I am new to Cardano, I want some guidance from you guyz about this. Can someone please guide me that how can we stake NFTs in non custodial way in Cardano. I want to stake NFTs like the official staking mechanism of staking in Cardano. Like taking the snapshots of wallet assets, identify staked NFT and calculating and releasing rewards. Also how can i interact that all staking mechanism with my front end. Your guidance will be very helpful for me. Thanks in Advance.
4 Answers
I am not aware of any staking being available for NFTs on Cardano.
Staking ADA on the Cardano network serves a purpose, it helps secure the Proof-of-Stake network. What purpose would staking NFTs serve?
answered Dec 28, 2022 at 6:48
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Its purpose is Just like the staking of ADA tokens. Users can stake their NFTs in a non-custodial way and their awards will have to be calculated according to the duration it has been locked. Also locking would be handled by snapshots. Commented Dec 28, 2022 at 6:53
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1But again, what would be the purpose of staking NFTs? Commented Dec 29, 2022 at 17:35
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Like Erik mentions, Proof-of-Stake is a consensus algorithm designed to secure the network. The concept of "staking NFT's" is something that NFT projects use to hype/promote/give usecase to their NFT's, but this is not done on a protocol level; meaning that not every NFT will have this "feature" and IF they have it, it still depends on how they implemented it.
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So if i make it clear, do u mean to say that it cannot be implemented or there is no way to do that? Just because each NFT has its own implementation etc. But we will only need the fingerprint of that nft then why we are concerning about NFT's implementation. I'm sorry if it sounds silly question. I'm new to cardano, kindly explain its limitations, it will be very helpful for me. Thanks alot Commented Jan 2, 2023 at 11:31
You can implement a passive earn feature for holding an NFT, in common tongue this is called "staking" but this will never be part of the consensus. Maybe you can have a look at farming options like what DEX's are offering, like Wingriders or Minswap.
- deposit an NFT (or FT) in a smart contract
- based on the duration you'll earn X amount of Token Y
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But what if , i want to stake it in non custodial way. Like i cant lock NFT in a script but have to take snapshot and calculate reward. Also i am not getting about why and how NFT cant be used in staking side of cardano. And if it is possible then what can be the best solution for it? Your suggesstions will be highly appreciated as i have to make the possibe non custodial scenerio. Commented Jan 12, 2023 at 11:23
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Q1. You can lock NFT's in scripts.. but that seems overly complex. You can just write a script that scans which wallets hold your NFT's and assign them a value of your COIN and have them withdraw that amount of COIN from a faucet. Q2. It's not possible to use NFT's in Cardano's staking. Proof of Stake is a consensus to secure the network. Anyone can make an NFT, it doesn't actually mean that it has any value, so how would you secure the network with that? That's what I meant with the difference between the "hype term" STAKING and actual Proof of Stake. My answer to Q1 would be best imo. Commented Jan 13, 2023 at 12:40
I want to stake NFTs like the official staking mechanism of staking in Cardano.
Short answer: You will have to build this functionality yourself(or hire a team to do so).
