How to Make Money Thanks to Non-Fungible Tokens

Non-fungible tokens (NFTs) gained popularity, as more and more people started to realize all the positive benefits. An NFT is a digital asset that represents real-world objects like art, music, videos, etc. NFTs are bought as well as sold online, frequently with cryptocurrency and they are generally encoded with the same underlying software as many cryptocurrencies. At the moment, it is quite popular to buy and sell the digital network. One simple fact underlines the popularity of non-fungible tokens. A staggering $174 million has been spent on NFTs during the last several years.

They are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. This stands in contrast to most digital creations, which are almost always infinite when it comes to supply. However, not all NFTs are equal as some are worth a fortune, while others can be practically worthless.

Thanks to non-fungible tokens it is possible to earn money, so it makes sense to have a look at some of the most profitable ways individuals and companies are making during the current NFT gold rush.

The first option is digital works of art. Individual NFT artworks are the most valuable non-fungible tokens created as of 2021. Less than two months ago, the history of blockchain technology and the history of art changed forever. Christie’s sold an NFT work of art for $69 million. It was the first time when one of the most renowned auction houses auctioned a fully digital work.

Mike Winkelmann is the author of a piece entitled “Everydays: The First 5000 Days”. The NFT is not a single artwork but a collage of 5000 tokenized images which Winkelmann was creating every day for several years.

Non-fungible tokens and new opportunities

Tokenizing collectibles seems like the most natural as well as obvious application of non-fungible technology. The brands which were already selling physical collectibles, can now also sell the same thing in a digital form. Since non-fungible tokens have a provable rarity, the price of digital of a digital trading card can be much higher. Sports cards are by far the most type of licensed NFT collectibles. The first NFT sports cars allowed customers to trade licensed cards of footballers. However, recently NBA also launched its NFT cards collection. It is very likely that other sports organizations will also offer their own NFT cards. People will be able to buy baseball or hockey NFT cards as well.

Sports cards represent just one example of what NFTs can be used for. Any physical collectible can also be turned into NFTs.

NFT-based video games have the potential to reach great results. So far, none of the games utilizing NFTs managed to gain widespread popularity, but the potential of applying NFTs to video games seems enormous. Gamers are willing to spend a lot of money on virtual items. For instance, World of Warcraft gold, Call of Duty loot boxes are already worth billions.

If any world-famous video game company decides to sell in-game items as NFTs, the impact of such a decision would be tremendous. NFT video game developers are among the most aspiring NFT creators. NFT in-game items have the ability to push the evolution of non-fungible technology forward

Non-fungible tokens represent much more than just another quickly passing crypto trend. This technology has many unique applications and the full potential of NFTs is only beginning to be explored.