Binance NFT has announced its Ape NFT Staking Program to appeal to the ApeCoin community. The Program will launch on December 12, 2022 (UTC); however, the exact launch time could change and users will be updated about it via Twitter.
Introducing the Ape NFT Staking Program, coming to @TheBinanceNFT Marketplace on December 12, 2022!
— Binance (@binance) December 6, 2022
MAYC and BAYC NFTs
Users will be able to stake their MAYC and BAYC NFTs on Binance and earn ApeCoin rewards. NFTs can be wagered for a fixed term of 30, 60 or 90 days or for a flexible term.
Daily APE rewards are prone to the real-time APR listed on the Ape NFT betting program page. As for Ape NFTs, they can be wagered in the future.
To deposit Ape NFTs, users can use the newly optimized deposit process and prepare for the launch of the program or buy NFTs on Binance.
A separate activity will be conducted by Binance NFT for Ape NFT owners who list qualified non-fungible Ape tokens on Binance with 10,000 APE available for wagering.
For the duration of the activity, users who list fixed-priced non-fungible tokens from the BAKC, BAYC and MAYC NFT collections for sale on Binance will be eligible to share in a reward pool of likely 10,000 APE.
Users must list qualified Ape NFTs for sale at or below 1.1 times the minimum price of the parallel Ape NFT collection.
In addition, a periodic snapshot of qualified NFT listings will be taken for the duration of the activity.
Based on the minimum NFT prices, the number of entries received by BAKC, MAYC and BAYC NFT listings will be determined.
Eligible users will share in the equivalent unlocked reward pool which will be based on the total number of entries accumulated by each eligible user as a proportion of the total number of entries accumulated by all eligible users.
Users will be able to redeem non-fungible Ape tokens in advance. When they do so, the wagered non-fungible Ape tokens will be returned to their accounts.
In addition, users may take up to 48 hours or a week to obtain their Ape NFTs, depending on whether they have wagered fixed-term or flexible-term NFTs.
Binance may disqualify any participant for engaging in fraudulent conduct. The marketplace may also disqualify trades that are deemed to be unlawful on accounts registered in bulk.
Both the Program and its rules may be cancelled or modified.
Last but not least, in case of disparity between the translated version and the original English version, the latter shall be preferred.
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