How to Cast & Stake NFTs
Last updated
Last updated
NFT staking takes a little work to get set up.
You’re going to need some "NFT Cards" to use in the Pools. NFT Pools can only accept NFT cards for staking.
To get the NFT cards, you'll need to cast them first in the NFT page.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Go to the NFT page and connect your wallet. You will be able to see the list of available NFT cards.
Each NFT card has a Productivity and a mining Efficiency. You can see the details by putting the cursor on each card.
To be able to Cast NFT you need to have POSI in your balance.
There is no minimum POSI required to get the NFT cards. You can cast NFTs using 1 POSI and also cast NFTs using 5000 POSI, but of course your mining power will be much higher if you use 5000 POSI and you will be able to generate much more rewards. For example: 1. You use 1 POSI to cast NFT and you get strongest card which is the BOSS NFT. POWER = MINING EFFICIENCY OF THE CARD x POSI par value POWER= 180% x 1 = 1,8 POSI
2. You use 5000 POSI to cast NFT and you get the weakest card which is the Farmer NFT POWER = MINING EFFICIENCY OF THE CARD x POSI par value POWER= 110% x 5000 = 5,500 POSI Note that the NFT casting process is totally random and it is not related to the POSI used to cast it. The higher your POSI par value is, the higher your power is.
To cast NFT select the amount of POSI you want to use. (POSI par value) and click "Cast NFTs"
A pop window will open reminding you that when you cast NFT, your tokens are randomly locked between 25 - 45 days! You can only convert your NFT back to tokens (Decompose) after the lock period is over.
Click on "Confirm" to proceed and wait for you Card to be casted!
Congratulations you got your NFT card. In this example we got PILOT NFT which has a Mining Efficiency of 154,06% POWER = MINING EFFICIENCY x POSI par value POWER = 154,06% x 50 = 76.28 POSI
You can see your NFT on the table below with all information. As you can see in the example 2 of my NFTs are staked in the pool and 2 are not. You can only change back your NFTs to POSI tokens (Decompose) after the lock period is over. You can proceed to Decomposition by clicking "Approve" then on "Decompose" when the lock period is over.
Note that, you don't have to decompose your NFTs if you don't want to. You can keep your NFTs as long as you want. A marketplace for selling and buying your NFTs will be available soon.
Position Exchange NFTs are not purely cosmetic, but a good tool to increase your POSI balance in the NFT Pools. Go to the Pool page and select the NFT tab. You will be able to see the available pools.
Click on "Stake".
Select the cards you want to stake and click "Confirm"
Congratulations you have successfully staked your NFT.
You can check the new Total Power Staked which is 380.400 in this example. The higher is Total Power Staked is, the higher you share in the pool rewards is.
To harvest your Reward click on the Harvest icon. Note that your rewards can only be harvested every 12hours.
To Unstake your NFT you can click "Unstake" and to withdraw all your NFT you can click on "Withdraw all"
The NFT Pool rewards will be reset on the given period. Your NFT will not be unstaked and will remain in the pool.
