The top NFT exchange platform, Binance NFT, has decided to introduce an Ape NFT staking feature for BAYC and MAYC NFT projects.

What is Binance NFT?

Binance NFT is a platform for buying and selling non-fungible tokens on the Binance Blockchain. Binance NFT allows users to buy, sell, and trade NFTs in a secure and decentralized marketplace. Binance NFT was launched in 2021 and is one of the first platforms of its kind on the Binance Blockchain.

Binance’s Latest Staking Feature

On Tuesday, the NFT marketplace announced the integration of an APE NFT staking program on the exchange platform. Although the program is expected to go live on December 12, the launch date is subject to change. Users would be informed of any changes in the staking program’s schedule via Binance NFT’s Twitter page.

The Ape NFT staking program was designed to engage Binance NFT users in the ApeCoin community. Owners of assets in the Bored Ape Yacht Club and the Mutant Ape Yacht Club NFT collections will be able to stake their non-fungible tokens on the platform and get ApeCoin (APE) daily benefits. 

These rewards are dependent on the annual percentage rate (APR) generated in real-time and shown on the Ape NFT staking program page. The annual percentage rate is the gain made by crypto investors by allowing their digital assets to be open for loans or staking. An APR is a function of the interest rates and other fees accumulated by the borrower.

Soon enough, tokenholders of the Bored Ape Kennel Club (BAKC) will be able to use the Ape NFT staking program. Tokenholders may decide to stake their digital assets for a Flexible Term or Fixed Term of 30, 60, or 90 days.

To access the Ape NFT staking program, interested parties may begin depositing their BAYC and MAYC assets to Binance via its latest deposit procedure. They can also buy these NFTs on the Binance NFT marketplace.

There are plans in motion for Binance to host a different activity for tokenholders who list their eligible BAYC, MAYC, and BAKC NFTs for sale on the platform with 10,000 APE to be given away. The activity began on December 7 and will run till December 31st.

To become eligible for the 10,000 APE, Binance NFT users must list their APE tokens at a value smaller than or equal to 1.1 times (110%) the NFT floor price of the corresponding Ape collection. A snapshot of qualified NFT listings will be made every day of the activity period. Each qualified listing will allow the respective tokenholder to partake in the total 10,000 APE pool.

Rewards will be allocated based on the number of entries made by qualified individuals and the combined number of entries made by all eligible users. The range of rewards goes from 5,000 APE for less than 500 combined eligible APE NFT listings to 10,000 APE for more than 5,000 total eligible listings.