Blocksport Takes Fan Engagement to the Next Level With NFT Staking & Interactive DeFi Games
At Blocksport, our mission is to shape the future of sports using blockchain technology. Our innovative fan engagement platform already brings fans, clubs, and sponsors closer together than ever — and it’s about to get even better with our launch of interactive DeFi games and NFT staking.
What if we tell you that with our NFTs you can not only engage with your favourite club but also earn passive income?
Keep reading to learn how to stake your NFTs and earn BSPT tokens as a reward.
How NFT Staking on Blocksport Works
Since the Blocksport NFT platform was launched, fans have been having fun collecting NFTs, and now some NFT holders are interested in ways to have even more fun and make money from their collection without selling it off.
We’re about to make that possible with our new NFT Staking Feature, which was officially released this week. Here’s a step-by-step guide to how it works.
Purchase NFTs & Build Your Power Rating
To participate in our NFT staking games, you need to purchase at least one NFT on the Blocksport platform. You’ll notice that your new NFT comes with a power rating displayed as stars or medals when you look at your tokens.
The power rating for your token depends on its value — regular tokens have a rating of one to five, while exclusive tokens have power ratings of six to eight. We use this rating to distribute BSPT tokens to fans who participate in our DeFi games.
The higher the power rating of your token, the more rewards you get for staking it. You can combine your NFTs to increase your total power in the pool and get more BSPT tokens.
Once you’ve purchased your NFTs, you 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 % from such transactions — it’s just part of doing business on the blockchain.
Minimum Locking Period for NFT Staking Tokens
A staking period consists of 30 days. Each day is known as a cycle. Once you stake your NFTs, you can unstake them once one full cycle ends. This is known as the minimum locking period.
For example, if you place your NFT on staking during the 3rd period, that means you have to wait for one full cycle to finish to unstake it. In this case, the full cycle is the 4th period, so you’ll be able to unstake your NFT when the 5th period starts.
Cool Down Period for NFT Staking Tokens
In addition to the minimum locking period, the Blocksport staking mechanism also requires a cool-down period for staked NFTs. To avoid overloading and crashing the system, you will need to wait for one full cycle to pass before re-staking a token you have recently unstaked.
No Mix-and-Match Staking Pools
We have one more important rule you need to know: you are not allowed to mix NFTs from different chains in the same staking pool.
How Do Blocksport NFT Gamification Rewards Work?
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 you can only claim them when the period ends. In other words, you earn reward tokens for every day you stake your token, but you can only claim them once every 30 days.
Here’s the kicker — for the first month of staking STARTING TODAY, you will be able to claim close to $1,000! Such high rewards are possible because of the current number of NFTs on the platform and our own 210,000 BSPT tokens added to the pool. How about that?
To claim BSPT rewards from your NFT staking games, you need a MetaMask wallet. When you’re ready, you can transfer your BSPT rewards directly to your wallet. Once again, this involves a gas fee. Unlike with the staking gas payment, a small percentage (5%) goes to Blocksport.
Be The First to Know When Blocksport NFT Staking Is Live
If you’ve seen our recent update and roadmap, you know we are about to introduce several exciting features to our platform this year.
This week we activated our first NFT staking pool. Blocksport users can now stake NFTs and earn rewards on Binance Smart Chain (BSC).
Coming up: DeFi games and more NFT staking pools.