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Earning Money Through NFTs as a Student in Nigeria

Earning Money Through NFTs as a Student in Nigeria

Earning Money Through NFTs as a Student in Nigeria

The digital world has opened up new avenues for students in Nigeria to earn money, and one of the most intriguing opportunities is through Non-Fungible Tokens (NFTs). With the rise of blockchain technology and the growth of decentralized finance, NFTs are rapidly becoming a way for individuals to make money. For students in Nigeria, NFTs offer an accessible method to generate income while engaging with the growing global digital economy.

In this article, we’ll discuss how students in Nigeria can leverage NFTs to earn money, what NFTs are, the different ways to make money with NFTs, and how to get started.

What Are NFTs?

NFTs, or Non-Fungible Tokens, are unique digital assets verified using blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs cannot be exchanged for one another at an equal value because each NFT represents something unique, whether it’s art, music, virtual real estate, or even a tweet. The term “non-fungible” refers to the uniqueness of each item; no two NFTs are exactly the same.

An NFT is typically stored on a blockchain, such as Ethereum, and acts as proof of ownership or authenticity for a specific digital asset. The digital nature of NFTs makes them an attractive option for students who are tech-savvy or interested in creating digital content.

Why Should Nigerian Students Be Interested in NFTs?

Nigerian students may find NFTs appealing for several reasons:

  1. Low Barrier to Entry: Creating and selling NFTs is relatively easy compared to traditional forms of business. All you need is a smartphone or computer with internet access, some creativity, and a willingness to learn.
  2. Global Market: NFTs have a global marketplace, meaning students in Nigeria can sell their work to buyers anywhere in the world. This opens up new opportunities beyond the local market.
  3. Creative Expression: NFTs allow students to express their creativity, whether through digital art, music, video, or even writing. The ability to monetize these creative expressions can be empowering and financially rewarding.
  4. Diversifying Income Sources: Many students are looking for ways to supplement their income, especially in a country like Nigeria, where economic opportunities can sometimes be limited. NFTs offer an alternative to traditional jobs and other side gigs.

Ways to Earn Money with NFTs

There are several ways Nigerian students can earn money through NFTs. Here are some of the most common methods:

1. Create and Sell NFTs

One of the most direct ways to earn money from NFTs is by creating and selling them. If you are a digital artist, photographer, or graphic designer, you can create original digital artwork and tokenize it as an NFT. Platforms like OpenSea, Rarible, and Mintable allow users to mint (create) their own NFTs and list them for sale. The process typically involves:

  • Creating the Digital Artwork: This could be a piece of art, a digital photo, music, or any other form of media that can be represented digitally.
  • Minting the NFT: This is the process of uploading your artwork to an NFT marketplace, where it is turned into a token and stored on the blockchain.
  • Listing for Sale: Once your NFT is minted, you can set a price and list it for sale in the marketplace. You can choose between a fixed price or an auction model.
  • Promoting Your NFTs: Given the vast number of creators on NFT platforms, promoting your work on social media or within relevant online communities can increase the chances of making a sale.

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2. Buying and Flipping NFTs

Another way to earn money with NFTs is by buying them at a lower price and selling them for a profit. This approach requires some research and understanding of which NFTs have the potential to increase in value over time.
To get started with flipping NFTs:

  • Identify Promising NFTs: Look for trending artists, limited editions, or new projects that are gaining attention. NFT communities on platforms like Twitter, Discord, and Reddit can help you stay updated on upcoming trends.
  • Evaluate the NFT’s Potential: Just like in traditional investing, not every NFT will appreciate in value. Consider the rarity, popularity, and demand of the NFTs you’re purchasing.
  • Buy Low, Sell High: The goal is to purchase NFTs at a reasonable price and sell them once their value has increased. However, timing the market can be tricky, and profits are not guaranteed.

3. Royalties from Resales

One unique feature of NFTs is that creators can earn royalties from resales. When an NFT is sold on a secondary market, the original creator receives a percentage of the sale price. This is particularly advantageous for students who create digital art or music, as it allows them to earn passive income each time their work is resold. The percentage of royalties varies depending on the platform and the terms set by the creator. On most NFT platforms, creators can set a royalty rate (typically between 5% and 10%) on each subsequent sale. This offers the potential for ongoing income, even after the initial sale.

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4. Collaborations and Partnerships

Students with a unique skill set, such as music production, digital art, or even game development, can collaborate with other creators or brands to launch limited edition NFTs. Collaborations offer opportunities to tap into existing fanbases and market networks, boosting the chances of a successful launch. For example, a student musician could collaborate with a digital artist to create a series of music-related NFTs that could be sold to their respective audiences.

ALSO READ: How to Make Money Through Cryptocurrency Trading in Nigeria: 10 Ways 

5. Create NFT Collections

Instead of creating a single NFT, students can build an entire collection. Collections are often more successful because they create a sense of exclusivity and rarity. These collections can consist of a series of related artworks or digital items that have a similar theme. A collection of NFTs can be more appealing to collectors, especially if there are only a limited number of NFTs available in the collection. This method allows students to leverage the power of scarcity and demand to make more sales.

6. Gaming and Virtual Real Estate

Another way to earn money through NFTs is by participating in blockchain-based games or investing in virtual real estate. Several online games allow players to buy, sell, and trade virtual assets that are tokenized as NFTs. Players can earn by playing the game, collecting rare items, or even by flipping virtual assets on secondary markets. Additionally, virtual real estate platforms like Decentraland and Cryptovoxels allow users to purchase land and build on it, selling it for profit. Students with an interest in gaming or virtual worlds can explore these platforms to earn money by engaging with their ecosystems.

ALSO READ: How to Make Money Online by Becoming a Virtual Assistant

Getting Started with NFTs in Nigeria

Getting started with NFTs as a student in Nigeria is relatively simple, but there are a  few steps to follow:

1. Set Up a Digital Wallet

To participate in the world of NFTs, you will need a digital wallet to store your tokens. Wallets like MetaMask, Trust Wallet, and Coinbase Wallet are commonly used for NFTs. These wallets allow you to store cryptocurrencies like Ethereum (ETH), which is required to mint and purchase NFTs.

2. Buy Ethereum (ETH)

Ethereum is the most widely used cryptocurrency for NFTs. To create, purchase, or sell NFTs, you will need to buy some Ethereum. Nigerian students can purchase ETH through local cryptocurrency exchanges like Binance, Luno, or Quidax, which support Nigerian Naira (NGN).

3. Join NFT Marketplaces

Once you have your wallet set up and some Ethereum in it, you can join NFT marketplaces like OpenSea, Rarible, or Foundation. These platforms allow you to mint, buy, and sell NFTs.

4. Learn About Gas Fees

One important consideration when using NFTs is the “gas fee,” which is the transaction fee you must pay to interact with the blockchain. Gas fees can fluctuate depending on network congestion, so it’s important to be aware of them when minting or purchasing NFTs.

5. Promote Your Work

Success in the NFT space often depends on your ability to promote your work effectively. Leverage social media platforms such as Twitter, Instagram, and TikTok to share your NFTs and engage with potential buyers. Building a personal brand can help you stand out in the crowded NFT market.

ALSO READ: How to Make Money in Nigeria with Cryptocurrency as a Student


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Comrade 9ja A.k.a 9jaPoly is A passionate Reporter that provides complete, accurate and compelling coverage of both anticipated and spontaneous News across all Nigerian polytechnics and universities campuses. 9jaPoly Started his career as a blogger and campus reporter in 2016.He loves to feed people with relevant Info. He is a polytechnic graduate (HND BIOCHEMISTRY). POLY TV is a relationship expert, life coach and polytechnic education consultant. Apart from blogging, He love watching movies and meeting with new people to share ideas with. Add 9jaPoly on WhatsApp +2347040957598 to enjoy more of his Updates and Articles.

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