In 2021 the world of Cryptocurrency saw a significant rise in coins from NFT projects and platforms. These Crypto coins are now becoming part of the Cryptocurrency landscape in 2022 as well. In fact, with the surge of different NFT coins in the market, it is tough to choose the most feasible option for earning passive income.
There are lots of NFT projects promising cash or tokens that didn’t have a significant impact. This may be true but, P2E NFT video games and NFT initiatives with promising coins and staking rewards continue to develop and launch.
Before getting into details of NFT coins let’s understand their working
How do NFT coins work?
Firstly, it is important to remember that NFT coins appear in many different ways covering every type of utility. Secondly, NFT cash might be very unstable at times. So an individual needs to be extremely cautious while purchasing NFTs offering coins or actually acquiring NFT coins on exchanges or via liquidity pools.
Cardano (ADA) is the sixth biggest Cryptocurrency. At the time of writing it has a market cap of approximately $44,931,269,425 and a USD value of $1.35.
So let’s explore some of the top NFT coins at our disposal and how they help us with passive income.
NFT Collection Coins
The genesis Cyberkongz was the first NFT to implement passive income via NFT coins or tokens. To clarify, holders of the genesis Cyberkongz receive 10 BANANA tokens every day for 10 years. The primary utility of the token is for minting Baby kong NFTs.
Hence, BANANA has been one of the greatest cash from an NFT project. Genesis Cyyberkongz NFTs are some of the most expensive on the market. The current floor price for a genesis Cyberkongz NFT is 90 ETH, or around $344,000. For Baby kongz, it’s 6.99 ETH or $27000.
The Bored Ape Yacht Club (BAYC)
Market Cap: $1,197,601.9100705674
The team behind the premiere of the NFT avatar project finally answered the question “Wen token?” in October 2021. Although they didn’t put out any excessive detail about what the BAYC coin will possibly appear, they did confirm the launch in Q1 of 2022.
Just because they are not out yet doesn’t mean that a future BAYC coin wouldn’t follow suit, especially when we observe how well the BAYC collections are doing.
NFT Game coins
Axie infinity- AXS and SLP
AXS – USD: $61.07 Market Cap: $3,716,347,003
SLP- USD: $0.02274 Market Cap: $123,379,038
Undoubtedly, Axie Infinity is the most popular name in play-to-earn blockchain gaming. In fact, it was one of the earliest such initiatives in this area. Further, it also features Pokemon-like NFT called Axies.
In general, players can earn and also trade the game’s native coin, ASX, by purchasing, selling, breeding, and battling Axies. Further individuals can also buy AXS on different exchange platforms.
Axie infinity brought in staking in October 2021. Staking lets customers hold on to their AXS coin and gain significant interest over the time period they stake it for.
There is a second coin tied to Axie Infinity that is known as the Smooth Love potion or SLP. SLP started as an in-game currency that gamers earn, and also, use to breed Axies.
Nowadays, SLP has grown so much with the game that it also provides trades on exchanges now. In order to gain staking rewards, one can easily swap SLP for AXS.
Wolf Game – $WOOL
This game has been gaining a lot of popularity in the NFT world lately. In particular, Wolf Game receives rave reviews for its simple game-play and passive revenue model. In comparison with Axie Infinity, it is simple to earn the $WOOL token in the game.
To clarify, it is as simple as shopping for a sheep NFT on the secondary market, staking it with the Wolf Recreation “barn”, and then earning $WOOL. This is simpler when compared to Axie Infinity requires much more time and strategies to play. At times, the Wolf game can be as passive as passive income gets.
It’s still early days for Wolf Game. But the trend of NFT influencers mentioning this gives us an indication that $WOOL can easily end up being one of the major NFT coins this year.
NFT Platforms Tokens
USD: $2.42 Market Cap: $ 468,897.42922907346
Decentraland is known to be the all-time Metaverse on OpenSea’s rating. The huge Metaverse land sales are not surprising as the native cash of these platforms is performing well in relation to other cryptocurrencies.
MANA is the native coin of and is useful in buying a digital LAND and also trading other property in Decentraland. Often MANA gets burned when auction sales happen; this further decreases the number of available MANA. So, it’s important to observe this deflationary effect because the Decentraland’s user base continues to grow.
The Sandbox – SAND
USD: $3.13 Market Cap: $3,625,344,785
Sandbox is another leading metaverse platform like Decentraland. This platform has its native coin which is SAND. Here, holders can utilize the SAND coin to purchase plots of land and other items in The Sandbox. Staking the SAND token is probably one of the best ways to earn a passive income.
The Sandbox successfully puts back 50% of SAND into the group via The Sandbox community.
USD: $1.61 Market Cap: $1,413,276,806
Enjin is a company that allows blockchain game developers to assign worth to the in-game objects that they create. To do this Enjin utilizes the ENJ coin. The game creators lock up ENJ coins once they mint NFT merchandise. This merchandise list may contain items such as game currencies, characters, and accessories.
Gamers of this game who use ENJ can earn, buy or trade those items in the games. Players can also sell the items for the amount of ENJ coins locked in the items. Another key point is that ENJ has a capped supply i.e. only 1 billion ENJ will ever exist. This restriction in supply can actually help increase the price of ENJ.
Gala Games- GALA
USD: $0.2357 Market Cap: $1,644,321,177
Gala is a platform for blockchain gaming that focuses on creating fun, simple games where the assets are owned by the players. The native coin, GALA, is available on different exchange platforms, and also as a reward, both in some of the platform’s games and players who execute the nodes for Gala’s decentralized blockchain. The GALA coin can also come in handy for trading assets in Gala Games.
As a result of listings on both Binance and Coinbase, GALA observed a significant price increase last year, along with some dips as well. So, it is fair to say that the value of the coin is directly in link to the success of the platform and the games it produces.
NFT Coins Provide Both Risk & Opportunity For Passive Income
Be it any investment, risk or opportunity goes side by side. The risks of more established passive income opportunities like staking AXS or SAND for instance are relatively low. But, they might have a higher bar to entry and lower return than rolling the dice on a less effective NFT coin.
In any case, when it comes to NFT coins there is a wide range of passive income opportunities. So choosing the best one depends on what you’re looking for.
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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading