Stacking has moved beyond cryptocurrency and can now be applied to NFT as well. It is a new way of making passive profits.
Stacking involves “freezing” assets on DeFi platforms for security and to keep the blockchain running. These can be digital images, gaming items, audio and video files. Non-functional tokens are tied to a platform or protocol, for which the freezer receives a reward while still owning the NFT.
This way of earning is comparable to cryptocurrency staking, which, in turn, is compared to receiving interest from a bank, but in the case of NFT — without intermediaries. First, you need to make sure that the wallet with the NFT fits into the chosen blockchain. After that, you need to connect the wallet to the stacking platform in order to send your NFT to the platform. This procedure can be done in the relevant betting section.
The form of rewards that NFT holders can receive depends on the type of NFT and the platform. Typically, rewards occur on a daily or weekly basis. Token rewards vary for everyone, but it may be possible to convert them into fiat money or other cryptocurrency.
In addition, there is the DAO stacking platform. NFT holders can “freeze” their assets in the DAO pool, allowing them to participate in the management of the platform. More often than not, “management” means the right to vote when making proposals, or you can make proposals yourself, but not everywhere, it depends on the DAO.
A large part of the NFT market belongs to play-to-earn type games, you can earn cryptocurrency or NFT in them and then make bets.
Important: Stacking does not work for all tokens. Each project has its own requirements, so you should pay attention to the conditions when buying NFT.
We’ve picked out the best stacking platforms for you:
Splinterlands — is a card game in which players collect and use cards with different stats and abilities. The main coin game: SPS. Players can use their SPS to bet in ranked battles against other players, liquidity pools, and voting pools in DAO management.
NFTX — this is where users create ERC20 tokens backed by NFT collectibles. NFT is placed in the NFTX vault and the resulting ERC20 token is created. These tokens are used to purchase some NFTs from the vault or for profit rewards. In the same way, vTokens holders can combine their holdings into automated AMMs to create a liquid marketplace where other users can trade. And that’s not all. The vTokens with liquidity and trading volume become the owners of the lowest price for NFTs.
BAND NFTs are a new era in the NFT music industry. In this era, producers will have complete control over distribution. Here users can buy music NFTs and put them into royalty pools to get a share of the revenue from songs or albums. The more royalty income, the faster the music library will grow.
Doge Capital — is a collection of artistic NFTs minted on the Solana blockchain. Doge Capital has a betting scheme that rewards NFT holders with daily DAWG tokens. Meanwhile, Doge Capital’s own token, DAWG, is available on several exchanges, including Dexlab and Raydium.
Polychain Monsters — is a blockchain-based platform for animated collectible NFTs called polymons. Polymons are purchased through digital booster packs, but have different characteristics and vary in rarity. Some are exceptionally rare and highly sought after. Owners of polymons can stake their NFTs and get their base currency every week: PMON.
Binance NFT PowerStation — is a platform where NFT owners can support sports teams. By placing your NFTs, you can earn extra money. Here you earn tokens for a certain team, the holders of these tokens get the opportunity to have a say in important decisions in the sports club or get priority in ticket sales.
MOBOX — is another game called MOMOverse, where you can get different NFTs. You can both trade them and earn passive income. If you bet on MOMO you can get a token from MOBOX as a reward. The reward depends on the number of MOMO staked. Since the rarity of the IOMO is always different and the hashing power is also different, this also affects the amount of remuneration.
There are many platforms for stacking, which one to choose — it’s up to you. Everyone has their own interests, and someone chooses by the conditions. We are sure that stacking will continue to evolve and soon everyone will know about it!