Non-fungible token (NFT) staking is a way to earn rewards on your NFT collections without selling the NFTs.
Though it isn’t well known yet, it is becoming more popular among creators and NFT holders as they explore more ways to make money with their collections.
You can stake your NFTs on the same platform or on multiple platforms depending on several factors and the conditions that such platforms have set.
Foremost among the conditions is how much you stand to earn on your NFTs if you stake them on a particular platform.
It isn’t always best to stake NFTs, but if you look forward to a time when it will be more valuable and you’d rather hold on with selling the NFTs, it makes sense to stake them for some passive income.
Once an NFT is staked, you cannot access it until the agreed lock up period elapses. This is so because the entire process is driven by a smart contract. Therefore you should think it through before staking your collections on any platform.
Once you’re done thinking through and are convinced that staking is the right thing for you to do, the following are the best platforms you can use for your staking.
WhenStaking
This is a staking platform based on Onessus, decentralized application (dApp) development studio that has created NFT play-to-earn games such as HodlGod and NiftyVille.
You can stake NFTs from these games on the platform to earn passive income in the form of VOID, the native token for Onessus that powers current and future projects on the platform.
WhenStaking pays rewards based on NFT rarity, giving priority to the rarest. They also consider collection value and the platform’s unique level system rather than using a simple APY projection.
As a staker, you can earn more rewards over time as your NFTs level up and increase their APY with the duration of staking. Interestingly, you can still use a leased version of your NFTs as an asset in the game of your choice.
NFTX
NFTX is an all in one liquidity protocol for buying, selling, staking, and swapping NFTs. stakers on this platform can gain exposure to blue chip NFT projects without having to purchase an actual NFT from the collection.
Users can buy fractionalized NFTs in the form of ERC-20 tokens, similar to how Robinhood allows users to buy fractional shares of blue chip stocks.
You can also use the platform to create personalized NFT stock portfolios, that is you can “invest” in any project you believe in by buying tokens representing the floor price.
You don’t own an NFT? No worries, you can also earn from staking on NFTX. all you have to do is purchase the corresponding ERC-20 token to gain exposure to any NFT project. Your portfolio will grow as the floor price of the collection goes up.
Zookeeper
This is a gamified yield farming DApp that provides NFT staking in liquidity pools that feature different mascots. By staking on the platform, you’ll earn both the utility token ZOO and the WanSwap Liquidity Provider (WASP) token as rewards.
You can stake NFTs called ZooBoosters to maximize your rewards and reduce the locking period for your WSLP. you can obtain ZooBoosters by purchasing gold chests in the DApp or by staking ZOO tokens.
MOBOX (MBOX)
MOBOX is a play-to-earn gaming metaverse that combines DeFi yield farming with NFTs. it is a metaverse built on BNB Smart Chain, where players can stake NFTs to earn rewards in its native cryptocurrency, MBOX.
The metaverse is called MOMOverse, and the NFTs are called MOMOs. You can mint, earn, or purchase MOMOs from the NFT marketplace, each MOMO having different qualities and a randomly generated hash power.
You can also farm the governance token MBOX by staking unique MOMOs. The more MOMOs you collect, the more MBOX rewards you can get each day.
