Blockchain Cryptocurrency NFT Chapter 16 – How To Generate Passive Income With NFTs?

Blockchain Cryptocurrency NFT Chapter 16 covers How To Generate Passive Income With NFTs?

Blockchain Cryptocurrency NFT Chapter 16 - How To Generate Passive Income With NFTs
Blockchain Cryptocurrency NFT Chapter 16 – How To Generate Passive Income With NFTs

How to make passive income with your NFTs. This is for all the artists out there. Non-fungible tokens (NFTs) are one of the most popular topics in the crypto arena. Aside from Dogecoin, the hype around NFTs has been the only thing people have been talking about in recent months. An NFT, or non-fungible token, is “a digital asset that represents real-world objects such as art, music, game items, and videos.” The reason it is called “non-fungible” is because it is unique and cannot be exchanged for anything else.

A Bitcoin or Ethereum, for example, is fungible, meaning that if you exchange one Bitcoin for another, you get the same thing. A one-time thing, on the other hand, is not fungible. When you trade it, you get something completely different. For modern artists, connecting their work to the blockchain in the name of an NFT may sound like a safe and legitimate way to sell art over the Internet. They can join the hype to create their own NFTs and sell them to anyone around the world without the need for a middleman, significantly reducing fees.

Selling NFTs first. For those who want to earn passive income from their NFTs, there are ways to do so, either by selling them first or without doing so. First, we will go over how you can earn income after selling NFTs.

Royalties. The most obvious way to profit from NFTs is to sell them at a high price. But for an NFT, you will only get what another person is willing to pay for it. It’s entirely possible that you’ll earn either far more or far less than what you originally paid for. However, artists can also earn royalties if they set a “creator’s share” when they sell their

NFTs to receive a fixed percentage of the profits from all subsequent sales of the work. A new NFT platform called Zora and a project called dCanvas help artists earn royalties on their artwork.

Without selling NFTs. There are other ways you can explore to earn passive income without selling first.

  1. Borrow and earn wagering bonuses. Use your NFT as collateral to borrow cryptos you think have promise. Then deploy the cryptocurrency to earn passive income. According to Coinbase, staking is “the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain.” On the PoS platform, stakers are compensated for their contribution to the network. The annual percentage yield (APY) can range from 3% to 300%, depending on which cryptocurrency an individual uses.
  2. Renting for a fee. If a person owns an NFT that they do not want to sell, they can earn passive income by renting it out to someone who wants to borrow the token for a portion of the purchase price. Platforms such as Hoard Exchange, Yiedl, and Flow are preparing to offer NFT rental marketplaces for just this purpose.

Conclusion
The world of NFT is still young and there are issues that need to be resolved before it becomes mainstream.

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