Nitro Network NFM Staking Is LIVE
The moment you have all been waiting for is finally here — NFM staking and rewards!
NFM staking has officially commenced, this will allow all users who own an NFM to earn mining rewards every EPOCH (30 minutes). Let’s dive into how this will work!
💰 How to stake your NFM
Staking your NFM is a simple and straightforward process. However, to make sure everything works properly, you must first connect your MetaMask wallet to your Nitro Network account, if you have not done so already (make sure you are on the AVAX network — not the ETH network). Please make sure that you are connecting to the same MetaMask wallet that currently holds your NFM.
Step 1: Login to your Nitro Network account.
Step 2: Click on your account name in the upper right and select “My Account.”
Step 3: Once in the “My Account” section, click on “My Collection.”
Step 4: Click on the image of the NFM you own and want to stake
Step 5: Once in the NFM page, click the button labeled “Approve,” then “Stake.”
Please note: In case you have already approved, you will not be prompted to approve.
Step 6: Upon clicking “Stake”, you will be prompted to complete the transaction on your MetaMask wallet (In order for this to work properly, please make sure you are connected to the AVAX network and that you have enough AVAX to pay for the transaction fee).
To view your staked NFMs go to the “My collection” tab.
That’s all! Once these simple steps are completed, your NFM will start earning rewards. Users may confirm their transaction on snowtrace.io.
* Repeat steps 4–6 for EACH NFM you own (this will ensure you earn rewards from all of them).
How to unstake your NFM
Unstaking your NFM requires the same steps mentioned above. Let’s take a quick look at how to unstake your NFM.
Step 1: Login to your Nitro Network account.
Step 2: Select the NFM that you want to unstake
Step 3: Click on the button labeled “Unstake”. Upon clicking “Unstake”, you will be prompted to complete the transaction on your MetaMask wallet (In order for this to work properly, please make sure you are connected to the AVAX network). You will get the following screens in the process:
That’s all! Once these simple steps are completed, your NFM will be unstaked. Users may confirm their transaction on snowtrace.io.
🤝 How to claim your NFM rewards
Here comes the fun part — how to claim your NFM rewards!
Step 1: In the “My Account” section, click on the tab labeled “Rewards.”
Step 2: Easily view and claim all NFM rewards on this tab. (Starting May 1, 2022)
Once claimed, all NFM rewards will be automatically sent to the MetaMask wallet connected to your Nitro Network account. The best part is that you can claim rewards whenever you’d like!
⚠️ Very important information
Please make sure to read this section carefully as it contains very important information that ALL NFM holders should know.
- In order to earn mining rewards via an NFM, users MUST stake the NFM. Your NFM will only earn rewards if staked.
- In the event that a user would like to sell their NFM on the secondary market, that user must first claim their rewards, unstake the NFM, and then list it for sale. If a user sells their NFM on the secondary market without claiming its rewards, the person who purchases that NFM will receive all the unclaimed, accumulated rewards.
Nitro Network is very excited for the launch of NFM staking and would like to ensure that we are here to answer all questions that you may have. If you have a question, please make sure to submit a ticket in our #Ticket channel. Thank you, and happy mining!
About Nitro Network
Nitro Network is building the largest decentralized private communication network powered by IoT combined with LoRaWAN and 3G/4G/5G. This hyperconnected world will enable unlimited use cases in our everyday life. Participants of Nitro’s decentralized PCN are part of an inclusive ecosystem that they own, operate and earn from. Nitro’s PCN will be a game-changer and has its proprietary token, NCash, at its core. On Nitro Network, everybody wins!
Disclaimer: This is not investment advice. Please do your own research before investing in any avenue. The information contained in this post is for informational purposes only. You should take independent advice from a professional or independently research and verify any information that you find in this post and wish to rely on, for the purpose of making any decision. Through this post, you may be able to link to other websites which are not under the control of Nitro Network. We have no control over the nature, content, and activity on those sites. The inclusion of any links does not imply a recommendation or endorsement of the other website, its products, or views.