Ok I have to admit, I was going for a title that would catch your attention to try and get you to click on this article, so you can thumbs down and move on if you want, but you would miss out on this awesome advice.
If you want to learn how to yield farm using NFTs with some amazing art than you need to check out Splinterlands.
What is Splinterlands?
If you have never heard of Splinterlands, think of Magic the Gathering, but online and you can earn playing the game.
Every time you play a game you win DEC, which is an in-game currency, you earn by completing daily quests and finishing the season at certain ranks, and finally by competing in free tournaments with prize pools.
The games only take a few minutes to complete as once you set up your teams the game is pretty much an auto battler after that. While this sounds like it might not have much depth, with several different card types and abilities that choices and gameplay can get really deep.
The best part of the game, in my opinion, is that when you win or buy the booster packs or cards, you now own them and can either play with them, sell them, or rent them.
Renting Splinterland Cards to Yield Farm NFTs
Ok, so I'm assuming that to this point you have already created an account and bought some cards that you want to rent out.
If you need some tips on picking out which cards are the best to rent out than you can check out the article I wrote a few weeks ago about how to pick out the best rental cards to make you the most money.
I was trying to find the post with all the different crypto they accept, but I can't find it. I can guarantee it's more than most people realize. You can purchase cards on Splinterlands, PeakMonsters which is where you'll need to go to rent the cards, or SplintX.
2 - Find the card that you want to rent and click on it. For this example, I'm clicking on Spirit Miner.
3 - Check the box of the card that you want to rent. My 2 level 4s are currently rented so I'm going to try and rent the level 1 Spirit Miner.
4 - Once the card is selected the boxes in the top left will now say 1. Click on the box and then look for the button that says rent.
5 - This brings up the rental box in which you'll see information such as rental duration and price suggestions.
Yellow Highlight - Daily Fee - This is how much you'll earn each day the card is rented.
Light Blue Highlight - Escrow Price - This is how much you'll earn once the contract ends. This is to dissuade people from canceling the contract early as there is a 7-day cooldown before the card can be rented again.
Green Highlight and Pink Highlight - Min and Max Days - This is the shortest and longest the cards can be rented. I like to keep 7 as the minimum and make the max around 60 there is nothing better than someone renting your card for 60 days.
Orange Highlight - Available - The current prices that cards are available to rent at. In a perfect world, these are the prices that you're looking to undercut to rent your card faster.
Red Circle - Rented - These are prices that cards are currently rented at. So ideally your price will be between the rented price and available price. In this case, that's not possible for this card.
Black Circle Bottom Right - Confirm - Once you have all the above parameters set click the confirm button and your card is now on the rental market.
Your NFT Rental Farm is Started
That's it. You can sit back and start earning passive income from your rental NFT farm and be able to retire before you know it.
I know I'm looking at retiring in the next 2 or 3 years off the $0.08 I'm earning daily. The previous sentence is sarcasm if you couldn't tell, but it is something that you can slowly grow.
Every one of the cards that I'm currently renting is also worth more than what I originally paid for it as well, so if I wanted I could slowly sell them to make some more crypto back.
The only downside that I can think of, if you want to call it that, is that you can only earn HBD and Hive from your rentals. This isn't a problem for me as I'm trying to stack Hive but wanted to be transparent for those looking to stack other cryptos.
Results so Far
I haven't made $2,000 overnight, so this may be a disappointment to some looking to make a quick couple grand, but with the cards almost constantly being rented, and the price of the cards slowly increasing I would bet my APR is easily more than 10% and probably closer to 20%, but that is super conservative.
If you enjoyed reading this post feel free to share on social media for others, ask a question down in the comments below, or give me a follow for future updates and articles. As always likes, upvotes, etc. keep the content coming as consistently as possible.
You can also use my affiliate link to sign up for Splinterlands as well, which will help me out quite a bit.
Posted Using LeoFinance Beta