7 Ways NFT Creators Make Money: Explained

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Non-fungible tokens (NFTs) have taken the art and collectibles world by storm in recent years, and it’s not hard to see why!

These unique digital assets allow creators to sell their work as one-of-a-kind items, with ownership verified on the blockchain.

This has led to the emergence of a whole new market for digital art and collectibles, and with it, new opportunities for creators to monetize their work.

In this blog post, we’ll look at seven ways NFT creators are making money in [thisYear]!

Read on to find out more:

What is an NFT?

NFT stands for non-fungible token. It is a special type of digital asset or digital collectible that has been certified as unique and owned by an individual.

NFTs can represent a variety of items such as artwork, music, videos, game skins, and even physical goods like real estate. They are stored on blockchains and are bought, traded, and sold in cryptocurrency exchanges.

What is an NFT Creator?

An NFT Creator is someone who creates digital assets, such as artwork, music, videos, and game skins, which can then be tokenized into NFTs and sold on the blockchain.

NFT Creators have access to a wide range of markets for their work, including crypto art galleries, gaming platforms, social media sites, and more.

How do NFT Creators Make Money?

1. Selling NFTs on marketplaces

One of the most obvious ways for NFT creators to make money is to sell NFTs on specialized NFT marketplaces.

These platforms allow creators to list their NFTs for sale and set their own prices, giving them control over how their work is valued. Some popular NFT marketplaces include OpenSea, Rarible, and SuperRare.

2. Creating exclusive content for NFT holders

Some NFT creators are taking a more exclusive approach to monetization, by offering special perks and exclusive content to holders of their NFTs.

This could include early access to new works, behind-the-scenes content, or even personalized experiences with the creator.

To sell NFTs with exclusive content, creators can set up their own stores on an NFT marketplace like Mintable or Rarible.

3. Partnering with brands

NFT creators can also make money by partnering with brands and using their NFTs as a way to promote products or services.

For example, an NFT creator could create a limited edition NFT for a fashion brand, or design an NFT for a gaming company to be used as in-game currency. NFT royalties can also be earned through collaborations with musicians and other creators.

4. Offering NFT-based services

In addition to selling an NFT collection, some creators are also offering services related to NFT collections, such as consulting, design work, or even education.

This can be a great way for creators to diversify their income streams and offer value to their community.

This also helps NFT creators build a real-world network of clients, as well as build their brand and expand their reach.

In addition, NFT staking services are emerging, which allow NFT creators to earn a passive income by allowing users to stake their NFTs as collateral.

This could include listing fees, gas fees, or other payments for staking NFTs.

5. Hosting NFT events

NFT creators can also make money by hosting online or offline events related to their work. This could involve live talks, virtual conferences, exhibitions, workshops, and more.

This can be a more sustainable way to make money with NFTs, which VeeFriends has already paved the way with NFTs gaining access to 3 years worth of entrance to VeeCon.

In this way, NFT collections become digital assets that have real-world value attached to them.

5. Hosting NFT auctions

Another way for NFT creators to make money is by hosting auctions for their work.

This allows them to set a starting price and let the market determine the final value of their NFTs. Auctions can be a great way to generate buzz and attract high-value buyers.

How this works is that the creator sets a minimum bid amount, and then potential buyers can submit offers for the NFT. The highest bidder on the closing day wins the NFT.

6. Setting up memberships

NFT creators can also monetize their work by setting up membership programs or subscription services. This could include access to exclusive content, discounts on future NFTs, or even special one-on-one time with the creator.

However, it’s important to note that these types of memberships can be difficult to sustain, as they require a large and dedicated fanbase.

7. Monetizing secondary market sales

Finally, NFT creators can also make money by monetizing sales of their work on the secondary market.

This can be done through royalty structures or other methods that allow the creator to earn a percentage of each sale.

However, it’s important to remember that secondary market sales are highly unpredictable, so it’s best to use this as a supplement to other forms of monetization.

Staking can be a great way to make money from NFTs, as it allows creators to earn passive income from their work.

To facilitate NFT staking, creators can also use platforms like Mintable or Rarible, which allow users to stake their NFTs and earn rewards.

By using these different methods of monetization, NFT creators can diversify how they make money from their work this year and beyond!

What are the Benefits of Being an NFT Creator?

The benefits of being an NFT creator include:

  1. Access to a growing marketplace of eager buyers.
  2. Increased visibility, recognition and potential for profit by producing unique art or digital collectibles.
  3. Possibility to create a fan base or community of loyal supporters and collectors around your artwork/creations.
  4. Collaboration opportunities with other artists and industry professionals.
  5. The ability to release limited-edition pieces on the blockchain with provable scarcity that can be tracked and verified.
  6. An alternative way to monetize content such as music, videos, and artwork without relying on traditional methods like advertising or sponsorships that often devalue the quality of the work produced by creators.

Examples of Successful NFT Creators

Successful NFT creators come in all shapes and sizes.

There is no single formula for success, as each creator has their own unique style and approach.

Some popular examples of successful NFT creators include 3LAU, a digital artist who has made millions off his own music videos and art; Amy Wibowo, a 3D animator whose artwork has sold for prices reaching as high as $100K; and CryptoPunks, an art collective that digitally creates unique artwork that has sold for over $3 million on the blockchain.

These creators have found success by mastering the technology behind the blockchain, innovating with their ideas, and embracing the dynamic nature of the NFT marketplace.

Tips for Creating a Successful NFT Business

Here are a few tips for creating a successful NFT business that makes money:

  1. Get familiar with the technology behind the blockchain and NFTs so you can better understand how it works.
  2. Develop an attractive product or service that is unique to the NFT market and has high demand from potential buyers.
  3. Market your product or service through social media, press releases, and other promotional channels in order to reach new buyers.
  4. Lean into emerging trends and technologies such as VR/AR integration and gaming in order to stay ahead of the competition.
  5. Utilize secure digital wallets for payments and store customer data safely and securely.
  6. Provide stellar customer service in order to build strong relationships with existing customers and attract new ones.
  7. NFT royalties and secondary market sales can provide a steady stream of income.

What are NFT Royalties?

NFT royalties are payments that NFT creators receive when someone buys their work on the secondary market.

These payments give the creator a share of any profits from reselling their work, which can help them sustain their business and increase profits over time.

In some cases, creators may also be able to negotiate further royalties if they are able to attract high-profile buyers or establish relationships with galleries and other outlets that may be interested in licensing their work.

What is NFT Staking?

NFT staking is a way for creators to earn income from the blockchain. When someone stakes their NFTs, they are essentially putting up collateral for the tokens in exchange for rewards or profits. By doing this, NFT creators can use their artwork as a form of passive income and receive rewards each time someone stakes their NFT.

How to Sell NFTs?

Selling NFTs is a great way to make money as an NFT creator.

The first step is to create a unique piece of artwork or digital collectible that has limited supply, and then list it on one of the many online marketplaces catering to crypto-collectors.

These platforms allow you to list your artwork and set a price, as well as offer options for how users can purchase it.

Additionally, you can also promote your artwork through social media channels and other online advertising platforms in order to reach more buyers and increase the chances of a sale.

Final Thoughts

Overall, there are many different ways for NFT creators to make money with NFTs.

From selling their work on marketplaces and offering exclusive content to partnering with brands and hosting auctions, there are plenty of opportunities for creators to monetize their talents and skills.

As the NFT market continues to grow and evolve, we can expect to see even more innovative ways for creators to make money in the future.

All the best in your NFT-creating business as an NFT creator with your NFT sales!

Justin Chia

Justin is the author of Justjooz and is a data analyst and AI expert. He is also a Nanyang Technological University (NTU) alumni, majoring in Biological Sciences.

He regularly posts AI and analytics content on LinkedIn, and writes a weekly newsletter, The Juicer, on AI, analytics, tech, and personal development.

To unwind, Justin enjoys gaming and reading.

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