• Lynk has launched its NFT staking portal, which allows users to level up their Finder and Keeper NFTs to maximize their daily rewards.
• NFT staking involves temporarily locking NFTs on a specific platform or protocol to gain rewards and other benefits.
• Binance has already begun experimenting with NFT staking, offering an Ape NFT Staking Program for users of the Bored Ape Yacht Club (BAYC).
Unleashing the Full Potential of NFT Staking with Lynk
What is NFT Staking?
NFT staking involves temporarily locking non-fungible tokens (NFTs) on a specific platform or protocol in order to earn rewards and other benefits. This process operates similarly to the staking of cryptocurrencies, where participants can participate in the process using only a digital wallet. By staking their NFTs, users are able to generate passive income from their idle assets. The user remains in possession of the asset and they have complete freedom to remove it from staking at any time.
Binance’s Experimentation with NFT Stakes
Binance, one of the world’s biggest centralized exchanges, launched an Ape NFT Staking Program for users who own BAYC (Bored Ape Yacht Club) tokens, enabling them to receive daily rewards. Other concepts such as fractionalized ownership of blue-chip collections and lending services have also arisen since the introduction of this type of asset utilization mechanism.
Lynk’s Launch Of Their Own Portal
SocialFi platform Lynk is hoping to replicate similar success with its own launch – starting from 13th March 2023, 05:00 UTC – members will be able to stake their Finder and Keeper Non-Fungible Tokens (NFTs) in order to earn attractive yields daily; plus additional opportunities that come when they participate in community activities or challenges unlocked through these tokens. When it comes time for users to collect their rewards after having successfully completed a challenge or activity, they will be given an additional bonus depending on how powerful each attribute is within each token – Charisma (CA), Vitality (VA), Dexterity (DX), Intellect (IN).
Attractive Returns From Lynk’s APY
Users are able to benefit from 256-438% Annual Percentage Yield (APY). There are no additional fees associated with this service apart from nominal gas fees due when transferring funds between wallets.
Through this system put into place by Lynk, holders of Finder and Keeper Non-Fungible Tokens now have access to another source of revenue generation without having to sell off any part of their collection.