Should you staking an NFT?

Hence, users can reduce the worry of fraud. If you’re holding onto an NFT that qualifies for staking, and don’t have plans to sell the NFT anytime soon, staking can be a great opportunity to put your idle asset to work and earn some rewards.

What is nftx & how does it work?

NFTX is a liquidity platform that enables NFT investors to purchase, sell, stake, and swap NFTs under one roof. Its primary appeal is a blend of traditional NFT staking that exposes you to blue chip NFTs, such as CryptoPunks and Cool Cats, through fractional ownership. In other words, you can become an NFT investor without actually holding an NFT.

What is a lock-up period for NFT staking?

Most NFT staking protocols impose lock-up periods, which can vary from days to years. During this period, when the NFT is staked, it’s likely that you won’t be able to access the NFT. Hence, you have to choose a period during which you’re comfortable with not being able to access the NFT.

What happens if I Sell my NFT?

However, if you own BAKC, you'll need to pair it with a Bored Ape or a Mutant to earn staking rewards. You can also stake APE to earn APE. If you sell your NFT while it is committed to a staking pool, you will lose your staked APE. The new owner will receive your staked APE and rewards.