Want to earn money from NFT staking? Here are 3 projects you should check out 

Temitope Akintade
Here are 3 NFT collections you can mint this September to make money

As the non-fungible token market continues to expand, enthusiasts are looking for new applications, and one of the most recent is NFT staking, to generate passive income. 

Notably, most NFT investors often mint NFTs during release or purchase at low prices and wait for them to appreciate to make profits. But recently, we’ve seen situations where NFT collections refuse to appreciate due to unfavourable market conditions. However, a new strategy is to generate yield by NFT staking. 

Staking allows digital collectable holders to deposit on DeFi protocols and earn rewards without selling the assets.

In simpler terms, it is the process of securing NFTs on a platform in order to gain rewards and other benefits while maintaining ownership. 

Like staking cryptocurrencies, you hold onto your coins and earn rewards for doing so. This enables owners of NFTs to utilise their idle assets without having to sell them. Also, NFT staking shares likeness with depositing money in a bank saving account. Funds are held for a stipulated period while interest compounds. 

In NFT staking, the rewards are typically in the form of a native token associated with the staking platform. You could also earn tokens that are part of the NFT ecosystem, like earning Apecoin while staking BAYC. 

The process involves a few steps. Find an NFT staking platform that supports your NFT and connect your web3 wallet, like MetaMask or Trust Wallet, to the platform. This will allow you to transfer your NFTs to the staking protocol from your wallet. The next step is to choose the NFTs you want to stake. Different platforms usually have different requirements for NFTs to be staked. It is important to check the platform’s rules before staking.

Transfer NFTs to the platform and specify how long you want to stake them, then begin to earn rewards. The number of rewards you make will depend on the value of your NFTs and the length of time that you stake them. You can withdraw rewards at any time, but you must wait until the end of your staking period to withdraw your NFTs.

NFT Staking

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A benefit for staking NFTs is you can earn rewards without doing much work. Another reason is to show support for a particular project or community, as by staking your NFTs, you’re showing that you believe in the project and want to help it grow.

So below, we will examine 3 NFT staking platforms you can check out. 

NFT Staking on Axie Infinity 

This is a play-to-earn game where players compete against one another using NFTs. These NFTs are known as Axies, each with particular advantages and disadvantages. 

The platform launched its Land Staking campaign last July. It has five land NFTs for staking: Savannah, Forest, Arctic, Mystic, and Genesis, with rates starting from 1.275 ETH. This Land Staking enables players to start earning $AXS, although the rates differ based on the rarity level of the staked land.

With Axie Infinity staking, you can earn $AXS and other rewards based on terms and conditions. 

NFT Staking on Mutant Cats 

Mutant Cats is a DAO that purchases and fractionalizes other popular NFTs such as CryptoPunks, Ape Yacht Club, Tyler Hobbs, and Cool Cats. When you buy a Mutant Cat NFT, you can stake them on the platform. In return, you will receive 10 $FISH tokens per day.

Each $FISH token represents fractional shares of the Cool Cats NFTs held in the vaults of Mutant Cats. You can also trade these $FISH coins on secondary crypto markets for other digital tokens. Additionally, holders of Mutant Cat NFTs get access to exclusive drops, raffle entries, and voting rights over the DAO’s assets.

NFT staking

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NFT Staking on Mobox

Mobox is a Binance Smart Chain play-to-earn gaming platform that combines yield farming and NFTs. The platform has a metaverse known as MOMOverse and MOMOs, the NFT used in the ecosystem. Players can mine, earn, or trade MOMOs. Every MOMO NFT has distinct characteristics and a hash power that is generated at random. Users can also buy them from the MOBOX marketplace.  

You can mine MBOX tokens based on the total hash power of MOMOs. MBOX tokens can be staked to receive an equivalent in veMBOX, increasing your weight in the pool by up to 3X and enabling you to participate in other MOMO farm events. On MOBOX, staking your MOMOs doesn’t affect the use of MOMOs in the game.

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