Make Profit by Staking your NFTs
Non-Fungible Tokens are digital assets that are built on blockchain technology, and these NFTs can be staked. Usually, staking means when you hold your assets and earn profit from them. While staking your NFTs, they are attached to a certain platform, and one would earn money from it while owning it. There are various classes of assets one can stake in an NFT staking platform like digital art NFTs, NFT for physical assets, NFTs for sports, NFTs for games, generative art NFTs, etc.
Benefits of Staking an NFT
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Earning interest for the staked NFT
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Low energy consumption
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Voting rights on the platform’s or protocol’s future proposals
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Some platforms allow daily or weekly rewards
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Holdings can be grown.
Top Platforms to Stake your NFTs
NFTX
NFTX is a platform where users hold their NFTs in the NFTX vault and create an ERC20 Token, which is backed by NFT collectibles. These Tokens are composable and fungible at a 1:1 ratio and are called as vTokens. These tokens can be staked for rewards or used for purchasing specific NFTs from a vault.
Binance NFT PowerStation
The NFT holders can earn by supporting their favorite sports team in this staking platform. By using their NFTs, they can earn Binance Fan Tokens. The token holders will have special privileges.
Splinterlands
Splinterlands is a blockchain-based card game and has its own native token called SPS. In this, the users can stake their native token.
MOBOX (MBOX)
MOBOX is a game built on blockchain technology and has a metaverse called MOMOverse. In the metaverse, different types of NFTs can be traded and can also be staked and build a passive income.
There are also other platforms like BAND NFTs, Polychain MOnsters, Doge Capital, etc.
conclusion:
Before staking your NFTs in a platform, one should be aware of its regulations so that they wouldn’t get in any trouble in the future. Some people see NFT staking as one of the ways of passive income. People interested in NFTs can try Staking them after thorough research and simply earn money through it.
