Everyone must have heard about the wealth-creating effect of NFT digital assets (also known as small pictures), the originator Punk, the newcomer BAYC (bored ape), and various NFT projects later. While various analysts, media, and KOLs lead everyone to understand and invest in this new type of digital asset, the final result is bound to be accompanied by the inevitable result of "some people lose money, some people make money".
However, although the NFT market has entered a bear market, the entire sector still exists and is expanding in the two directions of "empowerment" and "finance", and the competition among major projects is also quite fierce.
As the saying goes, existence is reasonable, so let’s see, as a novice (Jiu Cai), is it possible to make money by following Binance’s NFT sector in a relatively safe way?
As an internal test user, Keith will continue to report to you all!
Why should newbies follow the Binance NFT section?
We say that the "original" Web3, DeFi applications on the blockchain, and NFT are all decentralized. At present, the threshold for novices and ordinary users to play with these applications is relatively high: creating wallets on different chains, being responsible for the security of their own wallets, various chain-running projects, various hacker phishing and theft incidents. These problems are enough to make novices feel dizzy. It is no exaggeration to say that which pioneer who "travels" on the chain has not been cheated?
Because of this, we chose the relatively easy-to-enter NFT section of Binance as our entry point. It is like buying and selling tokens such as BTC and ETH on the Binance exchange. It is easy to get started, and I believe that Binance's size can protect the basic rights of users. Of course, if you say that a large company like FTX has collapsed, I have nothing to say. In short, "at present", "at this moment", after experiencing various fuds, Binance is trustworthy. I think that for novices (jiu cai), Binance's size is not enough to worry about the collapse of their small holdings.
What is Binance NFT Marketplace?
Binance NFT Marketplace is a marketplace covering all forms of digital art and collectibles. Powered by Binance blockchain infrastructure and community, Binance NFT Marketplace provides users with a highly liquid platform for issuing and trading NFTs.
How to get started with Binance NFT Marketplace?
Binance NFT Marketplace is an all-in-one platform that brings together artists, creators, and cryptocurrency enthusiasts on one platform to mint, trade, and stake NFTs. Supported by Binance's strong infrastructure and thriving community, the platform consists of several product lines:
Marketplace: Mint, sell, bid, and buy NFTs from creators around the world.
Initial NFT Offering (INO): Purchase exclusive NFTs created by global artists and influential brands. Enjoy a premium supply of digital artists, musicians, athletes, and celebrities.
NFT-Fi: Use NFTs as collateral to stake or obtain loans (note that NFT-Fi loans are an upcoming addition to the platform).
NFT-FI feature of Binance NFT Marketplace: Staking
Let's first summarize the explanations you can find on the Internet:
The core of NFT staking can be summarized into the following four points:
NFT staking allows holders to generate passive income by locking their assets in DeFi platforms.
Staking allows you to generate passive income from your NFTs while maintaining ownership.
Rewards are typically given in the form of native tokens associated with the blockchain platform on which the NFT is traded.
NFTX, ApeStake, Axie Infinity, MOBOX, and Zookeeper are some of the platforms where you can stake your NFTs for rewards.
The specific explanation is:
NFT staking involves locking up your NFT assets on a DeFi protocol in exchange for staking rewards and other advantages. Staking allows you to generate yield from your NFTs while maintaining ownership. It's like staking cryptocurrency, you hold your coins and earn rewards for doing so.
When you stake your NFTs, you pledge them as collateral to earn rewards. Rewards are usually given in the form of native tokens associated with the staking platform, or you can also earn tokens that are part of the NFT ecosystem, just like staking BAYC can earn ApeCoin.
To participate in NFT staking, you first need to own an NFT that is eligible for staking. Not all NFTs are eligible for staking, so you need to check specific projects to see if they support your asset. Once you have an eligible NFT, you can stake it by holding it on a platform that allows staking.
One thing to keep in mind is that staking your NFTs may require locking them for a specific period of time. This means that during that time, you will not be able to sell or transfer them. The length of the lock-up period will vary depending on the project, so be sure to check with the specific project to see how long your NFTs will be locked.
There are multiple reasons why you might choose to stake your NFTs. One reason is to earn cryptocurrency. By staking your NFTs, you can earn rewards without doing much work. Another reason is to show support for a particular project or community, because by staking your NFTs, you are showing that you believe in the project and want to help it grow.
However, staking NFTs is not without risks. The main one is that during the lock-up period, the value of your staked NFTs may drop. If this happens, you could lose money. Another risk is that the platform where you staked your NFTs could become compromised or experience technical issues. In this case, your NFTs and the rewards you earned could be lost.
Let me speak human language:
In the past, you bought a picture at a high price and spent 10,000 yuan. If this picture is not popular anymore, no one is willing to buy it, and you will lose the picture. The project of this picture may also die. Now I tell you, you put this picture in a "regular deposit", and then I will send you a "coin" (or something else), and this coin can be sold for money. Then one day this project may be popular again, and someone may want your picture for 20,000 yuan, and you can sell it and make 10,000 yuan, and then the "coin" you get during the pledge (regular deposit) is the additional income in addition to the 10,000 yuan.
As for why this "coin" can be sold for money, this is the problem of the project. Let's take an easy-to-understand example. You bought a brand-name bag for 100,000 yuan, but no one wants it in the short term. You feel bad about leaving it at home. Then, you put it in a bag rental store, and someone rents your bag for a week and gives you 2,000 yuan. Then one day, someone else bought the bag for 200,000 yuan, and you got out of the trap, made money, and earned some bag rental fees during the period.
Now that the principle of making money by staking has been explained clearly and you are willing to participate, you will face the following questions:
Which NFT should I buy?
Where do I store my NFT?
Is it safe for me to save it there?
The more "knowledgeable" players will do their own research, which usually has two outcomes. If the research is right, they will soar to the sky and gain both. But in most cases, especially in a bear market, once the research is done, the results will be "returned to zero".
At this time, the Binance NFT section has an advantage. The NFTs and pledges released in the Binance NFT section have been studied and reviewed by the Binance NFT team. If you buy an NFT that is pledged in Binance NFT, you can happily "operate" in the Binance NFT section. In other words, you basically buy mainstream or promising NFTs, and then pray that the "various gameplays" of this project will soar. For example, the price of the Boring Ape NFT project has been cut in half, cut in half, and cut in half again, but the community is there, the culture is there, and everyone thinks that it will take off again in the future. You buy a Boring Ape (equivalent to buying at the bottom?), and then pledge it to get APE, and APE can be sold for money. The entire operation is on Binance, and the novice (Jiu Cai) feels full of security!
Stake your NFTs in Binance NFT to earn income (taking Ape as an example)
How do I stake my Ape NFTs to earn rewards?
To stake your Ape NFTs to earn rewards, you must first deposit them into your Binance account.
Log in to your Binance account and go to the Ape NFT Staking Program page.
Select the NFT you want to stake and click [Stake Now].
Next, select [Flexible (which means you can unstake at any time)]. Note: The annualized rate of return and daily rewards displayed on the Ape NFT staking plan page may change daily.
Select the NFT you want to stake.
Read and agree to the Binance NFT staking terms and click [Confirm].
You have successfully staked your Ape NFT and will start earning rewards the next day.
If you want to cancel your staking request during the staking process, go to the Ape NFT Staking Program page and click [Cancel].
Staking in progress: You can cancel your staking request by clicking [Cancel] before the reward settlement time (00:00 UTC every day). Your NFT will not be submitted to the chain for staking.
Staking: Please note that after the reward settlement time (00:00 UTC every day), your NFT will be successfully staked on the chain and the [Cancel] button will no longer be available. To redeem your staked NFT, click [Cancel Stake].
Click [Confirm] on the [Unstake] pop-up. Please note that it may take up to 48 hours for the blockchain to process your request. Once completed, your Ape NFT will be returned to your account.
How are daily staking rewards calculated and when do I start receiving benefits?
After staking your Ape NFT, your staking request will be processed and completed after 00:00 (UTC) the next day. Therefore, you will receive daily rewards starting from the next day, and the rewards will be distributed to your spot wallet starting from the third day. You will not receive any daily rewards on the first day of staking.
The daily reward settlement time is 00:00 (UTC) every day. Daily rewards will be distributed to your spot wallet between 00:00 and 08:00 (UTC) on each reward calculation day.
How is the Annual Percentage Rate (APR) calculated?
Since Binance is pairing user deposited Ape NFTs with APE tokens in Binance Earn, the total daily rewards from on-chain staking will be distributed as follows:
Rewards calculated based on the APR of ApeCoin-only on-chain staking will be allocated to Binance Earn;
The remaining rewards will be distributed to the spot wallets of Ape NFT holders.
However, Binance NFT may increase the daily rewards for Ape NFT stakers for promotional purposes. Please refer to the Ape NFT Staking Program page on the day you successfully stake your Ape NFT to view the latest APR.
Please note that the APR and daily rewards shown on the Ape NFT Staking Program page may change daily.
Why is the interest calculated based on the APR different from the actual interest I receive?
Due to the fluctuation of Ape NFT's reserve price and APE price, there may be deviations in the calculation of reward interest. Therefore, there may be a mismatch between the Ape NFT's reserve price and the calculated APR and the actual interest received, resulting in a deviation in the APR and daily rewards allocated in your spot wallet.
The APR and daily rewards shown on the Ape NFT Staking Program page may change daily.
What are the rules for staking and unstaking?
If you choose the [Flexible (meaning you can unstake at any time)] pledge period, you can cancel the pledge and redeem your pledged NFT assets, and your NFT will be unpledged within 48 hours.
On the day you confirm your unstaking request, your rewards will be calculated until the rewards settlement time (00:00 UTC every day). After that, your unstaking request will be submitted on-chain and you will no longer receive rewards during the unstaking process (for flexible periods, up to 48 hours).
In certain circumstances, including but not limited to events of extreme market volatility, network latency, or a large number of Binance users issuing simultaneous unstaking and redemption instructions for NFTs, the unstaking process for your NFTs may be delayed.
You can cancel your stake or unstake request before the reward settlement time (00:00 UTC every day), and your NFT will not be submitted to the chain for staking or unstaking.
If your NFT status shows [Staking in progress] or [Unstaking in progress], you can cancel the current operation before the reward settlement time (00:00 UTC every day).
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 be staked on the chain and you can receive staking rewards.
How do I track the status of my NFTs?
The status of your staked NFT will be displayed on the Ape NFT Staking Program page. Here are some of the NFT statuses you may see:
Staking: Your NFT has been staked on the chain and is accumulating staking rewards. The rewards are automatically distributed to your spot wallet every day.
Staking in progress: You will not receive any rewards during this process. The status will change to [Staking] after the daily reward settlement time (00:00 UTC daily). If you cancel the staking request before the daily reward settlement time, the request will not be processed and the NFT will be returned to your account.
Unstaking in progress: On the day you confirm your unstaking request, your daily rewards will be calculated until the reward settlement time (00:00 UTC every day). After the reward settlement time, the NFT will be
Flexible (meaning to unstake at any time)] unlocks and returns to your account. However, if you cancel the unstake request before the daily reward settlement time, the request will not be processed and the NFT status will be restored to [Staking]. This means that your NFT will continue to be staked on the chain and you will continue to receive staking rewards.
How do I track the daily rewards I receive from my staked NFTs?
Staking rewards are automatically distributed to your spot wallet daily. You do not need to claim your rewards. You can view the daily rewards you receive from staking under [My Total Rewards] on the Ape NFT Staking Program page.
For a more detailed breakdown of daily rewards, scroll to the [History] section.
Currently, the Binance NFT section supports the staking of Ape series and Sandbox series NFTs!
Okay, we have explained the logic of NFT staking and how to stake in the Binance NFT section. Later, we will explain how to purchase NFTs on Binance Square and how to deposit your own NFTs in Binance.
In addition, the Binance NFT section will soon launch more new features. As an invited internal test user, Keith will also bring you reports on the latest features as soon as possible!
#Binance #Web3 #NFT #BinanceNFT
common problem
How do I get an NFT account?
You can use your regular Binance account to access the Binance NFT Marketplace. If you are not a Binance user, you will need to create a Binance account first.
Which cryptocurrencies can I use to buy or trade NFTs on the Binance NFT Marketplace?
Binance NFT Marketplace supports BNB, BUSD, ETH, and MATIC.
Does Binance NFT Marketplace allow users to deposit and withdraw NFTs?
You can deposit your NFTs into the Binance NFT Marketplace and list them for sale. For more information, see How to Deposit NFTs on Binance. Please note that your NFT contract address needs to be pre-approved before you can import it into the Binance NFT Marketplace. For more information on NFT withdrawals, see How to Withdraw NFTs from Binance.
Can I mint NFTs on the Binance NFT Marketplace?
How do I create and list my NFTs? One of the most exciting features available to creators on the Binance NFT Marketplace is the ability to mint non-fungible tokens (NFTs). You can quickly mint NFTs on the BNB Chain (formerly BSC) and Ethereum (ETH) and create your own NFT collection. Please note that only verified users can create NFTs on Binance, so you must complete identity verification before getting started. Additionally, you need to have at least 10 followers on your Binance NFT user profile. For more details, see How to Create Your NFT on the Binance NFT Marketplace.
Do I need to complete identity verification before trading NFTs?
You will need to complete identity verification to trade NFTs. Please note that you may need to complete certain levels of verification to increase your respective deposit and withdrawal limits. Limits vary by country. To learn more, visit How to Complete Identity Verification.
