Collect Social already gives users Raccoon Coins for building collections of popular NFTs, but now they’re taking it a step further and letting you mine Raccoon Coins if you keep those collections in your wallet. This feature is expected to launch on 5-27 at 1 pm EST.
The way it works is that your NFT collections will earn a set amount of Raccoon Coins every 8 hours based on the collection XP. Each collection earns 1% of the collection XP in Raccoon Coins every 8 hours for as long as the NFTs remain in your Wax wallet you’ve registered on the site. You need to claim your Raccoon Coins at least every 2 days in order to reset the counter and continue earning.
Raccoon Coins can be used for pack drops on Collect Social, paying rent for a collector’s gallery, pinning a NFT to a user’s profile, and various other site features. They can also be bought or sold on Alcor Exchange.
Collectors are not staking NFTs like they do in R-Planet, however. With Collect Social, the NFTs remain in your Wax wallet and are not staked to the site. The site is merely taking a periodic snapshot of your wallet to confirm that you still own the NFTs.
Some Collections may have higher mining rates depending on their relationship with Collect Social and any promotions they are running. For more details, see the official blog post.
Blog post: https://collectsocial.medium.com/token-mining-on-collect-social-e9e894958fb5