BabySwap to Launch NFB Staking Allowing Users to Yield Farm BABY Token with NFTs

The feature seeks to increase the value of interacting with Non-Fungible Tokens on the Binance Smart Chain (BSC) platform.

By
John Tunney
on
July 20, 2021
Category:
BSC News

NFB Staking

BabySwap has now introduced NFB staking. NFB stands for ‘Non-Fungible Baby', BabySwap’s cute name for their baby-themed Non-Fungible-Token (NFT) collection. News of BabySwap’s NFB pool was released on July 19th, exciting members of the BabySwap community.

NFB staking allows holders of NBFs to stake their NFB into a liquidity pool in exchange for a high yielding APY. In other words, you can now farm yields using your NFB. 

When users stake NFB, there is a 1.2x value multiplier. For example, a user has a BabySwap NFB worth 1,000 BABY. If they stake said NFB worth 1000 BABY, it would be equivalent to 1,200 BABY when staked thus earning a higher APY return.

The multiplier is an important note for yield farmers on the platform, as farmers can add 20% bonus value immediately when staking an NFB versus simply staking BABY tokens. 

BabySwap has put together a comprehensive and straightforward guide on how to stake your NFB. 


How Does This Affect the BabySwap Protocol? 

The introduction of NFT staking is a positive move for the BabySwap protocol. The concept was first introduced by BakerySwap who would allow users to stake NFTs for rewards. The concept proved successful, and now BabySwap looks to implement their own take on staking NFTs for rewards. 

Source

Another important detail about BabySwap offering NFBs to be staked is that they plan to simultaneously lock 1.2x the face value of the newly minted NFB in BABY. As more NFBs become released, it will further increase the Total Value Locked (TVL) of BABY. 

Since users can only sell NFBs and not convert them to tokens, it further locks value in the BabySwap platform, supporting and building the price of BABY.

NFBs and Performance

BabySwap recently surpassed PancakeSwap in NFT sales and through early July beat out all other Binance Smart Chain NFT collections in terms of sales. 

The UEFA EURO NFBs have tripled in price since launch, going from initially selling for .3 BNB to reselling for 1 BNB. In the last two weeks, the NFB ecosystem saw a daily trading volume around $5,000. 

BabySwap has recently released three new NFB categories: 1 NFB for Memories, 7 NFBs for Mates, and 12 NFBs for Baby Squad. BabySwap seeks to make NFBs a premier choice for BSC users interested in NFT yields.

Additional Updates

The BabySwap team soon plans on offering 4-8 NFB sales for charity each month with different projects. They also hope to add 1-2 Baby Squad collections each month. 

The Family Category will also be distributed this week, which entails ranking on-chain data and distributing to BabySwap users.

The BabySwap platform also looks to continue to expand their partnerships and their brand. In the coming months, BabySwap will offer Profile, vBABY, selling NFBs on BabySwap, and a collaboration with BabySwap and GameFi (expected to happen at the end of the year).

Tags:
No items found.
John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.