Sports platform provider Blocksport is planning to shape the future of sports using blockchain technology. Their innovative fan engagement platform already brings fans, clubs, and sponsors closer together. Now they are about to launch interactive DeFi games and NFT staking. This will allow sports NFT holders to stake their NFTs and earn BSPT tokens as a reward.
Step-By-Step Guide On How Sports NFT Staking Works
Since the Blocksport NFT platform was launched, fans have enjoyed collecting their sports NFTs. However, some NFT holders were also interested in ways to make money from their collection, without having to sell it off. That’s now possible with the new Blocksport NFT Staking Feature, which has been officially released.
To participate in Blocksport’s NFT staking games, fans need to purchase at least one NFT on the Blocksport platform. The new NFT comes with a power rating displayed as stars or medals on the token.
Token Power Rating
The power rating for each token depends on its value — regular tokens have a rating of one to five, while exclusive tokens have power ratings of six to eight. Blocksport uses this rating to distribute BSPT tokens to fans who participate in their DeFi games.
The higher the power rating of the token, the more rewards fans will get for staking it. Owners can combine their NFTs to increase their total power in the pool and get more BSPT tokens.
Once the NFTs are purchased, owners can stake them by placing them into the staking smart contract on the Blocksport platform. As with most blockchain transactions, staking requires a gas payment. Blocksport doesn’t receive any fees from these transactions — it’s just part of doing business on the blockchain.
Minimum Locking Period
A staking period consists of 30 days. Each day is known as a cycle. Once holders stake their NFTs, they can unstake them once one full cycle ends. This is known as the minimum locking period.
For example, if owners place their NFT on staking during the 3rd period, that means they will have to wait for one full cycle to finish to unstake it. In this example, the full cycle is the 4th period, so they’ll be able to unstake their NFT when the 5th period starts.
Cool Down Period
In addition to the minimum locking period, the Blocksport staking mechanism also requires a cool-down period for the staked NFTs. Owners will need to wait for one full cycle to pass before re-staking a token that has recently been unstaked.
Mix-and-Match Staking Pools Not Allowed
Blocksport has another important rule: Owners are not allowed to mix NFTs from different chains in the same staking pool.
Blocksport provides passive income by allowing fans to earn BSPT tokens on two chains: Ethereum and Binance Smart Chain. Rewards are distributed for each cycle of the period, but holders can only claim them when the period ends. In other words, owners earn reward tokens for every day they stake their token, but they can only claim them once every 30 days.
MetaMask Wallet Required For BSPT Rewards
Higher rewards are currently offered for the first month of staking. To claim BSPT rewards from NFT staking games, a MetaMask wallet is required. Owners can transfer their BSPT rewards directly to their wallet. However, this does involve a gas fee. Unlike with the staking gas payment, a percentage (5%) goes to Blocksport.
Just this week, Blocksport activated their first NFT staking pool, which means Blocksport users can now stake NFTs and earn rewards on Binance Smart Chain (BSC). Blocksport also has plans to launch Fan Tokens for their Esports and rugby partners later this year.
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