DeFi staking, Yield farming, pooling are quite familiar terms. Now after the surge of NFTs, people are widely talking about NFT staking. There are a lot of similarities between them in the working modules and both are intended to let users earn passive income for participating in the staking.
What is NFT Staking ?
NFT Staking is the act of holding/staking Non Fungible Tokens in a particular platform. Based upon the factors like Annual Percentage Yield (APY), Time duration and the count of NFTs, the user can get rewards which act as a passive income for investors. It works the same as yield farming under the Proof Of Stake mechanism. Already, NFTs have taken multiple dimensions and NFT staking will act as another major use case for NFTs.
NFT Staking Platform Development
NFT Staking Platform Development is the complete process of specifying, designing, programing, developing and testing the entire NFT Staking Platform. The platform developed by our experts, seamlessly works well with tight security features so that the users can stake their NFTs and earn passive income without any hesitation. In concern with our clients requirements, we will develop the NFT Staking Platform on the top of any blockchain with custom APIs and functionalities.
What is the need for an NFT Staking Platform ?
You might obviously think there are a lot of options other than NFTs to stake and get reward from it but the prominent thing to consider here is Liquidity. Each and every NFT has unique property and prize, just like selling and buying cryptocurrencies, we can’t easily buy or sell NFTs Thus Staking acts as a NFT owner to get reward from being the owner of the NFTs. Other than this, professional gamers stake NFTs in the metaverse kind of gaming platforms to earn more power to their virtual characters.
If we think in a wider vision, NFT staking platform has the potential to attract gamers as well as investors so that the scope and hope for this kind of platform will enhance in the future.
How does NFT Staking Works ?
When we are dealing with the working of NFT Staking, there are two scenarios here,It is applicable in metaverse gaming platforms as well as NFT Staking Platforms
- First, one needs to register on the NFT Staking platform.
- Load the crypto wallet with required NFT
- Get informed with the Annual Percentage Yield (API) and the NFTs supported.
- Stak NFTs in the platform and earn passive income with it.
Top NFT Games that supports NFT Staking
Axie Infinity is a popular Play to Earn game introduced staking months ago, Players of the platform can stake the AXS token and earn reward. It provides 80% APY, meaning that the player can earn double the income.
Splinterlands is an adventurous NFT game that allows users to stake SPS tokens. Once the players stake the token, they have wide possibilities to earn special offers, promotions and bonuses from the platform.
MOBOX is a metaverse P2E gaming platform built on BSC that lets users earn MBOX tokens. The NFTs of this platform are called MOMO. Each MOMO has a different character and functionality. By staking MOMO, you can earn a MBOX token. This platform is in partnership with Pancakeswap, so one can also stake CAKE tokens.
Top NFT Staking Platforms
NFTX lets users create and deposit ERC20 backed tokens. Once the user deposits NFTs in the wallet, it generates a different kind of composable token in 1:1 ratio. one can pool those v tokens to add liquidity to the platform and earn calculative rewards for it.
BAND NFTs platform is created specifically for music NFTs so that people can only stake music NFTs in this platform and earn rewards from it.
Polychian monsters is a platform that has the animated collectibles known as polymons which have multiple characters at a diverse rate. Users of this platform can stake polymon and earn PMON on the weekly basis.
Doge Capital is a NFT minted on solana with 5000-pixel art NFTS, it provides rewards on the daily basis with DAWG tokens.
zookeeper is a Dapp that provides NFT staking in liquidity pools. it provides dual farming, i.e, one can earn twice than one can earn. To earn more rewards, the user needs to stake the token for more duration.
Benefits of Starting a NFT Staking Platform.
- High ROI
- Wide range of users
- Future Scope
How can we help you?
Bitdeal, being the dominant NFT Development Company in the Industry strives to develop revolutionary projects in the crypto domain. We have a strong team of potential developers that have the capability to offer all kinds of NFT services like NFT Gaming and NFT Marketplace Development in many domains. Now, we have analyze the needs and requirements for the NFT Staking Platform and extended our services towards it.
Reach out to us instantly!
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