Shopping.io introduces NFT locking to its token locking platform
Following months of development and testing, Shopping.io is giving its NFT holders the option to lock their NFT’s in exchange for token rewards!
Shopping.io’s NFT locking feature is launching within Shopping.io’s V2 platform giving Shopverse NFT holders the ability to lock their NFT’s and earn a predetermined allocation of $SHOP tokens. Prior to $SHOP’s launch, Shopping.io set aside 7% of the tokens total distribution supply to be given to NFT holders. In addition to the 7%, users who chose to lock their NFTs will be eligible for perks within the metaverse such as access to private events as well as better storefront positioning in Shopping.io’s Shopverse Mall.
NFT locking rewards will be distributed to users as a part of Shopping.io’s weekly membership rewards airdrop, with the amount distributed to each holder being proportional to the percentage they hold of the pool. The total amount of tokens distributed will be 7 million with each weekly airdrop consisting of 140,000 tokens. This in turn translates to 50 consecutive weeks of NFT reward airdrops. In order to be eligible for each airdrop, a user must have locked their NFT for the entire seven (7) day duration of time between airdrops.
A user locks 1 Shopverse NFT two days after the previous NFT rewards airdrop. The user will not be eligible for the following airdrop as only five days will have passed since they locked their NFT, therefore their first airdrop reward will be received a week later once the NFT has been locked for a minimum of 7 days.
If for example the total amount of NFTs in the pool is 100, and the user has locked 1 NFT, they will own 1% of the pool and will therefore be airdropped 1% of 140,000 $SHOP each week.
How to lock your NFT:
Step 1). Once you have arrived at the NFT locking page by clicking on ‘NFT Staking’ Connect your wallet to the locking page by clicking on the ‘Connect to Metamask’ button.
Step 2). Click ‘Approve all NFT to stake’ and confirm the transaction in your web3 wallet popup.
Step 3). Select the approved NFTs that you would like to lock and click ‘Stake selected NFT’ and Confirm the transaction in your wallet popup.
Congratulations on staking your first Shopverse NFT! In order to unstake simply select the desired NFT’s, click ‘Unstake Selected NFT’ and approve the transaction in your wallet popup.
- The user agrees not to attempt to break, hack, or manipulate the NFTs and/or distribution of the rewards, and that they own the NFTs they are locking up.
- Any attempt to violate these rules will be subject to penalizations.
- Users will be responsible for paying any network fees associated with the locking and unlocking of their NFTs.
- Users are not limited in the amount of NFTs they are able to lock.
- Users will need to agree through wallet signature that ownership of their approved NFTs will be transferred to the smart contract for the duration of the users chosen locking period.
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