In the past few years, NFTs (non-interchangeable tokens) and metaverse have become some of the hottest topics in the digital world. These two areas open up new horizons for earning money, both for individual users and for large companies. Despite strict restrictions related to cryptocurrencies in China, interest in the NFT and metaverse continues to grow. In this article, we will look at how you can make money on NFT and metaverse in China, what opportunities are opening up for users and what risks exist in the context of Chinese regulation.
1. What is NFT and metaverse?
1.1 NFT (non-interchangeable tokens)
NFTs are unique digital assets that are works of art, music, video clips, collectible items and other objects recorded on the blockchain. NFTs provide an opportunity to confirm ownership and originality of digital objects, making them valuable to collectors and investors.
- How it works: Each NFT is a unique token that cannot be exchanged for another 1:1 token, unlike regular cryptocurrencies like bitcoin. Each token is written to the blockchain, which confirms its authenticity.
1.2 Metaverse
Metaverse are virtual worlds where users can interact, create, exchange, and trade digital assets. These spaces provide not only entertainment, but also economic opportunities, such as buying virtual real estate, creating objects and content, as well as participating in games and other types of activities.
- How it works: In metaverse, users can create virtual worlds and objects that can be exchanged or sold for real money or cryptocurrency. Examples of such metaverse include Decentraland, The Sandbox, and Axie Infinity.
2. How to make money on NFT in China?
Despite bans on cryptocurrencies in China, the NFT continues to develop in the country, and there are several ways to make money on these assets.
2.1 Creation and Sale of NFT
One of the most popular ways to make money on the NFT is to create digital works of art or other unique objects that can be sold on NFT platforms.
- How it works: Creators like artists, musicians or videographers can create unique pieces and sell them as NFTs on platforms like OpenSea, Rarible or Chinese counterparts. Sellers receive a percentage of sales, and can also earn royalties - fees for each subsequent resale of their tokens.
- How Chinese can make money: Chinese users can use VPN or P2P platforms to access international NFT exchanges, allowing them to sell and buy NFTs despite domestic restrictions.
2.2 Investing in NFT
Investing in NFT involves the purchase of unique digital assets in order to resell them in the future at a profit.
- How it works: Investors buy NFTs in the early stages when the value of objects is still low and then sell them in more expensive markets when the popularity of an item or artwork grows.
- How Chinese can make money: Using secure P2P methods or decentralized exchanges, Chinese investors can acquire and trade NFTs. It is also worth considering the ability to work through metaverse, where users can create or buy NFT objects such as virtual real estate or unique digital goods.
2.3 Collecting and Reselling
Collecting NFTs is another way to make money, especially if objects such as paintings, music or other works of art become more valuable over time.
- How it works: Buying rare or popular objects on NFT platforms and reselling them afterwards is a classic strategy for collectors who can capitalize on rising asset values.
- How the Chinese can make money: Trade through international platforms is possible for the Chinese, where their digital assets can find demand from foreign collectors.
3. How to make money on metaverse in China?
Metaverses offer several ways to earn money that may be of interest to Chinese users, despite the existing restrictions.
3.1 Creating and Selling Virtual Real Estate
One of the most profitable ways to make money in metaverse is to buy and sell virtual real estate.
- How it works: In metaseles like Decentraland or The Sandbox, users can buy virtual plots of land, build objects on them and then sell them for cryptocurrency.
- How Chinese can make money: Chinese users can invest in virtual real estate through VPNs or decentralized platforms, profiting from the sale or lease of virtual plots.
3.2 Creating and Selling Virtual Items
Another way to earn money in metaverse is to create and sell virtual items (costumes, accessories, artificial objects).
- How it works: Users create virtual items that can be used by other metaverse members and then sell them on trading platforms within that network.
- How Chinese can make money: Chinese users can use platforms like The Sandbox or Axie Infinity to create and sell unique virtual items.
3.3 Participation in games and competitions
Some metaverse offer users games and competitions where they can make real money or cryptocurrency.
- How it works: Players can participate in various online games, earn in-game currency and exchange it for cryptocurrency or other digital assets.
- How the Chinese can make money: In Chinese conditions, users can use VPN and other workarounds to participate in games in foreign metaverse that offer such features.
4. Risks and Limitations
4.1 Regulation and Legal Risks
China continues to tightly regulate cryptocurrencies and related assets. Authorities could take new measures that could affect the NFT and metaverse market by restricting access to international platforms.
4.2 Volatility and Speculative Nature
The NFT and metaverse markets are subject to high volatility. Prices for NFTs and virtual real estate can fluctuate significantly, making such investments risky.
4.3 Potential Fraud
Like any other industry, there is a potential for fraud in the NFT and metaverse world, such as fake digital assets or deception on platforms.
5. Conclusion
Earnings on the NFT and metaverse in China are possible despite government restrictions. Chinese users can use techniques such as creating and selling NFTs, investing in metaverse and buying virtual real estate to profit from this new and growing industry. However, it is important to consider the risks and legal constraints that may affect the stability and availability of such investments in the future.
1. What is NFT and metaverse?
1.1 NFT (non-interchangeable tokens)
NFTs are unique digital assets that are works of art, music, video clips, collectible items and other objects recorded on the blockchain. NFTs provide an opportunity to confirm ownership and originality of digital objects, making them valuable to collectors and investors.
- How it works: Each NFT is a unique token that cannot be exchanged for another 1:1 token, unlike regular cryptocurrencies like bitcoin. Each token is written to the blockchain, which confirms its authenticity.
1.2 Metaverse
Metaverse are virtual worlds where users can interact, create, exchange, and trade digital assets. These spaces provide not only entertainment, but also economic opportunities, such as buying virtual real estate, creating objects and content, as well as participating in games and other types of activities.
- How it works: In metaverse, users can create virtual worlds and objects that can be exchanged or sold for real money or cryptocurrency. Examples of such metaverse include Decentraland, The Sandbox, and Axie Infinity.
2. How to make money on NFT in China?
Despite bans on cryptocurrencies in China, the NFT continues to develop in the country, and there are several ways to make money on these assets.
2.1 Creation and Sale of NFT
One of the most popular ways to make money on the NFT is to create digital works of art or other unique objects that can be sold on NFT platforms.
- How it works: Creators like artists, musicians or videographers can create unique pieces and sell them as NFTs on platforms like OpenSea, Rarible or Chinese counterparts. Sellers receive a percentage of sales, and can also earn royalties - fees for each subsequent resale of their tokens.
- How Chinese can make money: Chinese users can use VPN or P2P platforms to access international NFT exchanges, allowing them to sell and buy NFTs despite domestic restrictions.
2.2 Investing in NFT
Investing in NFT involves the purchase of unique digital assets in order to resell them in the future at a profit.
- How it works: Investors buy NFTs in the early stages when the value of objects is still low and then sell them in more expensive markets when the popularity of an item or artwork grows.
- How Chinese can make money: Using secure P2P methods or decentralized exchanges, Chinese investors can acquire and trade NFTs. It is also worth considering the ability to work through metaverse, where users can create or buy NFT objects such as virtual real estate or unique digital goods.
2.3 Collecting and Reselling
Collecting NFTs is another way to make money, especially if objects such as paintings, music or other works of art become more valuable over time.
- How it works: Buying rare or popular objects on NFT platforms and reselling them afterwards is a classic strategy for collectors who can capitalize on rising asset values.
- How the Chinese can make money: Trade through international platforms is possible for the Chinese, where their digital assets can find demand from foreign collectors.
3. How to make money on metaverse in China?
Metaverses offer several ways to earn money that may be of interest to Chinese users, despite the existing restrictions.
3.1 Creating and Selling Virtual Real Estate
One of the most profitable ways to make money in metaverse is to buy and sell virtual real estate.
- How it works: In metaseles like Decentraland or The Sandbox, users can buy virtual plots of land, build objects on them and then sell them for cryptocurrency.
- How Chinese can make money: Chinese users can invest in virtual real estate through VPNs or decentralized platforms, profiting from the sale or lease of virtual plots.
3.2 Creating and Selling Virtual Items
Another way to earn money in metaverse is to create and sell virtual items (costumes, accessories, artificial objects).
- How it works: Users create virtual items that can be used by other metaverse members and then sell them on trading platforms within that network.
- How Chinese can make money: Chinese users can use platforms like The Sandbox or Axie Infinity to create and sell unique virtual items.
3.3 Participation in games and competitions
Some metaverse offer users games and competitions where they can make real money or cryptocurrency.
- How it works: Players can participate in various online games, earn in-game currency and exchange it for cryptocurrency or other digital assets.
- How the Chinese can make money: In Chinese conditions, users can use VPN and other workarounds to participate in games in foreign metaverse that offer such features.
4. Risks and Limitations
4.1 Regulation and Legal Risks
China continues to tightly regulate cryptocurrencies and related assets. Authorities could take new measures that could affect the NFT and metaverse market by restricting access to international platforms.
4.2 Volatility and Speculative Nature
The NFT and metaverse markets are subject to high volatility. Prices for NFTs and virtual real estate can fluctuate significantly, making such investments risky.
4.3 Potential Fraud
Like any other industry, there is a potential for fraud in the NFT and metaverse world, such as fake digital assets or deception on platforms.
5. Conclusion
Earnings on the NFT and metaverse in China are possible despite government restrictions. Chinese users can use techniques such as creating and selling NFTs, investing in metaverse and buying virtual real estate to profit from this new and growing industry. However, it is important to consider the risks and legal constraints that may affect the stability and availability of such investments in the future.