Yield Farming NFTs: Earning While Holding NFTs
Everyone is beginning to talk about passive income, people are becoming more aware about their earnings which is considered great. Thanks to technology, most importantly thanks to crypto’s technology we have NFTs. NFTs are known as Non Fungible Tokens that can represent media, this media can range from pictures, arts, videos or audio.
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If you have an NFT art, it’s just like having your favorite art painting on your wall, but the difference is that, it’s digital, it’s embedded on a blockchain and gives the owner a proof of ownership. Now imagine having your art paintings hanging on your wall and making passive income at the same time. This will be so cool, well it’s a reality right now. I once thought about how un wise it is buying an NFT without yielding a passive income. I felt investing on defi for passive income is wiser than investing on NFTs. Turns out there is an improvement right now, giving you the opportunity of holding an NFT, earning passively from the NFT and also selling the NFT to make money.
Just as the name implies, yield farming generally means locking your assets up in a decentralized finance protocol thereby providing liquidity in the protocol. The blockchain rewards this activity by giving this liquidity providers reward. An opportunity has been created for NFTs, giving NFT holders the opportunity of staking their NFTs and earning yields.
I guess people where bored of holding jpegs worth a lot of money without earning any passive income, so there were like, why not create an NFT yield farming. This is the reason I fell in love with splinterlands. Splinterlands is an NFT play-to-earn on the hive blockchain. It’s an NFT card game, that has a market place where this cards can be traded. Not like your regular NFT farm yield, but you can still earn passive income from having the cards through renting. You can rent your cards out to players and you earn daily.
Aside splinterlands where you obviously know that your cards are being used for, I don’t know the utility of other platforms that give NFT farm yields. There are platforms where you can stake your NFTs and you earn tokens as rewards for staking your NFTs, but I guess this will mostly be on play to earns. We have platforms like superfarm where you stake tokens and earn NFTs, stake NFTs and earn tokens.
Other NFT projects that rewards their NFT holders with tokens for holding their NFTs are, CyberKongz, SupDucks, Bears Deluxe, Mutant cats and more. I guess the crypto community is truly on its way to making the whole world rich. Because it’s just too amazing, how do you pay me for trying to be rich? You buy an NFT hoping it will boom, then you earn tokens for holding while you are waiting for it to boom.