NFT Staking - An Overview
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.
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.
Top NFT Games that supports NFT Staking
1) Axie Infinity
2) Splinterlands
3) MOBOX
Benefits of Starting a NFT Staking Platform
User Engagement: Encourage active participation and retention among users.
Liquidity Boost: Increase liquidity in the NFT market by incentivizing staking.
Enhanced NFT Utility: Provide utility beyond ownership, such as governance and rewards
Community Building: Foster a sense of community among NFT holders and enthusiasts.
Attractive Incentives: Design staking programs with enticing rewards to attract users.
Secondary Marketplace: Enable trading of staked NFTs, creating a secondary market.
Enhanced Security: Implement secure staking mechanisms and smart contracts.
Scalability: Accommodate a growing user base as the popularity of NFTs rises.
If you have made up your mind to launch your own NFT staking platform development, after getting to know these above-mentioned facts, then get in touch with Bitdeal. As a leading NFT marketplace development company, Bitdeal has successfully launched several NFT staking platforms for clients worldwide. To grab more, get in touch with our experts.
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