NFT Passive Income | How To Keep safe | How To Protect Your NFTs
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Welcome to our NFT Passive Income video!
If You’ve Regularly Been On Social Media Or Have Followed The News In The Past Couple Of Years, You’ve Most Likely Heard Of Non-Fungible Tokens (Nfts). Whether You Think Nfts Are A Fad Or Present Great Opportunities For Artists And Investors, They Often Make The News And Have Even Sold For Millions Of Dollars.
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Nfts Are Collectible Digital Assets Similar To Cryptocurrency And Can Range From Everything To Pieces Of Art, Music, Videos, Memes, And Even Screenshots Of Tweets—For Example, Twitter CEO Jack Dorsey Sold His First-Ever Tweet For $2.9 Million.
Tips For Keeping Your NFT Secure
Regardless Of The Type Of Wallet Or System You Store Your Nfts In, It’s Still Essential To Follow Some Best Practices To Keep Your Digital Assets Safe When Tucked Away In Storage.
Tips To Follow When Keeping Nfts Safe:
Create Complex Credentials: Try To Create Login Credentials With A Mixture Of Capitals, Numbers, And Symbols To Make Your Password Less Easy To Guess Or Hack.
Keep Your Login Private: It May Sound Like An Easy One, But It’s Important To Keep Your Login Credentials To Yourself And Avoid Ever Texting Or Emailing It To Anyone.
Seed Phrase: When Using A Software Wallet, Never Give Out Your 12-24 Word Seed Phase As It Can Greatly Compromise The Security Of Your Nfts.
Avoid Dodgy Sites: It’s Essential To Avoid Sites That May Have Any Malicious Intentions. Furthermore, Try To Regularly Scan Your Computer For Viruses And Spyware.
Storing Your Passwords: If You Need To Store All Of Your Credentials And Passwords, Keep Them In A Physical Format. By Storing Them Offline, You Can Avoid A Data Breach And Mitigate The Risk Of Someone Being Able To Access Your Nfts.
Store Nfts Offline: If You’re Not In A Rush To Trade Or Sell, Keep Your Long-Term Digital Assets Offline, And As Previously Mentioned, A Cold Storage Hardware Wallet Can Help You To Do That.
Staking NFTs For Passive Income
Staking, or Crypto Staking, is the transaction verification process. It requires Cryptocurrency that has the staking opportunity. Crypto Staking is like a savings account. You deposit your currency in an account used for staking.
Renting NFTs
NFT Renting Platforms are a new and evolving concept. However, they allow users to rent their NFTs, like in the case of ReNFT, and help to earn passive income. There’s an involvement of collateral, price, and duration in the process. Some of the platforms limit the price you can put for a rental, while others allow you to choose the price as per your calculations. Naturally, the more popular NFTs will fetch higher costs due to greater demand.
NFT Royalties
Whenever you sell an NFT in the secondary market, the NFT creator earns the royalty, as specified in the smart contract. NFT Royalties form an integral part of the smart contract. The royalty rate is set either by the marketplace or the creator himself.
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The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our NFT Passive Income video. Make sure to leave a like on the video if you gained value from it!
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⏰ Time Stamp ⏰
00:00 Intro
00:36 How to Protect Your NFTs
02:09 Outro
