How to get into NFT trading: Beginners Guide 2022

Since NFT became world-famous last year, many people and businesses have been using it. Research confirms that NFT trade volume grew by 704% from the second quarter to the third quarter of 2021. However, some of these companies and individuals bought NFT just for the art, not to make money from it, and even those who are now making money from NFT only know about flipping.

Although you can make up to 75.7% profit or more by flipping NFT, there are many other, sometimes more profitable strategies you can employ to make money from NFT.

Even if you don’t own NFT, did you know you can still make money in the growing NFT market? This quick guide will teach you these strategies and how to implement them.

How to get started with NFTs

You may have just bought NFTs and are looking to make money from them, then you should familiarize yourself with these strategies. Below we have ideas that will answer the question how do i get an NFT.

NFT flipping

This is the most common method of making money in NFT because it works the same way as in other markets. Flipping or trading NFT simply means that you buy them at lower prices and sell them when prices get higher-the difference is your profit.

To get started with NFTs, you can look for an NFT platform with relatively high traffic and trading volume.

Take a look at Liquidifty – NFT-marketplace with wide opportunities for beginners and professionals. Even those who have never been into NFTs can get started with NFTs and learn how to get into NFt art.

The interface of Liquidifty is simple and therefore very powerful, and there you will find several tools that will allow anyone to start making money, either from mining or NFT betting. You’ll be able to create your own unique collections and your own store in just a minute.

Liquidifty provides the ability to buy or sell NFTs from the BNB and Polygon chains. In the future, Avalanche, Ethereum, Fantom and other chains will be implemented on the platform. Next, interchain oracles will be developed to analyze the prices of NFTs on different blockchains and thus estimate the price of each NFT that users own.

Get royalties with your NFTs

With royalties, the primary NFT owner receives a percentage for each resale of a collectible item. Royalties are often defined in the smart contract of any NFT project.

The percentage to be set is largely up to the wishes of the NFT creator. On various sites, you can set royalties of up to 50%. So if your NFT was resold for $200, you can get $100 in royalties.

Of course, the value of your royalty will increase as the minimum price of your NFT increases. Meanwhile, royalties automatically accrue on resale, as programmed in the smart contract, so you don’t have to keep track of the resale yourself.

Rack, a recording artist, tweeted that he earns up to 2.5 ETH – almost $8k – in royalties per song. Thus, royalties are one way to make passive income as an NFT creator.

NFT staking

Steaking is a profitable strategy that most NFT holders don’t even know about. Simply put, steaking is the process of putting your digital assets on deposit with the protocol for a specific period of time so that you can generate income.

But before you bet on any NFT, you should know that not all NFTs can be bet on. Consequently, you need to do your research to see if you can bet on the project you want to enter.

If an NFT can be bet on, the next step is to do a quick research on its annual percentage yield (APY) to find out the percentage of reward you will receive per year. Some NFT betting protocols offer up to 80% APY, and some offer more.

Rent out your NFTs

Instead of having your NFTs stay in your wallet without bringing you any income, you might consider renting them out under a peer-to-peer agreement. You may wonder, “Why would anyone want to lend and getting into NFTs?”

Potential borrowers may want to borrow your NFT for a while so they can have access to the inherent benefits of your NFT. Moreover, as NFT-based real estate becomes more and more popular, it makes sense that these apartments or parcels of land can be rented out as NFTs.

Several different protocols and marketplaces facilitate NFT rentals, including Mantle, reNFT, NFTfi and Trava. When you rent out your NFTs on this platform, you receive cryptocurrency tokens as rewards for the duration of the lease.

Also, another lucrative way to rent out your NFTs is to create a gaming guild scholarship, where you can lend your gaming NFTs to people and make a profit while they play with them.

Play NFT games

NFTs have found several uses in modern games. Chief among them is the use of NFTs as in-game characters. When your in-game NFT characters win some tasks, you get a reward in the form of cryptocurrency.

In addition, you can use your NFTs to breed new individuals in the game. You can also put your new NFTs for sale on the in-game market. So if you like making money with NFTs, play NFT games to get more NFTs as rewards and eventually sell them for cryptocurrency.

Using Axie Infinity as an example, you can earn AXS tokens, which are currently trading at $23, as game rewards. In addition, you can use two of your Axie to breed up to seven others, and you can sell each of these new breeds if you wish.

Earlier this year, DApp Radar reported that the NFT market has a total locked-in value (TVL) of $178 billion. This figure is growing every day, and the industry is opening up various opportunities for people to make money.

Above, we’ve looked at the main ways to make money from the NFT, and you can try one or more of them. But when trying any of these strategies, make sure that you have done proper research before investing your money in any project.