Klever Exchange, soon to be rebranded as Bitcoin.me Exchange on April 3, has announced the launch of its new platform, Buy For Stake. This platform lets users buy unique NFTs with guaranteed benefits, like project rewards for a specific period.
Buy For Stake uniquely approaches staking, ensuring we reward users for their belief in a new project. The platform works in collaboration with stake functionality to offer early access to NFTs of partner projects. By holding the NFTs for a specific period, users enjoy the guaranteed benefits associated with the NFT, including project rewards.
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Traditional Staking vs. Buy For Stake’s NFT Approach
In the world of cryptocurrencies, staking has become a popular method for users to earn passive income by holding and supporting a specific blockchain network. Users typically stake their tokens in a wallet or exchange to earn staking rewards in the form of additional tokens. Rewards often depend on the amount of tokens staked, the staking duration, and the network’s inflation rate.
Buy For Stake, however, has introduced a unique NFT approach to staking that sets it apart from traditional staking methods. Instead of just token rewards, Buy For Stake offers NFTs with guaranteed benefits, like project rewards for a set period. This innovative approach offers users an alternative way to earn rewards and adds collectability and tradability to the NFTs themselves.
Unlike other platforms in the market, Buy For Stake does not rely on smart contracts and addresses managed by the projects themselves to store the NFTs. Instead, all partners go through a rigorous project validation process, document analysis, and custody of NFTs sold and future rewards being kept in the custody wallets of Bitcoin.me Exchange with all the security of their systems.
Buy For Stake’s innovative approach mitigates the risk of smart contract hacking, a major attack vector for stealing crypto assets. The platform uses NFTs to guarantee the redemption of assets and rewards after the staking period. The system will automatically deposit this NFT into users’ accounts.
“After the staking period expires, the NFT owner will receive the benefits and also will keep the NFT as a gift, perfect for the secondary marketplace if the project creator allows etc. We are expanding the technology with many more considerations,” said JP, CEO of Bitcoin.me Exchange. “Users are free to leave the NFT and the assets it represents safe in their Exchange account or in their preferred wallet, such as Klever Wallet K5.”
The NFT represents the total assets and guaranteed benefits, allowing users to trade it in a secondary market if needed. Additionally, users can decide to sell the NFT before receiving the benefits. Users can also keep the NFT for collection purposes once they claim the benefits. *Project dependant
“We believe that community support for a new project should be linked to a reward for believing in the work being proposed,” added Hilario from Bitcoin.me Exchange. “We’re excited to launch Buy For Stake and offer users a unique way to stake NFTs securely and be rewarded for their trust in new projects through guaranteed benefits, such as project rewards.”
Project-Driven NFT Decisions and Outcomes
DXB Buy For Stake
It is important to note that the way NFTs are utilized and rolled out within the Buy For Stake platform is driven by the individual project owners. So, this includes the decision to allow users to keep the NFT after the staking period expires and how the benefits are claimed. Bitcoin.me Exchange serves as a facilitator for the implementation of project owners’ ideas, and it is not responsible for dictating the specific NFT-based outcomes or approaches.
In line with the project owners’ decisions, after a purchased NFT’s staking period expires, the NFT owner will receive the benefits and could also keep the NFT as a gift. This adds an element of collectability and tradability to the NFTs, further enhancing their value for users.
By offering a platform that enables project owners to make these decisions, Bitcoin.me Exchange empowers them to tailor their NFT strategies to best suit their project’s goals and objectives. This flexibility offers diverse NFT-based staking opportunities, catering to various preferences and interests within the crypto community.
Buy For Stake is the latest addition to Bitcoin.me Exchange’s offerings, including a mobile wallet, centralized exchange and more. Focusing on security and ease of use, the platform attracts both seasoned and novice crypto investors.
