What is Farming?
Farming is where you use one asset to produce bonus rewards or assets from it. This usually requires you to lock your asset for a period of time (where it is farmed), at the end of the time period your asset becomes unlocked again and you can claim the farmed rewards. To clarify you do not lose anything from farming whatsoever! (But you gain some really cool rewards for it)
How to Farm Your Geopoly NFTs
With the all new NFT Farming you will now be able to earn GEO SPINS from your NFTs! The Geopoly NFT farming requires you to farm your NFT for a total of 30 Days. After the 30 day time period has ended, you claim your GEO SPINS and NFT back. The amount of GEO SPINS you earn is calculated from the value of your NFT.
$90 is the cheapest Geopoly NFT tier. $90 of NFTs is equivalent to 1 GEO SPIN.
However, we account for the fact that some NFTs are not in quantities of $90 — for this reason we round to the nearest value of $90. If you have an NFT that is 60% of the way towards earning 2 GEO SPINS rather than 1 then you would be awarded the 2 spins. But if your NFT was under 60% of the way, you would only get 1 spin for your NFT. To visualise this — to be awarded 2 GEO spins from your NFT, the value of your NFT purchase must be $144+ as that is the minimum value to be 1.6x $90 and therefore 60% towards the second spin. If you wanted to calculate it for 3 spins — you would do $90 x 2.6 which would mean your NFT would need to be valued at a minimum of $234 to farm 3 GEO SPINS from it.
This same rule applies no matter the price of your NFT as the cap is above 2 and 3 spins (this was just an example).
What are GEO SPINS?
Now for the fun part! GEO SPINS can be used on our rewards wheel. The rewards wheel is a luck based spin where you have the chances to win prizes such as GEO$ tokens, NFTs, Special Location NFTs & more!
This is the list of prizes you can win with EVERY SPIN you get:
· 50 GEO$
· 250 GEO$
· 500 GEO$
· 1000 GEO$
· 5000 GEO$
· 20000 GEO$
· Basic NFT
· Standard NFT
· Premium NFT
· Special location
On each SPIN you will win one of this rewards! This means that if you have a $900 USD NFT, you will receive 10 SPINS after your farming period, and win 10 rewards!
Did we also mention that farming is not a one-time thing? You can farm your NFTs again after the first 30 days of farming. The process is the same and repeatable meaning you can really get the most out of your NFTs by holding and reaping the rewards!
What are you waiting for? Start farming your NFT right now!