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NFTs: how to make money

February 10, 2022

Hello again. Lots of people are probably seriously wondering, how to make money buying and selling NFTs, what makes NFTs sell, how to make valuable NFTs et cetera.
Let’s remember what non-fungible tokens are in fact. These are, approximately, containers on the blockchain, where you can pack anything. But, as a rule, instead of the content itself, only a link / hash is uploaded to the blockchain. As a result, we get something that has no value. It’s only a digital certificate indirectly confirming ownership of a pig in a poke. And if the link is changed, or the content is moved, NFT will become a simple set of numbers and letters.

But FOIL Network solved this problem by creating the Pure NFT standard. In this case, the content itself is uploaded to the blockchain, as well as the rights transfer agreement. In fact, the buyer purchases the content immediately with all the rights, which makes the token much more expensive.

That is why it is much more profitable to sell Pure NFT. The content is in any case more expensive than the link to it. And rights are even more expensive — because they are usually bought by people who know how to resell / promote / realize.

Here is the answer to the question “how do people make money with NFTs”. Accordingly, we rest on uniqueness aspect. And into collecting of digital art objects.

Digital art and collecting
What causes a fan of a certain topic to be in awe? Other people’s collections of rarities / first editions / merchandise. And what arises as a response? The desire to collect his own collection. Not out of jealousy, not to get ahead — just to have a specific set of items. The main goal is collecting itself.

Almost every industry that sells physical goods gambles on this. And what if we transfer it to the digital plan? We will face a well-known problem: classic NFTs cannot be collectible items. The “owner” simply has no rights to his collection.

But in the case of Pure NFT, everything is fine. The collector receives a desired token with a picture / music album / the film creation history, and the author receives well-deserved money. Rights apply to the content itself, so it’s also a completely legal deal, clear and safe.

Why safe? Remind you: to create Pure NFT, you will have to pass KYC/AML verification. This immediately eliminates scams on your own behalf and minimizes the scams under someone else’s name.

Yes, it minimizes, not excludes. Unfortunately, scammers will still buy verified accounts. But there are few people who wants to be trapped, and it’s easy enough to catch a few idiots.

So: if you release something unique as Pure NFT, everyone will in black. It is clear, safe, beneficial and absolutely legal. There are only advantages. That’s how NFTs make money. It’s all about reliability.

How much can you earn on art in this way? It depends on the site, agreement type, customer demand, and some other factors. But generally speaking, you can earn quite a lot.

Sad but true: collectors love “sets” that can be gathered. Well, we know what to do with this wish.

Sets of collectible items

I’ve been collecting music CDs for ten years. And I never collected everything I wanted. It was too expensive for me. But more serious guys are engaged in collecting more often.

Let’s simulate the situation: there is a set of twenty-four items. The circulation of each item is different, there are fewer and fewer liquid copies every year… Of course, the remaining copies are becoming increasingly valuable for collectors. After some time, the seventeenth item can be bought for $ 10, and the seventh item for $ 130. Due to its rarity. Collectors are furious, but they buy. Because they cannot leave their collection without certain items. They need every item from set on the shelf.

What happens in the digital plan? All 24 items are uncorrupted. And if you release many copies of each, it will devalue the collection. What’s the sense of collecting a full pack if a million more people have it? Whether unique things!

Yes, we are returning to uniqueness. Let’s simulate the situation number two: there is one circulation, one set of 24 items. Then the prices for each one grow rapidly. Hardly anyone will ever collect everything, but everybody can piss off others. Wow, I have ten, and you don’t even have three. Unbelievable, but it works exactly the same as with the full collection, only the trigger changes to the wish to get ahead. It is never the primary collector’s goal, but often overshadows all others goals, because it allows to feel like an elite. You can earn money on this, but only if you use Pure NFT and have royalties from secondary sales. Collectors will fight among themselves, and the collection’s author will receive a commission for each resale.

However, there is an option to start “rereleasing” the collection by creating more items for the set. But there will always be a person who will say “only the first 24 items are liquid, I remember how we fought for them for a year”.

In short, this option is not as working as the previous one, but on its basis it will be possible to implement…

Collection games
One of the most ancient games with a finite number of items is... cards. Rather, the cards are just elements of a set that people have learned to have fun with. And one of the interesting options is poker.

How to buy NFTs and make money if they are cards? Look. there is a poker game going on. Buss have some kind of average combination. There is no way to strengthen the combination. But there is an option to take a new card and deprive the opponent of victory.

For example: Buss takes ten of diamonds. She doesn’t need this ten, but Foxie curses everything. After all, it was this ten that he lacked for a royal flush. His game is ruined. Meanwhile, Lil’Prince is also unhappy: he will not be able to assemble a square. Maybe Buss won’t win, but there is a chance. And it’s unpleasant for the opponents.

This can be used for profit! We are releasing a deck as an NFT set, and now everyone knows which card someone has (ownership history can be viewed, but can’t be faked). This turns ordinary poker into a strategy-confrontation with a variety of scenarios. After the end of the game / match / season, the next stage starts: collecting cards from THAT deck can become an obsession for someone. Especially if the deck was used in the one of first game seasons.

Play to earn
Another variant of games is tokenized. By receiving a token during the game, you can then sell it to other players. Since it is impossible to forge such an item, only to spend your own playing time, the item is especially valuable for players. Moreover, if the item is not loot, but is a unique, inimitable crafting product. The thirst for rarity is playing its melody again.

How to make money on the sale of NFT, if suddenly there are no items in the game? You will be surprised, but the currency itself can be tokens of a project (or several projects, if you are lucky). This will also directly affect user interest, customers’ demand, cost and profitability. Although it seems to be economically unprofitable to start a game without any items at all. Theoretically, the more good monetization methods a game has, the more popular it is.

There is an option when the turnover of in-game items is fully regulated by the p2p market. Thus, the prices are set by the users themselves. This, as we know, is mutually profitable. If you’re lucky, tokenized items can be used in several projects. It will simplify the game for everyone. And, by the way, you can sell the one game’s currency, get money, and buy the another game’s currency. Or just put it on the game currencies exchange, yes.

Here’s how to make money selling NFTs. By the way, the NFT game Dogeplanets, a combat strategy with an economic bias, will start very soon on FOIL Network. In short: the player creates his own set of planets on which there are resource deposits. You can develop your planets peacefully, you can conquer others — the game will appeal to both categories of players. Buy and sell planets?

All right! There are a lot of possibilities, due to the fact that Pure NFT gives real rights to the content. In-game content too. Go ahead!

But what about images anyway?
How can an artist make money on NFT?

Question: I paint real, physically paintings. Is making of NFTs worth it? How to make money on my creativity in this case?

Answer: an interesting point. Let’s simulate the situation. You exhibit physical copies, and digitized ones at the same time go on sale on the NFT marketplace. A rights transfer agreement is concluded, and you... send the physical original to the buyer.

Q: How will the buyer be protected?

A: only a person who has passed KYC/AML verification can create Pure NFT, and in case of cheating, it will be possible to file a real lawsuit against a real person.

Q: Does it work with any NFT?

A: No, only with Pure NFT. The creators and owners of classic tokens are not protected in any way.

Q: then what is all this for?

A: so that you can conclude a rights transfer agreement with one button.

Q: I don’t want to transfer my rights to anyone, I want just sell a copy.

A: well, you can use “only ownership” type of agreement. In this case, there are not many differences from classical NFTs. But the buyer knows who he is dealing with, and scam would be a stupid move.

Q: I’m not an artist, but I want to release my NFT. Can I earn in a similar way?

A: very real. See the next point.

Crossing the real and the virtual worlds
lievable sum? Surely you’ve heard. Do you know what a "golden ticket" is? This is an NFT that allows its owner to go to all the concerts of the band without limits. If I’m not mistaken, four faces.

Did you catch the main idea? The guys were one of the first to cross the real world with the virtual one. They seriously put an unlimited subscription to real events into the blockchain. It can work exactly the same way.

Look, you’re a doctor. You create a certificate for free private receptions in Pure NFT format. A lifelong subscription. A person calculates and understands that it is cheaper for him to spend once than to run around dentists all his life. He can even come to your appointment before buying an NFT. To make sure that you are a good doctor.

However, this is not a very good example, too specialized. And not creative. All right, you’re a translator. The salary is small, a good job has just been found, and they will not pay immediately. Okay. You sell a translation of your favorite book as Pure NFT. It is bought by some person who knows how to implement your translation, and then you don’t care too much about these matters — you have already been paid for unique rights.

Ah, this example is not too good either. Okay. You’re an actor. A familiar actor. With your own show or performance. Admission to these performances is not cheap. And the NFT allows buyer to go for every performance — lifetime, or for during some time period, it is not so important. A person pays once — and in fact, get a lot of hours of well-spent time. And you get a guaranteed profit: this person has already paid so much that he has right to enjoy your talent whenever he wants.

Well, are you convinced? Crossing the real world with the virtual is quite simple, you just need to know how. And I am sure that even in areas that I have illustrated bad, there will be something like this. Sooner or later.

But back to the theme of profit.

Bonuses from NFT platforms

Airdrops is an option to earn NFT for actions, simple and not, that will help to create the community. The developing platform wants to gain a loyal audience and distributes part of the tokens to the first comers/first subscribers/ first participants of the staking. How the platforms creators wants. You will not be left without rewards for being with the project from the very beginning. And what to do with these rewards is up to you. The main thing is that it’s almost a freebie.

There are also Bounty, small rewards for your actions that bring real benefits. This can be the search for bugs in the code (Bug Bounty), the implementation of helpful features (CodeBounty), text translation (Translate-Bounty), the guides creation... anything, in fact.

And the last option is to lay the NFT, get a certain amount of the project cryptocurrency and put it into staking. It perfectly fits into the airdrop for stacking. Of course, against the previous options, this is not the best, but it is realizable. And again, partly a freebie.

Well, the article is coming to an end. We considered

  • various kinds of collecting
  • games, including gambling
  • integration of NFT into the real world
  • what bonuses are given by platforms that have just created.

In addition, we learned how to make money trading NFTs, how do NFTs make money, and even estimated how much can you make selling NFTs. In one of the following articles, we will closer analyze kinds of bounty. Stay in touch!

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