Find Out How Gooodfellas NFT Staking Works on BNB Chain

Gooodfellas NFT With Staking Utility

Gooodfellas is getting in on the trend of staking for Non-Fungible Tokens (NFTs), amid the broader narrative of projects increasingly adding utility to their NFTs.

“Utility, in general, is vital for the BNB Chain NFT space. Staking may not be the right fit for every project, but in order to be sustainable long term, it’s important that projects have some form of utility. The bar has been raised, and BNB Chain investors are beginning to expect this of projects, and rightfully so,” Gooodfellas NFT Project Lead KC told BSC News.

GooodFellas is a new platform on the BNB Chain that has plans to launch six unique collections and bring value to holders through staking, among other utilities.

Staked NFTs can earn passive yields, similar to Decentralized Finance (DeFi).

“Staking is a vital utility. With a long-term project map like ours, it’s vital that our holders have incentives to hold NFTs from each of our collections throughout the entire series and beyond. Our dual rewards Staking system was created with this in mind,” said KC.

Rollout in Three Phases

Staking for Goodfellas NFT went live on Sept. 23. Gooodfellas NFT holders can stake their NFTs to earn GOOOD credits and $BNB.

In a Medium article, Goodfellas announced that staking will be rolled out in three phases:

Phase I: Begin staking to earn GOOOD credits.

Phase II: Launch of the staking rewards center, where Holders can redeem their GOOOD credits for a variety of incentives. Learn more about the incentives here.

Phase III: Launch of GooodAI & BNB rewards pool. Goood AI is available to users who stake NFTs from the Gooodfellas NFT collection. As a holder, you can generate as many images as you like. Then you can mint your creation for a fee. The fee distribution will be as follows:

Staking Reward Mechanisms

The total supply of GOOOD is fixed at 1 billion tokens.

The more NFTs you stake and the longer you stake them, the more you'll earn from Gooodfellas NFT staking. Staking the rarest NFT in a collection will earn more GOOOD than staking the most common one.

Staking the two most common NFTs in a collection will still earn you more than the rarest one. Collection weighting and stake tiers also have an impact on your earning potential.

Weighting

Depending on the collection, Gooodfellas NFT items are weighed differently.

Check out the applied Collection Weights below:

Tiers

Each Gooodfellas NFT holder will fall into one of three tiers based on the number of collections you have staked. Each tier will have a GOOOD multiplier, increasing the GOOOD earning potential.

Here is a breakdown of each Staking Tier, including the requirements and GOOOD multiplier:

At the time of writing, more than 70% of all the Gooodfellas NFTs are staked: