Can you still make money on NFTs?

The answer is yes, but there are a few things you need to know.

NFTs are digital assets that can be used to represent an item, service, or data. NFTs can be transferred or traded peer-to-peer. You might have heard about these types of assets before — for example, blockchain-based games like Cryptokitties or CryptoCuddles use them.

There are two main types of NFTs: fungible and non-fungible tokens (NFT). Fungible means that each token is the same as another token with the same characteristics — think of it as the same dollar bill trading hands over and over again. Non-fungible tokens have unique features that distinguish them from other tokens in their category, such as owning a specific piece of art or having a rare Pokemon card.

When it comes to making money from NFTs, there are two ways you can do so:

Sell your NFTs for cash

This is similar to how digital goods are sold on platforms like eBay. You list your item, wait for a buyer and then receive payment. The main difference between selling an NFT and selling a digital good is that the former requires you to use a platform like OpenSea or Rarebits, which will handle everything for you.

Sell your NFTs for other types of digital assets

It's the same situation as when you make money from your gaming collection by trading it in for something else. This could be another type of gaming asset or cryptocurrency.

Buying NFTs can still be a lucrative venture

In reality, there's no real magic to making money with NFTs. The value of a NFT is solely dependent on supply and demand, whether you decide to sell it or not. 

We can only speculate as to how the entire market will evolve down the line, but we're excited to find out. There's no doubt that some talented artists and developers are working on projects that could revolutionise how we make and spend money in virtual worlds.