Following the initial success of our NFT farming application, we have listened to project and community feedback to make the experience even better. NFT farming allows users to earn tangible rewards in the form of NFTs, such as collectibles, gaming items, art, and utility NFTs such as IDO allocation rights, access to upcoming beta features, and much more. In exchange for staking native tokens, users can earn exclusive NFTs unavailable anywhere else, providing unique benefits that can only be achieved through NFT farming.
To build on the experience and make it more worthwhile for projects and community token holders, we are implementing an optional fee feature, as well as the ability for projects to opt to lock users’ tokens. This introduces more aspects from traditional staking and opens up the opportunity for the community to benefit from more exclusive and harder to obtain NFTs. On another note, we are also beginning the implementation of ERC1155 NFTs into our farming platform and marketplace, although this feature will not be ready until early August.
Optional Token Lock Up
To create more robust incentivization models for both project developers and community token holders, we have added two optional features that will offer more customization within current and future NFT farms.
The first feature we are adding is an optional token locking period for all NFT farms. Although not mandatory, this aspect will better moderate larger token holders, making the process more equitable for average token holders, as well as allow project development teams additional levels of reassurance. Even though our NFT farm already has the ability to limit the quantity of NFT rewards each address can claim, some projects were worried that their whales, or large token holders, would be able to monopolize the NFT rewards by staking large amounts of tokens and then moving them to new addresses once they earn the maximum amount of rewards.
By introducing a lock-up period, projects will be able to make sure that all token stakers will only be able to move their tokens off of the platform after a predetermined amount of time, making it easier for the entire community to gain access to rewards. This also allows projects to keep staked tokens locked for a set amount of time, allowing projects to align their goals with more accuracy.
Optional NFT Reward Fees
Beyond lock-up periods, projects will also be able to introduce an optional fee structure into NFT reward claims. Under our current farming parameters, users can claim all NFTs for free, but this is not optimal for all community-governed tokens, or for extremely rare NFTs. With our newest farming smart contracts, projects will have the option to implement a fee structure for certain NFTs, adding to their exclusivity and prestige. These fees will be distributed back to a wallet under the project’s control, allowing them to collect, distribute, or lock/burn the fees.
Many projects we are working with have talked about redistributing the NFT claiming fees back to their community, thereby further incentivizing their token holders through NFT farming, staking, and claiming. Projects and their user bases will have full decision-making power when it comes to introducing either of these features, with both being one hundred percent optional and non-mandatory.
Although we have world-class programmers and engineers designing our smart contract, it’s always beneficial to have a second pair of eyes that can evaluate the efficacy of our contracts. Therefore, to make sure all of our code is impenetrable and above and beyond the industry standard, we are having our new farming smart contract audited by Zokyo, one of the premier smart contract auditing firms in the industry. Following the completion of the audit, we will launch the new farming contract.
We have numerous projects lined up in our pipeline ready to launch their respective NFT farms, and are taking the final precautionary steps to ensure everything is perfect before launch.