Cross-Chain NFT Staking Is Here, All You Need to Know

NFT Staking — A unique and innovative way crypto investors use not only to buy non-fungible tokens but earn rewards and other privileges by locking them on a platform or protocol — has just gone better. Enterprise DAO-powered by Terra Money has now enabled cross-chain NFT staking for Cosmos chains including Terra, Stargaze, Juno, and soon Terra Classic.

Enterprise Protocol Enables Cross-Chain NFT Staking

Enterprise DAO unlocked the cross-chain functionality for Cosmos chains by launching the cross-chain NFT staking. The Terra-powered platform helps to easily and efficiently create, manage, and grow DAOs within Cosmos. In January, the platform enabled cross-chain token staking for Terra and non-Terra tokens.

Cross-chain NFT staking is initially enabled for select NFT collections on Stargaze and Juno. Stargaze and Juno NFT DAOs, powered by Ark Protocol, now offer one-click staking and no-code setup as well as advanced voting, treasury management, and rewards distribution.

Also Read: Binance Labs Sever Ties With Crypto Exchange Binance

Terra Luna Classic to Get Enterprise Support

Terra Luna Classic unanimously passed the proposal for Terra Classic v2.4.2 upgrade. This upgrade will introduce IBC-Hooks to the chain to enable the onboarding of dApps on the Terra Luna Classic, most notably Enterprise DAO. The upgrade is scheduled for March 25.

The community-led chain plans to revive LUNC and repeg USTC to $1 with various efforts including token burn, staking, and others. The narrative toward utility recently gained amid new developers revealed by developers groups.

Also Read: Crypto Exchange Joins Binance to Burn Terra Luna Classic (LUNC) Trading Fees

Terra and Terra Classic Tokens Price Performance

Terra (LUNA) fell 11% in the past 24 hours amid broader crypto market selloff. LUNA price currently trades at $0.944. The token gradually losing all gains it made in the month.

LUNC price also tumbled, with 13% drop to $0.000150 level. The 24-hour low and high are $0.000148 and $0.000180, respectively. Moreover, trading volume has increased by 97% in the past 24 hours.

Meanwhile, USTC price fell 11% in the past 24 hours, with the price currently trading at $0.0309. The 24-hour low and high are $0.0299 and $0.0347, respectively.

Also Read: Crypto Market Selloff — Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.