So, more on non-fungible tokens! This time weâ€™re here to discuss 3 super-effective and guaranteed ways to make NFT passive income! In other words, how to make money with NFTs with as little effort as humanly (or virtually) possible?
First things first, letâ€™s explain passive income before we jump right into things! Basically, passive income is â€śunearnedâ€ť income that you automatically acquire with minimal work/effort to earn or maintain. In plain English, it means money that you make without actually working for it. In the real world, examples of passive income include:
- Investing in mutual funds
- Investing in real estate
- Selling products online
- Investing in dividend stocks
- Renting short-term rentals like Airbnbs
- Buy bonds
But, when it comes to NFT passive income, itâ€™s even easier to do. So, letâ€™s get into making a profit with zero to no effort! And, if this feels like something youâ€™re into, youâ€™re also going to wanna join our FREE hub for non-fungible tokens. This way youâ€™ll have a better grasp of how to efficiently apply these methods! Click on the button below to check it out!
HOW TO EARN PASSIVE INCOME
#1 NFT Staking
First, weâ€™ve got NFT Staking â€“ one of the easiest ways to earn NFT passive income in the game. Staking generally refers to committing your NFT to a secure network and validating transactions. Or, it could also mean locking away your non-fungible token in a DeFi protocol smart contract to generate earnings in return.
So, if you are planning to hold onto your NFT long-term, staking is a good strategy to use. Because you can NOT trade a staked NFT. To learn more about NFT staking and staking platforms, click here!
#2 NFT Rent
Next, weâ€™ve got NFT Renting which could also be called NFT Loaning. Renting or loaning NFTs has become an increasingly popular way to make NFT passive income. And, it also happens to be one of the most emerging NFT trends of 2023. You see, there are tons of GameFi platforms out there that allow you to earn money by renting out NFTs. In fact, it is considered such a benefit that some NFT games consider it as a utility!
Renting, lending, or loaning non-fungible tokens is, if done right, very safe and effective. You can even specify the rental duration, pay the chosen collateral, and take back your borrowed NFT. Click here to learn more about renting!
#3 NFT Royalties
Finally, our last method for making NFT passive income is NFT Royalties which is best for NFT creators and artists. Royalties mean that creators of non-fungible tokens get to make money every time someone sells or buys their NFT. Basically what you do is, set terms of the royalty fees in the smart contract. Every time people trade your NFT on the secondary market, you earn a share of the NFT sales.
So, the cool thing about NFT royalties is that the process is entirely automated. Therefore, you do not have to worry about enforcing the fees, tracking payments, or anything else. Itâ€™s all in the smart contract on the blockchain. In some cases, you donâ€™t even have to be the creator to earn royalties, it all depends on the NFT contract. You can learn more about NFT royalties and how they work here!