Binance, which is the world’s biggest cryptocurrency exchange, has revealed a brand-new NFT staking program. Customers can stake their NFTs offered by BAYC through this scheme to receive APE tokens.
Holders of the NFTs Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) are eligible for the staking scheme. According to Binance, staking for Bored Ape Kennel Club (BAKC) NFTs will soon be possible. This staking program’s release is scheduled for December 12, 2022.
To reward customers that sell Bored Ape NFTs on the Binance NFT platform, Binance has also allocated up to 10,000 APE ($38,700) tokens. Holders can receive incentives if they offer BAKC, BAYC, MAYC NFTs at an agreed cost through the end of the year. The NFTs must be listed at 1.1 times the floor price for the holders to be eligible. The floor price for BAYC NFTs, which is now $82,000, is the least expensive NFT in the collection.
When qualified listings are eligible for submissions into the reward pools, Binance will take a regular snapshot. Ten entries will be set aside on the exchange for owners of Bored Apes, two for Mutant Ape listings, and one for Kennels.
The initiative by Binance is a part of a bigger effort to enter the NFT market and compete with OpenSea. Binance is seeking for new markets to enter now that it has the token market cornered. The largest exchange focused on NFTs for this reason.
Just a few weeks prior, the exchange and soccer player Christiano Ronaldo collaborated on an NFT collection that was released. Binance’s dedication to maintaining its popularity & dominance over the NFT market is shown in each of these projects.
NFT Empire by Yuga Labs
The largest NFT collection available is the Bored Ape Yacht Club, which is valued at over 690,000,000 ETH ($860,000,000). Moreover, with a value of 236,000 ETH ($293 million), Mutant Ape Yacht Club is the fourth-largest collection.
The biggest NFT empire is governed by Yuga Labs, the owners of this company. Current owners of Yuga Labs include CryptoPunks, Otherside, and Meebits, Additionally to Bored Apes and Mutant Apes. A controversial token called ApeCoin (APE) was also introduced by the firm. The Bored Apes collection was valued at $4 billion at its peak in April 2022. However, when NFT prices fell drastically in the following months, the valuation dropped drastically.
Binance, the largest cryptocurrency exchange, has decided to support NFTs, which may benefit the ecosystem as a whole. Holders of BAYC will eventually have access to Binance to stake their NFTs and finally, Binance is set to reward BAYC staking with Apecoin, all these are possible ways binance is aimed at to make the NFT marketplace a fulfilling one for its users.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.