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.
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.
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.
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.
About NFTrade
NFTrade is the first cross-chain and blockchain-agnostic NFT platform. We are an aggregator of all NFT marketplaces and host the complete NFT lifecycle, allowing anyone to seamlessly create, buy, sell, swap, farm, and leverage NFTs across different blockchains. Using NFTrade, anyone can gain access to the entirety of their NFT, unlocking the total value of the NFT market.
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Read the original article on the NFTrade blog: https://nftrade.com/blog-1/how-to-stake-on-an-nft-farm
