Frequently Asked Questions: Navigating Our NFT Staking Service




Frequently Aksed

What is staking?

Staking is the process of holding and supporting a particular blockchain's native token by locking it up in a wallet for a certain period of time. This helps to secure the network and in return, stakers are rewarded with a share of the network's transaction fees.

What is the advantage of staking NFTs with Bored Elizabeth II?

Staking NFTs with Bored Elizabeth II can provide several benefits, such as staking your NFTs on multiple staking platforms, earning rewards for supporting the network, increasing the value of the NFT, and accessing exclusive perks and discounts.

How do I stake my NFTs with Bored Elizabeth II?

Currently, you can stake your NFTs with our own staking platform on our website and earn $BEPC. You can earn $HEXO on Cardano Lands and $C4 on Cardano Crocs Club.You will need to transfer your NFTs to a wallet that supports the platform's protocol. After that, you can connect to the plateform and start earning rewards for staking. Alternatively, you can earn prize each week by playing battle on Space Troopers every day before midnight UTC.

Are there any risks associated with staking NFTs?

As with any investment, there are risks associated with staking NFTs. The value of NFTs can be highly volatile and may decrease in value. Additionally, the staking platform or the NFTs project itself may fail, leading to a loss of your rewards or your NFTs. It is important to thoroughly research the platform and project before staking your NFTs.

Can I unstake my NFTs?

Bored Elizabeth II exclusively utilizes non-custodial staking platforms, ensuring that your NFTs remain in your possession while being staked. This means that your NFTs are staked on a staking platform, but are not transferred out of your wallet, giving you the flexibility to sell or transfer them to another wallet at any time.

How do I know if my NFTs are staked?

To check if your NFTs are staked, you can check the staking platform's dashboard or the transaction history of your wallet. The platform or wallet should have a staking section or a list of staked assets.

How do I earn rewards for staking my NFTs?

The rewards for staking NFTs vary depending on the platform. Typically, rewards are paid out in the platform's native token and can be withdrawn to your wallet at regular intervals. Additionally, some platforms may offer additional perks or bonuses for staking NFTs.

What is an NFT token?

An NFT token, or non-fungible token, is a unique digital asset that represents ownership of a specific item or item of value, such as a digital art piece, collectible, or in-game item. Unlike fungible tokens, such as $BEPC or $HOSKY, each NFT is unique and cannot be replaced or exchanged for an identical item.

What is the difference between a fungible token and an NFT token?

A fungible token is a digital asset that can be replaced or exchanged for an identical token. Examples of fungible tokens include $BEPC or $HOSKY. On the other hand, an NFT token, or non-fungible token, is a unique digital asset that represents ownership of a specific item or item of value, such as a digital art piece, collectible, or in-game item. Each NFT is unique and cannot be replaced or exchanged for an identical item.

How can I verify the authenticity of an NFT token?

Most NFT tokens are minted on a blockchain, which allows for their authenticity to be verified by checking the token's smart contract and transaction history on the blockchain. Additionally, many NFT marketplaces and platforms have built-in verification features to check the authenticity of NFTs.

What are the benefits of owning an NFT token?

The benefits of owning an NFT token include owning a unique digital asset, having the ability to trade it on various marketplaces, and the potential for appreciation in value. Additionally, owning an NFT can also grant access to exclusive perks and discounts, such as early access to new products or special events.

How can I store my NFT tokens?

NFT tokens can be stored in a digital wallet that supports NFTs. Some popular wallets on Cardano that support NFT storage include Eternl, Nami, and Yoroi.

How can I sell or trade my NFT tokens?

NFT tokens can be sold or traded on various marketplaces that support NFT trading. Some popular marketplaces include JPG.store, CNFT.io, and Jamonbread.io. Before listing your NFT for sale or trade, it is important to check the fees and terms of the marketplace or exchange.

How do I add Bored Elizabeth II NFTs to my collection?

You can acquire Bored Elizabeth II NFTs through buying them from marketplaces like JPG.store, receiving them as rewards for participating in the Discord, or by minting them when a mint is available. Once you own an Bored Elizabeth II NFT, you can add it to your collection by storing it in a wallet that supports NFTs such Eternl wallet, Nami wallet or Yoroi wallet.

How do I organize my NFT collection?

There are various ways to organize your NFT collection, such as using a spreadsheet to track your collection's details, using a digital wallet that supports collection management, or using a third-party collection management tool.

How do I know if my NFT is a rare or valuable one?

The rarity and value of an NFT can depend on various factors, such as the number of mints, the popularity of the artist or creator, and the demand for the specific NFT. You can check CNFT.tools rarity and sales history of the NFT to get an idea of its value.

Can I lend or borrow NFTs from my collection?

Some platforms and marketplaces allow for lending and borrowing of NFTs, but it depends on the platform's terms and policies. It is important to research the platform and understand the risks and fees associated with lending or borrowing NFTs before proceeding.

How do I insure my NFT collection?

You can insure your NFT collection by purchasing a policy specifically designed for digital assets or by adding a rider to your existing homeowner's or renter's insurance policy. It is important to research the options available and understand the coverage offered before purchasing a policy. Additionally, it is important to properly store and secure your NFTs, such as using a hardware wallet and regularly backing up your collection information to prevent loss or damage.

What is crypto trading?

Crypto trading refers to the buying and selling of cryptocurrencies on various exchanges or platforms. This can include buying and selling of NFT tokens as well.

How do I start crypto trading?

To start crypto trading, you will need to create an account on a crypto exchange or trading platform such Muesliswap, Minswap or Sundaeswap. You will also need to link a wallet to trade with your account. It is important to research and compare the fees, security measures, and supported assets of different exchanges before choosing one to use.

What are the risks of crypto trading?

Crypto trading carries several risks, such as market volatility, hacking, and fraud. It is important to have a solid understanding of the market and conduct thorough research before making any trades. Additionally, it is important to use a secure wallet and 2FA to protect your assets.

How do I track my crypto trades and portfolio?

You can track your crypto trades and portfolio using trading and portfolio management tools such as CoinTracking, Blockfolio, and Delta. These tools can help you keep track of your profits and losses, current value of your portfolio, and other important information.

What are the tax implications of crypto trading?

Crypto trading may have tax implications depending on the country or jurisdiction you are in. It is important to research and understand the tax laws and regulations regarding crypto trading in your area, and to keep detailed records of all your trades for tax reporting purposes.

Join the best staking community

Get updated with news & tips, play games and learn how to maximize your gains

Join Discord