What Does it Mean to Stake an NFT?

Staking is quite a popular term in the NFT market. However, not all know and understand what staking is. Let alone how it works. What does it mean to stake an NFT? To stake, an NFT is holding it or keeping it away. This way, you earn an income or reward.

Now that you understand what staking is, it’s vital to know staking platforms. There are plenty of staking platforms today. Thanks to advanced technology and developers. Some of them are;

Splinterlands

If you are searching for a place to stake your NFT, Splinterlands is undoubtedly the one. It is a blockchain exciting card game that features live PvP combat. The game has over 500 cards that have unique NFT identifiers. The cards have value and are traded among the players.

The native token for this game is SPS. Tokens enable you to participate in games as well as metaverses. Each game has its token, identical to each metaverse. Splinterlands generally is an appealing game with beautiful animations.

Doge Capital

Doge Capital entails NFTs from the Solana blockchain. It has a collection of 5,000-pixel art NFTs currently. Users of Dodge, in return, get to earn DAWG tokens for staking their NFTs. DAWG is the native token for Dodge Capital.

To join the Dodge Capital community, you must at least hold one NFT. Not just any NFT but one of the 5000-pixel art NFTs. These NFTs are readily available at the Solana marketplace.

NFTX

The NFTX is a platform where traders can sell, buy and even stack their NFTS. During stacking, traders deposit their NFTs in an NFTX vault. In return, they get the NFTX (vToken). These tokens act as proof of an NFT in the vault.

NFTX also provides traders with the opportunity to mint tokens. As a trader, you get to mint ERC-20 tokens which have a claim on a random NFT in the vault. That’s cool as you get to acquire more NFTs.

Furthermore, you can pool your minted tokens to create a liquid market. Automated Market Makers (AMMs) help achieve this.

Onessus

When staking your NFTs on this platform, you have to get the native tokens. VOID is the name given to these tokens. Once you stake your NFTs on Onessus, you have to select the APR time. That is the duration you want to stake your NFTs. The VOID tokens received depend on your APR.

BAND NFTs

BAND NFTs, as the name suggests, deals with primarily music NFTs. Artists commonly utilize this platform to sell their videos and music NFTs. They also stake their NFTs in royalties to earn commissions from their sale.

The BAND platform brings consumers of music and artists together. It provides a link to access songs quicker and easier. The native tokens used over here are BAND tokens.

Conclusion

Different NFT staking platforms come with different benefits. It is best to select a platform with your desired attributes. Always check on the negativities as well.