The biggest misconception people have about NFT is that it is a complex venture meant for only digital artists.
Nothing can be farther than the truth.
NFTs are a new way for artists to make money from their art, but also presents tremendous opportunities for collectors to make money.
If you can’t be a digital artist, then you can become a collector, and play the money game in this new dispensation.
NFTs are valuable Memorabilia
NFTs can be valuable memorabilia of people, places and events that capture moments that people want to cherish.
This can make an NFT so valuable that people are willing to pay good money for it.
If you value what an NFT represents, then you should collect it and hold it towards a future sale.
NFTs are not always Expensive
Contrary to popular opinion, NFTs are not always expensive. In fact, an NFT is only worth the value people place on it.
The more valuable its representation, the more value people would place on it.
But you could get a valuable NFT for cheap if you know how to scout the marketplace to find something valuable.
I’ve seen NFTs sold for less than $10 and then resold for thousands of dollars.
NFTs can Appreciate in Value
This is not even debatable.
People are making money on a daily basis flipping NFTs and smiling to the bank.
That should tell you how valuable the marketplace has become.
Just take a look at this NFT sale.
Someone bought the Tiara NFT for just $10 in November of 2021 and resold it for almost $6,000 in March of 2022.
The collector held this NFT for just shy of three months and made a whopping profit of over 59,000%.
Tell me what other business can give you this kind of return. I’ll wait.
How to Make Money with NFTs on Binance
Binance has made available one of the easiest platforms for NFT collectors to thrive and make money.
It now takes less than five minutes to pick and collect NFTs.
All you have to do is login to the Binance NFT marketplace, find a NFT you like, pay for it, and keep it in your collections.
Buy very Low, Sell High
This is an obvious strategy, but many NFT collectors may fail to get it.
You don’t have to get too excited about a particular NFT and overpay for it.
In fact, you make money when you buy a NFT, not when you sell it.
So, your mindset should be to buy your NFTs as low as possible. There should be a balance between a valuable NFT and an expensive one.
Buy in Stablecoins
One good strategy of making money with NFTs is to buy them in stablecoins and sell them in crypto.
In the Tiara NFT sale, we can see that the collector initially bought the NFT in BUSD but later sold it in BNB, which is an appreciating crypto.
Common sense eh?