NFT staking is the process of locking or holding non-fungible tokens to earn rewards or additional benefits. Unlike staking traditional cryptocurrencies where coins are locked, NFT staking is based on locking the token itself, which represents a unique digital asset.
Different platforms and protocols may offer various methods of staking NFTs. In some cases, owning a specific NFT can grant access to participate in community voting on important decisions or ownership of specific privileges. For example, owning an NFT token may entitle you to receive additional NFTs or access exclusive content.
The process of staking NFT usually involves selecting the NFT you want to lock and sending it to the corresponding platform or contract. Depending on the rules and conditions set by the platform, you can receive rewards in the form of new NFTs or tokens, as well as additional benefits associated with your participation.
NFT staking can be appealing to users who not only want to own and trade NFTs but also gain additional benefits from their digital assets. However, before participating in NFT staking, it's important to carefully study the rules and conditions to ensure the safety and advantages it offers.
NFT staking on the DecimalChain Platform
NFTs are not only used for purchasing art items and collecting. For example, in decentralized finance (DeFi), they can provide unique financial advantages.
With the implementation of the Decimal Smart Chain and the emergence of DEX, it will be possible to implement the model of NFT staking. Users will be able to add a token pair to a staking pool for a specific period and receive an NFT for access to the next pool, where the NFT will serve as an entry ticket and be destroyed after joining the new pool. This creates a secondary market for selling NFTs with access-providing functionality.