making money with NFTs takes a lot of effort and time. Hence, it is crucial that you always make sure you have carefully analyzed what you invest in and never put at risk the money you will need. 

FAQs