Staking = locking up assets in return for interest. In this case, it means locking up your NFTs to earn crypto rewards. Here are some things to know before starting ⤵️
Similar to how it works with proof-of-stake cryptocurrencies, NFT staking is the process of locking up your digital assets to receive rewards.
Users who own NFTs within the Bored Ape Yacht Club ecosystem can participate in Binance NFT’s Ape NFT Staking Program to earn daily rewards. cryptocurrencies. The main idea behind PoS staking is that participants can lock their funds on a blockchain protocol to support the network. Each time a new block is added to the chain, tokens are distributed to validators as staking rewards. By locking their coins on a blockchain, token holders are able to help support the operation of the network while making their HODLed assets work for them in exchange for rewards.
The rewards you’ll get depend on factors such as the annual interest rate offered, staking duration, and number of NFTs staked. The type of rewards NFT holders get depends on the platform used and the kind of NFT staked.
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