The Pirate Nation Foundation has announced the launch of staking for $PIRATE, the utility token of on-chain RPG, Pirate Nation.

What Are the Benefits of Staking $PIRATE Tokens?

Staking $PIRATE tokens is rewarded with Proof of Play Points. Proof of Play is the company behind the token’s play-to-earn title who are creating their own on-chain infrastructure and ecosystem. The aim of Proof of Play Points is to reward early supporters in the studio’s Apex blockchain that powers their blockchain title. While it’s not specifically stated what rewards these points actually bring, it is possible that Proof of Play Points will be converted into the upcoming token for the Apex blockchain.

Those who end up staking their tokens earlier are rewarded with a bigger Points multiplier, with a 50% bonus available for those who claim and stake their tokens in one transaction. If you also stake Founder’s Pirates, then you’ll get even more Points every day.

You can even spend the staked tokens without unstaking them, with the process done in a single transaction, allowing holders to easily buy things such as Gems without affecting the Points multiplier. There’s also a discount for spending staked tokens. For now this is a 10% discount that applies to Gems, but stakers can look forward to more discounts in the future, with the official thread teasing discounts on limited edition items.

Unstaking can be done at any time, but doing so will remove your staking multiplier, resetting in accordance with the amount of tokens you may have to be staked. If you end up unstaking a Founder’s Pirate, you will lose all of the Points the NFT has collected.

What Is the Utility of $PIRATE?

Next to staking, the $PIRATE token has a couple of other use cases in the play-to-earn game. The utility of the token consists of using it for crafting, asset customization, exclusive guild utilities, and for buying Gems. Players play to earn $PIRATE through leaderboards, competitions, special game events, unique in-game achievements and seasonal questing.

Gems can only be acquired by buying them with the $PIRATE token. With Gems, you can buy resources, energy, the Battle / VIP Pass, and more.