Exciting Preview: Introducing KISHU CRATE — The NFT Farm and Marketplace
KISHU CRATE Sneak Peek!
Our volunteer team working on KISHU CRATE (NFT farm/marketplace) has prepared a sneak peek as they get ready to launch it soon. You can check out the video here posted on our official Telegram.
Let’s jump into some quick callouts (we will add more FAQs as CRATE is released and we receive feedback).
What are NFTs?
NFTs (Non-Fungible Tokens) are representations of collectibles on the blockchain. NFTs, often considered digital art, are one of the biggest trends in crypto these days.
What’s the benefit of CRATE?
CRATE gives KISHU holders more utility with their tokens by allowing them to acquire exclusive NFTs. It is also a fun way to showcase community artwork where artists can share their creations with the KISHU community.
How does CRATE work?
In a nutshell, CRATE will allow people to stake (deposit for a period of time) their KISHU to earn “points” that they can use to redeem NFTs. The more KISHU you stake, the more points you will earn.
Note: You don’t earn active rewards while staking — but you do have to pay 2% fees for entering and exiting the farms.
What are farms?
Farms are separate collections of NFTs where users can stake KISHU to earn points to redeem NFTs. Each farm can have its own “rules” such as minimum/maximum KISHU users can stake, and the speed at which points can be redeemed. For instance, there can be an Ultra Rare farm with longer staking requirements to earn points.
Can I just buy NFTs instead of staking?
There are options available to have farms act more as a shop buy enabling users to buy out NFTs directly.
What can I do with NFTs I earn?
As you see in the video, there is an option to view your NFT on OpenSea, a popular platform for trading NFTs once they are in your possession. You can also transfer NFTs between wallets like you would tokens.
I’m an artist, can I participate in CRATE?
Yes! Artists can create their own farms or submit NFTs to featured farms and also automatically receive Ethereum fees when users redeem the NFT.
How can we make CRATE fair?
Points cannot be transferred between wallets so there is no way a person could bypass farming maximums by splitting KISHU into several wallets to stake and earn a stockpile of points.
As far as the next steps, the team is going to put the finishing touches on the beta version in the coming weeks and is looking for NFTs to make available at launch. Once that is ready you will be able to start using CRATE! If you know any great NFT artists or you would like to provide some launch NFTs yourself, please reach out to a mod on our Telegram.
Our NFT CRATE is powered by Unifty’s open-source NFT platform, feel free to check it out here.
Disclaimer: Please note that all initiatives within the Kishu Ecosystem are spearheaded by dedicated community volunteers. As such, the functionality, features, and timelines of these projects are fluid and may undergo changes. Participation in these initiatives should not be construed as financial advice. We encourage our community members to conduct their own research and consider their financial situations carefully before engaging with any project.
