In my case, I am exploring NFT projects that come with some unique utilities that I can try myself. Recently, I bought one ChubbykaijuDAO NFT because of its DAO concept. There you can participate in voting on community proposals and it also turned out to have a much deeper utility for me to experience.
NFT staking is a concept that allows you to land your NFTs to another wallet and earn internal tokens in a passive way. In this case, I had an opportunity to earn $CRUNCH tokens that can be used later for minting new NFTs and other activities.
Chubby Kaiju #5989
ChubbyKaijuDAO aims to build an advanced DAO in OpenDAO. All kaijus are cute and chubby. Indirect Democracy implemented in DAO system, and 100ETH funded Multi-signature DAO Treasury will voice in OpenDAO ecosystem as a Top40 SOS token holder.
This process happens on the project website and there I had to pay an additional one-time fee to approve my wallet connection before I was able to stake my Chubbykaiju. After this, I had to select it on the UI and tap on the stake button that also prompted me to pay for staking.
Since my ChubbyKaiju got moved from the left to right tab, it is no longer visible on my wallet but I have an option to grub it back.
With this setup, my ChubbyKaiju will generate approximately 3 $CRUNCH per day as it has an Epic rarity. Later in time, I will be able to use these tokens to mint an alien ChubbyKaiju and sell it on OpenSea for example to get some Etherium back (Which I probably won't do) 😏
The overall process was tricky to understand before you check an official staking guide on the discord and I think I lost some GAS fees trying it too early. But in general, the value proposition behind staking seems reasonable but would depend on the overall ROI in a long term.
Have you tried NFT staking yet? 🦖
