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The Sandbox and VulcanVerse Create Token Partnership
Users who provide liquidity for PYR and SAND tokens on the VulcanDex, can farm Charon, a VulcanVerse NFT character for in The Sandbox. In addition, users can earn the Sand Wizard from The Sandbox as a playable companion in the VulcanVerse MMO. The two gaming companies announced their elaborative collaboration on Monday. Ultimately the campaign […]Read More -
MoonieNFT Extends Moonchest Claiming with a Few Days
MoonieNFT has decided to extend the claiming period for their Moonchest with a few days, while granting all those who claim a chest with a free Moonie NFT. The claiming period will now end on August 28th, following by an announcement about their Initial DEX Offering (IDO) one day later. The MoonieNFT project is still […]Read More -
Earn REVV Racing Car NFTs Trough SushiSwap
Animoca Brands is giving away REVV Racing car NFTs to users who provide liquidity to trading pools on SushiSwap. In particular, it’s about the REVV-TOWER and REVV-GMEE liquidity pools. Users need to add at least $1,000 of value before the end of July 26th. These promotional events are meant as a reward to GMEE and […]Read More -
MaidCoin Merging NFT Collecting with DeFi
MaidCoin is an upcoming DeFi project with elements of NFT collecting and gamification. Above all it taps into gaming culture as the entire ecosystem uses anime, NFT collecting and gamified DeFi. MaidCoin allows NFT holders to earn passive income simply from holding these assets in their wallet. In essence we don’t write a lot about […]Read More -
Cometh Refines Tube NFT Farming
The space mining game Cometh has brought staking MUST tokens and NFT farming to the Polygon blockchain. The v2 update now completely exists on the Polygon blockchain, which means it’s almost free to use. Above everything, the function is accessible to everybody. Cometh already offered NFT farming on Ethereum, but that feature was a bit […]Read More -
VulcanForged Released Seeds for NFT Farming
VulcanForged has released their first seeds NFTs, which allows gamers to obtain special weapons through NFT farming. Acquiring these items requires the cryptocurrency PYR, some time and of course the seed NFT. This is one of the latest additions to VulcanVerse where gaming and NFTs get combined with elements from DeFi. Players can trade, buy […]Read More -
Animoca To Add Exclusive NFT Drops to SuperFarm
Animoca Brands and SuperFarm are partnering up to launch exclusive NFT drops and farms based around some of Animoca’s brands. Users who will participate in these farming pool, will have a chance to acquire NFT collectibles. One of the first confirmed projects is Lympo. Lympo started as a fitness application, but is now moving towards […]Read More
NFT farming
What is NFT farming?
NFT farming is all about earning rewards for activity on a platform. This can be a trading platform, but also a video game.
Ever since games went online, we’ve seen groups of players impacting these virtual economies by selling in-game currencies for actual money. This has been frowned upon by developers, but with the rise of blockchain technology and decentralized finance, farming virtual gold is becoming an actual business opportunity.
NFT farming is a bit similar to yield farming in de DeFi sector. It’s all about players being active in a game world, acquiring certain items or in-game currencies that can be sold for money and profit. An example would be the Small Love Potion from Axie Infinity. Players need to win battles to earn these SLP tokens, which in turn can be sold on the open market. This generates a certain income that’s high enough for people in certain countries to make a living from it.
When it comes to actually farming NFTs, there are more examples in the DeFi sector. For example, Meme token rewards users who provide liquidity to certain trading pools with pineapple points. In return these points can be used to obtain limited edition artworks. Other projects like Drops or Rarible also reward activity on their platform with a token, creating a financial incentive to acquire NFTs.
