⚓️ is staking ever worth it?
gm.
I’m feeling better today. but if there are any typos that’s because I’m still not 100% and totally not because I desperately need an editor.
if you aren’t making mistakes though…are you really even trying? (NFT traders know what I’m talking about).
ALPHA ⚓️
yesterday, Chimpers launched their Dojo (and by Dojo, I mean staking mechanism). staking your Chimper gives you achievement rewards and XP for their new blockchain fighting game (that is currently in development).
staking…and more specifically, gamified staking…is so hawt right now. why? well, I assume because it offers *something* to holders. and in a bear market, it’s hard to find any semblance of “profit” or “benefits” to holding NFTs…so we’ll take what we can get.
a brief rundown of staking as I understand it (I covered it briefly on Monday too):
true “staking” involves you sending tokens to validator nodes.
this locks up your tokens but confirms the ledger and helps add new blocks.
for your contribution, you earn a percentage-rate reward over time.
however, it’s taken on a new meaning recently…now with NFTs, “staking” means you artificially decrease the supply of the project and you receive a worthless token or fanny pack in return.
with NFTs, staking means you decrease the supply of the project and you receive a worthless token or fanny pack in return.
I joke, but while staking sounds attractive on paper, it’s not really that advantageous to active flippers or movers in the space. many would call staking a Ponzi, but I wouldn’t go that far (as I barely understand the concept of it to begin with).
however, it’s typically true that the last of the stakers will be left holding the bags, while the *real benefits* were squeezed out by everyone else who had them unlocked during that same time.
if you’re passive with NFTs, go for it. but otherwise, with gamified staking, you should go into it knowing that it *probably* won’t pay off.
BETA ⚓️
good news! an NFT movie. mama we made it!
bad news…it looks absolutely horrific.
Coinbase revealed part 1 trailer of their ‘Degen Triology’ film yesterday…and in the process made us look even less cool than we already are.
from being rated PN for “probably nothing”, to the excessive voiceover and corny dialogue, the whole trailer comes off as horribly cringe (it’s also 5 minutes long). the animation is cool though, I guess.
maybe NFT media is more doomed than I thought. if even I, someone who loves NFTs (and talks about them daily), is not interested in this, how can I expect anyone else to be?
or maybe the team that made the worst NFT marketplace yet shouldn’t also be the ones making the first big-budget NFT movie. I dunno…
or maybe the team that made the worst NFT marketplace yet shouldn’t also be the ones making the first big-budget NFT movie. I dunno…
take a look for yourself. maybe I’m being overcritical, but that’s another thing…the NFT community is already harsh enough to their own creators.
…just imagine how much they’ll FUD this movie to 0 when it comes out.
DELTA ⚓️
with recent *Twitter* compromises to go along with a whole mess of others, the NFT community is beginning to offer their genuine support and advice in staying as safe as we possibly can. you go Glenn QuitQuit.
and while Twitter has become a great resource, that’s all because of our work…not theirs. the Twitter team itself not only keeps letting bots and scammers run amuck, but they’re also not giving people back their own accounts. KeyboardMonkey (aka KBM) had to start a new one yesterday because of this. go give him a follow and hopefully he can regain access to his original account soon.
