NFT staking, as the name implies, is the locking up of NFTs on a platform or protocol in exchange for staking rewards and other benefits. This allows NFT holders to receive a passive income while staking their securities.
While NFT staking is still in its infancy in comparison to other DeFi yield farming techniques, it functions similarly. You can earn rewards based on the annual percentage yield (APY), the staking period, and the number of NFTs staked by locking up NFTs on a platform.
Investors and collectors love to HODL and speculate on NFTs because of their unique nature. Staking NFTs provides them with a new way to monetize their assets, which could entice more people to join and increase market demand for stakable NFTs.
Staking an NFT is similar to staking Bitcoin (BTC) or Ether (ETH). You’ll only need a Bitcoin wallet that supports NFTs. Not every NFT, however, can be staked for prizes. Because the criteria for different projects vary, it’s best to double-check with your selected projects before purchasing NFTs.
The majority of staking chances come from play-to-earn games. Two examples are MOBOX and Zookeeper
MOBOX is a game-to-earn metaverse that mixes DeFi yield farming and NFTs. It is based on the Binance Smart Chain and allows players to stake NFTs in exchange for MBOX, the native cryptocurrency.
MOMOverse is the name of the MOBOX metaverse, and MOMOs are the names of the NFTs. The NFT marketplace is where you may mint, earn, or buy MOMOs. Each MOMO has its own set of characteristics and a hash power that is produced at random. You can farm the governance token MBOX by staking unique MOMOs. Each day, the more MOMOs you gather, the more MBOX incentives you’ll receive.
MOMO NFTs can be used on MOBOX as well as on other MOBOX partner platforms. You can utilize your staked PancakeSwap Profile NFTs on MOMOverse without having to unstake them in PancakeSwap, for example. This allows you to participate in team battles on PancakeSwap and receive CAKE staking prizes while also using them to gain MBOX rewards in MOBOX games.
Zookeeper is a yield farming DApp that has been gamified. It offers NFT staking in mascot-themed liquidity pools. Dual farming is possible in all liquidity pools in Zookeeper, which means you can earn both the utility token ZOO and the WanSwap Liquidity Provider (WASP) token as a reward.
You can lock your tokens for a specific length of time, up to 180 days, to maximize your APY rewards. To increase your earnings and shorten the locking time for your WSLP, you can stake NFTs known as ZooBoosters. ZooBoosters are NFT cards that may be gained by staking ZOO tokens or buying gold chests from the DApp.
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