Ravendex NFT Staking Explained
Ravendex has a lot to offer in its 2022 Roadmap, with NFT Staking & More!
In this post, we’re going to take a look at what Rave NFT staking is, how it works, what type of rewards Rave Token & NFT holders can receive.
What Is NFT Staking?
NFT staking refers to locking up a non-fungible token on a decentralized platform or protocol in exchange for rewards and other benefits.
Staking NFTs allows the NFT holders to earn extra income from their collection while maintaining ownership.
NFT staking can benefit investors when the overall supply tends to be lower, like in the case of Rave NFts as there are less than 2000 of them existing on the Cardano blockchain.
In a broader context, NFT staking brings about new use cases to Non-Fungible tokens that go beyond the idea of collecting digital art.
How Does Rave NFT Staking Work?
Ravendex NFT staking program will allow holders of RAVE NFTs to earn $RAVE periodically.
How Do You Earn?
For holders to earn, they should also hold in the same wallet at least 30,000 $RAVE, and be staking at least a minimum of $50 ADA in Ravendex’s ISPO pool, RAVEP. As at the time of writing, Ravendex stake pool has over 9 million ADA staked and more delegators are still coming.
This will bring utility to the RAVE NFTs, making them a valuable asset to hold, and increasing their inherent market value.
Holders can stake their Rave NFts for a set period of 2, 4, 6, 12 months and earn up to 60% APY for staking depending on the Amount of Rave NFTs held in the wallet.
We are also working on an NFT gamification inspired by poker and slot machines, giving Rave NFT and Token holders more opportunities to stake their NFTs for a chance to earn greater rewards. All of Rave NFTs can be kept to use in various games in the Ravendex ecosystem, or sold and traded as digital collectibles on platforms like Jpg.store and CNFT.
We will communicate to the Raven’s nest once we are done with the NFT staking Platform.
We have also onboarded more experienced haskell and plutus developers that would hasten our DEX development to ensure that we ship on the mainnet in the shortest possible time.
Overall, we are thrilled to be developing some of the most exciting infrastructure in the Cardano space, which will provide much-needed utility to Rave token and Rave NFT.
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