Can you stake NFTs?

NIFTYHYPE Editors
Answered 
09.04.2022

Not all NFTs can be staked to earn income, but there are a few that can. The most common way to stake an NFT is to use it as collateral for a loan. This means you put up your NFT as security for a loan and if you default on the loan, the lender can take possession of your NFT. You can also stake some NFTs with platforms that allow you to do so. For example, Ethereum's decentralized finance (DeFi) protocols often allow users to stake their tokens in order to earn interest on them. If you're not sure whether or not your NFT can be staked, it's always best to check with the platform or service where you obtained it.

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