Staking Elrond NFTs Soon

What is NFT staking and how does it work ?

NFT staking is a new way to generate passive income in the crypto world. It allows NFT holders to lock their assets onto our platform to receive rewards. All this without the need to sell their NFT collections.

NFT staking relies on the Proof of Stake mechanism to reward participants. By locking NFTs, users can receive rewards based on annual percentage yield (APY) and the number of NFTs staked.

On an individual level, NFT staking can benefit investors, as the overall supply tends to be lower. However, in a broader context, NFT staking brings new use cases to NFTs that go beyond the simple collectible.

We are going to develop our staking platform, it will be available in the next few months, NFT collections on Elrond will be able to offer rewards for their Holders by staking their NFT on our site.