Quick Summary
- There are many ways you can earn profit in the crypto/NFT world. If you choose wisely, you can also earn passive income by doing so.
NFTs are getting a lot of media attention and the idea is to present the digital files so that it has value because of their uniqueness and originality. You can purchase and sell digital artwork, tweets, audio files, video files, GIFs, and almost everything written in bits, zeroes and ones.
related: Short Documentary On The NFT Journey
Passive Income For Artists, Writers & Content Creators
If you are an artist, writer, or content creator, financial freedom is possible for you in the NFT world. Protecting digital content in this copy-paste world is not easy. However, it can turn profitable if you turn your content into NFT. This gives you the exclusive rights to your writeups, artworks, and other content so that the content only belongs to you no matter how many times it was used on the internet. If you are an artist who just created amazing artwork, you can simply generate a digital copy of it.
Several online exchanges like Rarible, NFT Stars, OpenSea, and Crypto.com provide the service of Minting NFTs where you can turn a certain artwork into an NFT to sell it online. Even cooler is the fact that you still own the creator rights of the NFT and the blockchain equips you to determine the scarcity of your asset. Moreover, selling NFT is not a one-time gain as there are secondary profits from sales included.
For example, if you have writing skills and you think you can stand out, Mirror.xyz is the right platform for you. Mirror.xyz leverages cryptocurrency to provide you with an online platform to publish your novel ideas and writeups and then monetize those.
Passive Income for NFT Holders
NFTs can be stored on digital wallets and can be sold for a potential return of payment. The cryptocurrency market is highly volatile while NFTs are an excellent investment option with low risk, high reward, and lower volatility. Their price increases over time and you earn the price difference.
Be it cryptocurrencies, NFTs or any other trade, your entry and exit price determines your profit gains, however, things change a little when you’re in the crypto world. The more you HODL your assets, the more you gain for your patience. There are staking and DeFi options to earn passive income, however, in NFTs, you earn a reward for doing so.
In addition, the rewarding mechanism is different for different NFTs. Some NFTs give their HODLERs daily rewarding tokens. CyberKongz rewards their Genesis NFT holders a daily reward in NFTs in their native token (ticker $Banana).
Each Genesis Kong produces 10 $BANANA every day for the next 10 years. The price of one $BANANA was $6 then now it trades above $11. So, holding one Genesis Kong can earn you $112 per day, simple math, a potential passive earning.
Conclusion
NFT is a newer idea still waiting for acceptance at a larger scale and still underrated compared to the services and use cases. Many of us repent for not buying bitcoin in the early days when it was worth cents. If an NFT is chosen wisely, it will not only reward you as its value increases with time, you can also earn the staking rewards on your holding.
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sources: rarible, nftstars, crypto, cyberkongz, coingecko, opensea
author: Rene Remsik, mnmansha
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
