If you have NFTs that are otherwise just sitting in your wallet, why not consider staking them and have a steady passive income? NFT staking is the latest method of earning an income in the world of cryptocurrencies.
NFT staking opens up new ways in which you can use the NFTs you possess, apart from just collecting, buying, or selling them. If you are interested in informing yourself further about this topic, take a few minutes to go over this review, and hopefully, by the end of it, you will be ready to stake your NFTs and make a steady passive income for yourself.
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NFT Staking: How does it work?
As you probably already know, NFTs are basically tokenized assets. This means that you can transfer them to platforms that will keep them safe and govern them in your place. To stake your NFTs, you are required to lock them away either in a smart contract or on the blockchain protocol. In many ways, staking your NFTs is considered to be highly rewarding with little to no investment risk and, all in all, very safe in general.
Even though NFT staking is still in its early stages when compared to DeFi staking, they share quite a bit of similarity in how they work. When you choose to lock your NFTs on a platform of your choice, you receive income depending on the number of NFTs you staked, the duration you stake them for, and finally on the annual percentage yield.
Because of the distinctiveness of NFTs, investors usually favor holding rather than selling. Due to this, staking NFTs gives way to new opportunities for investors to monetize their assets and bring more users to join in and potentially increase the demand for the staked NFTs.
When it comes to staking NFTs, it is the same as staking other cryptocurrencies, for example like Bitcoin. What you are required to have is a crypto wallet to hold your NFTs, although be careful as not every NFT can be staked for you to receive an income. Depending on the project you choose to stake on, the requirements may differ, so it is advised to double-check on the project before you acquire the NFTs.
Where can I stake NFTs?
NFTs being non-fungible means that staking them on most DeFi platforms is not possible. Because of that, there have been a number of projects that devoted their time to creating protocols where you can stake NFTs. At the current time, for the most part, opportunities for NFT staking lay in play-to-earn games. With that being said, here is a list of NFT staking platforms that you can choose from.
👉 MOBOX (MBOX)
First, we will talk about MOBOX. It is a play-to-earn game with its own metaverse named MOMOverse. Here on this platform, there are NFTs called MOMOs. These NFTs give you ample options; you can earn or purchase them from the marketplace, as well as mint them, and most importantly, stake them for a passive income.
Every MOMO differs in quality and has its hashing power generated randomly. When you stake MOMO, you are able to acquire the governance token called MBOX. So, depending on how many MOMOs you have, the more MBOX you can acquire on a daily basis. When you acquire a MOMO, as soon as it is minted, it is automatically staked and starts earning MBOX for you. This feature saves you quite a bit of time.
As we mentioned, MOMOs vary in hash power. This is because every MOMO has a different rarity. The higher the rarity, the more hash power the MOMO has and ultimately acquires you more MBOX in the long run. Rarities of MOMOs are as follows: common, uncommon, unique, rare, epic, and lastly, there is a market for legendary MOMOs. If you managed to get your hands on a rare, epic, or legendary MOMO, you are in luck because these ones can be upgraded to increase their hash power to make farming much faster.
👉 Zookeeper (ZOO)
Next, we will mention Zookeeper. It is one of the latest projects that are based on a Wanchain Dapp. Zookeeper offers a unique dual farming method designed for the rising popularity of NFTs. It integrates with another Wanchain Dapp called WanSwap, thereby increasing its own liquidity. Nevertheless, it also has its own token called $ZOO that is being given as a reward for farming to all of the WanSwap Liquidity Providers that decide to stake their WanSwap Liquidity Provider tokens, also known as WSLP for short.
The dual farming feature on Zookeeper that came from the partnership with WanSwap allows users to farm $ZOO tokens as well as $WASP tokens together. A zookeeper gives an option of boosting yield farming rewards to its users via the lock period function that is available on every pool. As you can probably guess, you will earn more rewards depending on how long the lock period you have chosen is.
Another great feature to help your NFTs earn more passive income through staking is with ZooBoosters. You can purchase, earn or even win through various ways on the Zookeeper Dapp. These boosters are a great way if you want to shorten the lock duration of your NFTs while also increasing the rewards you are getting.
Whenstaking is an NFT staking platform that is based on the Onessus blockchain. It gives its users a possibility to stake many different NFTs as well as a native token called VOID to support the platform’s NFTs. It is important to mention that the WhenStaking only supports NFTs that are from the games on the Onessus blockchain.
The procedure of staking NFTs on the Whenstaking platform is as follows: depending on several factors, an APR for an NFT will be determined. These are a rarity, average price, and the collection of NFTs. When it comes to the rarity of NFTs, the higher the rarity of the NFT, the higher the average price of said NFT; and with that, the collection as a whole is more valuable and in a result, will have a higher annual percentage rate as well as higher staking capacities.
Keep in mind that Whenstaking, there is a Base Cap feature which is the minimum value that the NFT must possess for you to be able to stake it on the platform. This minimum value is based on the VOID tokens, and at the current time, it is 40.000 VOID tokens.
The platform connects to the WAX Cloud Wallet without any problems. These in-game NFTs can be staked to earn a profit or used in the games on the platform. What’s more, determined by the lock-up period, WhenStaking provides up to 80% APY for the holders.
👉 NFT PowerStation on the Binance Fan Token Platform
Being one of the best-ranked cryptocurrency exchanges in the world, Binance is the first one that started offering an NFT charging service. The Binance Fan Token Platform offers a possibility for token holders to stake the NFTs supported by their favorite team in order to earn additional Binance Fan Tokens.
You might wonder what Binance Fan Tokens are. These tokens are basically utility tokens that are affiliated with, for example, a brand, club, or a team, and they provide fans with special privileges. One of the examples of this might be a priority in buying tickets or getting better seats at the game, but also decision-making and voting on important decisions for the club.
Binance Fan Tokens are, for the most part, affiliated with sports clubs, celebrities, or anything with a sizable following. Take, for example, FC Barcelona. It is one of the several clubs that have their own token, and the value of these tokens is not the same as cryptocurrencies such as Bitcoin, but the value depends on the aforementioned benefits the fans can receive upon owning the token. If the benefits are good and worthwhile, the price of the token will be higher.
Finally, by staking the NFTs of your favorite team, you can boost the team’s fandom and acquire additional Binance Fan Tokens; remember, the longer they are staked, the higher the rewards will be.
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👉 Cargo Gems
The prosperous launch of the Cargo NFT minting platform and its marketplace followed the Cargo Gems project. Cargo gems are utility tokens with the purpose to make the staking of the NFTs on the platform easier and faster.
The primary purpose of Cargo Gems is a one-of-a-kind staking model for non-fungible tokens in which you infuse gems with adequate NFTs. NFTs that are staked through a smart contract can be transferred and kept in a cold wallet and will earn you a steady passive income. You can transfer the NFT whenever you choose to any new wallet or owner, and that new wallet is the one that will receive staking rewards and gems.
As we mentioned, Cargo Gems are utility tokens that are utilized for governance. However, there is a plan to make Cargo Gems usable as a payment method on the Cargo NFT minting platform. Lastly, keep in mind that you can stake gems for rewards.
👉 Earn in DEC and SPS on Splinterlands
There are several ways to earn DEC and SPS on Splinterlands. As a player, the current best option to earn SPS is through the Airdrop source. This Airdrop gives SPS to its players on a daily basis, depending on how many points they have. Players acquire these points with staking. Anything you have a stake in brings you a certain amount of points, and with more points come bigger rewards.
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On the other hand, DEC tokens are earned through winning. Basically, to get them, you need to win several matches. The higher you get on a competitive level, the more DEC tokens you will earn. Now with your freshly earned DEC, it is time to put them to good use. Doing nothing with your DEC is a waste, rather you should use them to boost your SPS earnings through the Airdrop system we mentioned.
👉 Earn in AETHER on R-Planet
R-Planet is a play-to-earn game where you can stake NFTs to earn the platform native token called Aether. Aether is used in creating the 4 basic elements that are in the game: Water, Fire, Wind, and Earth. These elements are necessary for further progression and creating new items. You will have to combine the elements and try out various combinations in an effort to create new materials.
Keep in mind that there is also an Inventor Prize. Combining elements and creating new materials gives you a higher chance to win this prize. The reward for the Inventor Prize is being collected from every player, as they mix the elements, a fraction of the cost is taken for the prize pool. Another thing that adds to the prize pool is the initial sales of the elements.
As you acquire and stake more and more NFTs, you have an option to put your NFTs up for sale, and other players can buy them from you, paying you in Aether tokens which are used everywhere on the platform.
You can also combine and create new NFTs, which you can either sell or stake again to make more profit.
👉 Earn in RFOX with KOGs
Keys to Other Games, or KOGs for short, are tokens that have many different uses. Firstly, they are used to unlock access to various options such as tournaments, in-game skins, virtual spaces, and many others. They represent NFTs that are extremely collectible as well as transferable with little to no effort. Their main use is that they drive the ecosystems of many games.
To acquire KOGs, you either have to get them from the Packs, or you can opt for the second choice and buy them as independent NFTs from the established KOGs marketplace. Now that you have acquired KOGs, you can use them however you want. Continue collecting them, maybe trade or sell them, or possibly stake them and secure a passive income.
When it comes to staking KOGs, here is what you need to know. By staking KOGs, you lock them away and hold them for a specified duration of time. The KOGs you stake remains in your account, and you have an option to release them at any given moment. Despite that, if you open a TUBE/CHOOB while your KOGs are staked in a program, you will not receive staking rewards.
👉 Earn in PYR on VulcanVerse
Lastly, we will mention VulcanVerse. The native token that is running the economy on the VulcanVerse is PYR. It gives a possibility to all the players on VulcanVerse to earn a passive income through staking in many different in-game assets. There are several different ways to earn PYR through staking, but there are 3 of them that are used the most.
First and foremost, there is Land leveling. To acquire a plot of land, you will have to buy it from the marketplace or participate in Dapps on the Vulcan Forged ecosystem. This plot of land represents an NFT that you can build on and upgrade up to level 7. To level up your land, you need to pass through 2 stages. The first stage is where you need to SOWN your land, once sown, the land will never have to be sown again. Then, you need to wait for 20 days before you can level up your land. To upgrade it, there is a necessary amount of PYR you need to stake in the land, and if you remove it, the land will lose its level.
Secondly, there are programs for staking PYR that help provides liquidity. They might not always be accessible.
Thirdly, the last of the 3 most common ways of staking PYR is Seed Harvesting. You can harvest seeds in order to get Special Items from the Vulcan’s Vault.
For every way you opt to use in order to stake and earn PYR, based on how well you did, you will receive rewards in the form of PYR tokens from the staking pool.
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