How to Stake on an NFT Farm
How to Stake on an NFT Farm on NFTrade

zzz3.jpeg

 

NFT farming allows token holders to gain additional utility from their tokens, putting them to work to gain additional value. Through NFTrade, projects from all over the spectrum and ecosystem, regardless of their industry, can introduce additional opportunities for their token holders via NFTs, and by using our NFT farms, the process is extremely fluid and easy to understand. Below, we will walk you through the NFT farming and staking process.

 

Step 1 — Connect Your Wallet

After reaching the NFT farm you would like to stake on, the first thing you need to do is connect your browser wallet to NFTrade and make sure you are connected to the same network as the farm. You do this by clicking ‘Connect Account’ in the upper right-hand corner of the website.

 

zzz4.png

The ‘Connect Account’ button in the upper right-hand corner.

 

Step 2 — Stake Your Tokens

In the main dashboard within the NFT farm, you will see all the information relating to the specific farm, including the number of tokens you have staked. At the bottom of the dashboard, you will see a blue ‘Stake’ button — click this button to stake your tokens and begin farming for NFTs.

After clicking ‘Stake’, choose the amount of tokens you want to stake, approve NFTrade’s terms and conditions, and press ‘Continue’. This will then prompt you to sign a wallet transaction, transferring your tokens to the staking contract to begin staking and earning. You will have to pay a network transaction fee to initiate this process, which can differ depending on the network and its transaction congestion. Once the transaction is confirmed, your staking has begun.

 

zzz5.png

An example of the staked token dashboard for $OPUL.

 

Step 3 — Track Your Rewards

Once you begin staking, you will start earning synthetic and non-transferable tokens that you can use to claim NFTs within the farm. These synthetic tokens are only used to earn the NFTs within the farm, and can only be acquired by staking the native token of the NFT farm. Your synthetic token rewards will update every block within the dashboard, allowing you to know precisely when you will have enough tokens saved up to claim the specific NFT within the farm.

 

zzz6.png

An example of how rewards are tracked within a NFT farm.

 

Step 4 — Claiming Your Reward Tokens

Once you have enough synthetic tokens saved up to claim your NFT of choice, you can claim your synthetic tokens. Once you begin to accumulate synthetic tokens, the blue ‘Claim’ button will appear, which you can then click to claim the synthetic tokens to your wallet. This will prompt you to sign another transaction in your browser wallet, transferring the tokens to your control.

 

Step 5 — Claiming Your NFT Reward

Once your synthetic tokens are in your wallet, you can now claim your NFT. The price of the NFT will be listed in synthetic tokens, and once you have enough tokens saved up, you can click the blue ‘Buy Now’ button under the NFT you’d like to claim. This will prompt another wallet signature, transferring the earned synthetic tokens to the contract address in return for the NFT.

Congratulations, you are now the owner of a new NFT and still have all of our original native tokens! You can choose to unstake your tokens (assuming the token lock period is up), or continue to stake them and earn more synthetic tokens for more NFT claims.

 

zzz7.png

An example of a claimable NFT within the $YIELD NFT farm

 

What to read next
How to Safely Store NFTs
Fri Apr 16 2021
Earnable NFTs Are Stronger Than Ever
Even With a NFT Slump, Earnable NFTs Are Stronger Than Ever
Wed Jun 30 2021
NFT Farming Updates
Sat Jun 19 2021