SpritSwaps fNFT’s; A TLDR on the what, why, where, when and how !
As part of our anniversary celebrations, we announced the deployment of our preliminary inSPIRIT fNFT’s.
This article aims to give users a quick overview as to how the functionality will work, until SpiritSwap adapt the novel fNFT’s with our V2 UI.
As part of our anniversary celebrations, users who held inSPIRIT at block #35998406 are whitelisted to mint a free fNFT with 100 inSPIRIT pre locked. To check if your wallet is whitelisted, you can head to the following link: https://spirit-anniversary.herokuapp.com/
To claim your fNFT anniversary airdrop, you can do so as follows.
1. Head to https://nftgarage.world/fnft/inspirit
2. Upon reaching this page you will see three tabs Mint, Gallery & Claim. Click on the claim tab.
3.Once you are in the claim tab, simply click “claim” in the bottom box
4. Approve the contract, accept the 1FTM mint fee + gas and HEY PRESTO, you just minted your first inSPIRIT fNFT. You can now head to the gallery section of NFT garage to view it.
5. When in the Gallery tab, you will now be able to view all fNFT’s minted.
6. To view the details of the fNFT simply click on the “switch” icon at the top left hand side of the fNFT, this will depict the details of the locked assets such as vesting time, amount of inSPIRIT, amount of SPIRIT locked and any pending rewards.
Please note this is where any applicable inSPIRIT rewards will be claimed from for this particular inSPIRIT position. You can also view these details on revests website within their gallery tab.
7. If a user wishes to sell their fNFT, they may do so by using Revests default listing on PaintSwap (as all Revest fNFT’s will fall under this category)
Link to Revest on PaintSwap : https://paintswap.finance/marketplace/collections/0x58a57754e8d8693703e51604696bd065f25333fd
To mint an additional inSPIRIT fNFT in addition to the SpiritSwap anniversary airdrop claim.
1. Go to : https://nftgarage.world/fnft/inspirit
2. Select the “mint tab” and enter in your desired locking parameters e.g 100 SPIRIT for X duration.
** Please note if you are having trouble locking, try locking without decimals.
3. Click “lock SPIRIT” approve contract, accept mint + gas fees in Meta Mask
Limitations and trade offs to inSPIRIT fNFT’s in its current iteration.
There are four trade offs in the case of Revest’s inSPIRIT fNFT.
1. Boost factor — Due to contract limitations, the boost factor that most users receive from locking inSPIRIT in its original fashion can not be passed on in its fNFT format.
2. Gauge voting on boosted farms — In its current state, the fNFT will not be able to vote on gauges/collecting bribes, however rest assured this functionality will be one of the first things we get to work on integrating as part of our V2.5 upgrades. We would like to have included this in V2 however the more functionality we add to V2 at this stage, the longer the deployment process will take.
3. Snapshot voting — Again, in its current state the fNFT will not allow for voting on governance Snapshot proposals, however the Revest team has confirmed that this will be implemented in about 4 weeks. At that point it’s just a case of SpiritSwap adopting this novel contract strategy to our Snapshot profile and this functionality will then be enabled.
4. Revest’s fees: Revest has delivered an innovative product to market, and as is fair with any business transaction, the counterparty must get their cut. Any inSPIRIT fNFT minted will see a 1 FTM mint fee and a 6% royalty on the weekly inSPIRIT distribution shared between Revest and NFT Garage in perpetuity. This means if you receive 100 SPIRIT from your weekly distribution, 6 of that 100 will be shared between Revest and NFT Garage.
As mentioned, we will unlock more functionality of the fNFT (ability to vote on snapshots and gauges) as part of the V2.5 upgrades. To reiterate, the reason this will not be a V2 feature is because it would require additional development work/rounds of bug testing which would add too much time to the V2 deployment.
We hope this exciting new update for inSPIRIT holders is met with the same jubilation as we had when deploying this new functionality.
Stay posted on our social channels for more updates as V2 deployment draws closer.