New Cargo NFT Reward System: Genesis Series
We are excited to announce the latest innovation from Cargo — the Cargo NFT Reward System built on Ethereum, a unique reward system where you earn a chance to redeem one of 4 rare NFTs from renowned crypto-artists. The Genesis Series will include work from Olive Allen, Carlos Marcial, Jon Noorlander, and Metageist. This new, experimental system combines auction, lottery, and yield-farming dynamics that are made possible by blockchain technology.
TLDR
- Stake Cargo Credits to earn points. The more credits you stake the faster you will earn points. Points are earned per block mined on Ethereum.
- Once you have enough points you can redeem one NFT from the series. The NFT you receive will be randomly selected from the series.
- You can stake Cargo Gems, Polyient DEX GEM/PGU LP tokens, or Uniswap GEM/ETH LP tokens to earn multipliers — which will multiply the amount of points you earn per block. LP tokens will earn the most multipliers.
- Upon redemption your Credits and Gems will be exchanged for an NFT from the Genesis series. Any LP tokens you staked will be returned to you.
- You can repeat this process up to 4 times, once per NFT in the series. This does not guarantee that you will get all 4 NFTs from the Genesis series.
The Genesis Series NFTs will earn 2x the staking rewards through the Gem Mining Portal! Owning all 4 NFTs in the series will allow you to secure a fifth NFT which is yet to be revealed.
Cargo Credits can be earned through the Gem Mining Portal, or purchased directly from your Cargo dashboard. Gems are available on Uniswap.
The Genesis Series
The Genesis Series consists of four NFTs which will have 5 editions each. There are only 20 total available NFTs in The Genesis Series.
“Escape From Boolean City” By Carlos Marcial, 5 available
“The Corridor” By Jon Noorlander, 5 available
“All-You-Can Eat CryptoBull Drive-Through” By Olive Allen, 5 available
“The Vanguard” By Metageist, 5 available
What is Cargo?
Cargo was originally created in 2018 and acted as a tool to create non-fungible tokens (NFTs) on the Ethereum blockchain. From its inception, Cargo has also included a tools to integrate Cargo’s NFT infrastructure into existing platforms and businesses. Fast forward to today, Cargo is an all in one suite to create, manage, and sell all compatible NFTs from across the Cryptoverse. Cargo has also recently released Cargo Gems — an ERC-20 token which enabled Gem staking within NFTs.
Cargo brings scalable NFT minting to the Ethereum blockchain. With Cargo’s specialized smart contracts creators can use Cargo Credits to mint an infinite amount of NFTs in one transaction.
Why We Built The Cargo NFT Reward System
Creators familiar with the Cargo platform know that creating NFTs on the platform requires Cargo Credits — an ERC-20 token that is used every time one creates an NFT on Cargo. The cost of creating one NFT on Cargo equals one Cargo Credit. With the introduction of Gem mining, people are now earning rewards in both Cargo Credits and Cargo Gems. This means there are now many people collecting Cargo Credits who may not be creators. To these people, credits have very little value since they are not creating NFTs on the platform. Cargo NFT Mining changes that.
How Does The NFT Reward System Work?
Participants in the Cargo NFT Reward system will stake their spare Cargo Credits within a specialized smart contract. Over time participants will earn points based on how many Credits they have staked proportionate to the total pool of Credits. In a way this is similar to an auction — participants put up the amount of Credits they are willing to spend on an NFT. Points will be accrued per block mined on the Ethereum network. Once the participant has accumulated the amount of points required, they will be able to exchange their Cargo Credits and redeem a rare NFT. However, the redemption process is left to chance. The participant will receive a random NFT from the pool of available NFTs. Participants will be able to then stake Credits again to accumulate more points and redeem again. The number of times a participant can stake and redeem is determined by the number of NFTs in the series. If there are 4 NFTs in the series you can stake and redeem up to 4 times.
The fun doesn’t stop there. We’ve added what we call “multipliers” to the mix. Multipliers act as a mechanism to increase the amount of points you accumulate each block. Multipliers can be earned in the following ways:
- Staking Polyient DEX GEM/PGU LP tokens or Uniswap GEM/ETH LP tokens within the Cargo NFT Reward System (earns the most multipliers).
- Staking Gems within the Cargo NFT Reward System.
Release Date
The Cargo NFT Reward System will be available soon. Follow Cargo on Twitter for the latest updates.
