NFT also has taken a hit when cryptocurrencies grab public attention. Maybe you are unfamiliar with NFT staking, but you must know Filecoin staking or cryptocurrency staking since the former articles have mentioned that a lot.
NFT staking refers to locking up non-fungible tokens on a platform or protocol in exchange for staking rewards and other benefits. Staking NFTs allows holders to earn an income from their collection while maintaining ownership.
Similarities may help you know much about them. Both could be considered as methods to invest and make earnings for holders and a good choice to generate a passive income. Both rely on the same blockchain technology. In fact, the two are closely linked since a lot of people buy NFTs using cryptocurrencies.
But there are some differences. We all know that Filecoin is exchangeable, and the yield of it depends on the amount you stake and the duration time. But for NFT staking, it has a unique value as artwork. With NFT staking, your APY will be decided according to the collection, rarity, and average prices.
Filet as a staking platform could provide up to 30% APY for Filecoin staking even in this bear market. Similarly, NFT staking relies on Proof of Stake (PoS) mechanism to reward participants so delegators would claim fee rewards. While the type of reward NFT holders can get for staking their collection depends on the platform used and the type of NFT staked.
Although with some experimentation occurring, the concept of NFT staking is still in its infancy. So please do your research before you make up your mind to stake. If you’re finding ways like NFT staking to earn a passive income, Filecoin staking is another option for you since it has been mature in the market, and Filet is a supportive platform to provide risk-free, safe, and transparent services.
Also, with the FVM and retrieval of data rolling out, the use cases of Filecoin will further unleash the potential of FIL and drive the FIL prices up. If you are interested in this, find information at www.filet.finance.