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Phil Hall
Phil Hall
Dec 18, 2020
News

Staking Digital Collectibles Coming to WAX

Development studio Wecan has announced R-Planet, a staking mechanism for digital collectibles on the Wax blockchain.
Staking Digital Collectibles Coming to WAX

Development studio Wecan has announced R-Planet, a staking mechanism for digital collectibles on the Wax blockchain. By staking non-fungible tokens from their own card game Tribal Books or the trading cards for Garbage Pail Kids, users can acquire Aether.

According to the press release they created R-Planet to give collectors the ability to do something with their dormant non-fungible tokens. Users can now put tokens that are collecting virtual dust to good use by staking them. However, staking is limited to a selected set of projects.

The staking system will go live on Friday 10PM UTC. Initially, non-fungible tokens from Tribal Books and Garbage Pail Kids will be available for staking. However, they will likely add more projects down the road.

R-Planet promises to be more than just a staking mechanism. A teaser video by Wecan promotes the project as an NFT DeFi Game in 2021. Aether, the reward from staking the non-fungible tokens, will without a doubt play a role inside the game world.

https://www.youtube.com/watch?v=N8n7MAf5C3w&feature=emb_title

Wax blockchain and DeFi

Seeing a staking mechanism for non-fungible tokens appear on the Wax blockchain isn't a major surprise. Staking NFTs has become common practice in recent month since Meme token popularized the concept. Nowadays users stake LAND to earn more SAND for The Sandbox, stake COIN and CRED to earn crypto artworks, or stake their NFTs in the Polyient Games ecosystem.

Wax co-founder William Quigley expressed his desire to add more aspects from decentralized finance to his blockchain back in October. A new tokenomics model allow WAXP holders to swap their tokens for WAXE and use that to earn WAXG, a governance token.

However, Wax blockchain positions itself strongly as a blockchain for digital collectibles. For example, this week Deadmau5 launched his own collectibles. Garbage Pail Kids, Atari, Street Fighter, KOGs and Bratz are also brands with digital collectibles in the Wax ecosystem.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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