By now you have heard of people making money by buying and selling NFTs but did you know you can make money just by owning one? Some NFTs will actually pay you in crypto just for holding their NFT. CyberKongz’s BANANA project will pay you 10 BANANA tokens every day for 10 years for just owning their NFT. There’s also NFT staking that can allow owners to make money off their NFT collection. What is NFT staking? Staking refers to the process of depositing, or “locking away,” digital assets into a DeFi protocol smart contract to generate a yield. This works very similar to DeFi yield farming where you can lock up your NFT collection on a decentralized platform and can receive rewards depending on the annual percentage yield (APY), the staking duration, and the number of NFTs staked. Renting NFTs is also becoming a popular way to earn passive income from your NFT collection. For instance, some card trading games allow players to rent NFT cards to increase their chances of winning. The terms governing the deal between the two parties are governed by smart contracts. NFT users usually have the freedom to set their preferred duration of the rental agreement and the lease rate for the NFT. NFTs are still young and in its infancy but there’s certainly a lot that you can do beyond just flipping them.
