Thousands of users have already taken advantage of staking opportunity
This week NFT Worlds introduces staking, allowing NFT holders to lock their NFTs and earn interest paid in WRLD tokens. Staking has already become a primary activity in the DeFi space, and has been finding its way into gaming as well.
NFT Worlds now allows users to generate the platform’s native token WRLD by staking their world NFTs. Users lucky enough to hold one of the 10,000 NFT Worlds can unlock the following benefits:
- Earn WRLD token on an interval basis. World owners who stake can claim their WRLD rewards at any time.
- A staked world may also be made available to rent. The owner can set a monthly rental price, just like a landlord in the real world. The team made rental management available through the World Manager dapp.
The amount of WRLD a holder earns from staking, depends on the rarity of the NFT they hold. The more rare attributes a piece of land has, the more WRLD it will generate. Check out this link showing the entire formula.
There are 1.75 billion total WRLD tokens locked up, ready to be distributed as staking rewards over a planned five year period. That’s $332.5 million at the current token prices. A few hours after the launch of the staking feature, landowners already staked 34.53% of all NFT Worlds.
How to stake an NFT World
It’s a fairly simple process to stake your NFT World:
- Go to the World Manager and connect with the wallet you use.
- In the World Manager you will see all the land NFTs in that particular wallet.
- You can either stake lands one by one by pressing the “Stake” button.
- Or you can use the “Stake Bulk” button on the top of the page.
- Keep in mind that staking requires a transaction on the Ethereum blockchain. So you will need some ETH to cover the gas fees, and gas fees tend to be relatively high on Ethereum.
About NFT Worlds
NFT Worlds is a collection of 10,000 virtual worlds that exist as NFTs on the Ethereum blockchain. Each world is ‘an explorable, limitless world that can be built into anything you can imagine.’
Compatible with Minecraft, land plots were minted on October 5th, 2022. Each one is a mini-metaverse that users can craft, shape and design as they see fit. Each one has unique traits and visitors are free to explore them. Enthusiasts, along with traders and speculators, have taken a genuine interest in the project due to the truly intriguing use cases it presents.
The possibilities seem endless as World owners can shape their environment in any way they want. The community of players and developers have created role playing games, tower battle games and first person shooters. Each of those features play-to-earn mechanics to earn WRLD or other rewards, powered by NFT Worlds. Yes, you also earn WRLD simply by playing on the play-to-earn servers.