What is NFT and how can we benefit from this cryptocurrency?

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When we talk about Non-Fungible Tokens (NFTs), most people think of them as digital representations of art pieces and collectibles that increase in value over time. can grow Some NFT projects share a portion of the revenues they receive through the community of NFT holders. These typically come from secondary market sales and royalties.But as the NFT market continues to grow, developers, artists, and collectors are discovering new use cases for NFT collectibles. One of the latest use cases is using NFTs as utility tokens in staking platforms. For example, in some gaming metaverses, NFT collectors can stack their NFTs to increase their gaming character's abilities and earn additional rewards.

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As the name suggests, NFT staking refers to locking NFTs to a protocol or platform to earn staking rewards and other privileges. This allows NFT holders to earn passive income while retaining ownership of their NFTs. Although NFT staking is relatively new compared to DeFi profit farming concepts, it works in a similar way. do By locking NFTs on a platform, you can receive rewards based on the annual percentage return (APY), staking period, and number of NFTs stacked.Due to the unique nature of NFTs, capital Investors and collectors generally prefer to HODL and invest. NFT staking gives them a new opportunity to monetize their assets, potentially increasing market demand for more people to participate and scalable NFTs.
NFT staking is exactly that. Like staking your bitcoin (BTC) or ether (ETH).However, not every NFT can be stacked to earn rewards. The requirements may vary from project to project, so it is better to check your preferred projects before getting NFTs.

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As of December 2021, most NFT staking opportunities came from games played for earning. MOBOX and Zookeeper are two examples. Some projects are also developing NFT staking capabilities on their platforms, such as the Binance Fan Token platform and Doge Capital.

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Play for Earnings is a gaming metaverse that combines DeFi profit farming with NFTs. Built on the Binance smart chain, it allows players to stack NFTs to earn rewards in their native cryptocurrency MBOX.The MOBOX metaverse is called the MOMOverse, and the NFTs are called MOMOs. You can purchase, earn or min MOMOs from the NFT Marketplace. Each MOMO has different properties and a randomly generated hash power. By stacking unique MOMOs, you can form the governance token MBOX. The more MOMOs you collect, the more MBOX rewards you can earn daily.These MOMO NFTs can be used on other MOBOX partner platforms, and similarly NFTs from partner projects can be used on MOBOX. For example, you can use your stacked PancakeSwap profile's NFTs on MOMOverse without unstacking them from PancakeSwap. These allow you to enter team competitions and earn CAKE stacking rewards on PancakeSwap, and at the same time utilize them in MOBOX games to earn MBOX rewards.

NFT staking allows participants to generate additional income from their idle NFT collections. At the same time, NFT staking is creating use cases for NFTs that have never been explored before. It's too early to say, but we'll probably see new NFT staking opportunities being created. This will not only be for collectors, but also in the gaming industry of play-for-profit and other areas supported by blockchain technology.