Anyone who has been following tech news in recent times has to have heard of NFTs. Although NFTs have been around for a while now, it was only in 2021 that they witnessed a boom. From the art world to real estate to gaming, NFTs have been gaining popularity as a valuable asset. However, some are still reluctant to invest in NFTs since a few are purely collectible.
As this is sought after only by collectors, the scope NFTs have to provide one with passive income is lost. Here are a few ways in which you can supplement your income using NFTs.
Earning through NFTs
NFTs let you earn in several ways. If you’re an artist or any sort of content creator, you can mint your work as an NFT, auction it, and then earn royalties every time your creation is sold. If content creation is not your thing, you can always play on NFT gaming marketplaces. By completing in-game missions, you can earn rewards that can be exchanged for fiat currency. Trading or renting out your NFTs are also solid ways of earning through NFTs.
A new way of earning is in the form of NFT staking. You can earn staking tokens on NFT staking platforms. You can also reinvest your earnings in other platforms and maximize your ROI – a process called yield farming.
Final Thoughts
NFTs have so many more applications than meets the eye. Sure, they have collectible value, but even otherwise, they can be a great tool for earning. Several people in developing countries are already making a career out of play-to-earn NFT gaming marketplaces. Of course, whether NFTs will replace traditional jobs remains to be seen, but in the meanwhile, they can definitely boost your income.
