Binance Launches an Ape NFT Staking Program
Binance, the leading global cryptocurrency exchange, is launching an APE NFT Staking Program for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) non-fungible token (NFTs) collections.
Introducing NFT Staking
Binance has announced the launch of its Ape NFT Staking Program, which will allow users to earn ApeCoin (APE) rewards by staking their BAYC and MAYC NFTs. The program will be effective from a date in December, which is yet to be disclosed by the Binance team, and will allow users to stake their NFTs for a flexible or fixed term of 30, 60, or 90 days.
Users will be able to choose whether they want to stake their BAYC or MAYC NFTs for a flexible term, which allows them to withdraw their NFTs at any time, or for a fixed term, which locks their NFTs for the chosen period. The APE daily rewards will be subject to the real-time annual percentage rate (APR) displayed on the Ape NFT Staking Program page.
Staking for Bored Ape Kennel Club (BAKC) NFTs will be available in the near future. APR means the monetary value or reward that investors may earn by making their crypto tokens accessible for loans or staking, calculated according to the interest rates and any other fees that borrowers must pay.
How to Participate in the Ape NFT Staking Program
To participate in the staking program, users must deposit their Ape NFTs to Binance using the newly optimized deposit process. They can also purchase Ape NFTs at the Binance NFT Marketplace, where Binance will organize a separate activity for Ape NFT holders who list eligible NFTs for sale. This activity will have a total rewards pool of 10,000 APE up for grabs.
The Ape NFT Staking Program will be subject to local restrictions and users who have not completed identity verification, or are from restricted countries/regions, will not be eligible to participate. More details on the program, including the terms and conditions, will be available on the program page by the date of launch.
In addition to the staking program, Binance NFT is also organizing an activity for users who list eligible Ape NFTs for sale on the Binance NFT Marketplace. The activity will run from the 6th to the 31st of December of 2022, and users who list fixed-price NFTs from the BAYC, MAYC, and BAKC collections for sale will be eligible to share the rewards pool of 10,000 APE.
To qualify for rewards, users will need to list eligible Ape NFTs at a price that is less than or equal to 1.1 times the NFT floor price of the corresponding collection. A daily snapshot of all eligible NFT listings will be taken, and each eligible listing will entitle the holder to a certain number of entries to the total rewards pool, depending on the collection it belongs to. Floor price means the lowest-priced NFT within a collection.
The rewards will be calculated based on the number of entries collected by each qualified user. The total rewards pool will vary depending on the number of eligible NFT listings during the period, ranging from 5,000 APE for less than 500 Ape NFT listings to a maximum of 10,000 APE for more than 5,000 Ape NFT listings.