Ever seen someone with a .eth domain name and wanted your own? Here's how the Ethereum Name Service (ENS) works and how to register your domain. Ever seen someone with a .eth domain name and wanted your own? Here's how the Ethereum Name Service (ENS) works and how to register your domain.

 blockchain’s most pressing problems are its limited accessibility and scalability, which make it harder to use and lead to high gas fees per transaction. Similar to Web 2.0’s requirement that you input long IP addresses, you’re forced to use complex wallet addresses and transaction hashes in the 

Ethereum Name Service (ENS) exists to combat this very issue.

This article will explore how Ethereum Name Service does it — and how to create your personal ENS domain.

 is a distributed naming system on the Ethereum blockchain. Launched in 2017 by founder Nick Johnson, it translates complex identifiers, such as crypto wallet addresses and long 

 strings of numbers and hashes, into simplified and readable wallet names. ENS makes it easier to share and remember addresses on Ethereum’s blockchain.

Every time a user wants to receive a payment on the Ethereum wallet, the created ENS domain name is shared instead of a complicated address. Rather than receiving a payment from and address that looks like “Ox4h42j34298sd68” in your wallet, you can use ENS to buy human-readable names along the lines of johndoe.eth — which allows you to remember addresses more easily.

The concept of ENS domains is very similar to the 

 (DNS), which simplifies most IP addresses on the web by creating human-readable names and easy-to-remember URLs. Effectively, ENS uses the same operating process on domains, but does so by implementing a crypto-centric technology known as 

 is the term given to multiple financial applications that can be deployed on various blockchains, though mainly implemented on the Ethereum network. The technology expands the utility of blockchain to more complex financial use cases, and gives people complete control over their assets.

The origin of ENS and DeFi circulates around an application based on the Ethereum blockchain known as a 

. Just as you would sign physical contracts for various purposes, smart contracts are digital agreements that run on a predefined set of rules.

Besides acting as a decentralized name standard, an ENS domain name also doubles as an ERC-721–compliant NFT, which can be traded on 

Since ENS domains are built on smart contracts, they’re considered more secure and private than the internet’s DNS. What’s more, ENS exists on Ethereum’s highly programmable ecosystem, which allows the domain to interact with other smart contracts outside of naming. The digital agreements exist to reduce payment delays and risk of errors, making ENS highly safe for users to adopt.

ENS uses a hierarchical structure to allow the creation and allocation of machine-readable Ethereum addresses in a decentralized way. Since it’s enabled by smart contracts, users need to bid for a name and participate in a blockchain-based action process. 

The ENS ecosystem is powered by three main components, described below.

The registry is the core smart contract at the heart of name registration on ENS. It contains a record of all registered domain and subdomain names. and maps them to the assigned resolver. 

As an owner of a domain in the ENS registry, you can set the domain's resolver and time-to-live (TTL). You can also transfer or change ownership details on the domain. Registrars — either smart contracts or externally owned accounts — allocate the names to system users.

Resolvers are responsible for converting the names into Ethereum addresses. Depending on the specification, a resolver may implement the appropriate methods in the resolution of various records.

Two steps are involved in resolving a name on ENS. First, an inquiry is made to the registry to find the resolver responsible for the name through 

. Next, if there's a record of the name, then the resolver returns the result. 

Regarding traditional DNS names, the top-level domain (TLD) refers to the very last segment — for example, the .com portion in 

. In ENS, domain names are registered with .eth at the end (for example, mary.eth). Furthermore, you can create subdomains under your main domain, such as pay.mary.eth.

How Much Does It Cost to Register an ENS Domain?

Currently, the rates for registration of .eth domains are as follows:

Three- and four-character .eth names are priced much higher, since there are fewer of them available.

The ENS blockchain-based domain service is vital to crypto enthusiasts for various reasons, including those described below.

Since the ENS ecosystem is powered by smart contracts built on the Ethereum blockchain, the platform relies on decentralized transaction verification, which reduces the risk of third-party interference. On the other hand, DNS is controlled from centralized servers, which could be a single point of attack in case of a vulnerability. 

ENS uses human-readable addresses, a better option for manually feeding in long addresses when transacting crypto. Such addresses are prone to human error due to typos, omissions and other mistakes that could lead to loss of funds. 

 and other web3 functionalities via ENS without having to manually feed in a long wallet address. You can use your ENS domain name for various use cases easily and quickly

What’s the Difference Between ENS and Other Naming Services?

ENS, Unstoppable Domains, SPACE ID and Handshake are all decentralized naming systems that aim to simplify and enhance the usability of domain names in the blockchain ecosystem. But while each one contributes to the development of decentralized naming systems, they also have significant differences in purpose.

 (2LD) to provide domain name extensions. It mimics the functionality of the traditional DNS system, converting machine-readable addresses into human-readable formats through smart contracts. 

 offers a similar service for ENS itself, but can also be supported in Polygon and other EVM-compatible networks. 

 is similar, having started with a .bnb name service and eventually integrating the .arb and .eth domains with the goal of becoming a multi-chain name service.

, on the other hand, is a decentralized and permissionless peer-to-peer naming protocol. Its aim is to become the root server for the entire DNS infrastructure, allowing peers to manage and authenticate the root zone. Handshake doesn’t use specific extensions like ENS, Unstoppable Domains and SPACE ID, but focuses instead on creating a decentralized naming system for the internet as a whole.

ENS has always been decentralized and an open-source service for the community. However, its decision-making authority lies mainly in the hands of a central team. To distribute more autonomy among the ENS community, the developers decided to launch the Ethereum Name Service (ENS) token in November 2021. As an 

, ENS is mainly used for governance as holders lock it to participate in the voting process on the platform. 

 to announce the release of its governance token, which was distributed to 

) delegates. The ENS DAO community is given capital through ENS tokens and collectively makes decisions to better the ENS system.

Before the launch of the ENS token on Nov 9, 2021, 

 to the ENS community. Twenty-five percent of these tokens were given to registered domain users, and another 25% distributed to significant domain contributors. The remaining 50% lie in the power of the ENS DAO community. 

Despite a prolonged bear market, the ENS community treasury has $185 million in locked funds, with over a billion tokens locked 

As of May 23, 2023, the ENS token is trading at around $10.31, which is a 38.84% increase from its all-time low (ATL) of $7.45 on Jun 14, 2022. This is still an 87.59% drop from its all-time high (ATH) of $83.40 on Nov 11, 2021. 

Price forecasting experts are relatively bullish on the future price of ENS. According to 

, the token could hit a maximum of $31.48, reaching $192.80 in 2030. 

 a maximum price of $36.65 in 2025, which could rise to $108.62 by 2030.

While these prices seem bullish, this is not financial advice, and it’s recommended you always do your own research before investing in Bitcoin or any altcoins. 

ENS is a blockchain project with a solid use case as demand for websites continues to skyrocket. Its unique value proposition of providing a decentralized platform to register censorship-free domains is innovative. 

Further, ENS is secured by the Ethereum blockchain, which has been implementing advances such as the 

 to continuously improve its infrastructure. As such, ENS will benefit as more people demand .eth for their web3 transactions. 

The web3 movement is gaining momentum, and ENS has a grip on a unique niche market. ENS could be a good investment as the demand for web3 products continues to rise and the Ethereum ecosystem continues to grow. 

How Do I Buy ENS Tokens and Get My Own ENS Domain?

Initially, Ethereum Name Service’s founders hosted auctions to sell domain names to interested buyers, but anyone can now purchase an ENS domain simply by registering on the 

. Then, simply connect your Ethereum wallet and type in your preferred domain name.

As for interested investors looking to buy ENS tokens, you can open your account on Bybit, which allows investors to buy ENS as a spot pair (

ENS domains have given blockchain users a more accessible and efficient way of making payments via crypto wallets. The system’s decentralized network is also providing increased autonomy and placing control in the hands of the ENS community — which is why this space could be a lucrative investment opportunity in the long run. 

Intermediate

Ethereum Name Service How do I get my own ENS domain

Ethereum Name Service: How Do I Get My Own ENS Domain?

Remember the file sharing giant LimeWire? Learn about how it and its LMWR tokens are now the next big thing in the music NFT marketplace scene.

(NFTs) have catapulted from relative obscurity to soaring popularity. In 2021 alone, trading in NFTs

, increasing 21,200% from 2020. However, many still struggle with understanding the intricacies of NFTs. Newcomers can find it hard to get on board and start creating. LimeWire offers a possible game-changing solution to this problem. In this article, we’ll cover everything you need to know about the LimeWire NFT marketplace and its LMWR token.

LimeWire’s initial plan was to focus solely on music. However, it has since evolved its services to cater to all kinds of content creators, providing them with a platform to grow their fan bases and build recurring revenue streams through their own content.

For the uninitiated, LimeWire was first released on May 3, 2000, as a P2P file-sharing program designed to allow users to upload and download files through desktop software. Users were given access to thousands of MP3,

and JPG files, culminating in tens of millions of users and over $20 million in annual revenue in 2006. The LimeWire software

of all computers in circulation, making it arguably one of the most prominent music and video sharing platforms of the 2000s.

As a result of its growing popularity, the LimeWire platform became a target of lawsuits from the

(Recording Industry Association of America®), bordering on copyright infringement of music by labels RIAA represented. These lawsuits and a further countersuit made by LimeWire resulted in a lengthy legal battle between the two parties from 2006 to 2010. On Oct 26, 2010, a judgment was passed causing LimeWire to cease all operations and deactivate its file distribution functionality. 

LimeWire relaunched in May 2022. This time, however, it specializes in NFTs. With a new LimeWire team on board, and brothers Paul and Julian Zehetmayr at the helm (after buying intellectual property rights to the company), LimeWire was relaunched in hopes of forging a new path. Described as “

,” the Zehetmayr brothers also co-founded Stack Holdings, a Software as a Service (

) company with the primary goal of automating complex processes. 

Now, they aim to position LimeWire as a marketplace accessible even to newbies. The LimeWire management team also includes crypto veterans, many of whom previously worked for the European cryptocurrency exchange

The new LimeWire has taken on a whole new scope, and is nothing like the original LimeWire company of the 2000s. While it has kept its name and domain, the LimeWire NFT marketplace plans to revolutionize digital collectible ownership and trading in the music and entertainment industries.

The Zehetmayr brothers have been planning to bring LimeWire back amidst a fast-moving world of digital collectibles, music and entertainment since they first bought the intellectual property rights to the company in 2021. LimeWire later confirmed on Twitter that the platform would be built into the first genuinely

digital collectibles platform. It’s now available and accessible to just about anybody, both creators and buyers.

The LimeWire NFT marketplace is wired for users to collect, trade and enjoy exclusive content from their favorite creators without worrying about blockchain technicalities. By taking care of

, LimeWire lowers the entry barrier for mainstream users to purchase and trade NFTs.

Instead of competing with existing streaming services, LimeWire provides another channel for creators to create membership-based communities, engage with their loyal fans directly and sell content exclusively. They can even earn royalties each time their content is traded among fans, which helps guarantee that creators will be fairly rewarded for high-performing content. Users can buy and trade music-related assets, such as cover art, unreleased demos, exclusive music releases, artist interviews, backstage content, and music-related digital artwork accompanied by audio or video content.

LimeWire has its own exclusive collection of 10,000

. Holding onto a LimeWire Originals NFT enables you to attend invite-only events and parties organized by LimeWire, earn monthly LMWR rewards, enjoy early access to NFT drops and exclusive access to LimeWire merchandise, and more.

What Are Some of LimeWire's Long-Term Goals?

The LimeWire NFT marketplace hopes to put creators fully in charge of their content, offering them flexibility and control. The company’s vision is to to reach beyond the music industry and become the go-to collectible marketplace for arts and entertainment. 

As compared with the music field, LimeWire believes the film industry is still at an even earlier stage regarding NFTs and sees tremendous potential for filmmakers, producers and studios of every size creating digital collectibles.

If this happens soon, LimeWire intends to become the pioneering marketplace, further expanding its offerings and ecosystem.

Will the LimeWire NFT Marketplace Be Eco-Friendly?

For those wondering about LimeWire's unique selling point as an NFT marketplace, you'll be glad to know that it’s committed to being eco-friendly through its NFT minting process and blockchain provider.

as it burns fossil fuels, coal, natural gas and petroleum for energy use.

on the Ethereum network. Each transaction produced 103.42 kilograms of carbon dioxide and about 47 million tons in carbon emissions as of the end of the year.

In contrast, LimeWire takes a more eco-friendly stance by using

, decentralized blockchain network that’s carbon negative and maintains a lightweight, energy-efficient footprint.

With the Algorand blockchain, users will be able to mint their digital assets to NFTs without having to worry about damaging Earth’s ecosystem. 

LimeWire is poised to become the first genuinely mainstream-ready collectibles platform. This has left many NFT enthusiasts wondering how LimeWire intends to achieve this — and what specifically the company will be doing differently to make sure they deliver.

LimeWire management hopes to make sign-up quick and easy, with straightforward KYC (know your customer) information requirements and U.S. dollar pricing. An average music fan should be able to easily access the platform.

, you need digital currency to carry out transactions. For this reason, OpenSea requires you to have a

, which will then be connected to your OpenSea account. As a newbie, this entire process might be a little overwhelming. 

To solve this problem, LimeWire has created a system that enables you to use a credit card or cryptocurrency such as USDC, BTC, ALGO and ETH to pay for subscriptions. These choices make it easy for beginners, significantly lowering the entry barrier to the collectibles marketplace. 

. As a result, there’s a lot of plagiarized content, and rip-offs of popular projects like the

. Although LimeWire is also advertised as a platform for everyone, the company has measures in place to prevent copyright infringement. LimeWire has said it will either bring artists onboard itself,

that they’re the copyright owners of their music. LimeWire even made a deal with Universal Music Group to license some of its content.

LimeWire offers a vast option of NFTs and gives you the cross-blockchain advantage by bridging its platform with the Ethereum and Polygon blockchains. Solanart, on the other hand, only allows a smaller selection of NFTs as compared to LimeWire — and some of these assets aren’t even recognized across other platforms (aside from Solana).

LimeWire has a total supply of 1 billion tokens. It successfully raised $10.4 million in a private sale of its native token, LMWR, in a round led by Kraken Ventures, Arrington XRP Capital and GSR Ventures. In its recently held public sale, LimeWire raised $17.75 million.

The LimeWire token (LMWR) launched on May 16, 2023 at $0.436892. It soon surged to its all-time high (ATH) price of $0.602655, before declining to its all-time low (ATL) of $0.138545 on May 19, 2023. Despite the drop in price just a few days after its launch, expert analysts from

believe that LMWR’s price will rise to close 2023 at $0.43, surpass its all-time high by 2025 at $0.71 and reach $2.05 by 2030.

Looking to get your hands on LMWR tokens? Bybit now offers the LMWR/USDT Spot trading pair. To get started with trading LMWR, simply

LimeWire's relaunch as an NFT marketplace has redefined how music is created, traded and collected in a way that’s easy and accessible for users. With LimeWire, artists can also retain full control over their music and directly engage with their fans. With prior brand recognition as a former peer-to-peer music service, LimeWire's take on NFTs is poised to take music ownership and trading to the next level. 

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LimeWire (LMWR): The NFT Marketplace Rebirth of a File-Sharing Platform

Memeland is 9GAG's platform for producing NFTs based on popular 9GAG memes. It has three NFT collections: You the Real MVP, Potatoz and The Captainz.

 was one of the earliest proponents of internet meme culture. At its peak, the site had over 70 million monthly visitors sharing silly photos and videos. Unlike many other early forms of social media, 9GAG has managed to pivot its early success in a surprising new direction, and is now dedicated to moving into the 

 era. They’ve invested a lot of funds into Memeland, a revolutionary new project they hope will combine their past success with technological advancements. Keep reading to discover all the details about this new enterprise.

Memeland is a web3 platform primarily centered around meme-themed 

. The project is funded by 9GAG, and operated by 9GAG CEO Ray Chan. It combines meme-like aspects from 9GAG with a community centered around NFTs. NFT holders can join the decentralized autonomous organization (DAO) that governs Memeland and decide how the platform is run. 

Memeland is somewhat similar to other social media NFT projects, such as 

. However, Memeland stands out due to its unique approach. While Reddit NFT solely produces NFTs based on Reddit avatars, Memeland has more diversity and depth. 

The NFTs on Memeland are part of a riveting storyline and lore, with plans to eventually transition to a metaverse to expand the Memeland economy. Moreover, 

, the Memeland goal is to create collections based on micro NFT trends and allow creators to control their own NFTs. Through Memeland, users can change and evolve their NFTs to create something truly unique.

Memeland currently offers three different sets of NFTs. Each collection has its own purpose, theme and price point.

 is the alpha-tier Memeland NFT collection, consisting of 420 gold trophies. Owning one guarantees entry into the Memeland Discord MVP lounge and IRL events. It also allows you to network with many other collectors, creators and entrepreneurs, and MVP holders get insider knowledge about future Memeland releases, such as upcoming Memeland drops.

With so many perks available, these NFTs come with a fairly high price tag. When they were first released via blind auction, the 

 pays homage to the longtime tradition of ending lengthy meme posts with a picture of a potato that says, "Sorry for the long post, here's a potato." This Memeland collection includes a large number of free-mint NFTs. On Jul 20, 2022, 9,999 Potatoz were dropped to community members, who could evolve them through six different stages.

As they evolve, Potatoz gradually develop more traits and personalities inspired by other iconic 9GAG memes and pop culture. Users can also stake their Potatoz for benefits, such as priority on future drops and possibly earning crypto in the future.

 are the utility-enabled Memeland NFTs. The company released 9,999 NFTs on Jan 4, 2023. The Captainz are the mid-tier choice from Memeland's NFT collections. They're less rare than MVPs, but more valuable than the Potatoz. 

The Captainz provide a lot of value beyond their worth as an investment. These NFTs let people join the Memeland DAO to govern the platform. If you own a Captainz NFT, you can help make decisions about the treasury, choose partnerships and enact governance rules. In the future, Memeland promises Captainz holders will have a special place in their metaverse.

If you're going to invest in any meme-related NFT, this is the project to invest in. Though Memeland's humorous, community-centered approach won't be for everyone, it's likely to be very popular with a certain niche. Furthermore, the project is backed by some of the biggest names in the community. Not only is it led by 9GAG founder Ray Chan, but it's also attracted notable investors. The project's funding comes from 9GAG itself along with 

In the months since the Memeland DAO and NFT collections were launched, Memeland has witnessed impressive growth. For example, The Captainz has quickly shot up to join the ranks of 

, sitting at eighth place with a current floor price of $12.64k as of May 11, 2023.

With a robust community, vital funds going into development and founders who genuinely understand internet culture, Memeland has the potential to produce a whole portfolio of blue-chip NFTs.

Though there's some inherent risk associated with any NFT project, the Memeland ecosystem is one of the most stable and thought-out platforms on the market. As long as you use wise investment strategies and avoid overextending yourself, Memeland NFTs are worth buying.

The Memeland ecosystem is primed to expand in the near future. Its site has been heavily hinting at some new projects that will provide extra potential for users. Meanwhile, the platform plans to go beyond NFT generation and provide a suite of SocialFi projects that will combine social networking with decentralized finance (

One of the most highly anticipated new projects is $MEME. Very little is known about this token, but the promise is that it will potentially be useful to those outside of Memeland. Another upcoming project is Treasure Islandz, a metaverse project filled with exciting stories and locations. Given that 9GAG is behind the project, users can expect a lot of hilarious pop culture references. The other project to watch for in the future is Stakeland, a staking protocol that will extend Memeland’s current staking mechanisms behind the Potatoz's evolution.

With so many upcoming projects, the future is looking bright for Memeland as it continues to expand its community and provide more appealing investment opportunities.

Beginner

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Memeland: 9GAG's Foray Into Meme NFTs

One up-and-coming use case for NFTs is “staking” — locking up a collection in a pool and earning rewards from the staking platform.  Here's how you can get started on this. One up-and-coming use case for NFTs is “staking” — locking up a collection in a pool and earning rewards from the staking platform.  Here's how you can get started on this.

 (NFTs) have gained significant attention since 2021, with prominent collections such as 

. NFTs are commonly known as digital representations of art and collectibles that could potentially appreciate in value over time. However, as the NFT landscape progresses, artists, developers and collectors have been exploring new use cases for NFTs, one of which is NFT staking — the locking of NFTs in a protocol in exchange for rewards.

In this guide, we’re going to take a look at what NFT staking is, how it works, factors to consider when staking NFT, pros and cons of staking NFTs, the type of rewards holders can receive and the best platforms for NFT staking. 

NFT staking refers to locking up NFTs on a platform or protocol in exchange for staking rewards and other benefits. Staking NFTs allows holders to earn passive income from their NFT holdings while maintaining ownership.

, typically based on the Ethereum network, that use the ERC-721 token standard, meaning every NFT is unique. These cryptographic tokens — much like cryptocurrencies — are recorded on the blockchain, and can be used to prove the ownership, authenticity and provenance of pretty much anything physical or digital, including artwork, 

A lot of the buzz and hype around NFTs concerns their potential to revolutionize the 

. A significant number of NFTs that have made headlines generally involve art. For example, digital artist 

 made history in March 2021 after selling his NFT artwork “Everydays: the First 5000 Days” 

 at Christie’s. This was one of the first milestones to accelerate the meteoric rise of NFTs. 

NFTs have also found a role to play in blockchain-based 

. Play-to-earn crypto games use NFTs to give players verifiable ownership of virtual items they collect in games. Examples are 

The uniqueness of NFTs makes them ideal for wait-and-

 strategies, though it can take a while before such long-term investment comes to fruition. Buying and holding onto NFTs isn’t without its drawbacks. The process of minting, buying and selling NFTs can be resource-intensive, sometimes requiring high transaction fees, especially on 

. There’s also the uncertainty of whether the NFT will actually appreciate in value over time. 

NFT staking opens up new opportunities for collectors to monetize their NFT collections, and has become a new method for NFT holders to earn passive income. By locking their NFTs into 

 (DeFi) protocols, owners can earn passive income through staking yields offered by DeFi protocols while maintaining ownership over their locked NFTs. 

NFT staking is similar to the concept of 

, in which users holding onto cryptocurrencies can lend or stake their assets to liquidity providers to receive rewards. It’s also similar to earning interest from a bank account, but without a middleman facilitating transactions and taking a cut. 

 involves “locking” tokens in a digital wallet to support a blockchain network’s operations and security in exchange for rewards. Platforms that support staking typically use a 

Blockchains rely on a global network of transaction validators to secure their networks by authenticating transactions before the data is added to new blocks on their chains. These validators are rewarded in the native cryptocurrency of a particular blockchain for devoting their resources to the network. 

For energy-intensive blockchains that use a 

 (PoW) mechanism, such as Bitcoin, the resource validators must devote their computing power, which requires a lot of electricity and expensive specialized hardware. 

 by requiring significantly fewer computing resources to verify transactions and secure the network. Users who want to become validators simply have to “stake,” or pledge, the native cryptocurrency of a blockchain. Hence, simply put, the security of the blockchain network increases when more holders stake their cryptocurrency.

If you're familiar with depositing money in a bank savings account, then you can easily comprehend NFT staking. While there are differences, the main principle is the same: You're able to earn interest on your funds for the duration you're invested. By staking your NFTs, you're essentially locking them into a smart contract and using them as collateral to earn rewards during the staking period. 

The rewards are often based on the established annual percentage yield (APY) and number of NFTs staked. NFT staking is a simple way to make the most out of your investments, with the added benefit of giving you extra earnings.

However, it’s important to note that, like cryptocurrencies, not every NFT can be staked for rewards. Make sure to check a platform's rules before staking your NFTs, since there may be unique requirements for each one.

The type of reward NFT holders can get for staking their collection depends on the platform used and the type of NFT staked. The majority of platforms that allow users to stake NFTs offer daily or weekly rewards. Staking rewards are typically issued in a platform’s native utility token, which is often listed on exchanges and can be traded for other cryptocurrencies or 

Some staking platforms feature a decentralized autonomous organization (

), in which NFT holders can lock up their assets in the DAO pool to participate in the platform’s governance and vote on future proposals. NFT holders can then play an active role in the community, and have a say in how the project moves forward with its development plans or certain project decisions.

On top of this, some projects will even reward holders with free NFTs from their future collections or 

, which entitles them to a discounted buying price.

Since a majority of the NFT market is attributed to in-game NFTs, most staking opportunities are on play-to-earn gaming platforms such as 

 and others. We’ll cover some of the best platforms for NFT staking later on. 

Similar to cryptocurrencies that may be staked, most NFT projects offer staking benefits in terms of 

The reward rates for many NFT projects increase with the length of time that your NFT is locked in. As a result, NFT owners are encouraged to stake their assets for as long as feasible.

Other systems may display your predicted return in terms of tokens rather than an APY. One example would be receiving 20 of a platform’s native tokens for every day your NFT is staked.

Here are some factors for NFT holders to consider before they stake their NFTs.

As mentioned earlier on, not all NFTs can be staked. Hence, before purchasing an NFT, check whether you’ll be able to stake it for passive income. If not, you’ll want to evaluate whether the art, community or utility is enough to warrant the purchase even if it doesn’t come with passive income opportunities.

This can be checked through the project's documentation, or by asking through the originating NFT project’s official Discord channel.

Most NFT staking protocols impose lock-up periods, which can vary from days to years. During this period, when the NFT is staked, it’s likely that you won’t be able to access the NFT. Hence, you have to choose a period during which you’re comfortable with not being able to access the NFT. However, do keep in mind that the ownership of the NFT still belongs to you as its holder.

Staking platforms will typically display the annual expected return for staking an NFT. Some of them may provide ridiculously high returns for staking, so be wary and 

 to determine whether the platform and its offer are safe and sustainable. 

For certain projects, NFTs of a higher rarity might receive higher rewards. On the other hand, some may distribute equal rewards, regardless of rarity, while others give random rewards.

Right to Participate in Project Governance

Some NFT staking platforms issue their own governance tokens to their holders. This might include 

NFTs are denominated in cryptocurrencies, which will differ based on the network they’ve launched on. Projects on Ethereum are denominated in ETH, while projects on Solana are denominated in SOL.

Hence, users have to be cautious of the volatility in a cryptocurrency’s price. If you predict that Ethereum’s price might soon fall drastically, it might be best to wait before purchasing an NFT denominated in ETH. This is because if you purchase the NFT at a high ETH price, you’ll take a loss when Ethereum’s price comes back down. Should this difference be drastic, the rewards from staking the NFT might be insufficient to recoup your losses.

NFT prices can fluctuate drastically. Since holders usually have to lock up their NFTs for a period when they stake, they need to be wary of any potential NFT price changes. If they’re expecting a huge price increase to occur, they may want to consider selling the NFT for a profit instead of staking it. 

Conversely, by staking the NFT, the asset will be locked, and a holder might miss their opportunity to turn a profit on their NFT. This is especially true if the NFT price increase far exceeds the staking reward.

If you’re hesitant to stake an NFT for fear of 

 and other exploits, you can check through the project’s website to see how much of the total NFT collection is being staked. A higher percentage of staked NFTs is a healthy sign, indicating that other NFT holders are also dedicated to holding their NFTs for a long time.

Hence, there will be a lower chance that other users will unstake or mass sell their NFTs for profit, causing the 

 to tank. A large community staking their NFTs is also representative of the reliability of a collection or NFT staking platform. Hence, users can reduce the worry of fraud.

If you’re holding onto an NFT that qualifies for staking, and don’t have plans to sell the NFT anytime soon, staking can be a great opportunity to put your idle asset to work and earn some rewards. Once the staking period is over and you’ve collected all of your rewards, you can then choose to continue staking once more, or sell the NFT for a profit.

To inventivize users to participate in the NFT staking community, staking NFTs typically rewards holders with the NFT staking platform’s governance tokens. Token holders will be able to vote on the platform’s future direction. The weightage of your vote usually depends on the amount of governance tokens you’re holding.

Some projects have multiple launches, with different NFTs being distributed to the market each time. They tend to reward previous holders by 

 them. With a whitelist, holders can gain access to a variety of benefits, including:

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Explained: NFT Staking and How It Works

.SWOOSH is Nike’s web3 marketplace that supports the sale of its virtual apparel and footwear. Find out more about its latest airdrop here.

Top-rated brands have historically embraced the future and moved to be at the head of the pack with innovations and advancements. Largely, brands like Nike and others have focused exclusively on selling their physical products, but this is changing: 

 are digital assets that have been used as collectibles, in 

 and for other digital purposes. While there has been a promise from some NFT creators to add real-life utility to their collections, this has largely been unrealized. However, Nike hopes to change this with its first digital sneaker collection on its .SWOOSH platform.

By interweaving virtual and physical products together, .SWOOSH may be Nike’s future. Its marketplace allows .SWOOSH community members to trade and collect the brand’s virtual products. In addition, .SWOOSH members can create new collections and earn 

 on sales. Via this utility, the .SWOOSH community can directly participate in the brand’s future. In addition, .SWOOSH virtual products may grant access to real-life events, including the possibility of pre-ordering the latest styles of physical shoes.

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