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DeFi Platform Distributes $1 Million in Bored Ape NFTs

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Decentralized finance (DeFi) platform FODL Finance announced on Monday that it will distribute around $1 million worth of non-fungible tokens (NFTs).

More precisely, the protocol focused on leveraged trading will donate 24 NFTs from the Bored Ape Kennel Club (BAKC) and 1 NFT from the Bored Ape Yacht Club (BAYC) collection.

In a statement posted on its Medium page and on its Twitter account, FODL highlighted that the “largest NFT offering in recorded history” starts on February 14th.

According to the platform’s publication, each NFT BAKC currently has a minimum price of 9 ETH. That is, they cost about $28,000, totaling more than $672,400.

“From February 14th, we will be giving away 1 BAKC NFT every 3 calendar days to a randomly selected winner from the ticket pool. The full gallery of BAKC NFTs being distributed can be viewed here.”

In the meantime, an NFT from the popular BAYC collection will be drawn once the FODL competition ends on April 30th.

According highlighted the FODL, the BAYC in question is currently costing 100 ETH, the equivalent of US$390,000. The “identity” of this bored ape, however, is still a mystery.

How to apply for NFTs?

The only requirement to participate in the “FODL Bored Ape NFT” draw is to stake at least 1,000 units of the native token on the FODL platform between February 14th and April 30th.

At the time of writing, the cryptocurrency is trading at $0.2036. Therefore, the minimum amount to be “locked in” in the protocol is around $203.

Once the tokens are staked, there are four ways to increase the chances of winning:

  1. By staking more FODL tokens;
  2. Trading on the FODL platform;
  3. Acting as an influencer for the FODL community on Twitter, YouTube and/or TikTok (excludes core team)
  4. Meeting the requirements for the community activity to have “Boatlifter” status (excludes core team). To obtain Boatlifter status, you must reach level 10 in Discord engagements.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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