Doge Capital, an NFT platform based on the Solana blockchain, has announced a staking program for its users. According to a press release issued by the platform, the staking program will increase the value of the 5000 NFT collection. Furthermore, the non-fungible market, like the crypto market, is heavily influenced by speculation. As a result, Doge Capital-affiliated NFTs have an advantage over other digital art collectibles on the market.
According to the company, the staking program requires users to own at least one of the 5000 NFTs. Notably, each NFT is guaranteed to be one-of-a-kind by a computer program. As a result, users need not be concerned about the uniqueness of the art.
Through NFT acquisition, the Doge Capital platform is committed to providing more use cases for its users. “Through the release of Doge Capital’s utility token, the $DAWG, staking will result in a consistent income stream.” Aside from that, the Doge Capital platform will support its users by acquiring other NFTs. Doge Capital will deposit every NFT it acquires into the WoofBank, a community wallet. Because users will hold Doge NFTs and $DAWG, they will be the true owners of the bank, according to the firm.
Doge Capital enters the rapidly growing market of digital art collectibles. More so at a time when the art industry, luxury industry, cryptocurrency market, and blockchain industry have joined forces for mutual growth.
The Doge Capital platform’s native token $DAWG is available on two cryptocurrency exchanges: Raydium and Dexlab. As a result, users can liquidate their NFT while also purchasing more $DAWG tokens.
Users who stake their Doge NFT will earn approximately 5 $DAWG tokens per day, according to the company. An airdropped NFT, on the other hand, will receive one $DAWG token per day. Notably, the company stated that it will continue to introduce additional NFTs to accommodate airdrops.
“Doge Capital will continue to drop supplementary NFTs so that airdropped NFTs are available for users to burn if they want to claim their rewards multiple times,” the company said.
There are a total of 30 million $DAWG tokens in circulation, with 1.5 million currently in circulation. Doge Capital clarified that the current circulating supply will remain unchanged until NFT staking becomes available.