Users who own LAND NFTs by The Sandbox on the Polygon network can participate in The Sandbox NFT Staking Program on Binance NFT. You can stake the Sandbox’s LAND NFTs to earn daily rewards in SAND.
Note: Binance NFT’s The Sandbox NFT Staking Program only supports LAND NFTs on the Polygon network.
Why should I stake my LAND NFTs in The Sandbox NFT Staking Program?
Here are some benefits of staking your LAND NFTs in Binance NFT’s The Sandbox NFT Staking Program:
- You don’t need to hold $SAND;
- User-friendly, one-click-to-stake experience;
- Staking rewards are distributed to your account daily;
- Flexible term staking option;
- Zero gas fees to stake and unstake on Binance NFT;
- Competitive APR;
- World-class platform security
What is LAND?
LAND is a digital piece of real estate in The Sandbox metaverse. Each one is a unique Ethereum (ERC-721) token on the Ethereum blockchain.
Players can purchase LAND to build digital experiences using ASSETs (entities designed to provide content to experiences, such as games, designed on LANDs). They can also combine multiple LANDs to form ESTATEs. A special type of ESTATE owned by more than one person is called a DISTRICT.
How to stake The Sandbox NFTs to earn rewards?
To stake LAND NFTs from The Sandbox you must deposit LAND NFTs to your Binance account first.
Note: You can stake a maximum of 50 LAND NFTs in The Sandbox NFT Staking Program.
1. Log in to your Binance account and go to The Sandbox NFT Staking Program page.
2. Click [Stake Now].
3. Next, select [Flexible].
Note: The APR and daily rewards displayed on The Sandbox NFT Staking Program page are subject to change daily. For more details, please refer to the NFT Staking Terms.
4. Select the NFT(s) you want to stake.
5. Read and agree to the Binance NFT Staking Terms and click [Confirm].
6. You’ve successfully staked your LAND NFT(s) and will start earning rewards the following day.
7. If you want to cancel your staking request during the staking process, go to The Sandbox NFT Staking Program page and click [Cancel].
How do I cancel my staking request?
1. Find the staking request you wish to cancel and click [Cancel].
2. Click [Confirm] on the [Cancel Staking] pop-up window.
It’s important to note that the blockchain can take up to 48 hours to process your request. The NFT will be returned to your account once it’s complete.
The rewards settlement time is crucial in determining the availability of specific staking cancellation actions.
- Staking In Process: You can cancel your staking request before the rewards settlement time (00:00 UTC daily) by clicking [Cancel]. Your NFTs will not be submitted on-chain to be staked.
- Staking: Please note that after the rewards settlement time (00:00 UTC daily), your NFT will be successfully staked on-chain, and the [Cancel] button will not be available anymore. To redeem your staked NFTs, click [Unstake]. For more details on how to unstake your NFTs, please refer to questions 5 and 6 below.
How is the APR calculated?
As Binance is pairing The Sandbox NFTs user deposited with SAND tokens in Binance Savings, the total daily rewards obtained from the on-chain staking pool will be distributed to Binance SAND token holders and NFT stakers.
Binance NFT may increase the daily rewards for The Sandbox NFT stakers for promotional purposes. Please refer to The Sandbox NFT Staking Program page on the day you successfully staked The Sandbox NFTs to view the latest APR.
Please note that the APR and daily rewards displayed on The Sandbox NFT Staking Program page are subject to change daily. For more details, please refer to the NFT Staking Terms.
How are the daily staking rewards calculated and when will I start earning?
After staking The Sandbox NFT(s), your staking request will be processed and completed on the following day after 00:00 (UTC). You will start earning daily rewards from the following day, and the rewards will be distributed to your Spot Wallet starting from the third day. You won’t earn any daily reward for the first day that you stake.
The daily rewards settlement time is at 00:00 (UTC) every day. Daily rewards will be distributed to your Spot Wallet daily after each reward calculation day between 00:00 to 08:00 (UTC).
For more details, please refer to the NFT Staking Terms.
How to bridge LAND NFT(s) from the Ethereum network to the Polygon network?
Note: You can only stake The Sandbox NFTs on the Polygon network on Binance NFT.
If your LAND NFTs are on the Ethereum network, you will need to bridge your LAND NFTs on the Ethereum network to the Polygon network to participate in The Sandbox NFT Staking Program by Binance NFT. For detailed instructions, please refer to the step-by-step guide on how to Bridge LAND to Polygon.
What are the staking and unstaking rules?
If you select the [Flexible] staking term, you can unstake and redeem your committed NFT assets, and your NFT will be unstaked within 48 hours.
On the day you confirm your unstaking request, your rewards for that day will be calculated until the rewards settlement time (00:00 UTC daily). After that, your unstaking request will be submitted on-chain and you will no longer earn rewards during the unstaking process (up to 48 hours for flexible terms).
In some circumstances, including but not limited to events of extreme market volatility, network delays, or a significant number of simultaneous instructions to unstake and redeem NFTs from other Binance users, the unstaking process for your NFTs may be delayed.
You can cancel your staking or unstaking request before the rewards settlement time (00:00 UTC) and your NFT will not be submitted on-chain to be staked or unstaked.
If your NFT status shows [Staking In Progress] or [Unstaking in Progress], you can cancel the current action before the rewards settlement time (00:00 UTC).
- Staking in Progress: After canceling the current staking request, your NFT can be unlocked and returned to your wallet immediately.
- Unstaking in Progress: After canceling the current unstaking request, your NFT will continue to stake on-chain and you can earn staking rewards.
For more details, please refer to the NFT Staking Terms.
How do I unstake my NFT?
1. Go to The Sandbox NFT Staking Program page and scroll down to [NFT]. Click [Unstake] next to the NFT you want to unstake.
2. Click [Confirm] on the pop-up window.
Please note that it typically takes 48 hours to unstake your [Flexible] term staking NFTs. However, in some circumstances, your redemption may be delayed.
3. If you change your mind, you can click [Cancel] to close the pop-up window.
4. If you want to proceed with the unstaking request, you will be redirected to the staking homepage. The status of your NFT will change from [Staked] to [Unstaking In Progress].
If you wish to cancel your unstaking request, click [Cancel], then click [Confirm] on the [Cancel Unstaking] pop-up window. Your NFT will continue to stake on-chain and you can earn staking rewards.
How do I keep track of the status of my NFTs?
The status of your staked NFTs will be displayed on The Sandbox NFT Staking Program page.
The following are some of the statuses you might see:
- Staking: Your NFT is already being staked on-chain and accumulating staking rewards. Rewards are automatically distributed to your Spot Wallet daily.
- Staking In Process: You will not receive any reward during this process. The status will change to [Staking] after the rewards settlement time of the day (00:00 UTC daily). If you cancel the staking request before the daily rewards settlement time, the request will not be processed and the NFT will be returned to your account.
- Unstaking In Process: On the day you confirm your unstaking request, your rewards for that day will be calculated until the rewards settlement time (00:00 UTC daily). After the rewards settlement time, the NFT will be unlocked and returned to your account within 48 hours (for flexible terms). If you cancel the unstaking request before the daily rewards settlement time, the request won’t be processed, and the NFT status will revert to [Staking]. This means your NFT will continue to stake on-chain, and you will continue to earn staking rewards.
How do I track the daily rewards earned from my staked NFTs?
Staking rewards are automatically distributed to your Spot Wallet daily. You don’t need to claim your rewards.
You can view the daily rewards earned from The Sandbox NFT Staking Program page under [My Total Rewards].
For a more detailed daily reward breakdown, scroll down to [History].
Can I list or sell my NFT when it is staked?
No. You have to unstake and redeem your NFT before listing it for sale on the marketplace.
How do I buy The Sandbox NFTs?
Note: Binance NFT’s The Sandbox NFT Staking Program only supports LAND NFTs on the Polygon network.
Log in to your Binance account and go to Binance NFT. Once you find a Sandbox NFT you like, you can refer to the steps below on how to buy it.
Please Do Your Own Research (DYOR) before making any NFT purchases. Binance shall not be responsible for any loss from any sale or purchase of any NFT trade on the Binance NFT platform. For more details, please refer to Risk Warning.
1. Click the NFT you want to buy, and you will be redirected to the item’s detail page. You’ll see a notice informing you that the NFT is from Binance NFT’s aggregator (third-party platform). Click [Buy Now].
2. You’ll see a [Confirm Payment] window pop-up with the item’s price. Select the payment method (Spot or Funding Wallet) and the payment currency. As long as you possess adequate assets, you can make purchases using any cryptocurrency (supported by Binance Pay) in your Spot or Funding Wallet.
Click [Confirm] to proceed.
Important note: You have to pay a gas fee and it could take around 10 minutes under normal circumstances for the blockchain to process your transaction. Please confirm the transaction as soon as you can, or the quoted gas fee will expire and automatically refresh.
3. Once you’ve successfully purchased the NFT, you’ll see a [Payment Successful] window pop-up.
As this is an aggregator (third-party) NFT purchase, the transaction may take some time to process. The actual processing time will depend on the network traffic. Please wait patiently.
If there's any issue in processing your payment, you’ll see a [Payment Failed] window appear. Click [Back to Marketplace] or [Try Again].
How to view the purchased NFTs?
To view your purchased assets, go to [Profile] - [History]. You can use the filters to search for specific NFTs.
Alternatively, you can go to [Profile] - [Collected].
Please note that it takes around ten minutes for third-party aggregator assets to appear in your account under normal circumstances. The actual processing time will depend on the network traffic.
How do I deposit my The Sandbox NFTs to Binance?
You need to pay a one-time approval gas fee for the NFT collection(s) to be deposited onto Binance and when you deposit the NFTs. Please note that you only need to approve each NFT collection once. For more details, please refer to How to Deposit NFTs on Binance.
1) Deposit The Sandbox NFT on the Polygon network to Binance;
2) Stake The Sandbox NFT on Binance NFT;
3) Receive staking rewards from the third day onwards.
Note: You can only stake The Sandbox NFT on the Polygon network on Binance NFT.
Do I need to hold SAND to participate in The Sandbox NFT Staking Program?
You can stake your Sandbox NFTs in the The Sandbox NFT Staking Program to earn daily rewards even if you do not hold any SAND.
What happens if the staked Sandbox NFT is sold during the staking period?
You can’t sell or withdraw your staked Sandbox NFT when it’s staked on-chain. If you want to sell your NFT, you must unstake it first. After submitting the unstaking request, you won’t be able to earn any staking rewards.
What fees do I need to pay for the The Sandbox NFT Staking Program?
You don’t need to pay gas fees to participate in The Sandbox NFT Staking Program. Binance has waived the gas fees for staking/unstaking The Sandbox NFTs and getting on-chain rewards.