Non-fungible tokens (NFTs) have become very popular among people interested in cryptocurrencies and blockchain technology.
You see them everywhere including gaming, art, music and many other aspects. In fact, NFTs are now used in real estate tokenization and other use cases that were unknown a few years ago.
Most NFT investors simply buy and sell NFTs, but there is a lot more that can be done with NFTs. One of the best ways you can maximize the use of your NFTs is to stake them. This is much better than buying and selling.
Instead of selling the NFTs, you simply stake them and continue to earn rewards while maintaining ownership of the NFTs in question. In this guide, we highlight the best platforms you can use to stake your NFTs to start enjoying rewards.
Binance NFT
Binance is the leading crypto trading exchange in the world by trading volume. The exchange’s popularity continues to grow with over 100 million users currently from hundreds of countries. However, its popularity doesn’t just end with crypto.
Binance is also the favorite place for staking NFTs. Through its NFT arm Binance NFT, the centralized exchange allows users to stake some of the most popular NFTs and earn staking rewards which serves as passive income.
The platform currently offers Ape staking for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs to earn ApeCoin (APE). You can also stake Sandbox NFTs to earn SAND daily.
NFTX
As the name implies, this is a platform that is purely for NFTs, and is a reliable one for staking NFTs. You can Buy, Sell, Swap, and Stake NFTs by simply connecting your wallet such as Metamask. The platform is designed to cater to all kinds of stakers, with a nice, user-friendly interface.
You can stake for inventory or liquidity on NFTX, depending on your goals. For inventory staking, you can earn rewards of 20% while liquidity staking can earn you 80% reward. Both inventory staking and liquidity staking have an auto compounding feature, but inventory stakung doesn’t require ETH.
Users have 48 hours of double-sided and 7 days of single-sided staking available for users on the NFTX platform.
BAND NFTs
Do you have a music NFT you wish to stake? BAND NFTs is the platform for it. It is an Ethereum-based music NFT platform that offers governance tokens to music NFT stakers, as well as collaboration between fans and musicians.
Unlike other platforms, it doesn’t offer fixed staking rewards, but instead grants access to music royalty pools. There are three types of BAND royalty pools, namely Print Music, Public performance, and Synchronization.
Users only need to stake at least one BAND NFT to get 50% royalties revenue in governance tokens. The staking period ranges from 90 days to 5 years.
Doge Capital
This is a platform for picture NFTs with a collection of 5000-pixel art NFTs. The platform uses Solana blockchain to share NFTs, and will soon launch its NFT marketplace. You can start staking by simply connecting your NFT wallet to the platform.
As the name implies, the staking uses Doge, which it adds to a noncustodial contract, and pays you rewards daily. You’ll earn 5 $DAWG per day for every Doge, with the possibility of earning more with bonus levels.
You can stake up to 100 Doge per wallet, and your rewards will be automatically withdrawn once you unstake your NFTs.
WhenStaking
This is an NFT staking platform owned by Onessus, the play-to-earn games developer. To use it, you need WAX Cloud Wallet or Anchor Wallet to connect to the platform to start staking. It offers a native token – $VOID as the staking reward.
Based on the collection, rarity, and average price of your NFT, a base APR and staking capacity will be determined for your NFT. You can use the wrapped version of the NFT in the game. The platform allows you to use the wrapped version of the NFT in the game.
