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The NFT collection for boosting can be configured during the pool's creation, and NFTs from that collection can be used as a stake in addition to the staking coins themselves to boost the staking power.The NFT collection for boosting can be configured during the pool's creation, and NFTs from that collection can be used as a stake in addition to the staking coins themselves to boost the staking power.
Each pool configured for an NFT boost has its own boost percentage rate, and user stakes.
NFT staking intends to let you earn more with your asset while retaining ownership of it - literally the better outcome of having your apple and eating it, too. This is similar to the Liquid Earn program where you can earn rewards but for your cryptocurrency rather than NFTs.
It’s a new mechanic in its early stages but does have a promising foundation and has already produced results. What you do is put an NFT on hold on either its native blockchain or a platform that supports staking to earn a yield. Think of an account that generates yield but there’s only a single bill of one-of-a-kind money in it.
Another thing about NFTs is they are sealed in a smart contract. There are mechanisms within the contract that help the token interact with other tokens as well as the blockchain they’re in. This works with all NFTs, including the ones you earned from online games. That said, when you stake your NFT, it’s the contract that does the work and handles your earnings.