The most common reason for issues while staking your NFTs into the vault is due to not having enough ETH to cover the full transaction.

Remember that you require enough ETH to cover the liquidity pool PLUS the gas for the transaction (usually between 0.03โ€”0.1ETH).

How much ETH do I need for staking my NFT?

The amount of ETH required for staking has three factors

  1. How many NFTs are you staking

  2. What is the current mid price of the NFT on NFTX

  3. What is the current gas price

In this example we are staking

  1. 1 Avastar

  2. Avastar current mid price is 0.1663

  3. Gas is currently 100

The image below shows that you are putting 1 Avastar token paired with 0.1662ETH into the pool for a 2.17% share of the liquidity pool.

Prior to approving the transaction on MetaMask you will also be asked to confirm these details

Once you accept MetaMask will show the ETH for the pool (0.166287ETH) plus the estimated Gas fee (0.065493ETH). This means that staking 1 NFT at a price of 0.1662 with the gas at 100GWEI you will be paying 0.2317 ETH to complete the transaction.

What happens when you stake?

What happens behind the scenes is

  1. NFT is added to the vault

  2. You get a ERC20 token in exchange

  3. You Add that token plus the equivalent ETH to the vault liquidity pool

  4. Get back an SLP token

  5. The SLP token is staked on NFTX

  6. You earn a share of all the vault fees that are earned on the vault

Remember, you are giving up ownership of your NFT, anyone can buy/redeem it from the vault. You will have your 1 token which you can use to redeem a random NFT from the vault still (or 1.05 tokens to choose one.)

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