June 1, 2022 — Starly, one of the leading NFT marketplaces on Flow, has rolled out the first-ever nonfungible token (NFT) staking on the Flow blockchain.
The recent NFT market downtrend has highlighted the need for tangible utility for non-gaming sector NFTs. Adding utility to NFTs is the next step in the natural evolution, with attractive benefits for NFT holders.
Launched on September 22, 2021, Starly has built its reputation in the Flow ecosystem as a launchpad and marketplace for digital NFT collectibles with high artistic value and a platform ready to implement the most innovative features.
Recently, the platform announced its plans to provide an ultimate collect-to-earn experience that would make collectible NFTs on par with their play-to-earn equivalents.
“To date, within the entire space, the main motive for buying NFTs is an expectation of price growth. As soon as the downtrend market starts, NFT sales — and [their] value — hit [a] dead end. It has been very important for us to significantly reduce our dependence on market downtrends.” said Ilja Terebin, CEO of Starly.
Providing a strong utility for the token and NFTs
For the past few months, Starly has developed mechanics to let users earn while collecting NFTs — regardless of market fluctuation — simultaneously providing strong utility for the STARLY token.
The developers aim to increase the NFTs’ value and let collectors benefit from ownership on Starly, giving them various utility choices such as trading NFTs on a secondary marketplace for profit, holding for artistic worth, growing their collector score and achieving top-collector rewards, or establishing passive income by staking their NFT inventories.
With the newest update, users can now earn STARLY tokens. Each NFT on Starly includes a collector score that relies on the NFT’s rarity class and serial number. Collector scores correspond to NFT-staking rewards that can be claimed as STARLY tokens.
The daily NFT reward-claim limit is set to one per 100 of all staked STARLY tokens by the user. For example, to claim 10 tokens daily, a user must stake 1,000 tokens. It takes 365 days of continuous staking to drain an NFT.
Pack Battle and other games
Starly NFT cards start their journeys with sealed mystery pack sales, with NFT cards minted at the moment of opening a new pack. Collectors don’t know what serials and ranks of cards they will get, and all completed sets are rewarded with special and more valuable Plus cards.
Starting from the next drop, a new Pack Battle game will be introduced. Every collector to purchase the pack will participate in the battle for 10,000 STARLY tokens. The collector with the highest sum in one pack opened will win the entire prize.
Switching to STARLY payments
Developers see STARLY as the centerpiece of the Starly ecosystem to benefit creators, collectors and tokenholders. In July, payments in the primary and secondary markets will be switched to payments in $STARLY tokens. For ease of purchase, different payment options will remain, but the assets will be swapped on a decentralized exchange to STARLY at the time of purchase — organically increasing the demand for the STARLY token.
Asset gains can be made by spending — i.e., buying a pack or a card — or earning, such as valuing an NFT inventory, receiving NFT-staking rewards or winning a pack battle. Users can seamlessly inject their STARLY gains back into the economy to accelerate the cycle further.
Currently, STARLY staking is at 15% APY, but it may lower with additional features rolling out this summer.
So far, Starly has helped its users achieve true and noncustodial ownership of unique NFT collectibles made by some of the most prominent digital creators today.
Earlier, Starly launched a tribute to David Bowie.
The platform is creating a breathtaking NFT-unboxing experience and developing an advanced, easy-to-use Starly secondary marketplace with rewarding mechanics from various challenges, competitions and milestones.
STARLY token is listed on KuCoin, Huobi Global, PancakeSwap, BloctoSwap and CoinEx.