What is Staking NFT and how does it work?

Booking: This article is for educational purposes only. Binance has nothing to do with or support these projects. The information provided through Binance is not an investment or trading advice or recommendation. Binance is not responsible for your investment decisions. You should seek professional advice before taking financial risks.

Booking: This article is for educational purposes only. Binance has nothing to do with or support these projects. The information provided through Binance is not an investment or trading advice or recommendation. Binance is not responsible for your investment decisions. You should seek professional advice before taking financial risks.

TL; DR

Staking NFT is a new way to earn passive income in the cryptocurrency world. This allows NFT owners to lock their assets on DeFi platforms to receive rewards. Without selling all your collections.

As in the case of the DeFi profitability economy, NFT staking is based on the Proof of Stake (PoS) mechanism, which rewards participants. By blocking NFT, users can receive rewards based on the Annual Interest Rate (APY) and the number of NFTs accumulated.

At the individual level, such a sting can benefit investors because total supply is usually lower. In a broader context, staking NFT introduces new uses for this active class that go beyond the idea of ​​collecting digital art.

When talking about non-exchangeable tokens (NFTs), most people think of them as digital equivalents of works of art and collectibles, the value of which can potentially increase over time. Some projects share a portion of their revenue with the community of owners. They usually come from after-sales and royalties.

However, as the NFT market grows, designers, artists and collectors are exploring new uses for their collections. One of the newest is the use of these assets as useful tokens on staking platforms. For example, in some game metavers, collectors can collect NFTs to improve their in-game skills and earn additional rewards.

As the name suggests, staking refers to blocking NFT on a platform or protocol to gain NFT, staking rewards, and other benefits. This allows you to earn passive income while maintaining ownership of tokens.
Although NFT distribution is still in its infancy compared to other DeFi productivity concepts, they operate in a similar way. By blocking NFTs on the platform, you can receive rewards based on the Annual Interest Rate (APY), the duration of the block and the number of accumulated NFTs.
Due to the unique nature of these stocks, investors and collectors generally prefer HODL and speculation. Staking NFT allows them to monetize their assets, which has the potential to attract more people and increase demand for NFTs that offer this feature.

Staking NFT is the same as bitcoin (BTC) or ether (ETH). All you need is a cryptocurrency wallet from NFT. However, not all NFTs can be collected to win prizes. Requirements vary by project, so it is best to check the details before obtaining these tokens.

As of December 2021, most NFT stack opportunities come from gamble. MOBOX and Zookeeper are two examples. Some projects are also developing NFT stack capabilities on their platforms. Examples include Binance Fan Token and Doge Capital.

MOBOX is a win-win metaversion game that combines DeFi productivity with NFT. Based on Binance Smart Chain, it allows players to accumulate NFT to win prizes in their cryptocurrency MBOX.

Metaverse is called MOBOX MOMOverse, and NFT is called MOMO. You can beat, acquire or buy MOMO in the NFT market. Each MOMO has different features and randomly generated hashing power. By dialing a unique MOMO, you can activate the MBOX management token. The more MOMOs you collect, the more MBOX rewards you can win each day.

MOMO NFT can also be used on other MOBOX partner platforms, and vice versa, branch projects can be used on NFT MOBOX. For example, in MOMOverse, you can use your NFTs collected from PancakeSwap without removing them from PancakeSwap. This allows you to take part in team battles and win prizes for collecting CAKE on PancakeSwap, as well as use them in MOBOX games to win MBOX prizes.

Zookeeper is a DApp focused on productivity games. Provides a share of NFT in liquidity pools where different mascots are displayed. All Zookeeper liquidity pools are dual farming, meaning you can win both the ZOO Utility Token and the WanSwap Liquidity Provider (WASP) Token as a prize.

You can block your tokens for up to 180 days to increase APY rewards. You can collect NFTs called ZooBoosters to increase your rewards and shorten the blocking time for WSLP. ZooBoosters are NFT cards that can be purchased in gold boxes purchased at DAppie or with zoo badges.

Binance is the first cryptocurrency exchange to offer NFT refilling service. On the Binance Fan Token Platform, token holders can download the NFT of their favorite teams to win additional Binance Fan Token prizes. Binance Fan Tokens are useful tokens issued by sports clubs.

These assets allow sports fans to enjoy special club privileges such as limited edition tickets and exclusive discounts on goods, voting and club decision-making rights, all reserved only for holders of such tokens.

NFT PowerStation Binance is an innovative gaming feature on the Fan Token Platform. By increasing the assets of the respective teams supported on the NFT PowerStation, fans can increase their fandoms and win additional Binance Fan Token awards. The longer NFTs are loaded, the higher fan rewards can be obtained.
See this guide for more information on winning rewards by downloading NFT on the Binance Fan Token Platform.

Staking NFT allows you to earn extra income from empty NFT collections. At the same time, it creates new uses that have never been studied before. It may be too early to tell, but we will see more news about NFT stacking. Not only for collectors, but also in the Play-to-Earn gaming industry and other areas based on blockchain technology.

Booking: This article is for educational purposes only. Binance has nothing to do with or approve of these projects. The information provided through Binance does not constitute advice or recommendation for investment or trading. Binance is not responsible for your investment decisions. Seek professional advice before taking any financial risk.

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