Introducing NFT Farms
NFT farm is a new kind of experiment launched by IncrementLabs on Flow. It allows nft holders to be rewarded with some extra tokens or even some new nfts by staking their NFTs into a specific farming pool.
Potential use cases of this product may be far beyond our original design. Just to give some examples below:
- It makes it possible for TopShot rare edition holders to stake their rare edition into the Topshot farm, and be rewarded with some common editions after staking more than one month.
- It makes it possible for Float collectors to “earn” some $Emerald tokens by staking an epic edition of Float into the Float nft farm.
- It enables NFT creators to direct part of their royalties into a nft farming pool to award long-term supporters.
- And more to be revealed …
(Please note that: above are some hypothetical potential use cases and may not represent the real conditions)
We believe this new experiment is a great example that combines DeFi and NFT together, and makes them composable to generate positive synergies.
Nft farms will be starting with FLOAT, a popular proof-of-attendance protocol on Flow blockchain. To showcase the debut of this new product, we’re opening the 1st nft farming pool for the “core-member” float holders. It is a very rare float that’s manually distributed to some of our community members who gave constructive feedback and/or bug reports to our previous testnet launch, made great contributions in community building and event participation, voluntarily offered help in communities, graphics, memes, and so on. (Join our discord channel here to know more)
The 1st session of this float farm pool will be from 08/08 to 08/31, and is initially seeded with 800 USDC token rewards for this float stakers.
Heads over to https://app.increment.fi/farm, as demonstrated below:
The UI should be straightforward enough after clicking the “connect wallet” button. If your account is holding any of this float, the “Stake” button will be enabled, and staking & unstaking the float is as simple as one click.
After the farm is started (above image shows “Starts in 1h 8m”), you will be able to claim USDC rewards. The USDC reward is distributed in real time and is claimable at any time, even after the farm ends in future.
There’s one metric worth some explanation, the “Earning per day” field. The data showing up here is dynamic: the total staking reward for this pool is fixed to 800 USDC for a period of 08/08 ~ 08/31. So as more “core-member” floats are staked, the smaller “Earning per day” will be. This is totally as expected.
[About IncrementFi]
One-stop DeFi platform to boost liquidity & yield opportunities on Flow blockchain.
Apps: https://app.increment.fi
Twitter: https://twitter.com/incrementfi
Discord: https://discord.gg/r2keKxuKqX
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