Making a Career in Non-Fungible Tokens

Non-fungible tokens (NFTs) are digital assets stored on a blockchain that represent ownership of a unique item or piece of content. Unlike cryptocurrencies, which are interchangeable and have equivalent value, NFTs are distinct and cannot be exchanged on a one-to-one basis. This unique characteristic makes NFTs particularly valuable for verifying the authenticity and ownership of digital art, collectibles, music, virtual real estate, and other creative works.

As the demand for NFTs continues to grow, so do the career opportunities in this emerging field. In this article, we will explore what a career in NFTs entails, the skills required, and how you can get started in this innovative industry.

How do non-fungible tokens work?

NFTs can represent everything from a video game skin to virtual real estate and authenticate ownership by recording any exchanges of that NFT on the blockchain. Ethereum is a common blockchain platform that provides a public ledger of ownership, ensuring the authenticity of each NFT.

Creators and NFT owners can sell their NFTs across a global online marketplace. For example, musicians can record song clips or music videos and sell them as NFTs. Unlike traditional digital uploads, which can be easily pirated and shared, NFTs allow artists to retain ownership rights and earn royalties from resales.

NFTs are versatile and can encompass a multitude of digital assets. You might see NFTs of fashionable digital sneakers, essays, games, domain names, or digital collectibles such as trading cards or video clips. This broad applicability makes NFTs an innovative tool for artists, creators, and collectors, offering ways to own, trade, and monetize digital creations.

How to earn money from non-fungible tokens

As cryptocurrency became more mainstream and people sought nostalgia online during the pandemic, NFTs experienced a significant boom. More companies and collectors are now entering the NFT market, which means individuals also have opportunities to earn money from non-fungible tokens. Here are several approaches you might consider.

1. Create NFTs and earn royalties on them.

One way to participate in the NFT market is to create and mint a unique digital object that can be tracked by a blockchain public ledger. Digital creations commonly minted as NFTs include artwork, videos, music, GIFs, and collectibles. 

Read more: How to Create an NFT: NFT Marketplace Guide

2. Sell non-fungible tokens on a marketplace.

If you do not want to create NFTs from scratch, you can always sell another type of NFT on a marketplace. Real-world items that can be represented by NFTs include car deeds, concert tickets, invoices, legal documents, signatures, and much more.

Read more: How to Sell NFTs Professionally: A Basic Guide for Beginners

3. Rent out NFTs.

A rental market also exists for NFTs. You might own and rent your NFT art, game assets, event tickets, or digital clothes for virtual use. This does not mean you’ll be sending anyone a pair of shoes in real life. Rather, they rent your digital fashion for a virtual meeting in the metaverse.

Renting out your NFT asset lets you earn secondary income on your digital property. For the borrower, accessing digital content can be a cheaper way. 

4. Trade NFTs.

You can also buy NFTs directly from the company creating them or from collectors in NFT marketplaces. In some cases, you may be able to use a credit card, but you’ll likely need a cryptocurrency wallet. As with trading stocks, you are trying to take advantage of market volatility when trading NFTs. You hope to buy low and sell high. Part of the appeal, also, is that you don’t have to pay to store a physical collectible or worry about damaging that piece of artwork. It’s all happening online. 

5. NFT gaming

You can earn cryptocurrency by playing NFT games designed to reward your accomplishments with digital cash or NFTs. Some popular options include Axie Infinity, Decentraland, and Alien Worlds. These games showcase the diversity of the NFT environment:

• Axie Infinity is a battle game that uses Ethereum-based cryptocurrencies

• Decentraland allows you to buy and develop virtual land

• Alien Worlds involves explorers building and playing together to collect NFTs

Additionally, you can earn money by creating new items, such as weapons or skins, or by renting out your powerful characters to help teams of players succeed. This variety of opportunities highlights the dynamic and lucrative potential within the NFT gaming landscape.

How to build your career in the NFT space

Blockchain supporters see NFTs as a game-changer for asset ownership. Leveraging the new digital tools will require skilled individuals willing to take a chance on a new market. If that’s you, the following strategies can help.

1. Develop your skills.

Build an understanding of NFT fundamentals and develop your skills in the space. It’s a good idea to research the top players and learn about pioneers in the NFT industry. This can help you gain more knowledge about the NFT domain and identify skills you can foster to succeed.

Keep in mind that the NFT space offers opportunities for coders, developers, and creative artists to mint their own NFTs. Since this space evolves quickly, you will always want to prioritize continuous learning.  

2. Join an NFT community.

It’s often a good idea to join trade associations or industry groups to further your career. These put you in touch with others impacting your industry and help you keep up with the latest trends. The NFT community can also help you learn and grow.

Networking in the NFT community can also lead to new opportunities and help you make the connections you need to move ahead in the space.

3. Get the required educational background.

This is a relatively new market, so you’re unlikely to go to school for a degree in NFTs. Still, you can take courses that help prepare you for work in NFTs. If you’re interested in the tech side of the business, you could pursue software engineering, computer sciences, or something similar. 

If you’re going to design and sell your own creations, study the creative art you want to market. You can also pursue marketing opportunities in NFTs, so you might consider a business, marketing, or communications degree. 

4. Consider relevant certifications.

Launching an NFT career requires you to understand the specifics of NFTs, smart contracts, and blockchain. You’ll also need to know how the NFT minting process works and how to create the tokens on a blockchain platform.

You can demonstrate your NFT knowledge with certifications such as:

• The Blockchain Council’s Certified NFT Expertand Certified Metaverse Expert introduce you to the basics of NFT and the metaverse, respectively. 

• The Blockchain Council’s Certified NFT Developer helps you build skills in developing NFT projects. 

• The Blockchain Council also offers a Certified Blockchain Architect certification to help you demonstrate blockchain expertise.

• 101 Blockchains’ Certified NFT Professional (CNFTP) certification covers NFT basics, including use cases and benefits, how to buy and sell NFTs, trading, and more. 

Jobs in the NFT space

You can find a wide range of NFT jobs that deal with collectibles, decentralized finance, digital art, and more. Among all these different areas, you’ll find many job opportunities, including the following:

1. Blockchain consultant

Average annual total salary (US): $128,656 [4] 

Before you become a blockchain architect, you might first take a role as a blockchain consultant. As a consultant, you’ll research, analyze, develop, and test blockchain solutions. You’ll also need to understand regulatory and legal compliance issues.

2. Blockchain architect

Average annual total salary (US): $196,620 [3]

A blockchain architect designs the blockchain solution and defines the infrastructure. As an architect, you’ll also secure the blockchain and ensure the solution performs to specifications.

Read more: Understanding Blockchain Technology: How It Works, Uses, and Benefits

3. Blockchain developer

Average annual total salary (US): $146,442 [5] 

Blockchain developers is a software developer that plans, oversees, and maintains infrastructure architecture. In this role, you need to stay current with blockchain technology and to keep assets secure. 

4. Senior blockchain project manager

Average annual total salary (US): $128,835 [6]

Senior blockchain project managers are industry experts who oversee other project managers and project workflow to ensure team members meet milestones and complete work within budget. A manager can designate resources, prepare budgets, and communicate with various stakeholders.

5. Ethereum developer

This is a type of blockchain developer that creates systems and secures digital transactions on the Ethereum platform. You’ll need an in-depth knowledge of Ethereum to develop applications and monitor for blockchain changes or hacks.

For an idea of how much you might make as an Ethereum developer, you might look at the salary for blockchain developers above.

6. Smart contract developer

Average annual salary (US): $106,644 [7]

Smart contracts run on the blockchain in the decentralized NFT marketplace. So, if you specialize in this area, you’ll need to know how to custom design contracts on the blockchain architecture and secure decentralized financial transactions. 

7. Community manager

Annual average salary (US): $80,000 [8] 

Community managers are increasingly common roles in the world of blockchain and crypto. As a community manager, you’ll observe community engagement and member behavior, curate tutorials for community members, share engaging content, and gather feedback from the community. 

8. Web3 developers

Average annual salary (US): $100,000 to $150,000 [7]

Web3 is another way of describing the metaverse where you’ll be working with NFTs. Web3 developers create apps on a blockchain. You'll need knowledge of Web3 SDKs/dApps, cryptocurrency wallets, nodes, and smart contracts. As a web3 developer, you'll likely specialize in a particular technology or programming language, such as Rust, Solidarity, node, front-end, or back-end development. 

Take advantage of online learning to launch your NFT career.

To launch your career in NFTs, you can start out by taking foundational courses on Coursera. Consider Duke University's Decentralized Finance (DeFi): The Future of Finance Specialization. This program is designed for beginners who want to understand the infrastructure of decentralized finance. Upon completion, you will gain a shareable certificate to include in your resume, CV, or LinkedIn profile.