You are probably already familiar with the staking concept from the DeFi sector or know about the Proof of stake consensus mechanism, but what the heck is "NFT Staking"?
Let's dive into that.
How it works
In short, you stake your NFTs by locking them in the Smart Contract Vault and then receive $NEXP rewards according to your Staking Rate.
We don't control your NFTs. You can unstake them at any time
Not every NFT will be eligible for staking. Initially, you can stake only NEARton NFTs, but we're going to connect with trusted collections to create the pool. It's up to the community to decide which one should be in the pool.
The Staking Rate
The Staking Rate is the most interesting and tricky thing because its value is calculated based on your assets.
Each home has a base Staking Rate (bSR)
bSR is calculated based on house district and rarity attributes.
bSR is static. You will know it after the mint.
And if you stake more than one home there are bonus points (BP) per each NFT.
The NFTs from external collections will also have their own bSR and BP.
NOTE: BP is needed to encourage people to accumulate assets in one account to get more rewards.
To clarify the process, take a look at the picture below.
In short, the more NFTs you stake, the more $NEXP you get. We give a bonus for staking more than one NFT from the same collection.
You earn rewards per day (24h cycle) and can claim them anytime.