Boom.money is a new and exciting platform for both artists and traders who wish to have digital assets in the form of NFTs (Non Fungible tokens). So you can either create an NFT or purchase a reward-generating NFT through staking STx (stacks). However, note that a minimum of 100 STx is required to stack.
This article is about Boom.money Review, where we’d be discussing its features, products, fees, security, and more aspect of the platform. Read the complete detailing of the platform.
Table of Contents
- Boom.money is a platform for NFT digital assets.
- The platform does not have a wallet of its own. However, it supports stack wallet, Hiro.
- The platform is easy to use.
- To use Boom.money, the user must have STx.
- The platform has a mobile application.
- Boom.money is worth trying.
What is Boom.money?
Boom.money is a platform with a tagline like “powered by stacks and secured by Bitcoin,” clearly speaking about their association with stacks and bitcoin. They are dedicated to creating NFTs and rewarding NFTs simply via STx. Therefore, users can come to boom.money with their art pieces and create an NFT for them, while others can simply purchase NFTs. The platform will soon be launching a NFT buy and sell marketplace.
Boom.money Review: Features
- Mint NFT: The platform lets users create an NFT for themselves after connecting boom to the stack wallet. The platform then sends the newly created NFT to the user’s wallet. Hero Wallet for the web is an auto wallet suggested by Boom. You can either store the NFT (Boombox), sell, or transfer it.
- Boom.money fees: The platform does not charge any fees other than the minor network fees which ultimately depend on the network used and the amount of data being processed. As they say, to stake 100 STX, you may need 1 STX as a fee.
- Boom.money security: The platform Boom is regulated under the RunRiot security platform. The RunRiot is dedicated to decentralized application program networks to provide them with full data encryption while privacy is completely being respected. However, the choice of confidentiality earn remains in the hands of the users.
Furthermore, to stack your STX, the platform uses Friedger Pool.
- Ease of use: The platform Boom is very beginner-friendly. Anyone and everyone can quickly start delegating their stacks and earn NFTs or create NFTs both on the web and via mobile application. All you have to do is have some STX in your stack wallet. Transfer it to your Boom platform and start minting NFT.
Boom.money Review: Products Offered
Though the platform is new, it offers exciting and unique products for building the new form of a digital asset like NFTs. Products offered by them are as follows:
- Reward Generating NFTs: The platform has an NFT called Boombox, which helps in earning rewards in terms of Stx or as NFTs. The reward users can expect is unsure, as these Boomboxes are released on every other stacking cycle. Hence the revenue earned is not fixed; thereby, the rewards are also not fixed. The platform will now be releasing a new Boombox every month.
- Manage all your stacks assets: Users can easily manage their stacks on Boom as the STx is stored in their Wallet.
- Create NFTs: Users can either collect or create NFTs on Boom. By transferring your STX on Boom you can create NFTs. Or you stack your STX and the platform will generate an NFT (Boombox) for you.
- Stack Wallet supported: Hiro Wallet is the gateway for stack apps like Boom. This can be easily added on as extensions as well as an application. As soon as you click on get started the auto wallet suggested is Hiro Wallet.
- Stacking: Users can do simple stacking while exploring the potentials of NFTs.
- Stack NFT marketplace: soon to be launched.
Boom.money Review: Security
The platform Boom.money is regulated by the RunRiot. The RunRiot is a platform that looks after the security and privacy of decentralized applications like Penny, NoteRiot, LandHO!, Webby, and many more. The security features offered by them are as follows:
- Data encryption by default.
- Users have full rights over the data created by them.
- The choice is provided for privacy, and the user’s privacy is respected.
Also, read ERC-721 Definition | NFT Explained
Boom.money Review: How to Use?
Using Boom is easy, and everyone can give it a try. Read the steps given below to try out the platform:
- The first step is to land on the official web page or mobile app of the platform.
- On the header, top right corner of the screen, you will see an icon called “Get Started.” Click on it, and the platform will ask you to connect Hiro Wallet for the web. Connect with your Stack wallet.
- As soon as you connect with your wallet, you will have your Asset managing board, where you can create or earn NFTs.
What are Boomboxes?
Boomboxes are a new type of NFT. It lets people participate in the process of staking STX. A unique way of earning rewards and boomboxes is NFT. This is also known as “delegate staking” of STX (stacks).
Boomboxes are unique in various ways as follows:
- You don’t have to pay anything to receive boomboxes. All you have to do is stake some STX tokens for a couple of weeks.
- For staking in return, you get a limited edition collectible. This collectible acts as a certificate on their portion of the staking rewards.
- Boomboxes are transferable. So if you hold the NFT at the time the rewards are issued, you get the payout.
How To Get The Boombox?
To get the boombox, you must follow these fundamental steps given below:
- You must have stacks(STX).
- Secondly, install or update the stacks wallet to the latest version.
- Transfer a minimum of 101 stacks into your wallet. You need at least one hundred staking of STX. The remaining one STX should cover the gas fees.
- Moreover, go to the webpage of Boom.money. Click on “get started” and pick the account where you have the STX transferred. Then, have a look at the image given below.
Also, read How to Mint your First NFT on FTX?
Here is the list of procedures you need to follow.
Note that you must first do the steps mentioned above.
- Firstly, scroll down the page and click on “start staking with Boomboxes. Or select the button which says “Get a Boombox.”
- Follow the screen instructions.
- Submit your stacks, and confirm the transaction. Then, wait for the transaction to get completed. It may take up to thirty plus minutes.
- Once the transaction is confirmed, you will be able to set the parameters.
- Scroll down to the setup section and specify how much you want to stake.
- Review the callouts. And then, select “create this boombox” when you are ready to proceed.
- Check the network, and approve the transaction.
- You will now receive your boombox worth the STX you staked.
- After three weeks, you get the reward payout in STX. In case you have transferred your stacks. You then will receive the payout at the transferred address.
Things You Should Know About Boombox
- Delegate your STX: Pick the number of STX you want to stack. Note that you must stake a minimum of 100 STX.
- Receive a Boombox: As soon as you stake STX, the platform starts to mint your boombox. So you will be able to see your boombox in your wallet in an instant.
- Keep it (or not): You can either keep the boombox, sell it or transfer it. The STX you staked will be safe as a stake and will get unlocked within a couple of weeks.
- Rewards are distributed: For staking, you get rewards called STX rewards. In the future, Bitcoin will be deposited in the wallets of owners of Boomboxes.
Also, read How to get a Free NFT (Non-Fungible Tokens)?
Boom.money Review: Reward For Stacking
The platform does not have a hard and fixed rule for releasing rewards. The boomboxes are released in the staking style. The yields earned are not in the control of the platform. Instead, it depends on various other factors.
The users can email Boom to avail of customer support. Support is provided through email.
Boom.money Review: Pros and Cons
|Beginner-friendly.||Security protocols are not mentioned in detail.|
|The platform charges no fees.||User must have the native token of stacks that is STx.|
|Easy to use both on the web and mobile.||No FAQ and Blogs for guidance.|
|Wallets can be connected through chrome extensions and with respective apps.||The rewards in boomboxes are not fixed.|
|A unique way to mint or earn NFTs.|
Undoubtedly, a great platform to consider when the new digital asset NFT is in top trend. The new digital assets called NFTs can be easily bought and created on Boom.money with ease. The creation of NFT here is very convenient. As the platform is a beginner, we can expect more features and products to be offered shortly.
Frequently Asked Questions
Yes, Boombox is transferable. You can even sell the boombox.
STx is the native token for the stacks network.
The rewards are given in STx. However, Bitcoin will be given as a reward shortly.
As they say, STX was the best way to test the concept of boomboxes and see if people liked it or not. However, the platform in the future will make BTC available.