My First NFT Sold on Atomic Market. Staking WAX.

in LeoFinancelast month (edited)

Nowadays every crypto platform began to launch their own NFT component. It may very well be a craze around them.

To be honest, of the two hottest topics of this bull market, defi and NFTs, I seem to be more attracted to defi. But even in this case with a limited exposure.

NFTs didn't quite get to me, for now, other than with their gaming applications. That might change depending on their evolution and how they become more tied to communities I am part of.

The biggest NFT market is probably OpenSea. On Ethereum. But other huge contestants entered the market - Binance, crypto.com of the centralized giants.

Hive has its own small market at NFT Showroom which may be worth exploring.

But my journey took me to WAX blockchain and its Atomic Market. I received a while ago two game NFTs as an airdrop for a new game on WAX. I haven't played the game, but the airdrop came in nonetheless.

After another project on Hive connected to WAX for the NFT part, I decided to take another look at my WAX account, which I practically never used since creation.

This is how I discovered the airdropped NFTs I completely forgot about. I wasn't interested in them, so I listed them for sale. At first, at a higher price, but nobody bought any of them for several days. Then I lowered the price and one of them was sold today. The price variation is irrelevant, because the amount is too low to make a difference. But it's good for experimenting.

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Of those 10.9 WAX listing price, I received 9.81 WAX after fees.

And here's the second part of the experiment. WAX blockchain also has a DPOS consensus mechanism, like Hive, and staking for WAX.

After some brief research on their staking, it looks like their staking rewards are between 4-5% currently, nothing groundbreaking, but better than nothing. There are some good to know details. For example, from what I understood, if you unstake your tokens (it takes 3 days to unstake), then stake again, you won't receive staking rewards anymore (see difference between Genesis Block Member WAX tokens and regular WAX tokens).
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There is also a decay of your vote strength, resulting in a decay of your stake weight, therefore your staking rewards, if you don't vote weekly. Interesting method they found to incentivize (coerce?) regular vote updates for block producers.

Rewards need to be claimed, every 24 hours or after a longer period. And those GBM WAX tokens will come in liquid form and need to be staked. Overall it looks simple enough. Now all I have to do is sell NFTs, lol. Or play games on WAX, but I don't know - too much already in this area.

There is another interesting dynamic I'll follow. If there's a market for vft nfts, and if that's going much better than selling the vft tokens on the market.

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Congrats on the sale! :)

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Thanks! Not much of a sale at 2$. :) I was mostly interested in the process.

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Every beginning is difficult. Maybe in time you'll have more, who knows?

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It's probably a correct price for it. I don't know how this particular NFT can be used in-app. It is a game NFT, not something I created.

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