S14: NFTs Cont'd

positioning yourself for max profit

How do you position yourself for a profit with NFTs?

Welcome to series 14 of breakfast with blockchain, a Saturday morning event where we enlighten ourselves with useful & helpful information about cryptocurrency and how to be a part of the moving train.

we can't underestimate the usefulness of NFTs, it's like a revolution, it is the idea of full ownership and it's going to change the narration of what you know the internet to be today. imagine the sense of ownership and authentication in everything you do on the internet. it is the driver of web3, which is closer than you think. what a great time to be alive to witness this innovation. everything we change

1. from how we carry our credentials, store them, and prove the ownership to anyone willing to verify it.

2. to how we store, share, and transfer receipts, or any other thing ( in all definitions of what a thing can be) as long as it can exist digitally.

3. In fact, the idea of passing anything on from a person to the next of kin or generation to another generation just got easier than the conventional way of doing it.

this NFT narration is just getting started; in the future, it will be part of our everyday life. just as you know the internet to be today. and the narration is here to stay.

What is profit to you?

before we dive into it, you need to answer a golden question, what is profit to you?

if you find answers already, congratulations. but if you haven't got one yet. let's do it together.

making a profit in NFT can be categorized into 4;

1. Passive Profit: this is expected to be what you can do with your money around NFT that can yield a return. it often involves exploring the NFT space, project by project, from trends to trends. looking for passive opportunities. it can involve staking, buying, and reselling

2. Career Profit: getting a career in the NFT industry. it will depend on the skills you have. if you are a graduate or undergraduate, looking for extra income, this is for you, if you are working-class, that will have a bit of extra time for your self-growth, this is for you

3. Investment: this involves investing a quota of what you earn in NFT projects for an expected return, if you are the kind of person that is busy and you don't have enough time to explore the vast opportunities in the space, this is for you

4. Business productivity: this involves implementing NFT innovation into your business to improve trust, and transparency in transactions and also been able to drive a complete sense of ownership and authenticity. if you own a business and you issue receipts, take collaterals, or sell anything. this is for you.

Passive Profit

to make a profit passively, you need to have time for exploring the NFT space & capital, to begin with.

1. Rent out NFTs: one good way to earn profits is by renting out NFTs, you can buy a high-demand NFT of your choice from an ecosystem, and rent it out. for example, Polkacity sells some digital bikes, taxis, planes, and coffee shops. that active players in the ecosystem can rent to increase their chances of completing tasks or increase their chances of winning. Gamify projects like Dark Frontier sells their games characters while players can rebuy or rent them from you to complete an in-game task. people that jumped on Axie infinity with a capital of about $200, were able to make $50 passively, and the platform recorded a daily transaction of $200Million+ at its peak

2. NFT Royalties: the technology that powers NFT allows creators to earn royalties when NFT changes hands in the secondary market, it means that if you are able to enlist a high-demand NFT in the marketplace, you can earn a set percentage of the sales to a new buyer every single time.

3. Stake NFTs: one benefit of NFT and DeFi, is the possibility to stake NFTs, staking refers to when you lock up your NFT in a defi smart contract to generate a yield. usually, Platform pays back in the native token

4. Provide liquidity to earn NFTs: provide liquidity to a platform and earn NFTs as a reward, the earned NFT carries the details of your allocation in the pool, and you can trade this to liquidate your position with platforms.

5. Adopt NFT yield farming: yield farming refers to the method of leveraging multiple DeFi protocols to generate the highest possible yield on the digital asset you have. think of it as earning a yield on another yield. it is often like putting your money to gain a return, then putting the return to work to earn more return. for example in the "provide liquidity" example, you can put the NFT reward back to another protocol to earn more.

The marriage of NFT & DeFi is now called NFTFI (gift)

Career Profit

1. Be a creator: look within an ecosystem. you can decide to create a digital asset and mint it into NFT, enlist it on the market place and sell it. we can relate to the NYSC photographer that sold the picture of a drumming elderly man

2. you can also leverage the passive profit options to increase your profit margin as a creator

3. you can get a job in the NFT space and earn a monthly salary, you can look into cryptojobslist.com. if offers varieties of job opportunities, from managing social media to creating content. you can even work two to three jobs per week and increase your income margin.

Investment

maybe you are busy with life or work, you don't have time for passive profit and you are too engaged for career profits but you have money on the sideline. then investing is good to go profit idea for you. just set goals & create a portfolio, do your due diligence, and adopt an investment strategy. be disciplined enough to your set goals.

Business Productivity

if you fall within the business productivity category: what you are looking forward to is how to add NFT innovation to your business to stay on the competitive edge of your industry. it establishes a unique position for your product, service, personnel, or brand. for example

1. real estate players can tokenize a property into NFT and easily trades the NFT in the secondary marketplace. it will uniquely solve the housing validation, authentication, and transfer of ownership problem, it will also allow an easy flow of cash, and it will soften the problem of intensive capitalization in the industry.

New Narrative

read to earn: This is for book lovers, there is another growing narrative in the crypto space now for people that love to read. and if you do not like to read, the incentive attached will make you read. read to earn(Osagie).

In conclusion

since the days of NFT's inception, many innovations have evolved in the space, and the trend is not slowing down for anybody. another narration to look forward to is the crypto-verse space, which is powered by crypto, NFT, and immersive technology. make sure you fix yourself in a good position before the train leaves, believe me, it won't wait for anybody.

as an individual or a business entity, sustainability, growth, and legacy are keys you can't joke with. and what better way to achieve that than this kind of technology?

anyways, thank you for joining me on this convo section and i hope you have grabbed one or two things from what we have said so far. Don't forget to join the WhatsApp community to follow up on market insight, trends, and opportunities. I look forward to seeing you next Saturday. do have an awesome weekend. thanks.