NFT Locker
What the new Revest NFT Locker is, how to use it, and why to use it
The Need
Recently, many ERC-721 projects have been striving to become more than art – they seek to reward community members for participation in their ecosystem, to reduce sell pressure on their projects, and to offer people rewards for showing dedication the project's growth. To this end, many NFT developers are interested in offering airdrops or staking rewards to community members willing to lock-up their NFTs for a period of time, similar in many ways to the staking rewards systems so commonly encountered in the ERC-20 ecosystem.
However, the potential methods for carrying these out are ripe with issues; straight airdrops of tokens to those who simply hold the NFT may run afoul of regulatory burdens, while home-brew staking systems are frequently rife with security flaws, disables the viewing of the staked NFT, and places a significant burden on the development team to produce work they may not have the experience to spearhead.
Likewise, in strong NFT communities where the community's attention itself is the desired goal of an airdrop, the distribution of arbitrary tokens to a given community is fragmented and confusing. Many developers do not have a good understanding of Merkel Trees and simply getting the end-user to trust an unknown token's website can be quite daunting.
Enter the Revest NFT Locker. Through the use of Revest Protocol FNFTs, the Revest NFT Locker offers the following features to ERC-721 projects and the communities that form around them:
Intuitive lock-ups for arbitrary ERC-721's, no matter what network you're on
Arbitrary ERC-20 token distributions to any ERC-721 staked into the Revest NFT Locker
Ability to view your NFT from within the FNFT itself
Ability to transfer the FNFT throughout lockup without impacting the price of the underlying asset
Dynamic alerts to when rewards are claimable, and easy claiming through the FNFT
Secure custody maintained within the Revest NFT Locker throughout the lockup period
Configurable lockup period for NFT developers
How To: Locking NFTs
Locking NFTs
We begin at the NFT Locker page, found at app.revest.finance/locker. From here, you can select any NFT collection that you own. This works on all chains on which the Revest Protocol may be found.
Next, we select the NFT we want to lock into an FNFT. We then press the button to approve the collection, send the approval, wait for it to process, press the button one final time to lock up the NFT, and we're done!
Claiming Rewards
We begin by checking out our gallery, where our new FNFT has already showed up
As we can see, our new FNFT is locked for 30 days, the default lock up period detailed to us on the lock up page.
On the right is an example of an FNFT that has earned some rewards! If we click on it, it opens the FNFT info panel, which allows us to claim all pending rewards.
You must claim all rewards prior to withdrawing your FNFT
Click the "Claim All Rewards" button to withdraw these rewards to our wallet.
How To: Token Distribution
To use the Revest FNFT system for token distribution, go to https://app.revest.finance/locker/admin and begin by selecting the ERC-721 to which you'd like to airdrop tokens. You can paste the contract address into the search bar to simplify the list, or search by name.
Next, select the ERC-20 token you'd like to airdrop. Once again, you can paste an ERC-20 address into the search bar to load that ERC-20 into the Revest system.
Finally, you'll need to approve the transaction, wait for approval, and finally send the transaction.
Admin Actions: Update Lockup Period
If you own an NFT contract (typically, you are the deployer to have this privilege), the Revest system will allow you to edit the minimum lockup period for your NFT in particular. To utilize this function, simply input the desired lockup for your NFT into the panel that renders on the Admin page, then press "Submit Changes". You can make it as long or as short as you like!
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