The Binance NFT Marketplace recently announced the launch of The Sandbox NFT Staking Program, which enables users to stake $SAND tokens and earn exclusive NFT rewards. The Sandbox is a popular decentralized virtual gaming ecosystem built on the Ethereum blockchain that allows users to create, own, and monetize gaming experiences.
This new staking program is intended to incentivize user participation in the NFT ecosystem and foster the expansion of The Sandbox platform. The Sandbox NFT Staking Program will initially be accessible to all users between 2023-04-28 09:00 (UTC) and 2023-07-05 23:59 (UTC). Additional updates will be announced separately on Telegram, Twitter, Discord, and Instagram for Binance NFT.
Binance NFT opens support for the SAND NFT staking program
Binance is the only third-party platform that provides staking for The Sandbox NFT. While LAND NFTs are available on both the Ethereum and Polygon networks, The Sandbox NFT Staking Program only supports LAND NFTs held on the Polygon network.
The Sandbox NFT Staking Program is exclusive to Flexible Term subscriptions, and users are not required to possess SAND tokens in order to stake their LAND NFTs. The daily SAND rewards will be dependent on the current APR displayed on the program’s website. LAND NFT staking and unstaking requests made through the program will incur no gas fees from Binance NFT.
The introduction of The Sandbox NFT Staking Program on Binance exemplifies the expanding interest in the virtual gaming industry and the growing adoption of NFTs. Innovative initiatives such as this staking program are anticipated to play a pivotal role in the evolution of the blockchain gaming industry, creating new opportunities for users and developers as the NFT market continues to grow.
How can you participate? Learn more!!
Binance NFT, the official NFT marketplace of Binance, provides an open market for artists, creators, crypto enthusiasts, NFT collectors, and creative enthusiasts worldwide with the highest liquidity and lowest fees. Binance NFT offers a vast selection of valuable collectibles that are readily accessible to Binance’s over 90 million users.
Those who hold LAND NFTs on the Ethereum network can participate by transferring them to the Polygon network and depositing them on Binance. In addition, a Special Promotion is available from April 28, 2023, 09:00 (UTC) to May 25, 2023, 23:59 (UTC).
Binance NFT is also launching a promotion for early adopter users of The Sandbox NFT Staking Program who stake their LAND NFTs on the Polygon network. According to the promotion conditions, users who stake for more than 14 days during the promotion period will be eligible to share a dynamic prize pool of up to 20,000 SAND in token vouchers.
All qualifying users will split the unlocked rewards pool based on the number of eligible entries received by each qualified user as a percentage of the total number of eligible entries received by all qualified users. The reward for each qualified user is calculated as (the number of eligible entries held by each qualified user / the total number of eligible entries held by all qualified users) * the total rewards pool unlocked.
The Sandbox stands to benefit from Binance NFT support in several ways. The Sandbox can reach a wider audience of NFT collectors and enthusiasts, potentially increasing the visibility of the platform and its virtual land and gaming assets.
Additionally, by listing The Sandbox’s NFTs on Binance, users can easily buy, sell, and trade The Sandbox’s virtual assets, which can help to increase the liquidity of the platform.
Binance is a well-known and trusted brand in the cryptocurrency space. By partnering with Binance NFT, The Sandbox can leverage the credibility of the Binance brand to gain trust and confidence from potential users and investors.
Source: https://www.cryptopolitan.com/binance-nft-supports-sandbox-nft-staking/