As of March 2024, NFT staking is quite rewarding if you have the Bored Ape NFTs. Our marketplace Cyan offers as much as 78% in annual yields for staking Yuga Labs NFTs (BAYC, MAYC and BAKC).
Below are a few representative figures of NFT staking yields. To check the latest figures, visit our Ape Staking page.
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Cyan offers two kinds of NFT staking, one which maximizes your yield and another which lets you continue to take part in governance. Both have their own benefits as well as drawbacks.
Staking for Highest Yield
If you want just the highest yield and do not care much about governance, choose the first option. You would need to transfer these NFTs to your Cyan account and then stake it with our staking protocol. In this method, the yields are almost double than the other method.
A small drawback is that since you do not have the NFT on your own wallet, you cannot take part in governance decisions. However, if you feel that a governance proposal is a very important one, you can always un-stake and take part and vote in governance.
Staking for Dual Benefits
If you want a combination of both governance and staking rewards, you can choose the second option. The benefit is that, using this way, you do not have to transfer your NFTs anywhere. They will remain in a locked state in your wallet and you can also take part in governance.
However, the yields will be lesser than the first method.
Don’t have a BAYC NFT Yet? Buy on CYAN
Buying NFTs on CYAN is a simple 2 step process. We have made it super simple to buy NFTs on our website. You just need to connect wallet and approve the transaction.
- Connecting Wallet: No account creation needed; users can connect their wallets directly via the “Connect Wallet” option, supporting MetaMask, Wallet Connect, Unstoppable Domains, Rainbow, and Rabbit.
- Buying Process:
- Wallet connection not required for browsing the Shop page.
- Over 107 Ethereum and 10 Polygon collections available for browsing in grid or list view.
- Filters help select desired traits and pricing. Selecting an NFT opens financing terms for down payment and loan duration, with an option for automatic repayments.
- Automatic Repayments deduct funds from either the user’s wallet or a Cyan Wallet, where NFTs on loan are held.
- A Cyan Wallet is created upon the first purchase or loan, where purchased NFTs are stored until the loan is repaid.
CYAN also features easy NFT Loans (a.k.a. Buy Now, Pay Later) that help you pay for your purchases in multiple transactions and also allows users to sell the NFTs in just 1 click if they do not want the loan repayments anymore.
