Kuro Shiba is the First Protocol to Achieve NFT Staking on Harmony — Public Beta is Now Live!

Kuro Shiba is the first protocol to launch NFT staking on Harmony Mainnet!

Art Museum (Beta) is Now Live!

Kuro Shiba is proud to announce the launch of the KURO Art Museum (Beta), i.e., the first-ever NFT staking platform on Harmony! Specifically, our innovative and proprietary dApp includes fully custom staking contracts that enable NFT holders to stake their Kuro Shiba NFTs to generate yield in the form of $KURO tokens. 🐺✨

We’re also excited to show off our brand new frontend, designed from scratch and featuring dreamy pastels and adorable shibas — no lazy forks here!

You can now stake Painter KURO NFTs in the Art Museum to earn $KURO!

As promised, Pumpkin KURO holders are the first public beta testers for NFT staking. We’ve 1:1 airdropped a free Painter KURO NFT to all Pumpkin KURO holders, which is stakeable in the Art Museum (Beta) to earn $KURO! All you have to do is go to https://beta.kuroshiba.one/museum, connect your wallet, and stake your Painter KURO NFT.

Public Beta → https://beta.kuroshiba.one

Note that we are amidst transferring domain providers, so if the above link is down, please use our official backup domain, https://beta.kuroshiba.club.

Simple Yet Sturdy:

Because NFT staking is completely novel to Harmony — and indeed very new across all blockchains — we are taking a careful and methodical approach to beta testing. In other words, we’re keeping it simple to ensure all our building blocks are sturdy before we add more complexity to the dApp.

Key Beta Features

  • Only 1 NFT can be staked per wallet.
  • Rewards are very modest and for testing purposes only.
  • You can stake and unstake your NFT any time.
  • KURO rewards are 100% unlocked.
  • Unstaking your NFT will auto-claim rewards for you.

You can stake, unstake, and claim your KURO rewards at any time with no deposit or withdrawal fees. Additionally, we have excluded the NFT staking contracts from the transaction tax (currently 5% automatic rewards) on KURO tokens, so you claim as often as you want without triggering the tax. The only costs to you are (1) the price of the NFT and (2) Harmony gas.

Accordingly, we encourage beta testers to stake, unstake, and claim as often as possible to help us identify bugs and stress-test our dApp. Please report all bugs in the #beta-testers channel on Discord:

https://discord.gg/kuroshiba 👩🏻‍🔬🥽

Further, the beta version currently only displays: (1) rewards per block, (2) time left on rewards, (3) staked token ID, and (4) New Era NFTs you own. We will be adding ROI and total NFTs staked shortly, and we welcome suggestions for other data that may be useful to display on the dApp.

New Yet Familiar:

Although NFT staking is brand new, we’ve purposefully designed a familiar experience for Harmony DeFi users. Many of us have participated in the KURO Gem Mine on TokenJenny.ONE, where miners paid a one-time, non-refundable entry fee in JENN to “mine” KURO with one wallet at a time. Rewards per wallet decreased as more miners entered. Miners could claim their KURO rewards any time, even after mine depletion.

The KURO Art Museum (Beta) functions similarly in that there is an entry fee of sorts, only 1 NFT can be staked per wallet, and users can claim the rewards at any time. However, there are several crucial differences:

1. Your NFT = Entry Fee. 🎟

First, instead of paying an entry fee in JENN, the entry fee to the Art Museum (Beta) is the NFT you’re staking. For example, a stakeable Kuro Shiba NFT might cost 20,000 KURO to mint or purchase. Although the tokens you exchanged for the NFT are non-refundable, the NFT itself is your entry fee and does not get forfeited nor consumed by the staking contract.

2. You Keep Your Entry Fee. 🖼

Second, instead of forfeiting your entry fee, you get to keep the NFT that you’re staking and earn rewards on it! Save it for your personal collection, trade it, or sell it for a potential profit. One strategy might be to stake your NFT, earn KURO rewards, and then resell your NFT after rewards are depleted. Or, because there is no lockup period, you can unstake and sell your NFT earlier if you wish.

That said, it might be a good idea to hold onto your KURO NFTs because you never know if/when it might be stakeable again and/or qualify you for an exclusive NFT airdrop or mint. NNFTA (Not NFT advice). 😉

3. Your Rewards Per Block Stay Constant. ⚖️

Third, instead of the rewards per block per wallet decreasing as new users enter, the rewards per block per wallet in the Art Museum (Beta) stay constant until rewards run out. For example, if rewards per block per wallet are 0.5 KURO with 1 total NFT staked, rewards per block per wallet will continue to be 0.5 KURO — even with 100 NFTs staked.

This means staking rewards will run out faster as more NFTs are staked, so users may want to enter the Art Museum (Beta) early as to earn rewards for as long as possible. Our mechanism offers an advantage over traditional stake pools and yield farms because (a) it does not provide crazy APRs to whales/first stakers, and (b) you’ll know exactly how much KURO you’ll earn per block.

4. You Need to Claim Rewards Before They Run Out. 🏆

Fourth, instead of being able to claim your rewards even after the Gem Mine is depleted, you need to actively and timely claim your NFT staking rewards before they run out. This is because unclaimed rewards belong to the staking contract and not any particular wallet until they are claimed.

To further illustrate the above: all rewards for any particular Kuro Shiba NFT are in one shared pot. Staking your NFT enables you to claim rewards from that pot, but the tokens are not yours until you have claimed them. Accordingly, we encourage users to claim regularly and keep an eye on how much time is left on each NFT to ensure you don’t lose any potential rewards.

To summarize:

  • If you don’t claim and the rewards run out, you will not get those unclaimed rewards. Unclaimed rewards are not assigned to your NFT — they will disappear if rewards run out and you failed to claim them.

Staking on Mobile:

If you’re accessing the Art Museum (Beta) on MetaMask Mobile, please note that you will need to click on the blue ONE gas (next to “Estimated gas fee”) in order to transact.

Click on the blue gas amount in order to stake Kuro Shiba NFTs on mobile.

A New Era of Kuro Shiba NFTs:

The Art Museum (Beta) shows whether you hold New Era NFTs in your wallet.

As shown in the chart below, New Era NFTs are HRC1155 tokens freshly minted on our own NFT staking platform. Legacy NFTs, on the other hand, are HRC1155 tokens previously minted on DaVinci Gallery. Although Legacy NFTs are not currently viewable on the KURO dApp, users will be able to convert their Legacy NFTs into dApp-compatible New Era NFTs in the future. In the mean time, you can view your Legacy NFTs on DaVinci Gallery.

Guide to New Era vs. Legacy NFT dApp-compatibility.

Upcoming Releases:

For those who missed out on Pumpkin KURO NFTs, don’t fret! We will be releasing a limited drop of 100 Ramen KUROs, which will be purchasable in $KURO and allow for a second batch of beta testers. We will announce pricing and staking ROI in a separate post, with ample notice before the NFT drop.

Ramen KURO NFTs will be purchasable in $KURO and allow for second beta testers.

NFT Staking Roadmap:

  • First round of public beta testing
    — Painter KURO NFTs, airdropped to Pumpkin KURO holders
  • Second round of public beta testing
    — Ramen KURO NFTs, will be purchasable in $KURO
  • Harmony grant proposal for NFT staking
  • Identify and fix bugs
  • Implement QOL upgrades, make dApp more intuitive for users
  • Convert Legacy NFTs to dApp-compatible New Era NFTs
  • Enable users to transfer NFTs between wallets

Overall dApp Roadmap:

  • Exhibitions (NFT guest artists/incubator)
  • Fish Ponds (stake LP tokens to earn Kuro Shiba NFTs)
  • Night Market (trade Kuro Shiba NFTs)
  • Kurogotchi (3D, interactive, and yield-generating KURO pets)

We can’t wait to keep building and innovating on Harmony! Thanks for being with us for the ride!

xoxo,
KURO team

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