Wondering how to make money with NFTs without spending money? The good news is, it’s possible to get started with NFTs without a big upfront investment… The good news is, yes, it’s possible to make money with NFTs without spending a fortune upfront. Here’s how you can get started:
Can You Start an NFT Without Money?
Yes, you can! Some NFT marketplaces, like OpenSea, offer what’s called lazy minting. Lazy minting allows you to create NFTs without paying gas fees upfront. Instead, the buyer of your NFT will cover the minting costs when they purchase it. This way, you can upload your art or digital creation without shelling out any money right away.
What is lazy minting?
Lazy minting is a way for creators to list and sell NFTs without having to pay any upfront costs, like gas fees. Instead of minting the NFT as soon as it’s created, the minting process happens only when someone buys it.
This means the buyer is the one who covers the gas fees during the purchase, making it easier for creators to offer their work without needing to spend money right away.
Platforms like OpenSea use this method, allowing creators to upload their NFTs without the financial risk of upfront costs.
How Do I Start an NFT Project with No Money?
If you’re looking to launch an entire NFT project without much capital, here’s a step-by-step:
- Find a Platform: Use platforms like OpenSea or Rarible that offer lazy minting.
- Create Your NFT: Design your art or other digital content. It could be anything—music, digital art, collectibles.
- Set Up a Crypto Wallet: Get a crypto wallet like MetaMask. You won’t need funds immediately if you go the lazy minting route.
- Market Your Project: Start building a community on social media (Twitter, Discord) to promote your NFT.
Can You Sell an NFT Without Spending Money?
Yes, you can sell an NFT without paying upfront fees. With lazy minting, your NFT is listed on the marketplace, but it isn’t officially minted on the blockchain until someone buys it. When a buyer purchases it, they cover the minting fees.
How Do NFT Creators Get Paid?
NFT creators earn money in two main ways:
- Initial Sales: When someone buys your NFT, you get paid in cryptocurrency (usually Ethereum).
- Royalties: Every time your NFT is resold, you earn a percentage of the sale price as royalties, which is set when you create the NFT.
Is NFT Still Profitable?
It has been observed that approximately 90% of NFTs are no longer being sold or have lost value. The market that once seemed unstoppable has taken a huge down turn. But why were NFTs such a big deal to begin with, and why did so many people jump on board?
For those unfamiliar, NFTs (Non-Fungible Tokens) are digital assets representing ownership of a unique item, often digital art or media. When people bought expensive, pixelated images of monkeys or punks, they weren’t purchasing the actual picture but rather a digital certificate confirming ownership on the blockchain. This is what made the item “unique.”
But the issue was that NFTs lacked real-world utility. Unlike owning physical items like houses or cars, NFTs didn’t hold much practical value. Sure, some people used them as profile pictures on social media, and there were discussions about displaying them in virtual spaces. However, none of these ideas gained real traction.
At one point, there was talk about using NFTs to verify ownership of physical assets like real estate. But that idea quickly faded. Who would want their home’s deed on a public blockchain for all to see? Privacy concerns alone stopped that concept from going anywhere.
For a while, the hype around NFTs was massive. Celebrities and influencers promoted various projects, encouraging people to invest. While some made a lot of money, many regular buyers were left holding digital images that soon lost their value.
So, are NFTs still a good investment? Not really. While a few may still hold some value, the majority have dropped in price. The hype has died down, and most of the market has collapsed. Those who bought NFTs hoping to flip them for profit are now stuck with assets that are hard to sell.
The truth is, NFTs were built on a shaky foundation. The idea of digital ownership sounds appealing, but the lack of utility became obvious. If you’re going to invest in something, it should offer real value. A digital picture, no matter how unique on the blockchain, just doesn’t do that.
Looking ahead, it’s unlikely NFTs will see a major resurgence. The market had its moment, but the bubble has burst. When they realise that digital tokens without practical applications will not have long-term value, many businesses and organisations that previously made significant investments in NFTs are beginning to withdraw their support.
So, if you’re thinking about investing in NFTs, it’s best to be cautious. Without a major shift in how they’re used, it’s doubtful they’ll return to their former glory. The dream of making quick money by flipping digital images is over, and that’s probably for the best.
In the end, NFTs served as a learning experience for many. While some people profited, many more lost out. It’s a reminder to always be wary of the hype and focus on investments with real, tangible value.
