Binance NFT marketplace has launched a new NFT staking program for Bored Apes NFT collection holders. The new NFT staking program will allow its customer to stake their Bored Ape Yacht Club and Mutant Ape Yacht club NFT collection to receive Ape tokens.
Binance Launches Ape NFT Staking Program
Binance, the world’s largest crypto exchange by trading volume, hinted at plans to launch a new NFT staking program last week. The new Ape NFT staking program, which went live earlier today, will allow NFT holders to stake their Bored Ape NFTs to earn ApeCoin tokens.
According to the Ape Foundation, the creator of the ApeCoin tokens, the new Ape NFT staking program will be made available for the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFT holders.
In the new Ape NFT staking program, users may choose to stake their BAYC or MAYC NFT collection for a flexible time limit, ranging from one month, two months, or three months. APE’s daily rewards will be subjected to the APR displayed on the Ape NFT Staking Program page.
Binance Allocates 10,000 APEs To Reward NFT Users
Binance NFT Marketplace has allocated 10,000 ApeCoin tokens worth $38,700 to incentivize its customers to sell Bored Ape NFT collection on the exchange during bored Ape staking time limits.
To qualify for rewards, the crypto exchange will require crypto users to list their Ape NFTs at a price less than or equal to 1.1 times the NFT Floor Price of the corresponding Ape NFT collection.
Moreover, a daily snapshot of all eligible NFT listings will be taken during the activity period, where each eligible NFT listing will entitle the respective NFT holders to entries to the total rewards pool unlocked.
In the meantime, the new Ape NFT staking program is currently available in countries that allow ApeCoin staking. It’s worth noting that several countries restrict ApeCoin staking, including the United States, where most BAYC and MAYC holders reside.
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Author: Dominic Kimani
Dominic is a Nairobi, Kenya based crypto news writer enthusiastic about NFTs, DeFi, and blockchain tech in general, with four years experience in the field, alongside his own personal investing journey. Dominic also produces his own NFT and crypto newsletter, taking the initiative to set up his own mailing list with …