Staking has increased in popularity with the rapid growth of PoS tokens. Most users are experienced with the process involved - validators receive recurring rewards equal to their locked token holdings, which are delegated to strengthen a specific blockchain.
We decided to innovate the staking model by taking its underlying mechanisms and tying them to NFT collections on the Cardano blockchain (CNFTs). By doing so we increase the underlying value of the NFT, and introduce additional utilities (in this case recurring cash flow).
When it comes to CardanoLands, staking is the main built-in mechanism of the ecosystem, and the strongest value proposition of the game. Every member with supported NFT holdings can start their journey by engaging in the staking process, which offers the first rewards.
To become a member, users need to connect their wallet through NAMI or Eternl and follow a quick registration process. The Signup (Web3) process is not intrusive to personal data - we only collect the necessary information that enables users to maximize their benefits from the game.
After connecting your wallet, CardanoLands will automatically discover CNFTs linked to it, and will offer a calculation of the expected rewards. Note that the in-game staking mechanism does NOT take or “freeze” your CNFT through smart contracts - it only recognizes true ownership. Users can still interact with and sell their CNFTs whenever they wish to do so. The team, game, and support channels of CardanoLands will NEVER, under any circumstances, ask you to transfer a CNFT.
Finally, it is important to discuss how supported collection are selected. Since the platform is built in a decentralized foundation with a native token, the community has the opportunity to vote for supported collections by using their $EXO tokens. Only collections voted by the community will qualify for Hexonium (HEXO) staking rewards. This further strengthens the in-game economy and adds to a healthy token distribution among qualified investors.