Metaverse and NFT were among the most prominent trending words in the crypto space for 2021. The dawn of the two has seen the rise in a wide array of opportunities for risk-ready and risk-averse investors. In the early months of 2021, the NFT space enjoyed massive adoption. Many creators, musicians and artists made fortunes through the sale of NFTs. Soon after the NFT boom, the Metaverse began to gain popularity.
Popular companies like Facebook (NASDAQ:), Microsoft (NASDAQ:), and NVidia, in the year 2021, have had ties to the Metaverse. One of the most critical assets within the Metaverse is NFTs. NFTs are representations of characters, wearables, and collectibles in games.
However, there is one central question that investors ask concerning the Metaverse. How can they earn NFTs in the Metaverse? This guide lists strategies for earning NFTs in the Metaverse. Later, the guide will list ways to turn the NFTs into real money.
Play to Earn in The Metaverse
One of the most primary strategies to earn NFTs in the Metaverse is using the play-to-earn strategy. The play-to-earn concept allows investors to participate in gaming activities and earn incomes. Natively, in P2E, you need to play your favorite game, but in the process, make an income. In P2E, the characters and collectibles come in the form of NFTs.
P2E NFT earning mechanism has recently gained immense momentum in the crypto space. Due to the rise of the Metaverse, more games are available. Hence, as an investor, you need to use the P2E mechanism to earn NFT assets.
Complete Daily Challenges
Within those games, there are a vast collection of ways to earn NFTs. One of the significant ways to get NFTs is through completing daily challenges. This involves finishing the task given on a particular day and earning rewards. Several metaverse gaming options allow investors to earn NFTs through daily challenges.
Competing in Battles and Duels
Some battle games give the option of earning NFTs after finishing your round in the battleground. In some cases, you may have to engage in a PvP game, where the winner takes all the staked NFTs. In other cases, you can choose to use the PvE, where after beating an enemy, the network rewards you with NFTs.
You can also earn NFTs by garnering the available collectibles in the game. In almost every round, some collectibles can improve the strength of your characters or even your ability to win. For instance, collectibles could be weapons, different game skins, or even a new character in some games.
In most platforms, those collectibles come in the form of NFTs. Hence, you automatically get an NFT in your game wallet once you collect them.
Another way to earn NFTs in the Metaverse would be through minting your own NFTs. NFT minting involves the creation of entirely new NFTs personalized to your preferences. Some platforms within the Metaverse have been providing the option to mint NFTs. In the case of minting, you get the assets using fewer costs compared to buying. Moreover, through minting, you can own and benefit from particular NFTs for a very long time.
There are guides on the internet on how to mint your own NFTs. It’s possible to mint up to 10 thousand NFTs. However, getting the right platform with the minting option is vital in ensuring your NFT success.
Another popular way of earning NFTs in the Metaverse is through farming. Farming is a prevalent concept in crypto space. In NFT yield farming, specifically, an individual collateralized some assets while withholding the remainder for themselves
This is one of the concepts already being explored in the Metaverse. Some platforms also provide the option of earning DEFI tokens by collateralizing NFTs. Others offer an opportunity to stake your NFT while playing, and in return, get your opponent NFTs.
NFT Giveaways and Airdrops
While the Metaverse is still in its dawn, the art of giveaways and airdrops could be a significant way to earn NFTs. During the early stages of the platforms’ launches, some of them may offer NFT airdrops to the community. Some of the communities will provide NFT rewards for active participation.
An NFT giveaway is like a loyalty reward to the community using NFT. An airdrop, on the other hand, is a style of marketing.
Giveaways and airdrops are pretty standard in the crypto space. It’s hard to go for a day without getting an update of an upcoming airdrop or giveaway contest. Those contests involve marketing and participating in some twitter activities. So, you can also take part in competitions provided with different Metaverse platforms to earn NFTs.
How to Make Money with NFTs
Of course, after earning the NFTs either through minting, P2E, or giveaways, you now need to know how to convert them for money. NFTs being blockchain-based, give a wide array of earning options.
- According to some sources, you can get money from your NFTs by trading them out. In the Metaverse, there is a growing number of NFT marketplaces where you can sell your NFTs.
- Another way to earn money with NFTs is by yield farming. You stake your NFTs in a pool and sand an opportunity to get daily rewards.
- NFT lending. Some platforms could provide investors with the option of lending characters to others and earning rewards.
An example of a metaverse platform providing the options for earning NFTs and making funds through NFTs is the Axes Metaverse. This platform empowers players’ ownership by tokenizing lands, assets, and characters. Axes Metaverse provides the play-to-earn mechanism for multiple games and game modes. Additionally, Axes Metaverse offers the NFT Farms and Marketplace where you can sell out your NFTs.
This guide has been exploring the idea of Metaverse and how to earn NFTs. The most primary strategy is by using the P2E mechanism. You play a game and, in the process, get rewarded, or win an NFT. You can also mint your own NFTs and sell them using the right platform. Giveaways and NFT farming are also systems gaining adoptions in the crypto space.
After making NFTs, there are various ways of converting them into real money. Most metaverses provide marketplaces to sell the NFTs. Axes Metaverse is a platform where investors can earn NFTs and sell them later in the marketplace.