NFT Staking and Farming
NFT staking refers to the action to deposit NFTs on a platform to receive rewards and other privileges when conditions are met.
This allows NFT holders to earn a platform's native utility token or new NFT for example while they maintain ownership of their NFTs.
By locking up NFTs on the platform, users can receive rewards depending on the NFT deposited, the lockup period, the number of NFTs staked etc.
By locking up NFTs for an extended period of time, this rarifies supply and helps drive demand.