Your gaming NFTs can make you money on these 5 platforms
Buying NFTs is fun, and when you sell them these can make you a lot of money. However, did you know that certain NFTs can also give you passive income? Simply buy NFTs, stake them, and earn a certain token. We will talk you through five examples in this guide for passive income!
The NFT market is unquestionably booming at the moment. However, many NFT collectors are now looking into ways to still make money from their collection without having to sell it off. With the rise of gaming NFT and play-to-earn opportunities, a new passive income source has come to the foreground – staking NFTs. We’ll look at five platforms that allow you to stake NFTs, and earn crypto tokens as a reward.
Earn in VOID with whenstaking.com
WhenStaking is Onessus’ much-anticipated foray into the NFT marketplace arena. The company behind HodlGod, one of the most popular blockchain-based games, was a pioneer in the NFT staking sector. The HodlGod community eagerly awaited Whenstaking.com. As a Wax-based marketplace, whenstaking.com lets you see NFT assets from other Wax-based games, like Alien Worlds, for example. However, only Onessus-based NFTs can be staked.
To use whenstaking.com, you will need a Wax wallet. The Wax team has made it as easy as possible to create a wallet, as you can register with your Facebook or Google profile. If you already have a wallet, simply log in. You can also connect to whenstaking.com with Anchor.
Once logged in, you’ll be able to view your dashboard and all NFTs in your collection. To stake an NFT, you first have to see which of your NFTs are stakeable.
To do that, click on the filter drop-down and select “All Stakeable”. You can also find information about all stakeable collections on the official Discord channel. Once you know which NFT you want to stake, simply select it and press stake. A popup will appear, asking you for the desired lockup period. There you can choose how long you’d like your NFT to be staked. The window also calculates the APR percentage you will get for the given time period. On top of the staked NFT, you will also need to stake VOID tokens.
You also get the option to transfer NFTs to other Wax accounts.
Staking Onessus NFTs will reward you immediately with new VOID tokens. Technically you could then stake your newly received VOID again. However, keep in mind that your staked VOID will be locked away for the amount of time you’ve indicated before.
VOID is the native token of the HodlGod platform and the connection between all Onessus dapps. At the time of writing, one VOID token is valued at $0.00001. However, staking on whenstaking.com usually offers about 80% APR.
Earn in DEC and SPS on Splinterlands
Splinterlands is now in a heated battle with Alien Worlds for the most played game in the blockchain ecosystem. The card trading game has been steadily attracting new users in the past couple of months, and the passive income opportunities on the platform are among the main drivers for that spike.
As a collectible card game, Splinterlands offers a wide variety of passive income opportunities. Your card collection is currently your most valuable asset in the game. Each card has a price in Dark Energy Crystals (DEC), the native token of the Splinterlands platform.
Getting started with Splinterlands requires a bit of initial investment. First, you’ll have to log in to your Splinterlands account. However, as the game is also Wax-integrated. This means, you can easily use your Wax wallet to do that. To start playing, you’ll also need to purchase a Summoner’s Spellbook, which contains the base set of playing cards. From this point on, you can play battles (and earn DEC if you win), purchase cards, and, most importantly, rent them out.
Importantly, you can rent out the cards you don’t use. Renting out cards functions in pretty much the same way as staking. To rent out a card, you need to go to your card collection and select the NFT you’d like to rent out. Keep in mind you can only rent out cards that you own.
Once you’ve selected the card you want to rent out, a popup window appears. There you have several options. Click on the rent tab, and you’ll get the opportunity to choose how much DEC you want to receive per day from the players renting your NFT. There’s also a suggested rent price guided by the current rent prices for this card on the market.
You can take your card off the market at any point. Additionally, whenever someone uses your NFT, you get the rent directly in your DEC balance.
What’s more, Splinterlands also offers SPS staking. SPS is the governance token for the platform. Currently, all players are airdropped a given amount of SPS tokens daily. The amount depends on the strength of their card collection, and their rank in the leagues. Staking SPS is another handy way to benefit from passive income on Splinterlands. For a more detailed look at passive earnings on Splinterlands, check out this guide.
Earn in AETHER on R-Planet
R-Planet functions much like whenstaking.com. However, an important distinction here is that R-Planet offers staking for a wide variety of Wax-based NFTs, not only their own. Logging in R-Planet is super straightforward – simply connect your Wax wallet.
The platform automatically detects all NFTs in your wallet that are part of the supported staking collections. When you click on a specific collection, you’ll be able to see all unstacked cards you currently hold. Above them will also be a value in AETHER, the R-Planet reward token. This AETHER value is how much you’ll earn for staking your NFT per hour.
Once you’ve staked some of your cards, you’ll also be able to see the combined hourly rate of your stake. The top right corner of the page gives you information about the number of cards you have staked and the time remaining until you can claim your next batch of AETHER tokens.
R-Planet is a great way to make passive income because it covers a huge collection of Wax-based NFTs. Currently, the platform supports NFT staking for assets from 34 different dapps, including the immensely popular Alien Worlds.
Earn in RFOX with KOGs
KOGs are digital collectible NFTs that give you access to games on the Wax blockchain. You can purchase individual KOGs, or sets of KOGs on the Wax-based Atomic Market. Interestingly, aside from serving as game passes, KOGs can also be staked.
Like most Wax-based platforms, KOGs allows users to log in with their Wax account. The platform then recognizes all available KOGs NFTs and sets and offers users to stake them. KOGs has made an effort to make the staking process as transparent as possible. According to their website, if you stake an NFT and it stays locked for 90 days, you will receive a fixed rate of RFOX tokens. Interestingly, only certain sets qualify for staking rewards. You can check them out here. Stakeability is determined by the type of NFTs included in a set, and by a predefined set of criteria. For example, some sets include KOGs combined based on their design, while others combine KOGs based on their border.
The KOGS platform is a great way to get your hands on some passive income. If you lock up your NFTs for three months, you are guaranteed to receive a portion of the fixed pool of 56,820 RFOX tokens. Currently, one RFOX token is valued at $0.048 according to the DappRadar Single Token Page.
Earn in PYR on VulcanVerse
Last but not least, we enter VulcanVerse on the Vulcan Forged protocol. VulcanVerse, and its native token PYR, offer a great way to earn passive income. Land in Vulcan Verse can be upgraded. However, this requires PYR tokens. An upgraded land plot will give players a better chance to take a larger portion of the play-to-earn rewards pool.
However, for players to upgrade their plots, they need to stake enough PYR tokens. The table below details the required PYR stake for each level up.
Upgrading your land on Vulcan Verse will allow you to participate in the PYR play-to-earn rewards scheme passively. The higher level your land is, the more PYR you’ll be able to claim from the pool. The price for one PYR token at the time of writing is $6.18, according to DappRadar data.
Vulcan Verse is currently in its beta phase, and only landowners can participate in the game. Considering this, and the fact that you can claim passive income simply by upgrading your land level, makes this a rather tempting passive income stream.
To get yourself a land plot in Vulcan Verse, you need to visit the Vulcan Forged Marketplace. There you’ll find a wide variety of plots for sale, as well as NFTs for other games in the Vulcan Forged ecosystem.
Once you’ve purchased your land plot, you can go back to the Vulcan Verse universe and start leveling it up. The more you level up, the more PYR you’ll have staked, and the more you’ll be able to bag in rewards.
Stake your NFTs for passive income
As you can see, staking your NFTs, or participating in other rewards programs with them is easy with play-to-earn games on the blockchain. There is no need to forfeit ownership of your digital collectibles to make a profit.
If you are curious to get your hands on some tokens to start off your NFT staking journey, check out the links below. Stay tuned and follow DappRadar on Twitter and Discord to find out the latest passive income opportunities on the blockchain.