What is NFT Farming?
A simple introduction is: When DeFi and NFTs come together
NFT farming is an emerging concept which involves staking tokens for an NFT as a reward. It’s the merger of NFT technology and decentralized finance (DeFi). In short, picture NFT farming similar to yield farming, but instead it involves NFTs as a reward (In addition to the Yield Gained). Ultimately NFT farming creates liquidity and utility for NFTs that would otherwise hardly do anything -Dapp Radar
‘You may think of staking as a less resource-intensive alternative to mining. It involves holding funds in a cryptocurrency wallet to support the security and operations of a blockchain network. Simply put, staking is the act of locking cryptocurrencies to receive rewards’ - Binance Academy
Staking on DeFi protocols is popularly known as liquidity mining or yield farming. This is a win-win opportunity for both DeFi token holders as well as the protocol operators. That’s because while the token holders earn interest and rewards, the process provides liquidity to the DeFi protocol. If the DeFi tokens are staked on a decentralized exchange (DEX), the liquidity providers or token stakers earn a part of every transaction that is made on the DEX in addition to the Liquidity provider tokens (LPTs).
We are proud to announce our first NFT farm built on the Unifty platform.
How it works?
The IncryptX NFT Farm is a place to stake your INCRYPT/WBNB LP tokens to earn points that can be used to redeem exclusive NFT’s. There is an adjustable reward rate, and you will begin accumulating Rewards Points as soon as you start staking. These points can be saved and used to purchase (redeem) NFT's from the farm.
Step 1: Get some INCRYPT/WBNB CAKE-LP Tokens. To get LP tokens you will need to add some INCRYPT tokens to the PancakeSwap Router along with the equivalent amount of WBNB on Pancake Swap (Adding Liquidity). You will then recieve CAKE-LP tokens in return, which can then be staked on the Incrypt X NFT Farm.
Step 2: You may now add the custom token to your wallet to view your CAKE-LP tokens
Network: Binance Smart Chain (BSC)
Step 3: Stake your CAKE-LP Tokens in the IncryptX NFT Farm