Non-fungible tokens or NFTs have over time become a topic of interest in the blockchain space, as juicy as earnings from this field may get, some people do not have the funds for upfront investment.
In this article we would be looking at the some ways you can earn from NFTs without any form of upfront investment. before we dive in, let us take a brief look at the term NFTs and what they mean.
What are NFTs?
NFTs are non-fungible tokens, which are essentially digital assets with intrinsic worth, much like how tangible art is regarded as an investment with intrinsic value.
They are distinct digital assets that are typically controlled by smart contracts. This indicates that because each token is distinct and does not share its value with any other token, the value of these tokens cannot be diminished.
NFTs are valuable because they provide ownership confirmation through a singular, non-transferable unit of data that is recorded on a digital ledger using blockchain technology.
Digital ownership relied on companies’ centralized servers, which were susceptible to manipulation, before NFTs. The only way to truly possess a digital asset is to do it on a public blockchain; because NFTs are decentralized, it is feasible to actually own these assets.
Nearly 11 million NFT Arts were sold in the year 2021, and there was a gradual growth in the buzz surrounding the creation of the NFT website.
Top 5 ways to earn from NFT with no upfront investment
With and without investment, people have been making millions off of these non-fungible tokens. If you wish to make money without making an upfront investment, here are some of the ways to go about it:
- In-game NFT
- NFT content creation
- Renting
- Create and sell your own NFT
- Free NFT airdrops
In-game NFT
The majority of NFT games fall under the Play-to-Earn category, which allows users to make real money. The games have their own virtual currency, which resembles ether and bitcoin.
You can exchange in-game money for bitcoins and ethers, then withdraw that money back into fiat money (euro or dollars). As they complete tasks and succeed in games’ contests and battles, players earn in-game currency.
The money made may either be used in-game or withdrawn by exchanging it for real money. In addition, the player can get rewards from NFT games, and NFTs, which are primarily in-game collectibles that can be traded in the open market.
Additionally, IGOs are carried out for gaming platforms. Through them, you may purchase NFT gaming collectibles for less money.
NFT content creation
Instead of purchasing and selling NFTs, you can start developing content about the NFTs to start garnering attention, growing a following and making real money from it.
This will allow you to profit from them without incurring any costs. This might be about NFTs or any other hot topic in the sector that you can participate in before or after it blows up.
When you take it seriously, you’ll begin to make some real money and start investing in items to keep up with trends rather than making purchases out of pocket.
You may invest in yourself by cultivating an audience and a following that you can monetize and that will enable you to generate money passively and consistently.
Renting
The act of renting out NFTs is known as scholarships. This strategy is well-liked among gaming NFTs, where users rent out expensive NFT characters or equipment to gamers in exchange for a share of the proceeds.
Additionally, people can hire an NFT to use as their profile picture or to participate in a closed event in a blockchain or metaverse game.
You may also rent out your land for events if you own an NFT parcel in a virtual reality metaverse like Decentraland. The players who rent the NFTs are known as scholars, while the users who own the NFT assets are known as managers.
To start, you need to have a crypto wallet, and buy a worthy NFT to rent. Start with well-known gaming NFTs like the Splinterlands cards, Axies, or CryptoKitties.
Peer-to-peer renting services may be provided by NFT marketplaces like reNFT.io, or a renting option may be present in a blockchain game’s exclusive marketplace. If you rent through an NFT marketplace, the marketplace may specify the conditions with a certain discretion.
Create and sell your own NFT
You must first decide on the type of artwork you want to produce, be it a digital painting, a text, a piece of music, a video, or anything else. Therefore, once you’ve decided what you want to build, you’ll need to decide which blockchain you want to sell it on.
Since the Ethereum blockchain hosts the vast majority of NFT transactions. Another option is to use a Metamask wallet. A Chrome addon that links to your Ethereum wallet, essentially.
You’ll need a venue to sell your NFTs after everything is set up. You must thus check out online markets like Opensea, Rarible, and others. They’ll have a button that says “create” on it. Once it is open to the public, you will go through the process of listing your NFT there. Simply take a seat back, unwind, and wait for someone to come buy it.
It is not that simple since nobody will just come and buy your NFT because nobody is aware of it as I t doesn’t have any hype. Therefore, you need to create a buzz. The simplest solution would probably be if you had social media, but the majority of people don’t.
So you’ll need to join Discord chats and Reddit groups, start generating buzz about your NFTs, and eventually, someone will stop by, speculate on the price, and buy it.
You can also set up royalty fees at this point. Therefore, whenever someone purchases or sells your NFTs in the future, you can earn a portion of it by doing essentially nothing.
Simply put, by following the processes below, one can create and sell NFTs.
- Connect an ETH Wallet to OpenSea. …
- Create an OpenSea Collection.
- Set Up the OpenSea Collection.
- Pick the Correct Blockchain.
- Begin Minting NFTs.
- Profit!
Free NFT airdrop
The first-ever strategy to get free NFTs airdrop would be to closely monitor social media, particularly Twitter. While you can acquire an NFT transferred from a buddy for free, there are many Airdrops that are arriving exclusively from the community, so this may be your only chance to get an NFT for free.
After then, you can participate in the initial sales of the NFT project and purchase them for a cheaper investment, which can then be staked and placed for sale or auction at a greater price on the secondary market.
Additionally, if you’re curious about how to find out about these airdrop opportunities, the best way is to join an Alpha community (Alpha communities are networks of people who typically communicate via Discord and share private or upcoming information among themselves so that members can profit from the knowledge/Alpha they’ve received). Neo-Tokyo and the Metav3rse community’s discord are the two most well-known Alpha communities.
There are still many good free alpha communities available if you are unable to join any of these.
Also take note that each airdrop has varied eligibility requirements, which vary with each project and include connecting your wallet and using Discord.
Conclusion
You should be aware that if you want to make money from NFTs without making an upfront investment, you must work hard and learn new things. Although difficult, it is not impossible.