ATH NFT Staking

How does NFT Staking Work?

Most of the blockchain networks today are working on Proof-of-Stake (PoS) consensus mechanism and depend on a global network of validators who verify transactions and keep the network secure. Validators stake cryptocurrency and verify the transactions in exchange for staking rewards. Similarly, you can stake NFTs in a platform and earn rewards for fees in exchange for dedicating your NFT to a blockchain network. Profit is dependent on Annual percentage yield (APY), the staking duration, and the number of NFTs staked. It also depends on the platform you use and the type of NFT staked. However, most of the NFT staking platforms offer daily or weekly rewards.