February 2, 2022

How NFT 2.0 is Reinventing Staking

The recent wave of NFT hype is driven by inflated supply and demand with no real end goal in sight. Welcome to NFT 2.0 where utility underpins the entire point of NFTs and you receive real, tangible uses in exchange for minting one.

On Crypto Fight Club there is an optional extra step: you can choose to stake inside of your NFT fighter for a period between one day and five years.

What Makes Staking on CFC Different?

Here the staking protocol is decentralized which eliminates counterparty risk and leaves power totally in the hands of the user base. 

Participants can earn a solid APY while they evolve their fighter at a rate of 20% every single year. This is an across the board stat boost which is permanently attached to the NFT thus increasing its value.

All you need to do is store $FIGHT inside your NFT fighter for a period of time you choose. If you want to break your stake early, this will incur a 50% penalty fee of the interest accrued. 

During the stake your NFT is stored inside your own Metamask wallet: you still hold the NFT and the $FIGHT tokens that are staked are locked inside the smart contract.

The Wave of NFT 2.0

When it comes to staking inside of your fighter, NFT 2.0 means users can now hold BEP-20 tokens inside of BEP-721 NFTs. 

In practice, you have the ability to trade a fighter NFT with active BEP-20 stakes to another participant. This means you can evade the penalty incurred for breaking a stake early, by transferring it to another user who will buy at the value of the NFT added to the underlying principle of the stake and interest accrued.

Unlike centralized staking protocols, Crypto Fight Club’s protocol allows users to break their stake at will. This freedom of choice to unlock staked $FIGHT is paramount to the platform as compulsory lockup periods take away the freedom to utilize tokens as the user sees fit.

Cryptocurrencies were designed to bring back ownership of funds to the people. Using the technological advances of NFT 2.0, Crypto Fight Club aims to deliver on this concept.

NFT 2.0 Mystery Boxes

The official Crypto Fight Club NFT and staking launch took place on December 26, 2021 at 10:00am UTC. There will be a limited run of 5,000 unique, limited edition NFT fighters up for grabs by burning 2,000 $FIGHT.

You cannot choose your NFT: they are randomly allocated.

We currently have our first mini-game out now where NFT holders are able to play the fast-paced game of Chicken Run with their fighter.

As soon as one gets their hands on an NFT fighter, they are able to stake right away.

The $FIGHT is on!

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Our Smart Contracts:
The platform's economy is based on an internal $FIGHT TOKEN which has no other monetary value outside the platform. No taxes are applicable to holders of $FIGHT TOKEN. However, if a holder of a $FIGHT TOKEN chooses to sell his or her ASSETS for fiat or digital currency, they may be subjected to taxation, depending on jurisdiction of residence. CRYPTO FIGHT CLUB bears no responsibility for any taxation issues arising from surrendering of FIGHT TOKENS on a secondary market.