Summary of NFT side business genres and tips on how to make money.

Have you ever heard of NFTs (Non-Forming Tokens)?

Many of you may be thinking, “I know! It’s a new system, isn’t it?

However, this idea is a little wrong.

NFT was released to the public in 2017 and was used on the Ethereum blockchain system, but in 2022 it became a hot topic and was introduced in many different places.

So today, we will discuss the NFT genre and tips on how to earn money.

What is NFT side business? Are there any opportunities to earn money?

NFT is also used for business, generally businesses that make money by buying and selling their own online creations.

There are countless other ways to use NFT, and it is said that more business forms will be established in the future.

In addition, in order to do NFT side business, you need to buy Ether, the currency used on Ethereum, and pay a fee called “gas”, which is required when using Ethereum.

Ethereum, which is required to perform NFT side business, allows for much smoother transactions compared to Bitcoin, and on top of that, it ensures the accuracy of transactions and allows for large volume transactions.

An one of the NFT side business, which is the production of artworks introduced earlier. Furthermore, various businesses are being conducted using the Ethereum blockchain, and there are currently cases of minors earning 10 million JPY through NFT.

Can NFT side jobs make money?

As we said in the previous section, the amount of money earned by active elementary school students in the NFT side business is in the tens of millions.

Many other adults and elderly people have earned more than 10 million, and there are a few who have made the NFT business their main job and livelihood.

For example, there are cases where people are earning nearly 10 million dollars from NFT by selling digital data of NFT art and music, and from one song alone.

When you sell your own digital art through NFT, you can receive a profit from the price you directly sold it for, minus commissions and other fees, and you can also get a portion of the proceeds when it is resold.

However, to make money with NFT, you must follow the proper procedures and take on a lot of risk, but it is not impossible to make a living if you can make a steady stream of sales.

Genres of NFT Side Businesses

There are many genres of NFT side businesses. One example is “NFT art (digital art)” and “NFT music (music),” as well as NFT-based investments.

Many people are engaged in NFT art and NFT music as businesses, respectively, and in many cases, their earnings range from 1 to 10 million yen.

Furthermore, in the case of NFT art, you can sell the content you have created and then resell it, earning a portion of the sales as revenue.

In this section, we will introduce various NFT business methods and genres.

Earn money by creating NFT works of art and other content

NFT works are a type of digital content, such as artwork and digital sound recordings, many of which are now available for sale on NFT.

As mentioned briefly above, in the NFT business, a portion of the proceeds goes to the first seller when the work is resold, not just when it is sold directly.

This is one of the most popular NFT businesses because of its stable sales and hassle-free process.

Earning from the increase in value of purchased NFT works

There are two main ways to earn money from NFT artworks: by purchasing them for investment purposes and earning from the increase in their value, or by creating and selling NFT artworks yourself.

Here, we will mainly discuss how to earn money by investing in NFTs using NFT art.

Currently, many people are buying NFT businesses and NFT artworks, and one of the most popular NFT businesses is “NFT art investment”.

NFT art,” which is one of the many NFT artworks being created, can fluctuate in value significantly depending on the state of the NFT market and the artist’s topic of interest.

And NFT art investment is a business that takes advantage of these price fluctuations. You purchase a work of art whose value will increase in advance, and resell the work when its value increases.

The resale price is the difference between the purchase price and the resale price, and the reseller makes a profit.

Reselling these NFT works is a legitimate business method, as it is allowed by law and regulations in many cases.

However, you are forced to take on risk, and if the price of a pre-purchased NFT work declines, your earnings will be negative.

Although it is difficult to predict those price fluctuations, it is possible to predict price changes to some extent by researching social networking sites and detailed information about the author of the genre of work purchased as the main method of prediction.

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Earn money with NFT games

NFT games are games that can be used as a business by making the entire game produced NFT, trading items and other items in the game by buying and selling them.

For example, rare items, which are the most valuable items available in the game that have been NFTed, can be sold at a high price and thus earn high rewards.

On the other hand, selling items for beginners will result in low demand and low rewards even if they are sold, since many users will consider them unnecessary.

NFT games allow users to do business by buying and selling various in-game items, as well as enjoying the game just as they would in a regular game.

In addition to items, you can also buy and sell characters, buildings, and other in-game items, making it one of the most popular types of NFT businesses.

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How to start an NFT side business

So far, we have introduced the features and main businesses of NFT, but we believe that there are many people who actually want to “get started!” I think there are many people who would like to start.

Many users in the world are using NFT, and many of them are younger than junior high school students.

Some of them are even younger than junior high school students. Some of them have been able to run their NFT businesses successfully and have been able to make a living, so starting an NFT business can make a big difference in your life in the future.

In this section, we will introduce you to the detailed NFT business and games as well as how to create your own original NFT work.

Create an account on a marketplace such as OpenSea

A marketplace is a tool that allows you to sell and list your NFT works.

The marketplace with the most users is OpenSea.

Open the top page of Openesea, click the human-shaped button in the upper right corner, and enter the pre-set password for Metamask, a virtual currency wallet similar to Ethereum, to connect.

After that, click the “Connect” button to complete the account linkage.

Creating a MetaMask account

And here is how to create a MetaMask account for MetaMask, an Ethereum-based virtual currency wallet, which is required when creating an account for marketplaces used for Oppensea and other products.

(1) Install MetaMask

In order to create a MetaMask account, you must install the MetaMask site or application and open the respective application.

(2) Create a password

When you are ready to open the application or site, a screen for creating a password will appear, and you will register a password of your own choosing.

The password will be needed when you log in to your account again, so write it down.

(3) Keep your seed phrases

After setting your password, you will be asked to set a seed phrase.

For detailed instructions, please click here.

Linking OpenSea and MetaMask

As mentioned briefly above, when you create an OpenSea account, you will work with your MetaMask account.

Therefore, by creating a MetaMask account in advance, you can speed up the process when creating your OpenSea account.

In addition, detailed information on how to link the two accounts is introduced below.

To link OpenSea and MetaMask, you must create a MetaMask account in advance and enter your account information such as password and account name on the linkage screen when you create your OpenSea account.

Tips on how to earn money with an NFT side business

Once you have completed this step, you can conduct an NFT business by purchasing virtual currency such as Ethereum or by creating an NFT work.

On the other hand, although NFT business is easy and anyone can do it, changes in the price of the virtual currency market can cause you to lose a lot of money or even lose money on your business.

Therefore, here are some tips on how to make money with NFT side business.

Know the common points of successful productions

There are many common points among works that sell well, and by looking at these points, you can largely distinguish between profitable and unprofitable works.

Among NFT works, the points of successful works include “the creator’s background and topic,” as well as “the uniqueness of the work and the background of its creation.

For example, an NFT work created by Shohei Otani will inevitably sell for a high price, while a work created by a company employee who has no idea who he is in his spare time is less likely to sell and the price will be low.

Creators with these topical backgrounds or who are popular will be priced higher, while those who are not topical and not popular will be priced lower and may lose money.

The same is true for the characteristics of the artwork: a piece that is topical, unique, and distinctive is a key factor in creating and selling NFT investments and NFT art.

Refer to those who are successful in the NFT market

In the NFT market, there are many already successful creators of NFT works.

Therefore, when actually creating an NFT work, it is recommended to create a work by referring to those already popular creators.

It is not recommended to create exactly the same work, but it is a good strategy to use them as references.

Risks of NFT side business

While the NFT side business can generate a lot of revenue and sales, there are, of course, risks involved.

Some NFT works may not increase in value, or you may have to pay a commission just to list your NFT works, which may only cost you more.

In this section, we will introduce the risks of NFT side business that beginners and those who are selling or creating works by NFT should be aware of to avoid losing money.

Copyright Issues

One point to be aware of when selling or producing NFT works is “copyright.

Copyrights are mainly for company logos, designs, art, sounds, and any other form of work that may be copyrighted.

When creating a work in NFT, it is illegal to sell or create a work that exists elsewhere, and in the worst case scenario, it can be risky, as you could be arrested.

It is important to have some prior knowledge of the rules and laws related to NFT works.

Issues related to commissions (gas fees)

In addition, there is a fee charged for using the NFT system, and some NFT business operators are losing commissions (cases where the commission is more than the profit).

NFT gas fees must be paid when “lowering the price of a work,” “producing a work,” or “selling a work,” as well as when “deleting a work.

Otherwise, the price of the gas fee varies greatly depending on the demand for NFTs. If the NFT market is booming and many people are using NFTs, the gas fee will be higher, and if fewer people are using NFTs, the gas fee will be lower.

In order not to lose out on gas prices (fees), gas prices must be taken into account and NFT usage must be kept to a minimum to save money on gas.

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Sideline summary about NFT

We explained the tips and genres of earning money with NFT, which has become a worldwide phenomenon.

Many people around the world use NFT, and many NFT users include children, including elementary and junior high school students, and many NFT businesses are also used.

NFT businesses also include the sale of digital art and digital sounds, and investment in NFT art, with many people earning over 10 million yen.

On the other hand, there is a “gas fee” to use NFT, as well as copyright issues, and even if you create and sell NFT art, there is a great possibility that you will lose money.

On top of that, the number of NFT users has been increasing rapidly, which has caused gas prices to skyrocket, and in some cases, profits are lower than gas prices.

Although NFT has significant risks, many users are earning from 100,000 yen to more than 1 million yen per month.

NFT side business is easy to start and can earn a lot of profit, so if you are interested, try it first when you think of it in order to keep up with the times.