Starting December 12, the program will be available to Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) token holders

​Binance marketplace will launch staking of NFT collections of the Ape ecosystem

06.12.2022 - 10:45

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2 min

What’s new? On December 12, at 00:00 UTC, Binance NFT Marketplace will launch a staking program for non-fungible tokens of the Ape ecosystem, which includes the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections. The goal is to engage the Ape community. Users will be able to stake BAYC and MAYC tokens on Binance for daily rewards in ApeCoin (APE). In addition, it will be possible to choose to stake NFTs for a flexible or fixed term of 30, 60, or 90 days. APE daily rewards are based on the annual real-time interest rate. Staking for Bored Ape Kennel Club (BAKC) NFTs will be available in the near future.

Binance Blog

What else does the blog say? Users can start depositing their Ape NFTs to Binance using the new optimized deposit process to prepare for the launch of the program or buy tokens at the Binance NFT Marketplace.

The platform will be organizing a separate promotion for Ape NFT holders. All users who stake tokens from the BAYC, MAYC, and BAKC collections on the Binance NFT Marketplace for sale at a fixed price will be eligible to participate in a total rewards pool of up to 10 000 APE.

To be eligible for rewards, users should put NFTs up for sale at a price that is less than or equal to 1,1 times the minimum price of Ape collection tokens. A daily snapshot of all eligible NFT listings will be taken during the activity period.

In October, Yuga Labs, the developer of the Ape ecosystem, created a “community council” of the BAYC collection holders. The new group will provide feedback to the community as well as promote new ideas and initiatives.

What is known about Yuga Labs? In addition to developing one of the most expensive NFT collections, BAYC, Yuga Labs also bought the rights to the CryptoPunks and Meebits collections in March. In May, it launched the Otherside metaverse and the Otherdeed NFT collection. As of December 6, 10:50 UTC, the APE governance token is trading at $4 115, having gained 0,51% per day, according to Binance.

In November, Uniswap Labs, which developed the decentralized exchange (DEX) Uniswap, added support for NFTs and held an airdrop. The company gave away 5 million USD Coin (USDC) stablecoins to users of NFT marketplace aggregator Genie, which it bought in June.

For more details on the situation in the NFT market, see GetBlock Magazine’s article.

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