Last Updated on January 27, 2023 by Tabraiz
We live in a wildly capitalistic world where money plays a vital role in our lives. Without money, nothing in this world would move. From getting food to study well, to getting quality education to earning enough to buy good food, we need money for everything. You all know the plights of running a family with just a single salary. Well, leave the family aside. Now come to living a bachelor’s life. Living a bachelor’s life with just one income just makes you stuck in a boring routine you could not get out of ever. That is why passive income is necessary no matter what you do. When you think of passive income, there is no better thing you could rely on more than NFTs. Before we talk about NFTs as a passive income, let us first give a glance at NFTs.
NFTs- what are they?
Non-fungible tokens are what the world affectionately calls NFTs. The very non-fungible quality of the collectibles is what makes them unique and in demand. When you wish to learn the basics about NFTs, you need to know that they run on blockchain networks. These collectibles are unique in every way, so you cannot exchange one token for another. They differ a lot in their values. Therefore, no two people can own two similar virtual collectibles though they get to choose their value of them when they bid. Anything can be an NFT. You need to get a virtual representation of the item or the thing you wish to mint into a non-fungible collectible.
NFT Staking- what is it?
You might have all come across the term NFT staking here and there. But what is it actually? Well, let us see. NFT Staking is the process of holding/staking Non Fungible Tokens in a certain trading platform. Based on the deciding factors like Annual Percentage Yield (APY), Time period, and the count of virtual collectibles, the user can get huge rewards. And this rewards a passive income for investors. It functions 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.
NFT staking platform
NFT Staking Platform Development is an entire process that involves specifying, developing, designing, programming, and testing the whole platform. These platforms, developed by experts, work well with perfect security features. This feature helps the users stake their NFTs and earn passive income without hesitation. The exciting part about building a staking platform for yourself is that you can choose your own blockchain network. You also get the opportunity to customize the APIs and other functionalities of the platform as you please.
How does an NFT staking platform work?
When we deal with the NFT Staking, we encounter two different scenarios. Both the scenarios are beneficial to You can apply it in the metaverse gaming platforms and the NFT Staking Platforms
- The first step is to register your account on the NFT stalking platform.
- Fill your wallet with the required Non-Fungible Collectibles.
- Get information regarding the Annual Percentage Yield (APY) and virtual collectibles the platform supports.
- Start staking NFTs in the forum and start making passive income through it.
Do you know you can also stake NFTs through virtual games? Well, yes. Let us now see the list of NFT games that you could use for staking virtual collectibles.
NFT games that support NFT staking
Axie Infinity is considered one of the most famous Play to Earn games. It was the pioneer that introduced staking in gaming months ago. It provides up to 80% APY, which comes around double the income a player could make. Players of the platform can stake the AXS collectibles and earn exciting rewards.
Splinterlands is a really adventurous NFT game that lets the users stake SPS collectibles. Once the users stake the token, they get numerous possibilities to earn special promotions, offers, and bonuses from the staking platform.
MOBOX is a metaverse play-to-earn gaming platform built on the Binance Smart Chain blockchain network. This platform lets its users earn MBOX tokens. The virtual collectibles of this platform are called MOMO. Every MOMO token has different characters and functionalities. By staking MOMO, you can make an abundance of MBOX tokens. As this platform collaborates with Pancakeswap, you can also stake CAKE tokens that belong to the Pancakeswap forum.
Staking non-fungible collectibles gives you huge returns on investments. Staking your non-fungible tokens is the best way to earn passive income if you are an NFT enthusiast. If you also wish to invest in digitized tokens as an entrepreneur, you could launch NFT staking platforms. Since there is also great scope for the staking platforms in the future, any investment you make in such a digital platform is worth it.