The uses and appeal of non-fungible tokens (NFTs) are growing, but what can you do with an asset with zero real-world value? This depends on the type of token you’ve bought. For example, if you have a Bored Ape Yacht Club (BAYC) NFT, you’ve got access to an exclusive community and various events. Whereas, if you’ve got an in-game NFT, you can enjoy some incredible gameplay. This is all great, but what about when you’ve finished with an NFT and it’s just sat in your digital wallet? Selling may not be an option right now because the overall crypto market has crashed, so let’s take a look at what’s next.
Many people buy NFTs because they want to own digital media and have bragging rights. If this rings true for you, display your ownership in a public forum to your heart’s content. However, you must be careful about what you do outside of this. For example, you can’t print and sell prints of the NFT because this is likely to breach copyright laws.
NFTs use smart contracts, meaning they’re married to the Defi world indefinitely. Fortunately, this means you can use NFTs to give your liquidity a temporary boost. To do this, you can find a reputable NFT staking platform, which allows you to lock away your NFT in return for crypto, which you need to pay back on set terms within the smart contract. To find out more, follow this link and read the article on NFT staking explained.
Evidence of NFT ownership is facilitated using smart contracts, which use blockchain technology. Therefore, an NFT can never be erased or duplicated, which is part of the appeal. When you buy an NFT, all you get is a code and statement declaring your ownership of the asset (you don’t receive a picture packaged up in a digital wallet). This means NFTs can soon become a pointless placeholder because they don’t bring in any revenue. However, you can rent your NFTs to people for cash, especially if you’ve got value NFT gaming assets.
Sell Your NFTs
If you’ve bought your NFT as an investment, you need to be very prepared to lose the majority of your money. Unfortunately, the NFT market is crashing and will likely continue to over the coming months. Therefore, you may need to be patient before selling on an NFT to turn a profit. Investing in NFTs for trading purposes is more risky than investing in cryptocurrencies, and the majority of people fail.
Trade for a Useful NFT
If you’ve bought a cute NFT of a cat, that’s all well and good, but it doesn’t do anything beyond proving ownership of a digital image. Fortunately, there might be someone out there looking for NFT you have. You could try and secure a trade for a more useable NFT, like an in-game asset, which would make your asset more valuable.
NFTs have huge potential outside of digital media sales. Fortunately, whether you bought an NFT recently or during the 2021 hype, there are ways you can use your NFT to bring in revenue.