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Massive interest in non-fungible tokens has led to a boom in crypto-collectibles and NFT art. These are two of the most prominent use cases in the DeFi ecosystem, but they aren’t the only applications. Scarcity and uniqueness make non-fungible tokens a good match for real-world assets, logistics, music royalties, and more. As NFTs mature, we can expect to see further adoption of more experimental use cases.
Before non-fungible tokens, creating digital scarcity for assets was incredibly difficult. Although there are copyright protections in place, it's relatively easy for consumers to copy or pirate digital artwork.
The development of NFTs has brought us crypto art and digital collectibles, but it doesn’t stop there. From real estate to logistics, you can use NFTs to prove the authenticity of many unique and collectible goods.
While the NFT ecosystem is still young, there are many interesting projects to explore, and some are already generating great value for creators and consumers.
Non-fungible tokens have helped solve long-standing problems with scarcity in digital art. How do you keep virtual artwork rare when you can digitally copy it? While there’s fake art in the real world too, we’re usually able to authenticate them.
Crypto art gets most of its value from verifying its authenticity and ownership digitally. While anyone can look at a CryptoPunk on the Ethereum blockchain and download or save the image, we can't prove we own the original.For example, the anonymous digital artist Pak created a series of NFTs, each identical apart from the name. With names like The Cheap, The Expensive, and The Unsold, Pak gave each piece a different value based on the title. The collection makes us think about what gives value to an artwork.
When it comes to NFTs, the value isn’t necessarily about the attached artwork. Sometimes, what is more important is proving ownership of that particular asset. This aspect is what makes crypto art one of the most popular NFT use cases out there.
Whether it's a PancakeSwap Bunny or a Binance Anniversary NFT, there's a massive demand for digital collectibles. This use case has even hit the mainstream with the NBA NFT collectible trading cards NBA Top Shot.Along with digital NFT art, these non-fungible tokens make up a significant proportion of sales on NFT marketplaces like Opensea, BakerySwap, and Treasureland.There’s a lot of crossover with crypto art, and sometimes an NFT can be both a collectible and an art piece. These two use cases are the most developed we currently have.
Jack Dorsey's first tweet is an excellent example of an NFT collectible. While a CryptoPunk is collectible and visually artistic, Dorsey's NFT has value purely for its collectibility.
Dorsey sold the NFT using Valuables, a platform that tokenizes tweets. You can place an offer on any tweet. Anyone can swoop in with a counter-offer and outbid you. Then, it's up to the tweet author to accept or reject an offer. If they accept, the tweet will be minted on the blockchain, creating a 1-of-1 NFT with their autograph.
Each NFT is signed by its verified creator's Twitter @handle, meaning that only the original creator can mint their tweets as NFTs. This process creates a digital, rare collectible to trade or keep. The concept of selling a tweet can be a bit tricky to grasp, but it's a great example of how NFTs create collectibility. It's essentially the digital version of a signed autograph.
It's easy to forget that not every NFT derives value from a song, picture, or collectible item. In decentralized finance (DeFi), NFTs also provide unique financial benefits. Most will have some artwork too, but their value comes from their utility.For example, JustLiquidity offers an NFT staking model. A user can stake a pair of tokens in a pool for a certain period and receive an NFT to access the next pool. The NFT acts like an entrance ticket and is destroyed once you participate in the new pool. This model creates a secondary market for these NFTs based on the access they provide.
Another example is BakerySwap’s NFT food combos that provide increased staking rewards for holders. By contributing BAKE, you will receive an NFT combo that provides a variable amount of staking power. Users speculate on these combos, sell them on the secondary market, or use them for staking. This combination of NFTs with gamification and DeFi creates another interesting use case for non-fungible tokens.
Gaming has a huge demand for unique items that are tradable and purchasable. Their rarity directly affects their price, and gamers are already familiar with the idea of valuable, digital items. Micro-transactions and in-game purchases have created a multi-billion dollar gaming industry that could tap into NFTs and blockchain technology.
It's also an exciting area in terms of what an NFT represents. Tokens for video games combine aspects of art, collectibility, and utility for players. However, when it comes to big-budget video games, NFT implementation is a long way off.
In the meantime, other projects have actively built blockchain technology into their games. Axie Infinity and Battle Pets are both Pokémon style games with tradable pets and items. You can also purchase and sell these tokens on external marketplaces (peer-to-peer sales).
Gaming NFTs can be cosmetic, but many have utility too. Each Axie pet has a set of abilities for battling. These abilities also affect the pet's value when traded. A CryptoKitty can be extremely valuable just for its desirable breeding attributes. Determining the value of each pet depends on a combination of rare looks, features, and utility. In the example below, we don’t see just one desired, rare aspect but multiple.
Like an image file or video, you can also attach audio to an NFT to create a collectible piece of music. Think of it as a digital “first edition” of a record. Attaching a song to an NFT is similar to our art example, but there are other use cases.
A big issue for musicians is getting a fair share of royalties. But there are at least two possible ways to achieve a balanced outcome: blockchain-based streaming platforms and blockchain royalty tracking. Competing with Amazon Music or Youtube for streaming services is difficult for small blockchain projects. Even when a giant like Spotify purchased a blockchain royalties solution called MediaChain in 2017, there were no real benefits for artists.
In the meantime, smaller projects have ended up working mainly with independent artists. Rocki on Binance Smart Chain gives independents a platform to sell royalties and stream their music. Their first royalty NFT sale on the platform raised 40 ETH for 50% royalties using the ERC721 token standard.
Whether this model will become more popular or not will depend on its adoption by larger streaming services. Combining music with NFTs is an excellent idea for a use case, but it might struggle to reach success without the support of music labels.
Linking real-world assets with NFTs can digitize the way we prove ownership. For example, in real estate, we typically deal with physical property deeds. Creating tokenized digital assets of these deeds can move highly illiquid items (like a house or land) onto the blockchain. When it comes to this application, we haven't seen regulators provide much support so far. It's still very much in development but is one to look out for in the future.
In April 2021, Shane Dulgeroff created an NFT representing a property for sale in California. It also has a piece of crypto art attached to the token. Anyone who wins the auction will receive the NFT and ownership of the house. However, the exact legal situation of the sale and the rights of the buyer or seller are uncertain.
When it comes to smaller items, like jewelry, an NFT can help prove legitimate ownership when reselling. For example, a genuine, ethical diamond usually comes with a certificate of authenticity. This certificate is also a way of proving you have ownership rights. Anyone trying to resell the item without the certificate cannot confirm its authenticity and may have problems convincing buyers they are the rightful owner.
The same concept is possible with NFTs. By having an NFT associated with an item, owning the NFT can become just as important as owning the asset. You can even embed the NFT into an item with a physical cold storage wallet. As we see the Internet of Things develop, we will likely see more NFTs being used to represent real-world assets.
Blockchain technology can be useful in the logistics industry as well, particularly because of its immutability and transparency. These aspects ensure that supply chain data remains authentic and reliable. With food, commodities, and other perishable goods, it’s important to know where they have been and for how long.
An NFT also has the added benefit of representing unique items. We can use an NFT to track a product that contains meta-data on its origins, journey, and warehouse location. For example:
There are a lot of hypothetical ways to implement NFTs into the supply chain. All of them, however, require each stage of the chain to use the same infrastructure. With so many different players and stakeholders involved globally, it can be challenging to implement these systems in real life. This factor has led to only a minimal number of real-life use cases.
Currently, MAERSK's TradeLens system and IBM's Foot Trust are two examples of large blockchain logistics solutions. Both use Hyperledger Fabric, an IBM blockchain that supports the use of NFTs. However, it's unclear if NFTs play a role in their operations.
With the popularity of NFTs growing, there's a good chance we'll see even more ideas and use cases in the future. Currently, not every application for NFTs has had enough time to go beyond an idea or a small project. Some may turn out to not be practical or popular. However, for more fundamental and straightforward issues, like the scarcity of art and collectibles, NFTs are certainly here to stay.
NFTs are tokenized, collectible items valued for their uniqueness and rarity, popular on Binance Smart Chain (BSC) and Ethereum. The value of NFTs relies on their authenticity and scarcity, so it can be helpful to take a closer look at the token on a blockchain explorer.
NFTs have more use cases than just crypto art, and BSC now has an innovative non-fungible token ecosystem. Due to the recent popularity of NFTs in the news and huge selling prices, it’s easy to see similarities with the 2017 ICO craze. But the two are, in fact, very different things.
To understand more, we cover the basics of NFTs based on common misconceptions and frequently asked questions.
When it comes to non-fungible tokens (NFTs), art and collectibles are never too far behind. These unique tokens are making waves with huge sales of graphic designers and visual artists. Artist Beeple is one of the most popular examples. His NFT called "Everydays - The First 5000 Days" was auctioned for roughly $69 million.
NFTs are hugely popular, but the topic goes much deeper than just newspaper headlines. Understanding and exploring the world of NFTs is the next step to take if you want to dig a bit deeper. There are many places to find them, use cases to look at, and even misconceptions to clear up.
An NFT is a cryptoasset representing something unique and collectible using blockchain technology. The NFT could be in demand because it has been created by a famous artist or composed by a world-class musician. The token could also be helpful in a game or wanted to complete a collection.You may have already heard of NBA Top Shot, a digital collectible basketball card game. The cards work just like physical trading cards do, but their authenticity is guaranteed through blockchain technology. Some cards are rarer than others, and each has a different value.Simply put, a non-fungible token cannot be faked or copied. If we look at the definition of fungibility, we can learn a bit more about what makes an NFT special:
Fungibility is an asset’s ability to be interchangeable with assets of the same type.
One bitcoin is equal and tradeable for another bitcoin. A #1/99 Keldon Johnson Holo Icon Top Shot card, on the other hand, is not interchangeable as only one exists.
NFTs come in all shapes, sizes, and even use cases. Purely collectible digital art NFTs are pretty limited in what you can do with them. You can trade them, of course, but an NFT of a photo isn’t much different from a regular print in terms of utility.
Still, some NFTs have actual uses in games, like the famous CryptoKitties on the Ethereum blockchain. In this case, a collectible cat can breed to pass its traits down onto new cats.
NFTs are commonly used by financial platforms too. There is a massive market for PancakeSwap’s NFTs that are artistic and convertible into cryptocurrency. This unique combination means that people can speculate on the future price of the cashable amount. These NFTs all have in common the ability to trade them for different digital assets. This means you can buy or sell NFTs using ETH, BNB or other cryptocurrencies. Still, each piece of NFT is unique (i.e., they are not interchangeable).
Determining how much an NFT is worth depends on what it represents. When it comes to crypto art, it’s quite similar to any other kind of art. We need to think about who created it, the artistic value of the piece, and how in-demand it might be from other collectors.
If an NFT is part of a limited run or series, specific numbers are often more valuable than others. We usually see #1 as desirable and other numbers people find collectible like #13 or #7. Value and rarity depend on a combination of factors, like the ones mentioned above. You can see from these Top Shot NFTs how their ranking affects the price.
For game-based NFTs, there may be financial benefits from specific NFT items or creatures. If they provide you with an extra $100 in staking rewards, then it’s going to be worth at least $100 without taking into account its artistic value.
PancakeSwap’s NFTs are slightly different. Some of their tokens can be converted into CAKE - the platform’s cryptocurrency. So if, for example, your cuddly rabbit can give you 10 CAKE and the price of CAKE is $20 (USD) per token, then your NFT is worth at least $200.
If you want to explore NFTs on offer, there are a few different places to start looking. NFT marketplaces have a variety of non-fungible tokens on sale, from both famous artists and amateurs. There are loads out there to choose from, but some of the biggest are OpenSea for Ethereum-based NFTs and Treasureland or BakerySwap for Binance Smart Chain.
The number of marketplaces keeps growing, and some are more specialized than others. If you are interested in buying something from a famous artist, make sure to check and see how genuine the marketplace is. You can also find NFTs by playing blockchain games or participating in decentralized finance (DeFi) projects.
Binance Smart Chain benefits from a healthy NFT community on the blockchain, and it’s not all art and marketplaces either. There are NFT games and even collectibles with staking or financial benefits.
As mentioned before, BakerySwap and Treasureland are two of the largest NFT exchanges. BakerySwap also allows you to create NFTs quickly and for a reasonable price. When it comes to the art and creative side of NFTs, these are great places to start.
There are also blockchain games like Battle Pets and DeFi protocols experimenting with NFTs in more financial ways. PancakeSwap takes the number one spot for traded NFTs on Treasureland, making it a massive project for NFT usage. You can find out more info on these NFT projects by following the link.
In short, no. While there are some slight similarities in the money NFTs raise and their recent hype and popularity, that is as far as it goes. An initial coin offering (ICO) is a method used for project fundraising by selling project tokens. It rose to popularity around 2017 and became infamous for the number of scams and failed projects taking part.It’s easy to see why some people might get the idea that NFTs are similar to ICOs. Recently these digital collectibles have sold for millions of dollars. They are also all over the news and seen as an opportunity to make some “easy money” with crypto. These two points are where the similarities between the two end. Still, it’s crucial that you do your own research before risking your funds because not all projects are legit.
Proving that your NFT is legitimate can be a bit tricky, depending on what you’re looking for. No doubt people are uploading other artist’s work and pretending to be them. In this case, you would have to get in touch with the artist to confirm they are selling NFTs of their work.
An NFT’s creator should supply you with some kind of identifier for you to check. Most of the work will involve looking at your NFT on a blockchain explorer such as BscScan. When it comes to blockchain, we take a “don’t trust, verify” approach.Helpful information could include the minting date and the wallet address that minted the NFT. You could also use the transaction history ID to see if your NFT matches up. This method is better than just checking the image or file associated with your collectible. If we look at the digital artist Beeple’s recent sale, Christie’s has given the token ID, token contract, and wallet address for validation.
There is sometimes a URL to the file or an IPFS link to verify its underlying content. Both, however, can be used by someone else when creating a fake token. In most cases, you’re best off checking with the creator first.
When it comes to NFTs, new use cases and developments are constantly coming out. It’s easy to forget that the technology is as recent as 2017 and still in its infancy. Before you start investing money into these tokens, make sure you understand precisely what you’re getting into and how to use them. It’s easy to just think of NFTs as art, but there is a whole world of projects using them in different ways.
NFT virtual land is an ownable area of digital land on a metaverse platform. Popular NFT land projects include Decentraland, The Sandbox, and Axie Infinity. NFTs are suited to representing land ownership as each one is unique and easily proves digital ownership. You can use NFT land for advertising, socializing, gaming, and work, among other use cases.
The landowner can normally use their plot to host online experiences, display content, or gain benefits in a game. Large brands and celebrities, including Adidas and Snoop Dogg, are also beginning to invest in and use NFT land.
The value of a plot is affected by its utility, project, and market speculation. You can purchase NFT land from a project in a land sale or on the secondary market via an NFT exchange, such as the Binance NFT Marketplace or OpenSea. Before purchasing, make sure you understand the risks and use cases of the land and its associated project. In some cases, it might be better to rent instead of buying an NFT land.
The metaverse's development has rapidly created interesting new blockchain use cases. As 2020 was such a massive year for the metaverse and Non-Fungible Tokens (NFTs), it's no wonder that virtual land has become a hot topic.
Some NFT sales of land have reached prices greater than properties in the physical world, making the concept difficult to grasp for some. In fact, there are actually a lot of similarities between NFT land and typical real estate. But as a digital asset on the blockchain, NFT land has some unique features to explore.
The metaverse is an online, virtual world that will combine multiple aspects of our digital and real lives, including work, socializing, and recreation. 2021 saw many tech giants, including Meta (previously Facebook), Microsoft, and Epic Games, begin developing and exploring the space. Blockchain technology plays a crucial role in the metaverse as digital ownership, identity, and economies are central concepts. For a deeper explanation, read our introduction article to the metaverse.
As mentioned, metaverse projects are digital worlds that users can usually explore with 3D avatars. SecondLive, for example, provides areas and venues for concerts, conferences, and expositions. While projects like SecondLive don't let users purchase a permanent virtual reality space, other metaverse worlds do. Developers create large maps of land divided into small parcels to sell on the market.To represent the unique ownership of the area, users purchase NFTs linked to a particular plot of land. You can purchase these plots through a land sale directly from the project or on the secondary market. Exactly what you can do with NFT land depends on each project.
Apart from speculation, landowners can use their virtual space in various use cases:
1. Advertising - If your plot is in a popular area or district and attracts many visitors, you can charge for advertising space. 2. Socializing -You can host events on your digital land, including concerts, conferences, and community meetups.3. Gaming - Your NFT land might have a use in an NFT video game. For example, land in Axie Infinity can provide extra resources, tokens, crafting ingredients.4. Work - Land that can be explored with a 3D avatar can be used as a virtual office space or to provide digital services. PwC Hong Kong will use The Sandbox land in their Web 3.0 advisory services.
Prominent celebrities and brands have already begun to purchase land in the metaverse. For example, Snoop Dogg is creating his own Snoop Dogg Metaverse Experience on The Sandbox. Adidas has also purchased space on the platform for their own AdiVerse metaverse experience. Apart from joining in the metaverse and NFT hype, brands and companies will offer users the chance to interact with them by accessing metaverse services, games, and products.
NFT land has even made the jump from retail investors to institutional investors. For example, The Metaverse Group has made headlines purchasing large amounts of digital real estate, which we'll dive into later. The group is even virtually headquartered in Decentraland's Crypto Valley. The consultancy firm PwC also bought plots in Decentraland in December 2021 as part of their web 3.0 advisory services.
The price of a plot of virtual land is determined similarly to other non-fungible tokens or cryptocurrencies. There are three main factors to examine:
1. Utility - Virtual land differs from many other NFTs as it usually has a variety of use cases. These will differ depending on the platform they're on. For example, digital worlds like Decentraland allow users to customize and create on their land.If your land is in a popular area or receives many visitors, you could charge for advertising. Your land might also provide you benefits in a blockchain video game. You could have improved staking bonuses or experience unique in-game events like in Axie Infinity.2. The platform - Popular platforms like Decentraland, The Sandbox, or the upcoming My Neighbour Alice tend to have higher prices for their NFT land. This is due to market supply and demand. The user base and interest of these platforms are much higher than smaller projects.3. Speculation - Large sales of NFT lands in the past have led to an increasing amount of speculation. For example, the NFT real estate company Metaverse Group spent roughly $2.43 million in November 2021 purchasing a parcel of 116 plots of land in Decentraland. Each plot is 16 meters squared, giving them a total area of 1,856 meters squared of land in the Fashion Street district.
There are two main methods for purchasing Metaverse NFT land. You can take part in a land sale and purchase it directly from the project, or you can buy land from other users through a marketplace.
An NFT land sale is a good way of buying your land at a lower price than on the secondary market. Most large metaverse projects with NFT land have seen rising prices, meaning buying land in a sale tends to be better. Some projects sell all their plots in one go, while others sell them in rounds.
An NFT exchange is the safest and most reliable way to purchase land on the secondary market. This way, both the buyer and seller are protected by a smart contract that ensures the trades occur smoothly for both parties. Binance NFT Marketplace and OpeaSea are two of the most popular options to use. Binance NFT Marketplace supports Ethereum and Binance Smart Chain, while OpeanSea supports Ethereum, Polygon, and Klaytn.
Buying NFT land in the metaverse should be treated like any other investment or financial transaction. Make sure to do your own research and consider the points below:
1. Buy your NFT land from a reputable source. If you purchase the land through a project's sale, make sure you have the correct official link. If you buy land from someone else, never make any transfers directly to their wallet. You should always make the sale through a trusted, reputable marketplace or crypto exchange. Binance NFT Marketplace and OpenSea are two possible choices, as previously mentioned.2. Decide if you want to buy or rent your NFT land. Depending on your needs, you might not need to purchase a piece of land. For example, you might want to host a single event in a popular district. If the platform you're using supports rentals, then the price you pay depends on the plot's traffic, closeness to other important plots, and its size.3. Consider the NFT land's project carefully. The project you choose will determine the utility and partly the cost of the NFT. If you want to speculate and resell your land, look at the project's fundamentals, such as popularity, number of users, and team. If you're going to sell advertising space or take part in another use case, research which metaverse platforms are most suited to your needs. Not all NFT projects will succeed, so make sure to consider the financial risk before buying NFT lands. If you buy land that has no use or demand, you might end up holding it forever.
To many, the idea of virtual land sales might seem far-fetched. However, you only need to look at the rise of NFTs, digital collectibles, and the metaverse to understand how NFT land has developed.
The idea isn't much different from owning a website or other virtual space. For example, popular domain names have sold for hundreds of thousands of dollars. However, the way NFT lands guarantee ownership is where we see a difference. With the tech world preparing itself for a metaverse future, we shouldn't be surprised to see even more metaverse NFT land for sale soon.
NFT staking is a new way to earn passive income in the crypto world. It lets NFT holders lock their assets in DeFi platforms to receive rewards. All without the need to sell their NFT collections.
Similar to DeFi yield farming, NFT staking relies on a Proof of Stake (PoS) mechanism to reward participants. By locking up NFTs, users can receive rewards based on the annual interest rate and the number of NFTs staked.
At the individual level, NFT staking can benefit investors, as the overall supply tends to be lower. But in a broader context, NFT staking brings new use cases to NFTs that go beyond the idea of collecting digital art.
When we talk about non-fungible tokens (NFTs), most people think of them as digital representations of art pieces and collectibles that could potentially grow in value over time. Some NFT projects share part of the revenues they get with the community of NFT holders. These usually come from secondary market sales and royalties.
But as the NFT market grows, developers, artists, and collectors are exploring new use cases for their NFT collections. One of the latest use cases is using NFTs as utility tokens in staking platforms. For example, in some gaming metaverses, NFT collectors can stake their NFTs to boost their game character’s abilities and earn extra rewards.
As the name suggests, NFT staking refers to the locking up of NFTs on a platform or protocol to receive staking rewards and other privileges. This allows NFT holders to earn a passive income while still maintaining ownership of their NFTs.While NFT staking is still in its infancy compared to other DeFi yield farming concepts, they work in a similar way. By locking up NFTs on a platform, you can receive rewards depending on the annual interest rate, the staking duration, and the number of NFTs staked.Due to the unique nature of NFTs, investors and collectors generally prefer to HODL and speculate. NFT staking opens up a new opportunity for them to monetize their assets, which could potentially attract more people to participate and drive up the market demand for stakable NFTs.
Staking an NFT is just like staking your bitcoin (BTC) or ether (ETH). All you need is a cryptocurrency wallet with NFTs. However, not every NFT can be staked to earn rewards. The requirements vary from different projects, so it’s better to check on your preferred projects before acquiring the NFTs.
As of December 2021, most NFT staking opportunities come from play-to-earn games. MOBOX and Zookeeper are two examples. Some projects are also developing NFT staking ability on their platforms, such as Binance Fan Token Platform and Doge Capital.
MOBOX is a play-to-earn gaming metaverse that combines DeFi yield farming with NFTs. Built on the Binance Smart Chain, it allows players to stake NFTs to earn rewards in its native cryptocurrency, MBOX.
The MOBOX metaverse is called MOMOverse, and the NFTs are called MOMOs. You can mint, earn, or purchase MOMOs from the NFT marketplace. Each MOMO has different qualities and a randomly generated hash power. By staking unique MOMOs, you can farm the governance token MBOX. The more MOMOs you collect, the more MBOX rewards you can get each day.
These MOMO NFTs can also be used across other MOBOX partner platforms, and the NFTs from partnering projects can be used on MOBOX as well. For example, you can use your staked PancakeSwap Profile NFTs on MOMOverse without having to unstake them from PancakeSwap. This lets you enter team battles and earn CAKE staking rewards on PancakeSwap, and at the same time utilize them in MOBOX games to earn MBOX rewards.
Zookeeper is a gamified yield farming DApp. It provides NFT staking in liquidity pools that feature different mascots. All liquidity pools in Zookeeper allow dual farming, meaning that you can earn both the utility token ZOO and the WanSwap Liquidity Provider (WASP) token as rewards.
To increase rewards, you can choose to lock your tokens for a certain period, up to 180 days. You can also stake NFTs called ZooBoosters to maximize your rewards and reduce the locking period for your WSLP. ZooBoosters are NFT cards that can be obtained in gold chests purchased in the DApp or by staking ZOO tokens.
Binance is the first crypto exchange to offer an NFT charging service. On the Binance Fan Token Platform, token holders can charge their favorite team’s supported NFTs to earn extra Binance Fan Token rewards. Binance Fan tokens are utility tokens issued by sports clubs.
Binance Fan tokens allow sports fans to access special club perks, such as exclusive discounts on tickets and limited-edition merchandise, voting and decision-making rights to the club’s matters, reserved exclusively for the holders of such tokens.
NFT PowerStation is an innovative gamification feature on the Binance Fan Token Platform. By charging the supported NFTs on the corresponding teams’ NFT PowerStation, fans can power up their fandom and claim extra Binance Fan Token rewards. The longer the NFTs are charged, the higher the fan rewards they can get.For more information on how to earn rewards by charging NFT on the Binance Fan Token Platform, please check this guide.
NFT staking allows participants to make an extra income from their idle NFT collections. At the same time, NFT staking is creating new use cases for NFTs that were never explored before. It might be too early to tell, but we will probably see new NFT staking opportunities being created. Not only for NFT collectors but also within the Play-to-Earn gaming industry and other areas powered by blockchain technology.