The Bandit Project – How to Earn Passive Income by Staking NFTs

The Bandit Project is a new DeFi protocol aiming to empower NFT holders with passive income opportunities. Moreover, the initiative allows users to own a part of the project and share the revenue with the developers by providing liquidity.

It’s worth noting this project is still in its early development stages. Nevertheless, it is advancing relatively fast, with the public presale for its $BANDIT token just around the corner. The much-anticipated event will take place on August 11 at 11 a.m. EST. Those willing to participate must make a minimum contribution of 300 BUSD or at most 1,000 BUSD.

This Bandit Project review looks closely at one of the latest NFT staking projects in the market. Read on to learn more about its features and tokenomics!

What is the Bandit Project?

The Bandit Project proposes a collection of 3,000 unique and super-rare NFTs available on the BNB Chain. Those holding at least one can access important opportunities of earning passive income through NFT staking without a price floor, among others.

The protocol enables users to create a team of NFTs and add to it for potentially higher passive income. For instance, every new NFT delivers 1% more daily income while the holders don’t have to move a finger for it. The bigger the team of non-fungible tokens, the higher the pay.

Furthermore, the project’s developers stated they may pay out a maximum of 15,000 BANDIT tokens every time it retires an NFT. Alternatively, users can earn by referring new members as part of a highly-rewarding referral system. More precisely, they will get a commission every time one of their referrals gains passive income.

Lastly, users can earn through NFT minting, providing liquidity, and revenue sharing on the increasingly popular platform.

How the Bandit Project Works

The Bandit Project has a proprietary token, $BANDIT, which users can purchase with BNB coins from the platform’s decentralized exchange, the “Black Market.” This is the first step toward building a team of Bandit NFTs and starting earning passive income. After establishing your crew, it’s on to the next phase the developers call the “Bank Heist.”

Next, users can open a Laundromat contract, the basis of a good business model. This contract creates liquidity every time the user provides BNB coins instead of forcing them to pay a 10% transaction fee on purchased $BANDIT tokens.

The platform uses half of the BNB coins to complete the purchase of $BANDIT while using the remaining half to provide liquidity for the project, successfully creating a $BANDIT/BNB LP.

Through the Bank Heist, users can participate in various activities producing passive income. One allows locking up LP funds to collect BNB, BUSD, or BANDIT token rewards from the platform’s transactions.

Furthermore, the system uses time-locked tiers to encourage staking by distributing coins to the Bank proportionately. The platform will provide payouts, depending on the user’s ownership percentage and time-locked tier. Once a time lock expires, the user has two options. They can either unstake or keep staking their LP tokens to continue receiving daily rewards.

The $BANDIT Token

Fueling The Bandit Project is the $BANDIT token, which runs on the BNB Chain. Token owners can access passive income opportunities by minting NFTs, providing liquidity, and getting revenue shares from all project transactions.

Here’s a short presentation of how the project will distribute the taxes in $BANDIT token transactions:

  •       A 10% BUY and SELL tax, of which 4% will go to rewards, 2% to liquidity, 2% to growth fund, and 2% to the Bank.
  •        Of the 10% CLAIM tax, 8% will go to rewards and 2% will go to the Bank.
  •       A 10% MINTING & NFT DEPOSITS tax, out of which 5% will go to upline members, 3% to the reward pool, and 2% to the Bank.
  •       The 10% AIRDROPS & TRANSFERS tax, with all proceeds going to the reward pool.
  •       A 5% COMPOUNDS tax will be split equally between upline members and the reward pool.

The much-anticipated public presale on August 11 is an important step in the project’s development. It follows a whitelist presale phase, which ended mid-July and sold out all the tokens on offer for that event.

Final Thoughts

The Bandit Project is a new and interesting initiative in DeFi, seeking to take NFT staking to a new level. Empowering its users with passive income opportunities, the project looks beyond the regular and often unlucrative NFT collecting. Furthermore, the developers allow users to own and share a part of the platform’s revenue, a rare occurrence in the cryptosphere.

We will closely follow the Bandit Project’s development, starting with its upcoming $BANDIT token public presale on August 11.

Binance Coin live price
Binance Coin
price change

For more information about the Bandit Project, please follow the links below: Website | Twitter | Telegram | Discord.

Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects or cryptocurrencies listed, mentioned, or linked to on our site. Trading cryptocurrencies is a highly risky activity that can lead to major losses. You should consult your financial advisor before making any decision. Learn More

Stay up to date with our latest articles

More posts

Celsius CEO Seized Control of Trading Operations Months Before Bankruptcy: Report

Celsius boss Alex Mashinsky may be largely responsible for many of the firm’s unprofitable trades leading up to its bankruptcy.  A new report from the Financial Times (FT) suggests that the CEO may have taken over trading operations back in January. He then took actions with company funds that overruled the decisions of other executives with multiple years of finance experience.  Mashinsky’s Massive Trades The latest info is according to multiple people familiar with the matter – though the information…

NFT Domains Platform Unstoppable Raises $65M Series A at $1B Valuation

Unstoppable Domains, the leading non-fungible token (NFT) domains platform, announced the closing of a $65 million Series A funding round at a valuation of $1 billion. The company said it will use the capital for developing new products and collaborations within the Web3.0 industry. It’s a big step for the platform, which saw prestigious investors joining this funding round. Among them were Pantera Capital, Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, and CoinGecko. Other big…

Crypto Lender Holdnaut Opts for Judicial Protection Amidst Troubles 

Earlier today, Singapore-based lending platform Holdnaut shared its plans to stay afloat during its ongoing liquidity crisis amidst the crypto winter. The company has filed an application for judicial management with the Singapore High Court. Liquidity Issues Holdnaut is yet another platform that felt the widespread impact of the Terra collapse. On-chain data and other reports indicate that the crypto lender may have owned USTC worth $150M at one point.  The company halted all operations, including deposits and withdrawals on…

Binance Jumps into NFT Ticketing After UEFA Champions League Fiasco

Binance is looking into solutions to the escalating fraud in the traditional ticketing system for sports events. To this end, it launched a series of NFT tickets in collaboration with the Italian football club S.S. Lazio. This partnership will allow fans to buy season tickets for the team’s home games in the form of non-fungible tokens (NFTs). Why the Traditional Ticketing System is Failing In May, the UEFA Champions League Final in Paris was marred by chaos when multiple fake…

KuCoin Crypto Exchange Debuts USDT-Dominated NFT ETF

KuCoin, one of the most popular crypto exchanges, has launched an exchange-traded fund (ETF) to increase liquidity for NFT collections like Bored Ape Yacht Club (BAYC). This new service should help investors access non-fungible tokens and boost the assets’ widespread availability. The Seychelles-based exchange partnered with NFT infrastructure provider Fracton Protocol to ensure the project’s feasibility. A USDT-Dominated ETF The KuCoin NFT ETF is using Tether (USDT) as the crypto reference for its trading operations, including five different funds. The…

Norwegian Miners Seek Cheaper Green Energy Beyond the Arctic Circle

According to a recent report, Kryptovault AS, a large-scale, Norway-based crypto mining company is set to relocate North of the Arctic circle. The company’s plans to switch base stem from surging electricity prices in Norway, a phenomenon that seems confined to the region. Norway a Mining Hub Over the past couple of years, Norway has evolved into one of Europe’s biggest mining hubs. In a recent study, analysis firm Arcane Research noted that Norway is responsible for about 1% of…

Celsius Debts Far More Than Earlier Reported, Nears $3B

According to a coin report from Sunday, crypto lending platform Celsius is in debt to the tune of $2.85 billion, contrary to its previous reports. The recent reveal could spell greater trouble for the bankrupt firm seeing as their chapter 11 filing had claimed a different figure. Contrasting Deficit Balances Celsius was one of several platforms that crumbled in the wake of the Terra crash. The company also felt the pressure from the ongoing crypto slump and filed for bankruptcy…

WMA: Bitcoin Tests $25,000, Ethereum Merge Gets Closer, and Altcoins Thrive

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,175 trillion. Bitcoin has increased by over 6% this week. Ethereum gained almost 17% over the past seven days. XRP is up by nearly 3% this past week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector increased the total value protocols (TVL) to around $44 billion. Crypto…

Tornado Cash DAO Goes Offline Following Blacklist

The DAO website for sanctioned crypto mixer Tornado Cash appears to no longer be operational. According to social media reports, this is also true for the platform’s Discord server. DAO Website Stops Going Through Earlier this week, the United States Treasury Department’s Office of Foreign Asset Control imposed a sanction on the Ethereum-based protocol. Since then, the platform has seen some of its resources become inaccessible. Additionally, various entities have begun distancing themselves from Tornado Cash’s services. Hence, the platform’s…

P2E Axie Infinity Cancels SLP Rewards On Classic Game Mode

Axie Infinity (AXS) has announced that its play-to-earn (P2E) platform will no longer offer token rewards on its classic game mode. The development team hopes its decision will help nudge users to its new game mode. Players will now have to use the newly launched Origin update to earn the game’s native currency, Smooth Love Potion (SLP). AXS to Balance SLP Economy Origin is the latest expansion in the Axie Infinity gaming ecosystem also known as Axie Battles v3. The…