Welcome. In this article, you will be shortly introduced to the main functionality of the decentralized application called NiftyEggs. In case you prefer a more visual explanation, below is a demo video :)
The project is aiming to reward users with a limited amount of non-fungible tokens (NFTs) if they lock up their ERC20 tokens for some amount of time.
This way, both token creators and token owners (or farmers as we like to call them) can benefit from this model.
To use the application, you must use one of the currently supported networks: Matic Mainnet or Mumbai, or Etheruem Rinkeby. To change the network, please use the Metamask browser extension, so make sure that your browser supports it.
On the homepage, you can explore how it works, how to get started, what features does this application offer, also find the answers to some frequently asked questions. The project is currently in the infancy phase. In our roadmap, we have planned many more features that could be added in the future such as Decentralized Autonomous Organization (DAO), Marketplace, Leaderboards, and so on.
To create a new NFT reward, you have to navigate to the Create page, enter the NFT name, description, and choose an image (supported formats: png/jpg/gif). Then you must specify how many such rewards will be distributed in total. If you enter 10 for example, that means only 10 such NFTs can be farmed. Next, specify the address of the ERC20 token that farmers will need to lock up (you can find some here). After you enter the token’s address, the token’s information is fetched and displayed below the address field, so you could check if you entered a valid ERC20 token address. After that, you must enter how many tokens do you require to lock and for how many days. Those two fields are important and must be well-balanced if you want to attract some farmers. Once you enter all the information we should see a final fee that we have to pay for creating this reward.
The next thing you can do is try farming one of those NFTs.
On the Farm page, you can see a list of NFTs and the information about them (NFT name, description, remaining supply, lock requirements, and so on). Also, note that some NFTs have a bonus reward. This is our governance token (NEGG) that is distributed to project users if they lock up one of the whitelisted tokens. If you click on the NFT’s image, you can see its full image. You can start farming NFT by clicking on the ‘Farm’ button next to it.
After clicking the ‘Farm’ button, go to the Nifty Eggs page, where you can see which NFTs you are currently farming and which ones you already own. As soon as the locking period ends, you can claim your reward and get back your locked tokens. After the transaction is completed successfully, you own this NFT once and for all!
Note that you can transfer or trade these tokens using 3rd party services. Finally, on the Events page, you can see all the actions and transactions that are happening.
So, that was a short introduction. We really enjoyed building this project and we hope that you will enjoy using it! If you liked this project and want to know more we highly recommend to read frequently asked questions or contact us. Thank you!
