NFT market has grown into a major sector of the crypto industry in 2021, with turnover exceeding $12.6 billion, up from $162.4 million at the start of the year.

And while the vast majority of NFTs are created, bought, and sold using Ethereum, high gas fees can make the process incredibly expensive.

According to Rarible analytics estimates, minting a single NFT on Ethereum costs about $98.69, while minting a collection of NFTs costs $900 on average.

To offset these costs, many investors and creators are simply trying to offload their NFTs to secondary marketplaces, such as OpenSea, and make a profit. But there are several ways to earn passive income from NFTs.

1) NFT for rent
For example, some card games allow players to draw NFT cards to improve their chances of winning. The leading example of a platform that allows users to rent or lend NFTs is reNFT, renting from 0.002 to 2 WETH (ERC-20 version, Ethereum's native cryptocurrency)

2) Royalties NFTs
The underlying technology behind NFTs allows creators to set conditions that impose royalties whenever their NFTs change hands in the secondary market.

In other words, creators can earn passive income even after selling their creations to collectors. Thus, they can receive a share of the sale price of the NFTs in question for an indefinite period. For example, if the royalty for a digital work of art is set at 10%, the original creator will receive 10% of the total sale price each time their work is resold to a new owner.

3) NFT rate
Staking refers to the process of depositing or “locking” digital assets in a DeFi protocol smart contract to generate income

However, that NFTs and the underlying smart contract technology are still relatively new. Thus, many applications that provide the capabilities described here are in their infancy. In light of this, it is recommended to perform due diligence and understand the associated risks before applying any of the above strategies.