What is Passive Income from NFTs? In this article on the shetcoiner site, we want to take a look at this question and see how we can make money from this way; If you want to know more about this topic, stay with us until the end of this article.
What is NFT?
Non-fungible tokens or NFTs are one of the most popular topics in the field of crypto currencies. In recent years, people’s enthusiasm for NFTs has been the only thing they have talked about it. If we want to give a clear definition of NFTs, it is a non-fungible crypto currency and a digital asset and symbolizes real-world objects such as art, music, games and movies. The reason it is considered irreplaceable is that it is unique and cannot be traded for anything else.
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For example, a Bitcoin or Ethereum is interchangeable, that means if you exchange one Bitcoin for another Bitcoin, you will receive the same thing. For artists, connecting their artwork to a Blockchain called NFT may be a safe and legal way to sell artwork online. They can create their own NFTs without the need for intermediaries and sell them to anyone worldwide, thus significantly reducing costs and being able to connect with many people around the world to sell their work. In the following, we are going to discuss how we can generate revenue through NFTs?
NFT sales and revenue
For those who are looking for make money from NFTs, here are some ways to do just that:
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royalties
The easiest way to profit from NFTs is to sell it at a high price to someone who wants to get the royalties, but an NFT is only valuable to someone and wants to pay for it. Artists can also introduce themselves to the collections they sell when determining their sales impact and earn a fixed percentage of the profits from NFT sales. A new NFT platform called Zora and a project called dCanvas help developers patent their artwork and sell it when they want.
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Borrow currency and get stock rewards
Use your NFT as collateral to borrow crypto currencies that you think have good potential for growth. Then share that crypto currency for passive income. According to Coinbase, Staking is “the process of actively participating in transaction validation (similar to mining) in the Proof of Stock (PoS) Blockchain.” In the POS platform, shareholders are rewarded for participating in the network. Based on the crypto currency assets that this person has, the annual return on this method or APY can be between 3 and 300 percent.
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Rent and receive a fee
If a person has NFT that he or she does not intend to sell, he or she can rent it to someone who may want to buy a token and borrow it as part of the purchase price of a token, thereby generating passive income.
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In this article on shetcoiner site, we took a look at what NFT is and then talked about the benefits that these NFTs offer. Here you should know that the world of NFTs is much extended and this extent makes this method of monetization attractive; because you can connect with people around the world and introduce them to your work.
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