Mar 14
Opportunities To Make Money On The NFT Market If You’re Not An Artist
The post Opportunities To Make Money On The NFT Market If You’re Not An Artist appeared first on Coinpedia — Fintech & Cryptocurreny News Media| Crypto Guide
The NFT craze is in full swing. Artists have been riding the wave of this trend by creating NFTs of their work and monetizing them, a move that has worked successfully at least for some creators.
Beeple artwork sold for USD 69.3 million in 2021. CryptoPunk #5822 sold for USD 23.7 million just a few months ago. The NFT industry shows no signs of stopping.
However, what about those who are not artists themselves, but would like to find opportunities to make money in this sector nevertheless? What should their focus be? Below, we explore the best ways of investing in the NFT market in a safe and easy way.
Digital works
Even if you are not an artist, you can still try to invest in digital artworks with a view of making money. The trick to buying those types of NFTs is to know what their rarity status is.
There are a number of sources that can help you in determining the rarity status of a piece from a collection, for instance, the Rarity Tools website.
In short, usually, the rarer the NFT is, the more interest it is likely to gather, the higher the final price. As Alex White-Gomez, a journalist working for Gary Vaynerchuk, explains:
“Rarity drives a large part of the economy around collectible NFTs and produces excitement. It is the result of a calculation that focuses on the various traits found in the NFTs of a collection. Rarity also helps drive demand in an NFT project and diversifies a project by offering different levels of traits and utility.”
Another issue may be finding the right time to sell. It will depend on what NFT it is, why you bought it, and if there is any interest in the item.
In most cases, it is safer to take a smaller profit than to wait longer, risking your NFT falling in price, or even, in the worst case, becoming worthless.
Passive income from projects
Passive income is income that requires minimal labor to earn and maintain.
Please support thecryptocoinreport.com by sharing this post. Also, support us on https://twitter.com/the_crypto_coin and on instagram.com/the_crypto_coin_report/
Read More..
Source: #Coinpediaorg
Source: thecryptocoinreport.com
#crypto
#cryptonews
#cryptocurrency
#nft
#nftnews
