NFTs are increasing in popularity, and everyone seems to want a piece of the action. Many creators and investors have earned amazing incomes through NFTs. Their record-breaking profits have gone a long way towards changing people’s view of these digital collectibles. But there are more ways to make money with NFTs than simply buying and selling them.
Renting out NFTs is another great way to earn extra income without selling your collection. In NFT games, gamers can rent NFT assets and pay lenders a cut of whatever cryptocurrency they earn while playing the game. For example, players can borrow NFT cards in some card games to increase their chances of winning. Smart contracts determine the terms of the agreement between the two parties. Typically, users can set their preferred terms and rental rate for each NFT.
Let’s go through the step-by-step guide for renting out NFTs.
Step 1: Buy an NFT with utility
You need to open and fund a crypto wallet on an NFT marketplace. It will be used to purchase a targeted NFT.
Step 2: List it on an NFT rental marketplace
Now you can list your NFT for rental and set the terms such as price and time duration. Renting NFTs is still a relatively new idea. For this reason, there are not a lot of NFT rental marketplaces yet. Two of the most popular places to rent NFTs are Trava NFT and reNFT.
Step 3: Rent it out to a customer
Once a customer rents your NFT, you begin earning income. To increase your chances of renting out your NFT, you should also consider sharing info about your NFT rental on social media and doing other forms of marketing.
Step 4: Receive payment
You get paid in your favorite wallet for the rented NFT.
Step 5: Get your NFT back
After completion of the specified rental time, your NFT is safely returned to you.