Cyberspace 4 Philosophers. Supercharge your staking with… | by The Ontology Team | OntologyNetwork | Nov, 2021
Supercharge your staking with Ontology’s Limited Edition NFT: Multiply your yield by 9000X!
To celebrate Ontology’s 4th anniversary, we have made 10,000 limited edition NFT’s available for minting. Not only do they look great, but they will also be used to establish a special NFT Ontology Node where NFT holders benefit from the staking rewards.
Minting takes place between November 27th 0:00 UTC and December 7th 0:00 UTC. However, minting will close when all 10,000 NFTs have been minted. Each NFT will cost 10 ONT to mint, with a unique ONT address able to mint a maximum of 10 NFTs.
When you mint your first NFT, you have helped to establish special NFT node owners. Congratulations!
NFT staking has significantly reduced the barrier of entry to establishing a node, by allowing you to do it together with your NFTs. A node owner requires a minimum of 10,000 ONT and pays fees of 500 ONG to establish the node. The special NFT node is established with the ONT used during the minting event and Ontology is covering the 500 ONG in fees as a part of the 4th anniversary celebrations.
90% of the ONG rewards earned by the node will be distributed between the NFT owners, with the remaining 10% being used, in the first instance, as a fund for those who choose to burn their NFTs (see below). When the NFT burning fund is full, the remaining 10% will be used to fund future Ontology events.
Should an NFT owner wish to do so, they can burn their NFT and redeem 10 ONT.
Burning NFTs does not reduce the size of the stake in the node. Great news for those that don’t burn their NFTs, as their share of ONG rewards increases for every NFT burned.
Burning NFTs can increase rewards up to 9000 times for the remaining holder. Should all NFTs be burned, the ONG generated by the node will be used by Ontology for future community development.
NFTs feature additional use cases — stay tuned for more details!
1. Download the ONTO Wallet and Create an ONT ID Wallet
Click on the link to view the relevant guide.
Skip this step if you already have an ONT ID wallet.
2. Prepare ONT and ONG
The minting fee of each NFT is 10 ONT, and all transactions on the Ontology blockchain require a small amount of ONG as fees. If ONG balance is insufficient, navigate to ONTO’s Assets page and click the ONT details page. Here, you can click on the upper right button to swap ONT for ONG.
3. Mint NFT
Navigate to ONTO’s Discover page, search “Cyberspace 4 Philosophers” and open it.
Tap on the “Mint” button at the bottom left of the homepage to open the “Mint” page, then tap on the “Mint” button at the bottom. In the pop-up window, enter the mint number, then tap on the “Mint” button to finish the process.
Minted NFTs can be viewed and sent on the ONTO Assets — Collectibles page.
4. Stake NFT and Claim ONG Reward
To earn ONG rewards, NFTs must be staked. The staking feature will be available after the minting is complete and the node has been established, which is 12/7 0:00 UTC or when all 10,000 NFTs have been minted.
Tap on the “Stake/Redeem” button at the bottom right of the homepage to open the “Stake/Redeem” page, then tap on the “Stake” button to stake ONT or the “Unstake” button to unstake ONT.
ONG rewards are distributed at the end of each consensus round. Tap on the “Claim” button to claim the ONG reward.
5. Burn NFTs and Redeem ONT
Only unstaked NFTs can be burned. On the “Stake/Redeem” page, tap on the “Burn” button at the bottom left to burn NFTs. Then wait until the current consensus round ends, and then tap on the “Redeem” button at the bottom right to redeem ONT.