Binance NFT Marks Day 1 of Ape Staking; Users Question Dropping APRs

Users can stake their Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs at Binance NFT, with current APRs of about 60%, down from the max of 199%.

Stake Bored Ape Yacht Club, Mutant Ape Yacht Club NFTs

Binance NFT concluded the first day of its Ape Staking feature, where holders of Bored Ape Yacht Club and Mutant Ape Yacht Club can stake their valuable and popular NFTs to earn rewards in ApeCoin.

More than $40,000 worth of $APE was distributed to stakers on the first day, as the Binance NFT Twitter account promoted Annual Percentage Rates (APRs) as high as 199%.

As some Twitter users noted, however, the current APRs listed on the Binace NFT Ape Staking page are much lower, at 58% for Bored Ape and 63% for Mutant Ape.

Binance also plans to offer staking in the future for Bored Ape Kennel Club NFTs.

Even at 58% APR, staking a Bored Ape NFT can bring in more than $140 per day, while a Mutant Ape can bring in more than $33 per day at 58% APR, at current $APE prices.

What is Binance NFT:

Binance NFT is Binance’s NFT arm that consists of a marketplace, a platform for initial game offering (IGO), and mystery NFT boxes on BNB Chain.

With the relevance of NFT projects on BNB Chain, Binance NFT has become increasingly more popular for NFT collectors

Where to find Binance NFT:

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