Ape Holders Can Now Earn Passive Income on their NFTs by Staking them in Binance

The world’s largest cryptocurrency exchange Binance is preparing to launch a staking program on its NFT platform for Bored Ape Yacht Club NFT holders.

In a recent blog post, Binance announced that the Ape NFT Staking program will launch on December 12, 2022. The company detailed that there may be minor deviations in the launch date of this program, which was implemented to interact with the ApeCoin (APE) community.

Users participating in this program will be able to earn APE by staking their Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs on the Binance NFT Marketplace as of December 12. Also in the blog post, it was stated that the staking feature for Bored Ape Kennel Club (BAKC) NFTs will be rolled out in the near future.

“Users may start depositing their Ape NFTs to Binance using the newly optimized deposit process to prepare for the program’s launch, or purchase Ape NFTs at the Binance NFT Marketplace. Binance NFT will be organizing a separate activity for Ape NFT holders who list eligible Ape NFTs for sale on the Binance NFT Marketplace, with 10,000 APE up for grabs,” Binance said.

APE daily rewards will be automatically distributed to users’ spot wallets between 03:00 and 11:00 on the day after users have staked their Ape NFT. The company also stated that the amount of APR, which determines the reward rate, will be adjusted daily.

“The number of entries received by each eligible BAYC, MAYC, and BAKC NFT listing is determined by their relative NFT Floor Prices. All qualified users will share the corresponding rewards pool unlocked based on the number of entries collected by each qualified user as a proportion of the total number of entries collected by all qualified users,” the exchange said.

According to the announcement, only users who have completed their identity verification will be eligible to participate in the Ape NFT Staking Program.

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