Users can Stake KingSwap NFTs to earn higher yields and limited-edition digital collectibles, tradable on OpenSea and Rarible
KingSwap’s new NFT staking program allows users to stake their King, Queen, or Knight NFTs for a set period of 3, 6, 12, 24, or 48 months, similar to a bank’s Certificate of Deposit. For a 12 month commitment, investors earn 60% APY for staking a Knight NFT (worth 10,000 $KING tokens), 80% APY for staking a Queen NFT (worth 100,000 $KING tokens), and 100% APY for staking a King NFT (worth 1 million $KING tokens).
Holders can also stake their NFTs in a variety of unique games built on the KingSwap platform, including raffle drawings.
KingSwap has also rolled out NFT games inspired by poker and slot machines, giving players more opportunities to stake their NFTs for a chance to earn greater rewards. All of KingSwap’s NFTs can be kept to use in various games in the ecosystem, or sold and traded as digital collectibles on platforms like OpenSea and Rarible.
The timeline set for the NFT staking was on 3rd December, 3/12/2020, KingSwap’s development team have prepared for a 2 days UAT/SIT Testing prior to the release of NFT staking feature, during testing phase, they found out that there were extra feature/functions/refactoring needed to improve the NFT staking, to reduce gas fee and also to reduce security risk. The Development team added these functions to account for airdrops for users while they staked their NFT, added an emergency withdrawal system just in case the contract malfunctions where the user’s token will be refunded.
KingSwap’s development team added more information on the UI to make it more user-friendly. All these improvements were detected during UAT testing. As they strongly desired to roll out a feature that benefits KingSwap’s supporters and minimize their risk, they decided to postpone the launch of NFT staking till the 4rd December,4.00pm GMT +8.00.
KingSwap was founded by a team of experienced leaders in banking, finance, and crypto, including Dr. Anish Mohammed, who has advised and worked for companies including HSBC, Lloyds, and Zurich, and was an early advisor to Ripple and Ocean Protocol; Dunstan Teo, Chief Architect of the Fido Protocol and President of Sanctum Pte Ltd.
KingSwap’s advisors include Venture Capitalist Dr. Giampaolo Parigi; Professor Alex Nascimento, Faculty and Co-Founder, Blockchain at UCLA; Michael Terpin, Founder and CEO of Transform Group and Co-Founder of BitAngels; Lionel Iruk, Esq., and Dr. Robert Choi.
Prior to KingSwap’s public launch in October 2020, venture capital firms and cryptocurrency investors participated in a private fundraising round, raising more than $20 million USD in funding and liquidity support. KingSwap’s backers include Plutus VC, Hashstreet VC, Alpha Sigma Capital, Tradecraft Capital and 7CC.
