Binance Launches Bored Ape NFT Staking Program
Binance, which is the world’s largest 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 NFT’s Mutant Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) are eligible for the stake scheme. According to Binance, staking for Bored Ape Kennel Club (BAKC) NFTs will soon be possible. This effort’s release is scheduled for December 12, 2022.
To reward customers who 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 cheapest NFT in the collection.
When eligible listings are eligible for submission to 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 entries and one for kennels.
The initiative by Binance is part of a larger effort to enter the NFT market and compete with OpenSea. Binance is looking 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 before, the exchange and soccer player Christiano Ronaldo collaborated on an NFT collection that was released. Binance’s dedication to maintaining its popularity and dominance over the NFT market is shown in each of these projects.
NFT Empire by Yuga Labs
The largest NFT collection available is Bored Ape Yacht Club, which is valued at over 690,000,000 ETH ($860,000,000). Also, with a value of 236,000 ETH ($293 million), the Mutant Ape Yacht Club is the fourth largest collection.
The largest NFT empire is controlled by Yuga Labs, the owners of this company. Current owners of Yuga Labs include CryptoPunks, Otherside and Meebits, in addition 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, as NFT prices fell drastically in the following months, the valuation plummeted.
Final thoughts
Binance, the largest cryptocurrency exchange, has decided to support NFTs, which could 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 stakes with Apecoin, all of which are possible ways binance is targeting to make the NFT marketplace a satisfactory for the users.
Ken Emmanuel is a blockchain content writer, a Web3 enthusiast and a social media management strategist, he enjoys writing educational content to help people become more knowledgeable and inspired. The growth of any organization he works with is always his priority. He is a geographer by profession and loves to read.
