We at eComDimes are on a simple mission; help our readers provide well for their families by starting and growing online businesses. Some of the links in this post may be from our partners. Here’s how we make money.
It’s almost impossible to ignore the NFT craze, not only because of its intriguing mode of operation but for the colossal funds the space is attracting. People are investing & earning thousands and millions of dollars daily, so how can one tap into this large pool? Can you possibly become a millionaire with NFTs?
NFTs can make you a millionaire if you invest in them wisely. You can buy affordable ones, hold them for some time, and resell them when their value increases, but they can also lose their worth. Minting your NFTs and selling them can also earn you millions.
Today, I will discuss similar projects that have generated such amounts and what you can learn from them!
There are more ways to become a millionaire with NFTs, so keep reading this article if you want to know them.
If you find this post inspiring and useful, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there!)
Becoming a Millionaire With NFTs: Everything You Need To Know
NFTs may have been around since 2014, but it wasn’t until 2019 that they went mainstream, and in 2021 they stole the limelight: from $1.2 billion in NFT sales in that year’s first quarter, they propelled to $10.7B and $11.6B in the third and fourth quarters, respectively.
These figures entice potential investors, especially as prominent organizations and personalities are flooding the space.
There’s undoubtedly an opportunity to make millions, and if you are ready to go all in for the chance, here are the major ways:
1. Mint & Sell Your NFTs
Minting NFTs means creating yours, and if you can market them strategically, you have a chance to become a millionaire.
Admittedly, this method is mainly for creatives, and Nyla Hayes is proof of that, with an NFT collection worth $3.4 million in 2022.
The 13-year-old’s obsession with the Brontosaurus inspired her digital art of women with long necks. She now has over 3,300 variations of her art, a sizeable following, and most importantly, the ‘millionaire‘ status.
You can tokenize almost anything under the sun and place them in the market for huge returns. This includes GIFs, music, and video. However, NFT art has proven to be one of the most successful formats thus far.
It’s also noteworthy that minting NFTs isn’t free. You must pay specific ‘gas fees‘ in most marketplaces, but if you’re ready to do that, here’s how to do it on OpenSea:
- Create an OpenSea account and link it to your crypto wallet, where there should already be some Ether.
- Go to “Profile” on your account dashboard and select “My Collections.”
- Click “Create.”
- Open the Collection you’ve just created and click “Add Item.”
- Upload the potential NFT and name it.
- Fill out all the details demanded, such as description and levels.
- Click “Create,” and you will be charged some dollars in Ether for the platform to put it up for sale.
Now that it’s on the marketplace, wait for interested folks to bid for your work; sell it to the highest bidder, and pocket your funds.
Interestingly, you can also set a royalty on the digital work and continuously earn some percentage from future resales. Learn all about that in OpenSea’s guide.
Now, you can’t just spam OpenSea with NFTs and hope for the best. Most successful NFT projects have a smart marketing effort behind them. You need to encourage the formation of a community, create expectations, and deliver on them.
Even then, only a small portion of NFT projects have success. But that shouldn’t stop you from trying!
2. HODL NFTs & Resell Later
If you’re not the most inventive or talented person when it comes to digital creations, you can buy NFTs from up-and-coming projects and hold them indefinitely. Whenever they become more valuable, resell them for a significant profit.
On launching the NFT project Bored Ape Yacht Club (BAYC) in April 2021, each of its 10,000 NFTs cost 0.08 ether ($190). It took about 12 hours to sell, which is relatively long in the crypto & NFT world.
However, just a year later, in April 2022, each one was valued at $400,000 (over a 200,000% increase). Selling three to five of them could generate millions in net profit.
In fact, a similar project, CryptoPunks, initially gave out their NFTs for free, but Chain CEO, Deepak Thapliyal, bought one later for $23.7 million.
You may feel like it’s too late to purchase BAYC or CryptoPunk tokens today, but other young projects can replicate such success. These affordable but promising NFTs can be art, collectibles, in-game tokens, etc.
Buy and prepare to optimistically hold them for as long as possible, as there’s no guarantee that they’ll become the next big thing just a year later.
The value of your NFTS can also shrink over time, so don’t invest more than you can afford to lose and always stick to branded NFTs like Marvel and Disney!
Luckily, Veve is offering a premium digital collectibles marketplace for such brands and big names! You can learn more about the Veve app here!
3. Buy & Flip Popular NFTs
You don’t necessarily have to buy new NFTs. People quickly buy & flip popular ones for profit.
It requires some expertise in the marketplace, but once you’ve become well-versed, your returns can be substantial.
On Twitter, @CirrusNFT claimed to have turned $2K into $500K with two projects in the Lazy Lions NFT Collection. It doesn’t mean he made such a return overnight on his first trial, but it was possible after extensive market knowledge.
Ir could also be collectibles, such as virtual properties in NFT real estate. You can secure one, flip it, and resell it.
With good tactics and auspicious market conditions, you might be able to make millions by flipping NFTs.
4. Incorporate NFTs Into Your Brand
This is a far-fetched option if you don’t already have a significant brand, but it’s still an alternative to making millions from NFTs.
There are many inventive ways to do this, but here are some of the most popular examples:
- NFL selling Superbowl tickets as NFTs
- NBA tokenizing and trading highlight clips
- MAC Cosmetics exchanging collectible NFTs for Ether to raise funds
- Nike trading NFT shoes
- Coca-cola auctioning a “loot box” with various company-related collectibles
However you decide your strategy to be, it must align with your company’s service if you want it to elicit considerable interest.
Conclusion
NFTs can make you millions if you wisely enter the market in various ways. Some of the most popular methods include:
- Minting and strategically selling your NFTs
- Holding new ones for a long time in anticipation of a value increase to resell
- Buying & flipping popular NFTs
- Incorporating them into your brand, be it a potential or already-existing company
In this article, we discussed whether or not it’s possible to become a millionaire from NFTs, and by the time you finish reading this quick guide, you should have a general idea about the different available ways that you can make money using NFTs, and potentially become a millionaire!
Becoming a millionaire, however, doesn’t happen overnight, unfortunately! It’s always recommended to create a steady flow of income so you can invest in a diversified portfolio, and never invest more than what you cannot afford to lose!
Kindly, if you found this post inspiring and valuable, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there)
Cheers,
Odeh Ahwal
